The ASX SOR stated:
ISX has disclosed that IMMO was the predecessor entity to Bitconvert Ltd of Malta,146 which is engaged in cryptocurrency activities via the websites www.bitconvert.com and www.thechange.io, and that both of those websites use the trading platforms provided by ISX’s subsidiary Authenticate BV under the IMMO Agreement. Since the services provided under the IMMO Agreement facilitated the launch of IMMO’s successor’s cryptocurrency exchanges, the revenue of €900,000 (~A$1,389,746) derived under the IMMO Agreement during the Relevant Period should have been classified as revenue from customers engaged in cryptocurrency related activities (rather than ISX’s classification in ‘financial services’). Including the IMMO revenue increases ISX’s reported revenue from customers engaged in cryptocurrency related activities during the Relevant Period to 30.2%, which ASX considers to be of concern given its publicly-stated concerns and guidance about listed entities engaging in cryptocurrency-related activities.
In my opinion the information above indicates that the ASX was unlikely to have thought that the revenue was solely to generate revenue for the purpose of meeting the Milestones.
'solely or predominantly' was mentioned 8 times in the SOR.
Did the ASX continually include the word 'solely' in the SOR to try and mislead the market ?
