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ASIC v ISX Hearing Continues - Thursday 8th June 2023 - DAY 13
Good morning shareholders and readers,
Start @10.17approx.
Mr houston and mr sisson sworn in - these guys are the expert witnesses for each party who previously testified back on the 7th & 8th March- Follow up questioning today
Background - Note from 7/3/23 - Independent experts testimony on company valuation, being there is no price discovery available (suspended) re effects of the visa termination may have had to valuation, performance shares vesting, plus other event dates - mr houston - isx , mr sisson - asic are sworn in, one for each party.
@10.23 isx kc begin questionig mr sisson. Focusing on points that need clarification for the case - seems mr sisson has changed his view / thinking on some points since his first report. Will know more on the changes as the day unfolds - moving to a different line of questioning.
@10.58 re 31/7/18 - 3/8/18 mr sisson struggling to provide plausable answers to particular questions put to him.
Spending time on recurring vs non recurring revenue
Isx kc doing a super effective job of questioning mr sisson to paint a picture of doubt of his opinion expressed to the court by his answers provided, which weren't great.
@12.00 - 3/8 analysis briefing meeting and other points, the question on recurring v non recurring revenue is the main focus
@12.10 isx kc finished with mr sisson questions
Asic kc begins his questioning of mr houston
He's focusing on 3/8 analysis briefing comment, mr jacobs report etc. So far after 30min the exchange between the two is completely different from March. Previously it was cut with a knife atmosphere, todays its very toned down and civil.
Asic concentrating on the recurring v non recurring revenue the same as isx kc did. 80% of the questioning is on this subject.
Over this questioning period mr houston as previously back in March is very measured and gives reasoned responses that doesn't allow asic the opportunity to get the upper hand, because the info is correct.
@12.46 they were going to adjourn the court for lunch but after a quick chat between the kc's etc they decide to continue.
Asic kc continues the revenue assumptions. Mr houston is a very superior analysis, he's got asic measure. Not from being a smart a,,, but because he's thinking is right, and when you hear it, it makes sense. Goes down well for isx and he builds a great defense for isx.
@1.14 asic kc stops questioning
Isx kc asks a few clarification questions to mr houston, which he answers and then mr sisson is given the opportunity to replies to mr houston's, answers which he does.
Court adjourned 1.23
Next court 26/6
My summary of the 4 days of litigation is that isx won the facts battle v asic soc easily. Of course asic picked up some crumbs, but the huge majority went isx's way. Looking good imo.
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