SP1 southern cross payments ltd

OE shareholders gave Explicit approval in 2014 for the process for ISX earning performance shares., page-5

  1. 2,243 Posts.
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    Yes, I do know that this is what ASX is saying, but this is entirely my point. There is nothing in the original milestone share agreement voted on by shareholders in 2014 that defines revenue as anything but turnover. If "core business revenue" was the intention of shareholders, it should have been stated. They were warned in the independent expert report which stated it was still a good deal, they had opportunity to define it differently and they chose to leave it as it was. And probably with good reason, I am assuming - which is that they knew they had a good deal, with plenty of potential and they just didn't care. Nor did ASX at that time. ASX maintains the shareholders would have thought it would be "core business activity", but this does not hold water. Shareholders had the opportunity to know - this was sent to shareholders and it existed in the public domain on the ASX site. The only way they would not have known was if they were too lazy to read it. Too bad for them.

    Besides that, what does core business activity really mean? ISX is defined as a tech company and ISX has carried out installation and integration since 2016, albeit on a smaller scale. Does ASX now wish to exclude any installation dollars or are they trying to set a percent that would be valid? At any rate, it is just plain absurd - If this was the intention, it should have been specified in the original purchase agreement voted on by shareholders in 2014.
 
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