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05/03/19
08:59
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Originally posted by Warnie:
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Gil Don, chief of newly-listed payments provider Splitit, says it’s the banks who take on the credit risk if consumers can’t afford repayments incurred by using Splitit, not the company. Then one must ask why does a certain lender have a fixed and floating charge over the Splitit assets? If the lender doesn't get his/her money and loses badly, they will be going Splitit, no? If no, then why the need for security? maybe that loan was for starting up Splitit and not the lending as such? Ill see if I can confirm but I definitely read in the prospectus that a lender has full security over all of Splitit's assets.
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As per latest fin report 28/02/2019 The Company has granted to an investor a floating charge over all the Company's assets and intellectual property. On the other hand it says the $20m yes $20m in loans/debt incurred by Splitit was converted to shares at IPO, im not sure if this is entirely true or not?
Last edited by
Warnie :
05/03/19