Ann: PAC Partners Release an Initiation Note-STL.AX, page-14

PAC Partners, from their current website. "We focus on leading emerging and mid cap companies through long-term and highly personalised relationships"

15/06/2015. Announcement. "I Cash signs share placement agreement with Stargroup" Page 3. "PAC Partners limited participated in the capital raising, with Pattersons securities as Lead Manager"

08/05/2016 PAC Partners Initiation Note. Stargroup website. STL. "Cashing in on a fragmented industry.
Page 1. Financial Forecasts & Valuation Metrics. Dividend Yield. FY17 &18 6.3% FY19 11.8% (assuming this is what you are referring to Stocking?)
Last page of the report. "Disclosure of Corporate Involvement" (you can read this I am sure Stocking?
Also on this page "The following person(s) do hold an economic interest in the
securities covered in this report or other securities issued by
subject issuer which may influence this report"
"The author of this report"
"A member of the immediate family of the author of this report"

"Expand faster" you state Stocking. This very same report states on page 5. "The combined ATM network of STL now exceeds over 250ATM as compared to 121 before the acquisition. Cash Plus acquisition was for 109 "quality ATMs" So bear with me here, not good on maths but, ill have ago. 121 plus 109 equals 230.
That means they have added >20 ATM. Problem here Stocking.......

ASX release 17/08/2015 Stargroup signs exclusive ATM distribution agreement with major Korean Supplier. Staratm committed to buy 100 atm per year for five years. 55 have been sent as part of this minimum. Since they have only added 20 to their fleet as of the date of this report, I guess they may be selling their committed intake to whom?

"Particularly into Asia" Actually Stocking this was the straw that broke the camels back for me! Asia?
Having being "suckered" by the potential of ATM placement in Asia in the past, I can't let you go on.
Stargroup agreement with NEO is "Australia" 17/08/2015 "5 year distribution agreement in Australia"
Re-cycler/ Casino machines in Australia as well. NEO Korea are trailing and marketing to 11 Asia countries. See the video on the Stargroup website.
Also whilst your doing your research check out what happened to Customers foray into Asia!

Also Stocking, (because you made me cross) I can't let this go without mentioning the departure of a recent director. David Dickinson. "David has an internet of things business, namely VComms, which is rapidly expanding throughout Asia and we wish him well for the future." Wrote Mr Zanni. Less than 6 months on the board, "an experienced ATM entrepreneur" . Remember his company (109 ATM) was purchased for $3.1 mil and 79 m shares valued at .04 cents. So now he has cashed the last 66 million shares at .027 , over 30% devaluation in 6 months? (as I have said previously on here, why on earth was our David, board member not required to escrow his shares like his fellow directors agreed to for 12 months?)

We know Zman is the CEO. (I called him out) but I worry about many more posters here.

Everything I have stated here is written on either the ASX website, STL website. DYOR