ASIC Commences Proceedings Against ISX and JK, page-417

The terms for earning the performance shares were explicitly approved by the shareholders in 2013 after being explicitly advised by the independent advisor. And who is to define what is "ordinary revenue"? And no, I do not have any issues with ISX original investors getting the full value for selling their assets and business to Otis Energy which had no prospect of revenue in the coming year. Otis Energy knew they got a good deal and were willing to accept a dilution of their shares after the capital raising to 20%.

As for VISA, we have only seen what VISA says ISX said not what ISX said. It is entirely possible that ISX admitted that their processes did not meet the requirements that VISA set and it is possible that ISX was trying to go that extra distance to maintain tier-1 status with VISA, and it is also possible that there was nothing that ISX could do to meet their requirements since VISA appears to not want anyone other than themselves doing the AML checking. What is important to me is that no AML went through from ISX or it would have been reported to the authorities.