$1 Club, page-30386

Yes, I was looking into this after the 4C. It is a bit confusing at first look but Settlement date was 30 November 2021. The 1 December 2021 announcement said that the condition precedents had been satisfied and that "the first tranche of its investment in IDSB can now be completed ("Settlement"). The payment was $20.7M, and was made the day before, on 30 November (which is reflected in the mid-March 2022 announcement update - it's the paragraph immediately below the one you screenshotted). The payment made it into the 31 December 2021 cashflow statement 4C. Also, the half-yearly reports IOU's 21% holding for the month of December only, as that was the first month of ownership.

For reasons unknown the IDSB accounts still haven't been audited. I had wondered that with an IOUpay individual now on the IDSB board it might be in IOU's interest for the auditing to keep getting pushed out (to save them having to make the tranche 2 payment in an uncertain cash position) as the language is unclear: "being the later of the completion of the audit of IDSB's FY21 statutory accounts or six months after settlement". In theory you could interpret this to mean that if the auditing isn't done after 30 May 2022, tranche 2 still won't be due. After all, if the accounts aren't audited, how can IOU determine the amount they still need to pay?