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$1.07 southern cross payments ltd

your odds are a bit out there pal.1:3?3:1?doesn't make...

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Salubrious

6,560 Posts.

1560

20/11/19

12:52

Post #: 41529649
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Originally posted by ChrisBond: ↑

just read that two of the contracts for $million plus dollars of integration work in June 2018 were completed (and fully recognised) in two weeks ! There are very clear rules on how revenue on fixed price contracts can be accrued (as %tage of completed work)

Maybe they will soon announce the revenue recognition of the contract was an oversight in revenue recognition (as they did last week re it being ARR) but its the auditors fault ! But its 101 accountancy and not defensible especially when so material in nature and resulted in existing shareholders being effectively diluted by 30%.

If you say ISX have proven to the ASX (and I suspect ASIC as well will want to see these documents) the cash was received for these contracts and stayed in ISX bank account and not flushed through in back to back deals then that is great news for the shareholders.

Anyway the ASX clearly have some additional evidence of wrong doing and are assembling a case and like a skilled barrister getting to the truth in a way that cant be challenged in subsequent legal proceedings

As we cant trade the stock maybe we she ask Betfair to start a market and I think it will be very clear what the investment community feels about the likely eventual outcome of this debacle.

Let me have quests on what the market would be:
1:3 bonuses shares will be cancelled
3:1 company is delisted
1:1 if ISX relisted shares will lose 50% on first day closing

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your odds are a bit out there pal.
1:3?
3:1?
doesn't make sense.

Last edited by Salubrious: 20/11/19

ISX Price at posting: $1.07 Sentiment: None Disclosure: Held
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