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$1.07 southern cross payments ltd

ASIC Commences Proceedings Against ISX and JK, page-261

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steve001

289 Posts.

77

08/12/20

11:09

Post #: 49416138
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Originally posted by speculativet: ↑

"In any case those funds received by isx from the 3 contracts have been used by the company to help establish what is now a profitable business"

That is incorrect; the revenue was almost entirely offset by the cost of outsourcing the works. I.e. no profits actually flowed to the company from the agreement. So no, the funds were not used to establish a profitable business but rather for the sole purpose of unlocking performance shares tied to revenue hurdles.

I have also been at pains to point out that i think its immaterial whether the income from the contracts was illegal (for what its worth i dont believe it was). If you refer to my earlier posts my point is that the scheme was not in the interest of shareholders.

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we'll agree to disagree, cheers for your input

ISX Price at posting: $1.07 Sentiment: Hold Disclosure: Held
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