Yuuka from TYX called me back. It seems the companies are in dispute over the interpretation of the sale agreement. The agreement mentions 14.4% of TYX but TYX believes discussions regarding the need to raise capital in order to complete the transaction formed part of the negotiations and the sale price was $3.2m.
TYX also believes the draft copies clearly indicate what was proposed.
As for holding up the Goodchild acquisition, it seems part of seeking resolution through the court action is to set a date for which the companies are in dispute and to basically draw a line in the sand which will allow TYX to undertake business as usual without predudice going forward.
Yuuka also confirmed TYX has only paid the initial $250k and issued 14m shares, with the balance of cash and shares to be paid on the resolution of the dispute.
I was impressed with both the time it took to get back to me (they were on a conference call earlier) and the clarity of the explanation.
I hope they make an ASX announcement an expand on the previous statement to allay shareholders fears.
I didn't take down any notes of the conversation as I was on the road when the phone rang, so there could be other minor points I may have missed. The above is my recollection of the conversation. If anyone else seeks more info or further clarification then you can ring the company on 08 94851456.
Cheers
TYX Price at posting:
1.5¢ Sentiment: None Disclosure: Held
(20min delay)