There are so many flaws in this.
They paid $A21m in the first tranche, with a 10% deposit in escrow of RM9.5m (A3.2m). How much is the balance payable??
The 2nd tranche payable calculated as: [42%(IOU equity share) x 10 x IDSB FY21 PBT] - RM 63m. Question is, what is IDSB FY21 PBT? They did not disclose. Would A3.2m in escrow be enough for the 2nd tranche payment?
Cash loaned/receivable of A23m is used to generate income and should NOT be used as working capital. In fact they need more funds to support the business growth as they signed up more merchants.
From 4E, they used A16.7m (excluding receipts from customers, payments to merchants and investment in IDBS) in the cashflow, what do you think how they will fund FY22 operating costs?
The 4E contains numbers, without explanations or commentary from the business just leaving shareholders guessing. Some holders are happy with it, I'm however would like clarity.
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There are so many flaws in this.They paid $A21m in the first...
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