OK so I think that I come across continually as defending Aaron. Aaron is portrayed as the black sheep, and he probably has been to a certain degree in the past, but in the "Case of the missing 19 million", he is more of the puppet. At least - that's where the evidence points.
Time to post facts, make up your own mind.
First some context. Post one, I'll do more later.Circa 2014 has the acquisition of PT Lingua/ Arte Mobile. This is when Sean Tham is onboarded, as founder of PT Lingua group, clearly has a good relationship with ICU- he remains group CEO for over 5 years without issue.
Aaron in contrast is the only executive director for much of this time.
For the most part the company develops mobile software. They acquire related businesses, for example, my play in Myanmar. They paid $1m in cash, the other $1m through a 7 cent cap raise. (Ouch
)
It's important to note that from 2016 until July 2020 the BOD and upper management structure remained relatively stable. Sean as CEO, Aaron as executive director, Joey Lim as non-Exec chairman, Kwong, Ray Hor, Terry Cuthbertson and Tim Monger as non-execs, although Ray was made an executive some time around 2018.
But then, check the annual reports for 2019. Doesn't read well.
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02207351-2A1209198?access_token=83ff96335c2d45a094df02a206a39ff4Arte mobile was originally an 18m AUD investment, the 4D for December 2019, 5 years later, has the assets of the company valued at 0.63 cents per share, down from 0.83 per share the year before. The share price is consistently under 1 cent.
The investments in Arte and mobile games was just not paying off for iSentric, or Aaron.
Clearly, the company needed some help. But who could save iSentric from certain doom?
