Looks like they are going all in on the US BNPL Strategy. The extra 500k (approx) from the IDSB sale is awesome news
The Company continues to anticipate the receipt of circa AUD $14,300,000 from the sale of IDSB (which is unrelated to iSentric and the CIMB contract). An update on the ongoing positive status of the IDSB sale was provided to the market on 27 December 2024.
The Company notes that due to exchange rate movements, the Malaysian Ringgit has strengthened against the Australian Dollar which has resulted in approximately AUD $500,000 of additional anticipated proceeds to the Company from the sale of IDSB (previously the Company has announced to the market estimated proceeds of AUD $13,800,000
The Company notes, as has been previously announced to the market, that OVT CEO Simon Keast in line with his employment contract KPIs is currently in advanced stages of finalising OVT’s USA BNPL market entry strategy to be released to the market late January/early February 2025.
This decision made by the Board to terminate the CIMB agreement was a commercial decision to allocate the new capital and full energy of our skilled team to have razor sharp focus on our vision to make a big impact in the USA BNPL market in 2025. The OVT Board is fully focused with the new resources at our disposal on driving our CEO and his team to expedite the USA BNPL market entry.
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