That is incorrect. On page 3 Reffind clearly said it sold all of the equity stake and the convertible note for a measly $250k:
”On 29 October 2020, after months of deliberation and the engagement of an expert independent valuer to determine the present market value of the rights to recovery from the Chapter 7 process of the convertible note and the A-3 preferred shares, the company executed a sale agreement with Loyyal Holdings Pty Ltd (the Consortium) for the sale of the company’s convertible note and A-3 preferred shares in Loyyal Corporation. Total consideration was $250,000 and the proceeds were received by the company on 29 October 2020. By giving finality to the recovery process in relation to the convertible note and the preferred shares, the company has improved its immediate cash position.”
- Page 3, Reffind annual report June 2020
What happened to the tens of millions that’s been promised? Wasn’t it $29 million we were told the Loyyal assets were worth just a few months ago?
That is incorrect. On page 3 Reffind clearly said it sold all of...
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