It's more likely that you'll see 12c again before you see 1.2c.
Too much substance in this 10 year initial term contract plus 2x5 year options to extend out to 20 years with Capricorn, plus Capricorn taking a 10% stake in SPX at above current market prices.
Capricorn looks to be very committed here and it's in their interest to successfully rollout Spenda to its members as they're in for a 10% indirect share of all revenue generated from SaaS, payments and lending.
They're a large organisation with a very experienced board, so if they've got that level of confidence, then I'd take that on board more than your views on here
Ann: 10-year service agreement & investment terms with Capricorn, page-73
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