It is quite clear from the Recent Quarterly report released 31st July that the Main Undertaking is being divested for one reason and that is to bolster the cash position not to make any acquisitions. Extract below from Quarterly. This was prior to the announcements referred to. It is also confusing what the main undertaking is, could we also be referring to Tô Aqui as a main undertaking as it generated 1.12 million transactions last quarter and 60.2 % of transactions On the Syntonic RGP.
“ Outlook - Syntonic remains highly uncertain of the future impact COVID-19 may have to its revenue and cash receipts. As a consequence, the Company is continuing to pursue various courses of actions to bolster its cash position to offset its expected short term negative operating cash flows.
Syntonic is presently in advanced negotiations with various third parties in respect to thepotential divestment of its main undertaking. Any such divestment will besubject to the execution of formal documentation and Syntonic obtainingshareholder approval. The Company will keep shareholders updated in respect to the impact of COVID-19 to its business and the progress of the above matters by way of further ASX announcements." Extract from Quarterly report.
