Did you read what they said? OVT is not reinstating BNPL in the same manner as before. They will not be funding it. They are offering out their IP to banks - in this case the Koperasi - for them to fund their own BNPL and we take out cut from each transaction. No outlay of funds for us and zero risk, but we get a fee from each transaction made. They were doing a presentation to one small Koperasi which has about 140,000 members, but in total there are over 7M people in different Koperasi's, so if we get into one, it may flow into others. Zero risk, using IP already developed and getting a cut of each transaction. That was in their statement from the AGM, so when you keep writing they have no business plan moving forward, I would think the above is a decent one.
In regards to "upramp team", all I'm trying to do is give out information I heard from AGM, instead of your distorted statements of just saying "It will never relist", "It won't relist till at least 2025", "Managment doing nothing", etc. I do not believe I have said anything in regards to "upramping" unless you consider writing facts an upramp, unlike your whingeing on the downramp.
You seem to have no clue what this current BOD inherited and what they have done to turn things around. Out of VA, they faced close to $3M owing to creditors. A lot of that was because of incompetence from previous BOD, along with all the costs they ramped up due to the court proceedings and the VA - all of which would have been avoided if they had just accepted the 249D EGM and Finran's loan offer.
Besides having to try and raise funds to pay the creditors, they walked into a business that was a complete falsehood. They couldn't trust any of the figures presented to them. The BNPL was all a lie. Huge amount of staff they had to downsize. Office space they had to downsize. They had to figure out which people they could trust and who to bring in to help. They had to look through the entire company structure to close down some sections and rework others to make it more streamline. They had to look at the operational side to see where the company was actually making money and where it was losing money. All of this does not happen in the blink of an eye. Each part is complex in its own right. Did you know the previous BOD had no corporate governance in place? No oversight of funds or invoicing. Anyone in the business could sign off on an invoice and have it paid - another reason why it was such a mess. The new BOD had to then bring in guidelines, create a corporate governance for the business, bring in systems for oversight. Again, each of these things take time.
And all of the above is before they have even had a chance to think about the future. This included how to get us reinstated on the ASX. First part to that was getting auditors who would be prepared to go through the accounts. I can assure you, a company that was in VA, with a large part of that reason because of previous dodgy auditors, it is not as simple as picking up the phone and calling a new company to do the accounts. It took a long time for them to be able to get someone who would commit to that. It then took them time to find the right people to be able to go after the missing funds from a legal standpoint. There were investigators in place who they had removed. The new investigators reached a certain point where a different company with more clout was needed and they were able to recuit Freeman Hills. Again, this is not just a quick pick up of the phone and one conversation. All of this takes time and planning.
Above is just a little of what has been happening. And all of this on a directors fee of $50K a year! That is all they are paying themselves. Aaron was paying himself over $260K a year and wasn't even in the office. This BOD has taken all of the above on, and in my opinion they have done a great job of getting us to the stage where we can talk about relisting. For me, future business is obviously an important part, but without a relist there is no business for us shareholders.
It's convenient for you Stig to just label someone an upramper when they talk about a future, and you write as though anyone who holds any hope for a future of this business as a negative. I will continue to share news where I can and I will continue to pull people up who just make blanket statements that are negative with no real basis behind them.
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