Ann: Half Year Result Presentation to Investors, page-16

An extract from the AFR (my highlighting for emphasis)- seems lawyers are circling TRY regarding a class action. At least some of my comments in my previous post seem to be on the money. But it is unclear what benefit SMP will see so I guess we will have to wait until SMP make an announcement.

Class action firm Bannister Law confirmed on Wednesday it was investigating potential claims on behalf of businesses that have been unable to accept eftpos payments since Tuesday evening last week.

“Some businesses have been left with the woefully inadequate situation of accepting cash payments only, losing essential revenue. In this difficult time, they require every cent to survive and pay their overheads,” the law firm said in a statement.

Western Australia-based Tyro customer and Kingfisher Newsagency proprietor Ben Russo is incredulous that a licensed provider of an essential service such as payment terminals could be out for more than a week. “I think businesses should be covered for lost income. You are losing 50 per cent of customers who just walk out with no way to pay,” Mr Russo said.

Tyro's eftpos terminals turned into paperweights overnight last week on Tuesday after a "connectivity issue" locked out a large portion of its customer base. Chief executive Robbie Cooke said the company would turn its mind to the issue of customer compensation once the issue had been fully resolved. Tyro added on Wednesday that “all options are on the table”.

Tyro also confirmed the percentage of customers with no working terminals was 19 per cent. The company said 11 per cent of customers have at least one working terminal and 70 per cent of Tyro customers remain unaffected. The new figures represent a steep rise on the estimate of 5 per cent of customers Tyro disclosed in an announcement to the ASX last week. The company said it was collecting about 2000 terminals a day for "repair and return", prioritising customers with no working terminals.

Industry observers have questioned Tyro's ability to obtain thousands of replacement terminals at short notice due to supply-chain constraints.