Ann: Annual Report, page-30

It was disclosed at the time of the ipo, that Rahul does not materially benefit from the deal with Adroit.

This is from the supplementary prospectus:
“Adroit currently receives monthly fees of approximately US$50,500 for provision of software engineering services to Syntonic. The monthly fees are based on Adroit’s cost of providing resources (based on an hourly rate, with minimal or no mark-up) and materials (at cost) to Syntonic for that month. The fees are renegotiated annually by mutual agreement of the parties. Syntonic considers that the services provided by Adroit are provided at less than market rates and Mr Agarwal receives minimal or no financial benefit from the Adroit Services Agreement.”
https://hotcopper.com.au/documentdownload?id=uOMxKKzFkiWRTLKhOROKAxjvFDZpiwv0oRCs0+hp7NlNT7rJHokTWhFvNVHhlFA=

If you look at page 11, from the accounts of Syntonic when it was a private company, you will see that Adroit has been paid for its services from the very beginning.
2013: US $63,500
2014: US $131,500
2015: US $346,750
https://www.asx.com.au/asxpdf/20160719/pdf/438nhsqg94vy75.pdf

The private investors didn’t have a problem with it. The investors in the ipo were ok with it. The only person who has a problem with the deal is a non holder. I wonder why?

The most likely reason is he wants to divert attention away from the Vodacom deal. Which is quite frankly huge for us. No one has talked about how Vodacom have kept the freeway branding so they can expand into other African markets:
“Syntonic and Vodacom have identified strong potential to leverage the Freeway service to expand Vodacom’s mobile advertising business across other carriers in its network. To accommodate a potential cross-carrier solution, Vodacom will brand the licensed Syntonic white-labelled service as Freeway.”
https://hotcopper.com.au/documentdownload?id=uOMxKKzFkiWRTLKhOROKAxjvTDYC6gm/yReZs+5tke92GA==

When you add on our white label deals with MTN Ghana, Vodafone Ghana, Safaricom in Kenya etc...it’s obvious to see that the land grab is on in full effect. Not to mention the huge opportunity in Brazil, or Smart in the Phillipines. Very exciting times imo!

GLTAH