Australia's largest stock trading and investment forum Australia's #1 stock forum

FGF

Click for more information

0.00%

18.0¢ first growth funds limited

Ann: Response to ASX Query Letter, page-14

First 14 Last

Share
Profile

Follow
Hawkeye81

99 Posts.

10

05/07/19

12:09

Post #: 39389317
Share
Originally posted by cryptoking777 ↑

The FGF/Acudeen deal was facilitated by Blockchain Global and Sam Lee.

Acudeen will buy back the ACU tokens from FGF, which is 20% of all allocated digital currency tokens.

FGF are still owed US$1 million activation fee or 6.25% success fee from Acudeen

FGF want out of the ACU deal - "In the event that ACU buys back FGF’s ACU tokens, FGF intends to seek theagreement of ACU and Sam Lee to terminate any ongoing obligations of FGF to provide facilitation services to ACU as well as any rights of FGF to be entitled to the US$250,000 activation fee or the 6.25% commission under the ACU."

Essentially, FGF consider ACU tokens as being worthless and blames a "lack of liquidity in the market" as the reason why they weren't able to sell the ACU tokens, convert to AUD and record a profit.

"Some ACU tokens have been converted into other tokens across the holdings of all parties to the ACU agreement(being ACU, Sam Lee and FGF)."

An unfortunate turn of events, however, FGF will still bank an activation fee or success fees from Acudeen under the agreement.

Expand

Thanks Crypto for the summary. Will see what pans out. Will be interesting to see if we ever do get an activation fee from all this. Sounds like its all gone from boiled lollies to big fat donuts O
FGF Price at posting: 0.9¢ Sentiment: Sell Disclosure: Held
4 Upvote

0 Great analysis

Reply

Top Stories

CTT

Cettire shares jump on FY24 revenue growth up 80% vs pcp – but stock still badly bruised

NWC

New World Resources inks complete PFS for Antler Copper Project in Arizona, USA

AI stocks: What to expect in 2024-25

ATH

Trial for Alterity's neurodegenerative drug ATH434 shows reduced disability

LRL

Labyrinth shares rocket by 219% on news of Comet Vale and Vivien gold project acquisitions

There are more pages in this discussion • 71 more messages in this thread...

First 14 Last

Add FGF (ASX) to my watchlist