the website still states “*Only available for download on US app stores” and describes the application as sending minutes nothing about requesting them.
For this to work it needs to be available in all Latin America app stores so the end user can request minutes to be sent, I can’t find Airpocket on any app store in Latin America so fundamentally this cant work!
the description on the US app store still describes the application as sending minutes nothing about requesting them.
This is another example of poor management.
Check out page 17 of the annual report. If you ask me I would say they are not meeting the requirements of Corporations Act.
Make timely and balanced disclosure
Digital CC is committed to the promotion of investor confidence by ensuring that trading in the Company’s
securities takes place in an informed market. In accordance with continuous disclosure requirements under
the ASX Listing Rules, the Company has documented procedures in place to ensure that all price sensitive
information is identified, reviewed by management and disclosed to the ASX in a timely manner, including
changes in Directors’ interests in the Company.
The ASX Corporate Governance Council states that a company should, “promote timely and balanced
disclosure of all material matters concerning the Company.” As the Company is admitted to ASX’s Official
List, the Company is a “disclosing entity” (as defined in Section 11AC of the Corporations Act) and, as such,
will be subject to regular reporting and disclosure obligations. Specifically, like all listed companies, the
Company is required to continuously disclose any information it has to the market which a reasonable
person would expect to have a material effect on the price or the value of the Company’s securities.
Price sensitive information is publicly released through ASX before it is disclosed to shareholders and market
participants. Distribution of other information to shareholders and market participants is also managed
through disclosure to the ASX. In addition, the Company posts this information on its website after the ASX
confirms an announcement has been made, with the aim of making the information readily accessible to the
widest audience.
Another outright lie can be found on the digital website, Airpocket doesn’t provide anything they say it does. Can anyone stand up for management here and say this is not misleading investors and shareholders?
A disruptive, global, peer-to-peer remittance product, utilizing the Bitcoin blockchain technology, proven in other DigitalX products. The AirPocket mobile application provides customers a convenient, low-cost, cash transfer option. The product allows anyone with a small cash float to become a remittance broker and provides the customer with a cheaper, more flexible option to send remittances.
Going back over past announcements and information available on their website it would be very easy IMO to gather enough evidence to support a class action against the company and the directors.
Although the company may be insured for some liability (at our expense)
Page 43 of the annual report
Indemnification of officers and auditors
During the financial period, the Company paid a premium in respect of a contract insuring the Directors,
secretary and officers of the Company and of any related body corporate against a liability incurred as such a
Director, Secretary or Officer to the extent permitted by the Corporations Act 2001. The contract of insurance
prohibits disclosure of the nature of the liability and the amount of the premium.
The liabilities insured are legal costs that may be incurred in defending civil or criminal proceedings that may
be brought against the officers in their capacity as officers of entities in the Group, and any other payments
arising from liabilities incurred by the officers in connection with such proceedings. This does not include
such liabilities that arise from conduct involving a wilful breach of duty by the officers or the improper use of
their position or of information to gain advantage for themselves or someone else or to cause detriment to
the Company. It is not possible to apportion the premium between amounts relating to the insurance against
legal costs and those relating to other liabilities.
The Company has executed a Deed of Protection for each of the Directors. The Company has not otherwise,
during or since the financial period, indemnified or agreed to indemnify an officer or auditor of the Company
or of any related body corporate against a liability incurred as such an officer or auditor.
I have set myself a timeframe of end of September for the company to come good on its promises, if they haven’t I will be seeking further advice on how to kick off a class action.
DCC Price at posting:
7.2¢ Sentiment: Hold Disclosure: Held
