Ann: Managing Director's AGM Presentation, page-200

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18/07/20

11:56

Post #: 45954013
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Originally posted by gattertop: ↑

Nice summary of the meeting.

Amongst the key takeouts for me:

1. JK’s calm, relaxed and confident presentation (notwithstanding the Zoom, audio and social distancing challenges). JK didn’t present as a guy with a sword of Damocles hanging over his head. Nor did he come across as a guy burdened by guilt. To the contrary he presented as a guy very confident in his position and with the expectation to triumph. This was a big plus for me given the mud thrown over the past 9 months.

2. JK is on top of his game. The way he spoke of the technology, the strategy, the industry - was thoughtful and authoritative.

3. Strategy execution and value creation have continued unabated. The achievement of milestones with Flyk, Probanx, the MasterCard relationship. These are real value drivers and, similar to point 1, give me confidence that this company is the real deal and not simply a straw man or fraud perpetrated on shareholders.

That’s the positive stuff.

On the negative side, the meeting left me wondering “What if”, “Where would we be” if not for this unreasonably long suspension (that’s the unemotional description. I could say unjustified suspension or vendetta).

i hadn’t considered this point previously but, in answer to a shareholder question, JK mentioned that the inability to issue equity has constrained (prevented) ISX from participating in any acquisition or corporate activity. And it would appear we will continue to be constrained for at least another 8 months. We will likely never know the true opportunity cost.

On an optimistic note I’m looking forward to a listing on the NASDAQ Nordic Main Market by Christmas followed by a promotion to the NASDAQ in 12 months. By which time hopefully we will be receiving a distribution of approx $175m in damages.

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I think the damages should be calculated to cover the shortfall of 410% growth p.a... 31m fy19, 127m fy20, 521m fy21 plus future damages

Last edited by AfterPaypal: 18/07/20

ISX Price at posting: $1.07 Sentiment: Hold Disclosure: Held
19 Upvote

0 Great analysis

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Ann: Managing Director's AGM Presentation, page-200

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