In the absence of a formal announcement to the market, you have...

In the absence of a formal announcement to the market, you have to take this statement with a pinch of salt. The Board of Novatti are 'understood' to have cut off funding and are even 'considering' a return of the license. Not exactly definitive and why would Novatti let it be known that they are returning the license when they are currently engaged in investor discussions. Talk about undermining your position!

They even referenced a stockbroker briefing from 3 months ago. Since this briefing, Mark Healy has presented the quarterly results which included confirmation that they are still cash flowing the banking division. It was always the Board's intention to bring in third party investment and dilute their position. Although they announced that they were looking to reduce their holding from 91% to 20% and retain a stake within the bank, it may indeed lead to a complete takeout of the existing shareholders. Either way this would help to recapitalise the business and remove a significant liability from the P&L.