SPX Discussion for the Grown-Ups, page-73

Unfortunately, you sort of nailed why it would possibly terminal in your response.

In my opinion (as again detail is lacking in the company communication to the market and definitely zero clarification to Shareholders), the announcement last year of the new 5 year contract for the CEO speaks of short and long term KPIs (very briefly and with no detail) – the short term KPIs make no reference to SP in the announcement and Long Term Incentives do mention alignment to SP but the goals are set by the board and are not mentioned anywhere, so as long as he has meet the KPIs, again set internally by the board, for as you said his “bloated salary” there is no problem and if there was a move to remove him then I would expect he could potentially justify wrongful termination and seek full payment for the 5 years of the contract because there was no cause, under the terms of the agreement, for his removal, as he had been meeting the KPIs.Given the available cash this would probably be terminal for us.

It’s really easy to get an A when you mark your own homework or in this case – set your own KPIs and your friends (the board) agree they are your KPIs, in my opinion.The only one that may disagree with what is being put out there is the external auditor, and they seem to have worked a way out for that too – simply replace the auditor twice in 3 years (even though they forgot to fill in the required paperwork for the auditor for 2 of those 3 years but lets not delve into the failings of the board to meet compliance requirements or question the Company Secretary or Chairman about any of the falsehoods or misrepresentations made publicly by the CEO for over 3 years that never eventuated.CF+ anyone, how about no need for further Cap Raises or the options will be in the money?

No let’s start a fresh with nothing to see here LimePay will save us…….until it doesn’t.

Then it will be the next shiny thing, as has been the case for years.First Whola was going to be the one, then Carpet Court (worth noting Carpet court already had an SOE in December 22, as per the announcement, and the roll out to all 205 stores of Spenda platform in to their SOE was scheduled to be delivered no later than June 2023), what was posted recently?That’s right SOE still a trial with 5 stores only, then eBev, then AgriChain, then the Capricorn DSD, this one really confuses me – the DSD was the new payments system for Cap, yet Cap members cant make payments using Swift Statement which integrates with the products delivered by the DSD – go figure that one out a payments company delivers a tailor made payment platform that can't accept payments via another tailormade platform for the same customer and now it’s LimePay…….until it isn’t.

It’s a fun stroll down memory lane if you go to the company website https://investors.spenda.co/asx-announcements (armed with recollections of conversations from the various threads here and other sources) and re-read the announcements, timeframes and expected revenues over the last 4 years and the deals that didn’t make it with no explantion as to why.

Oh well back to work tomorrow I guess.

As always when I review the stuff from the past and feel this way - hope I'm wrong and the next 4C is a banger.