Teaminvest Private Group Limited (ASX:TIP) Announces Legal and Operational Updates
Legal Proceedings Update
Teaminvest Private Group Limited (ASX:TIP) announced that a judgement was delivered in favour of its subsidiary Colour Capital Pty Ltd against Netdeen Pty Ltd. Netdeen has been ordered to pay a $20 million judgement plus costs. Netdeen has appealed the decision, with the appeal scheduled for 7 May 2025. The company does not intend to recognise a gain from the proceedings until final payment is received.
Operational Update
Following the judgement, Colour Capital and Wattle Court Pty Ltd have concentrated on expanding their franchise networks to replace revenue from the former G.J. Gardner Homes. Wattle Court, of which Teaminvest owns 33.33%, now has three franchised builders operating in NSW and QLD. Additionally, Gold’s Gym, a 33.33% owned subsidiary of Colour Capital, is experiencing strong enquiries for new franchisees across all target areas. To support growth, Teaminvest has extended a senior secured loan of up to $0.5 million to Wattle Court. This loan is matched by a $1 million loan from Wattle Court management, providing a total of $1.5 million in growth capital. The loan carries an interest rate of 10% per annum and is secured against Wattle Court.
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