>I have followed OPN closely over the last few years,Ditto - but...

>I have followed OPN closely over the last few years,Ditto - but only over the last one year and a half. Here's what I can't quite wrap my head around:

This brand new startup, Proffer, of which Axiom owns 50%, enters into a binding sale agreement with Openn for a consideration of $2.5m, where Ben Laurance is both the Managing Director of Axiom and Chairman of Openn, where Axiom is also the largest shareholder in Openn. Then exactly a week later, Openn places itself into administration.

Like what is going on here? So a startup with presumably nil revenue and likely minimum-to-nil track record of developed IP or commercialization is suddenly worth $2.5m and someone thinks its a good idea to sit inside a public traded entity (?)

The timeline of announcements looks like this:

• 31/05/2023 - Axiom Properties Limited (ASX: AXI) recapitalizes Openn Negotiation Limited (ASX:OPN) for $AU 166,461. Ben Laurance is the Managing Director and a major shareholder of Axiom.

• 16/06/2023 - Axiom announces a fully underwritten entitlement offer to raise $AU 3.19 million for Openn (with a 6% fee).

• 21/07/2023 - Axiom increases its stake in Openn to 19.99% of voting power after acquiring additional shares for $AU 726,435.

• 27/10/2023 - Axiom acquires a 50% stake in Proffer Group Pty Ltd (Proffer), a "new and unique business concept...currently in proof of concept phase."

• 16/11/2023 - Openn appoints a new Non-Executive Chairman, Ben Laurance, who is also the Managing Director of Axiom and a 50% owner of Proffer Group (indirectly).

• 06/05/2024 - Openn signs a binding agreement to acquire Proffer from Axiom (50%) and Infocus Enterprises Pty Ltd (50%) for $2.5 million, funded through a private share placement.

• 13/05/2024 - Openn appoints Korda Mentha as Voluntary Administrators.