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DAY 4 - FRI 03-03-23
Hi Everyone
Here's the notes I took as the hearing proceeded
Missed the first 10 min.... had video but no audio coverage of hearing, and had to log out and then wait to be readmitted to hearing again, were it did fixed the issue.
When I was returned, the two kc were discussing witness questions and wording that will be allowed to be asked to mr hart from what i gathered was taking place. This lasted a furthur 15 minutes.
@10.41 Mr Hart was sworn in. Isx kc proceeded with basic questioning of mr hart, confirmed that this was his affidavit in the court book and other confirmation type questions for 10 min. Basically an introduction, name, address, company position, etc.
Asic kc then took over and started asking mr hart questions from 10.51. Straight into questions re visa termination from mr harts affidavit. Asic kc wanted an insight as to the april 17 visa termination letter, and why isx didn't make an announcement to market at this time. The asic kc not getting the answers that alligned with the asic soc from mr hart, keeps rewording his questions and coming in from different tacks to get the answers that benefit his case. Mr hart is doing a great job in answering the questions truthfully as to what really took place at isx'. These honest answers obviously go against what asic has alleged in there soc.
@11.25 Isx kc is disputing wording of a question asked to mr hart, in the interim whilst its sorted his honour adjourned the court until 11.45 to see if both kc's can sort out the issue.
All sorted the document in dispute, from my understanding from the talk was isx's legal advice on the visa matter.
Asic kc is always asking question to get a definitive date on the termination. Asic kc just keeping going down the timeline of events looking for an earlier date than isx did announce to prove disclosure breaches. Asic kc just doing his job, covering all bases and fair enough its so crucial to there case of non disclosure. Whenever asic kc crosses the line, isx kc steps in to get a ruling from his honour.
Discussion continues until lunch break with asic kc working for confirmation on obtain a definitive date of when isx was in a position legally in there views was able to make a market announcement re visa termination.
And by all accounts so far, isx call on the announcement date is looking rights from the evidence so far tendered imo as a viewer. Asic kc doing his job well, to get to the truth, it's just not going asic way up to now to match there soc claims to what actually occured as mr hart is confirming under oath the statements isx tendered to asic / asx are correct. Whether that call isx made is legal or not, i guess that's what all this litigation is all about.
Lunch taken 12.45 to 2.15
Afternoon section continues with asic kc questioning mr hart. This time he's focusing on the CBC timeframe after 12/5 and letter informing the CBC of visa termination decision before releasing announcement to asx, shadeholders etc. Asic kc was ahead a bit in this section.
After that relative short CDC discussion, they went on to discuss the performance shares issue.
Asic kc got mr hart on the back foot in this section of the hearing initally on the performance shares structure, numbers, dates, etc. Asic kc is very good at building a case in asic favour using the facts available to him. Good to know isx kc will be able to cross examine and clarify answers.
After that mr hart, had the upper hand on disclosure to the market of the financials, and they discussed the 31-7-18 4 C where it did disclose via the statement on new contracts / intergration, revenue - COGS = Low margin.
In this section the discussion of the 3 Aug meeting was discussed. Mr harts opinion on the JK's 15% statement, is that he believes the 15% statements of jk's was incorrectly stated, based on the non recurring intergration costs as defined in the 4C 31st July 18 and should have been corrected to the market. Will have to hear expect opinions etc on how that turns out. Maybe Jk will show up and tell his side of the events. Asic 1 / Isx 0 - to be continued.
Then they talked about the declining revenue from July to Dec 18 not a lot of time spent here.
@4.17 Asic kc questioning finished for the time being.
@4.18 Isx kc whats to ask a few cross examination questions from mr hart before closing for the day. They discussed the 4C answers that were given to asic kc.
@4.35 isx kc finished with his questioning.
Talked a little longer on whats will happen next week - 9.45 start on Monday, Tue standard 10.15, Wed ?
@4.45 Court adjourned
All in all Mr Hart, did a great job. So did the asic kc in his questioning. All interesting, and furthur pieces of the puzzle have been uncovered.
Asic have some runs on the board after the first 4 days, and so do Isx. Lots more to decide a final outcome to the hearing.
Until Monday, Have a great Weekend, Cheers
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