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$1.07 southern cross payments ltd

Ann: ASIC v ISIGNTHIS LTD & ANOR, page-83

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pastperformer

7,941 Posts.

2431

18/03/21

07:57

Post #: 51852262
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Originally posted by pomhat: ↑

I'll continue playing devil's advocate here..

the GPTV numbers are entirely pointless and at worst a misdirection..

one could view the whole situation as, ISX entered into specific integration contracts which brought in $5m worth of one-off revenue (for negligible profit as the service was pretty much wholly outsourced) which triggered the release of the performance shares (worth at the time over 50m and multiples more based on the last traded price )

the future benefit gained by the company was ongoing revenue from the arrangements of 1m (I'll be generous and assumed profit of 1m, even though there would have been costs).

essentially 1/3rd of the company was given away for 1m.. if shareholders are happy with that then cool.. but it's entirely understandable why ASIC aren't..

this is before even scratching the surface of when the contracts were all entered into..

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Exactly this. Have been saying this for over 18 months.

Caught red handed.

ISX Price at posting: $1.07 Sentiment: None Disclosure: Held
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