I suspect this is yet another AF ploy to distract from an underwhelming quarterly. Gotta keep the unhappy punters interested so the gravy train keeps flowing.
When a company makes this many acquisitions / name changes it’s generally a clear signal that their latest strategy has failed and they need to pursue something new and shiny. Motopia aka Cirralto aka Spenda is a great example of this. A 20-year-old loss-making company moonlighting as a company in start-up mode, flopping from cloud services to invoicing to lending to… who knows next. This really is a rinse and repeat company. Look at this 2016 announcement:
- exciting acquisition - long term existing partnership - immediate large cashflow - millions of shares issued - 100-1 share consolidation - related parties (!!!)
Remind you of anything…?
This company exists to enrich management at the expense of shareholders who after 20 years are still having to stump up the capital on a regular basis to keep the lights on and pay the millions of dollars of staff costs every single quarter.
At this point, after this much evidence consistently provided on these very threads over the past several years, holders deserve whatever punishment management continue to dish out to them.
SPX Price at posting:
0.7¢ Sentiment: None Disclosure: Not Held
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