Animoca will presumably honour the Con Note agreement, but they are not bound by the ListCo option. In plain English, the agreement was drafted to limit the downside for note holders and capture the upside. It was stacked in the note holders favour because Animoca had much less wriggle room back in June 2020.
Fast-forward to the present day, Animoca now has plenty of wriggle room and (hopefully) from this point onwards any capital raises are conducted from a position of strength.
The unicorn pitch deck is silent on the Euronext ListCo. This tells me that this option is no longer on the table (supported by the silence from Yat).
The same deck is also silent on listing Animoca. This tells me - along with all the other evidence - that Animoca will not be listing anytime soon.
The deck has a single slide referring to "Nasdaq SPAC" which appears to be focussed on the non-crypto ventures. This tells me that this might be a possibility in 2022. Either way, it will not be the liquidity event that many here are hoping for.
"Surely, he's in a better position than anyone to know the sort of timeline they'll be looking at when it come to the company's relisting"@mikemercuryOf course Yat is in the best position to keep shareholders informed. The point is that he doesn't. He talked about the Euronext listing last year, but talk is cheap. Not a peep about it since. Good companies keep shareholders informed. If plans change, as many inevitably do, then inform shareholders of the new plans.
What I've identified with Yat and Animoca is that when they go silent on a topic, it usually means that things haven't panned out. They are happy to sweep things under the carpet. They are exactly the same with their games and other ventures. They hype the good things, but never disclose the full picture.
Notice how they've never held their hands up to any mistakes. Even the world's best companies get things wrong, but they take ownership and learn from them. In my opinion, Yat would have gained a lot of respect by admitting that the company dropped the ball with compliance and financial reporting. Most would've given him a pass because of the company's acquisition spree and venturing into new blockchain territory. Instead, he spins it to play the victim; suggesting that the ASX had it in for them.
Has the company learnt from their mistakes? Clearly not. Their reporting and shareholder updates are almost non-existent.