"Talk is cheap" - This observation is spot on.Yat is a great...

"Talk is cheap" - This observation is spot on.

Yat is a great salesman, but too many here take everything he says as gospel.

If you cast your minds back over 12 months ago, you will recall that Yat was talking about relisting in Europe. We don't even know if Animoca explored this option as they never updated shareholders. All we do know is that no respectable exchange would ever let a company list without first demonstrating that they are compliant with company regulations ... audited accounts ... AGMs ... good corporate governance processes ...

Many here perhaps don't appreciate that it is harder for a delisted company to list on another reputable exchange than it for any other company. Whether we like it or not, mud sticks. Any new exchange that we might seek to list on in the future will be wary of the reputational damage.

Animoca will need to demonstrate that they have cleaned-up their act. Rather than meeting minimum standards, they will need to show an exemplary record of corporate governance.

More than a year after being delisted, I have not seen any evidence to suggest that Animoca have resolved any of these issues. Worse still, is that we cannot even say that they have made progress. This is not good enough and investor relations is appalling.

"The scale, size and revenue and profitability of our business is such that I think we’d probably be going onto another exchange" (Yat)

Yat provides a vague answer to keep options open (and it also serves as a sweetener for the more naive investors). Think of it another way: Why would Yat fully close the door on relisting? It makes no business sense. Therefore, he quite rightly in my opinion, says that a relisting is a possibility (at an undetermined future date) and that it would be on a more suitable exchange than the ASX. In terms of the latter, isn't it obvious that Animoca will never relist on the ASX? Yat's story makes it sound like they were delisted only because they were ahead of the times, but he fails to disclose that they were also delisted due to corporate compliance issues. Again, this is good salesmanship, but one should always take the words of any salesman with a pinch of salt.

Neither would I presume that Animoca is profitable because Yat mentions it once in an interview. If the company's financial metrics had undergone explosive growth, then he'd be shouting this from the roof tops. No company hides good news. Certainly not Animoca, who love to spruik.

Dapper are able to report on key metrics and keep interested parties informed of how their ventures are performing. As of May 2021, NBA Top Shot, for example, is the number 1 dapp in the world, with more than US$700 million in sales, more than 1 million registered accounts, more than 500,000 customers with at least one NFT, over 4 million transactions, and between 150,000 to 250,000 users log in every day, all achieved in less than a year from open beta launch.

Nobody here even knows how much revenue Animoca generated during the 2020 calendar year, let alone the breakdown across subsidiaries/ major games.