Xped shareholders say they have lodged complaints with ASIC over...

Xped shareholders say they have lodged complaints with ASIC over recent deals

Giuseppe Tauriello, The Advertiser
an hour ago
Subscriber only
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SHAREHOLDERS in Adelaide technology company Xped say they have lodged complaints with the corporate watchdog following concerns over recent market announcements.
The most recent complaint, which is being prepared for submission to ASIC, relates to a deal announced last week involving a $225,000 equity investment and $350,000 loan provided to Marketplace Services.
In a brief statement to the ASX on 11 December, Xped explained that Marketplace Services would use Xped’s Xerts digital coupon technology and “integrate the intellectual property into its product offering”.
Xped’s investment values Marketplace Services at about $3.3 million. However ASIC documents reveal the company was registered at a Norwood address just ten days before the announcement, by its two directors — Shaun Cunniffe and Tim Lebbon.
Mr Lebbon is the founder of corporate advisory firm Leadenhall, which earlier this year underwrote a bonus options offer to Xped shareholders.
A continued decline in Xped’s share price means Leadenhall is likely to be out of pocket for close to $400,000 after covering the shortfall from the offer.
Marketplace Services does not have a website and an internet search fails to uncover the company’s management team and day-to-day activities.
Yesterday, Xped and Mr Lebbon declined to expand on the company’s day-to-day activities and multimillion-dollar valuation.
A complaint document prepared for ASIC by an Xped shareholder and seen by The Advertiser highlights their perceived lack of “detail and transparency” around Xped’s agreement with Marketplace Services.
Yesterday, Xped announced another agreement — this time with US cyber security firm Heuresy.
It said the two parties would work together to expand the use of Auto Discovery Remote Control (ADRC) technologies into the US cyber security sector.
The ASX announcement states that Xped will contribute its ADRC technology, app and engineering resources to the joint venture, with Heuresy overseeing a commercialisation strategy, marketing and sales. Technology company BiOBex is a third party to the agreement.
Heuresy has entered into a separate agreement with a “qualified US government contractor” who will help commercialise the technology to US government agencies and entities.
Xped will pay Heuresy US$100,000 upfront for initial development activities, to be recovered through future revenue.
Heuresy was incorporated in Virginia in October by founding shareholder, director and chief executive Keith Benson.
According the company’s website, Mr Benson is an electronics and communications systems architect, inventor, and entrepreneur with more than 25 years of experience as founder and chief executive of a number of start-ups. There is no information about the company’s management and employee team, corporate partners or products.
Xped shares closed steady yesterday at 0.8 cents. Shares were trading at 6.4 cents at the start of the year.​