Part one B - who came to rescue Aaron, and what happened to the ICU management team?
This is still background, but necessary to consider the rapid turnaround and changes within the company.
Around February or March 2020, Bai Goujin (Jack) purchased 10 million shares in the company, getting him a seat on the BOD.
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02212909-2A1212647?access_token=83ff96335c2d45a094df02a206a39ff4
This puts somewhere circa $200k in iSentrics account, but not enough to turn the ship around. Aaron simultaneously starts talks with Kenneth Kuan, who introduces him to Anthony Dunlop. From his affidavit :
Kenneth has a different narrative on Dunlop in his affidavit. I will address this later and the reader may decide what seems more correct.
From then we see that the company continues in its downward spiral, the quarterly released in March is as dismal as the december report. But we see that Jack Bai has started to push the iSentric team towards digital payments.
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02229561-2A1222456?access_token=83ff96335c2d45a094df02a206a39ff4
But then - mid 2020 - it all starts.
First, a speeding ticket. $0.007 to $0.02
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02243677-2A1230194?access_token=83ff96335c2d45a094df02a206a39ff4
Then a trading halt on the 6/6/ 2020, and on the 8/6/2020 the company announces the first of many institutional placements, 1.5 million AUD.
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02253157-2A1235929?access_token=83ff96335c2d45a094df02a206a39ff4
This first placement was arranged through Barclay Pearce.https://www.barclaypearce.com.au/blog/transaction-success-isentric-asx-icu
Aaron implies here that Dunlop arranged these capital raisesThe same day, it announces some new boardmembers. These are not necessarily bad appointments, but we now have two newappointments in a short period of time - very different to the previous 5years. As per Aaron’s affidavit, Jarrod White was someone introduced by AnthonyDunlop.
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02253158-2A1235931?access_token=83ff96335c2d45a094df02a206a39ff4
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