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clock Created with Sketch. 31/08/21
17:31
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Originally posted by uncledeuce98:
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I think this report reads quite well... As previously announced, the Board continue to seek a compelling new operating business. This process has been delayed and constrained due to candidate businesses distraction and government restrictions stemming from the response to the COVID pandemic. Overall the search has identified over 80 potential opportunities. Nine have been explored in detail during H2 FY2021, resulting in indicative offers being made in relation to the two most attractive candidates (excluding the Australian renewable energy storage company referred to previously). These candidates are technology-rich and well-aligned with fintech investment growth themes. Despite effort expended in the search, the board has committed to substantially reducing the cost of administering the Group where possible during this period, including a reduction in fees paid to all officeholders and advisers of around 60%. The largest remaining cost reduction opportunities are associated with the expense of maintaining the Group's Australian Financial Services Licence (AFSL), primarily officeholders and insurance. To date, we have sought to retain the AFSL and associated infrastructure to preserve flexibility and value in the group. However, as we approach major annual expenditures, we are reassessing the benefit of retaining this licence in light of the current transaction opportunities." The board is doing the right thing by themselves and shareholders - good deals take time. They do not need to rush into anything just to keep a few shareholders happy.
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this was in their previous report. All I read is they are on the brink of not being able to operate and they really need to close this deal soon
