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ASIC Commences Proceedings Against ISX and JK, page-85

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Gaptrade1

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07/12/20

15:35

Post #: 49396590
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Originally posted by ppeterson: ↑

Take your own advice mate and read it again. (Emphasis mine)

Integration agreementsASIC alleges that iSignthis failed to disclose material information in relation to three integration agreements in breach of its continuous disclosure obligations.

The integration agreements were entered into with three customers, being Corp Destination Pty Ltd, Fcorp Services Ltd and IMMO Servis Group s.r.o. The agreements provided one-off integration and set-up services for trading platforms. ASIC alleges the revenues derived under the agreements resulted in iSignthis achieving performance milestones which caused the allocation of 336,666,667 performance shares, a substantial majority of which were allocated to the directors of iSignthis, including to Mr Karantzis.

Specifically, ASIC alleges iSignthis failed to disclose that in the fourth quarter to 30 June 2018, it had recognised approximately $3 million in revenue that was one-off and non-recurring. It is alleged that the revenue was derived from the integration agreements. In addition, ASIC alleges that iSignthis failed to disclose it had incurred approximately $2.85 million in one-off costs for out-sourcing services, which ASIC contends was for the supply of the integration services.

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Well if they go to court they will loose. it wasn't for the achievement of 336,666,667 shares it was to achieve only trache C of the performance shares. which was a third of that number of shares. 2/3 had already been achieved. GLTAH

ISX Price at posting: $1.07 Sentiment: Buy Disclosure: Held
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ASIC Commences Proceedings Against ISX and JK, page-85

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