Jlo, I just loved your attention to details and your...

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muru888

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02/09/19

20:59

Post #: 40282749
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Originally posted by jlo2012: ↑

I agree GH, even hard for me to knock these being issued now in hindsight. The only thing I don't like is that these are those non cash item share based payments that will eat into the Net Profit as they will be recognised after the EBIT line. All good.

On another note, I find it a little curious the date that these have been issued. Waited till now in September to do so. The share price milestone's were reached within a few weeks of the performance rights being issued in May. Why have they waited till now to issue them?

I suspect it may be for a positive reason.

These were the reasons given for the perf rights being issued:

It is proposed that the Directors be issued with Performance Rights for the achievement of the following milestones:
(a) establishment of operational teams in Melbourne and Cyprus in line with the Company's objectives and strategy.
(b) the grant of an Electronic eMoney Institution License by the Central Bank of Cyprus.
(c) establishment of the system required to deliver a working product to the Company's merchant customers.
(d) establishment of a working solution to provide identity services in line with current compliance legislation thereby allowing the Company to commence revenue generation in 2016. 23 Doc ID 629319533/v1
(e) completion of capital raising initiatives to provide sufficient working capital to meet the Company objectives.
(f) the meeting of key security and card scheme requirements by way of ISO27001 and PCI DSS certification.
(g) completion of applications for principal membership with main card schemes Visa and MasterCard and execution of a partnership agreement with JCB International.
(h) completion of the application with the Australian Prudential Regulation Authority to become an Australian Deposit Taking Institution.
(i) Entry to the S&P ASX/300 Index – effective 18th March 2019.

Now I've emboldened the milestone I think is relevant. This was recorded in error by the company when listing these milestones in the Notice of Meeting. The company was entered into the All Ordinaries in March, NOT the ASX300.

Rebalance is about to occur and is reliant on various factors such as market cap, liquidity, free float etc for the period up to 31 August.

I wonder whether the company was notified today or is aware that they are about to be entered into the ASX300 and directors held off issuing themselves these shares until it was a certainty so as to make up for the error in the Notice of Meeting?

ASX300 here we come?

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Jlo, I just loved your attention to details and your perceptiveness in noticing the hidden hints between the lines.
We all hope you are right, Sherlock.

ISX Price at posting: $1.22 Sentiment: Hold Disclosure: Held
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