Underwood Capital Limited
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- Underwood Capital Limited (ASX:UWC; OTC:MMJJF) is an Australian-listed specialist investment company that concentrates on producing capital growth for shareholders over the medium term through investments in listed and unlisted equities and debt securities; its portfolio includes listed ASX securities valued at A$9.3 million, primarily small-cap equities and higher-yielding cash equivalents such as ASX:AAA; unlisted equity investments, notably A$9.5 million in Weed Me Inc and smaller positions; and other unlisted securities valued at A$0.25 million. Investments are managed by HD Capital Partners Pty Ltd under a five-year agreement commencing 1 July 2023, emphasizing value-oriented, fundamental bottom-up stock picking with a focus on undervalued small-cap opportunities to outperform global equity markets over rolling five-year periods while prioritizing capital protection. The company, founded in 2014 and headquartered at Level 57, MLC Centre, 25 Martin Place, Sydney NSW 2000, Australia, operates primarily in the asset management sector targeting institutional and retail investors seeking exposure to diversified equity and debt portfolios. In December 2024, the company changed its name from Hygrovest Limited and its ASX code from HGV to UWC, marking a strategic shift from its prior cannabis-focused investments to a broader value-investing mandate under HD Capital. Recent divestments to maximize value from legacy holdings include the September 2024 sale of Emerging Therapeutics Group Pty Ltd shares for A$3.5 million cash plus A$0.3 million deferred, at approximately 0.95 times June 2023 book value; and the sale of Delivra Health Brands Inc for CAD1.1 million, roughly twice June 2023 book value despite a discount to June 2024 carrying value. In September 2024, Underwood Capital launched an on-market share buyback of up to 21 million ordinary shares (about 10% of capital) through October 2025 to address the discount to net asset value, extended in October 2025; operating costs have been reduced to a forecasted FY25 level of A$0.7 million from A$1.3 million in FY23, aided by voluntary director fee cuts; and as of December 2024 half-year, net tangible assets per share rose to 9.4 cents from 9.1 cents at June 2024 amid A$1.7 million unrealized gains on listed securities, yielding a A$0.6 million profit.
Hygrovest is new name for MMJ Group Holdings
MMJ Group Holdings to broaden investment mandate and change name to Hygrovest Ltd
MMJ Group invests A$1 million in unlisted Valo Therapeutics Oy
MMJ Group makes C$1 million follow-on investment in Weed Me Inc in preparation for liquidity event
MMJ Group Holdings moves to broaden investment mandate and maximise exit value
MMJ Group portfolio companies pursue M&A opportunities to create stronger entities
MMJ Group receives offer for its investment in cannabis extraction company Embark Health
MMJ Group's non-cannabis investment in COVID-19 testing technology has growth potential
MMJ Group's non-cannabis investment in COVID-19 testing technology has significant growth potential
MMJ Group invests US$1 million in US digital health and pathology company Brainworks
MMJ Group kickstarts FY22 with 'considerable' funding to make further investments and increase capital growth
MMJ Group sees growth in Australian and Canadian medicinal cannabis markets as positive for medium term
MMJ Group director increases holding after positive monthly report
MMJ Group performs well in July, exceeds benchmarks
MMJ Group director shows faith in company by increasing shareholding
MMJ Group Holdings – A Worldwide Investment Vehicle for the Future of Cannabis
MMJ Group expects physical retail sales of cannabis to tick higher as lockdowns ease
MMJ Group sees untapped growth potential in the cannabis space
MMJ Group investee continues to roll out cannabis products in Canada
MMJ Group investee Embark Delta completes second shipment to British Columbia of Distilled + Infused beverage shots