Its not that hard to believe. You have the Australian-based non-execs dealing with the corporate side of things, trying to ensure the company is operating within the laws of Australia so they can keep the gravy train going. Though considering they're only being paid $48,000 a year for the gig, it may not be worth it if it wasn't for their connections to be able have Emerge Gaming contract out and pay for services to other companies they are on.
They pump out fanciful announcements that sound amazin on paper, then when the ASX queries them, they then try to find a plausible way to explain it. Ie. saying that they have no knowledge of who Crowd1 is and that they deals were made verbally with ICT and TIM, who they don't believe to be associated with Crowd1, only to have Greg address the the next monthly junkit with "Hello to all the Crowd1 members".
How can you tell the ASX that you have no idea who Crowd1 is, when your CEO is addressing them directly?
Or perhaps the challenges of continuous disclosure laws, don't put out any releases or updates, only to have Johan announce to their Crowd1 members that Miggster will be launching a promotion with the launch of Miggster Retro. What can we say this time? Lets just brush that one aside by declaring it to be nonpertinent to their revenue.
The story of Emerge Gaming does have the appearance that Greg left the Australian non-execs in the dark about a lot of things while he was entirely fixated on Crowd1 arrangement. Even having high-revenue (combined with high "marketing costs") only benefited 1 person, and that was Greg Stevens with his tranche 1 to trance 6 performance share bonus worth hundreds of thousands of dollars direct into his pocket.
They're not all innocent though. You can't pump out announcements like "500k new users in a month" and not ask the question "how was this achieved?". Oh.. yeah its because we dropped the price of an annual package to Crowd1 down to 39 cents.
Extremely inconsistent story coming from EM1 over the past 16 months.
Maurice Blackburn, page-10
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