waggingthedog>"Hoy - any thoughts?" Not really. It is just...

waggingthedog>"Hoy - any thoughts?"

Not really. It is just another fluff filled announcement which quotes someone else's really big numbers (those super funds run into the billions!).[1]

They clearly have a plan to raise more money, and this bloke has been parachuted in to arrange and handle it.[2] They have had to hand over significant amounts of control to this money-man[3], presumably as a condition demanded by their new benefactor[4]. If someone is going to hand them $10m then that is probably worth it. If it is another $2m then this is just another act of desperation in order to keep their heads above water. We will get to make up our minds when the details of the deal come in.[5]

In the meantime it focuses the company on their primary aim: finding people to give them money.[6] Heaven forbid they would ever appoint a chairman who knows anything about network security or running a software company![7]

[1] Substantiated by the iWebGate announcement of 17/2/16, main body, para 3.
[2] Substantiated by the iWebGate announcement of 17/2/16, main body, para 2.
[3] Substantiated by the iWebGate announcement of 17/2/16, Highlights section, para 1.
[4] My presumption, as stated.
[5] My opinion
[6] Substantiated by the appointment of an experienced financier as chairman and the accompanying statement from the CEO in the iWebGate announcement of 17/2/16, main body, para 7, and the iWebGate announcement of 1/2/16, highlights section, para 7. Also substantiated by the appointment of EAS Advisors, reference iWebGate announcement of 23/10/15, paras 5 and 8.
[7] Comment, laced with obvious sarcasm, based on the fact that Mr Tsiolis has no experience of network security or running a software company. Substantiated by the details of Mr Tsiolis' experience described in the iWebGate announcement of 16/2/16, his LinkedIn profile at https://au.linkedin.com/in/james-tsiolis-097a2980, and the description of his role at Strategic Capital Management Ltd at http://www.scmlgroup.com/investment-team/.