Ann: Appendix 4C - quarterly-GCN.AX, page-2

I have obviously misunderstood the implications of ASIC's recent statement in the matter of Mr Richard Li, who is CEO of both GCN and SIS.

Among other things, this statement includes the following:

"Finally, both SIS and Mr Li have agreed to not reapply for an AFS licence nor provide financial services in any capacity for a period of 10 years from the date of the EU [Enforceable Undertaking]."

http://asic.gov.au/about-asic/media...-investment-services-and-director-richard-li/

http://download.asic.gov.au/media/3541628/029533131.pdf

My reading of GCN's quarterly must be incorrect, because to my mind the following statements in the quarterly indicate the provision of financial services.

"GCN has continued to offer its Go Green Holdings shares to professional and offshore investors to generate additional working capital, to reduce liabilities, and to finance its expenses in relation to servicing Go Green Holdings."

"It is expected that cash flows to be generated by GCN’s interest in Priority One shares expected to be listed during the current half year, by Go Green Holdings, the much reduced overheads of the company relative to the past, and further supported by SIS, will be more than sufficient to support GCN’s cash requirements."

To my uneducated mind the final part of the latter quote, in particular, seems to relate the provision of financial services.

So can anybody put me right about what the phrase 'financial services' means in a technical and legal sense?