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“Patersons' Marty Jacobs spruiks suspended iSignthis
Joe Aston
Columnist
Oct 10, 2019 — 12.00am
It’s been six years now since Marty Jacobs left sandalwood chimera TFS Corporation for Patersons Securities.
As general manager of corporate strategy from 2009 (it listed in 2007), Jacobs enticed no shortage of early investors into Frank Wilson’s Perth outfit, which rebranded as Quintis in 2017 then promptly went bust. By which time he was nearly five years clear of the joint.
More recently, as industrials analyst at Patersons, Jacobs has been wantonly spruiking controversial ID verification fintech iSignthis, which the Australian Securities Exchange (in consultation with the Australian Securities and Investments Commission) on October 2 suspended from trading, where it remains.
Over four berserk weeks, Jacobs racheted up his price target on iSignthis by a dizzying 381 per cent. On July 30, he increased it 65 per cent, from 43¢ to 71¢, off the back of the company’s quarterly investor briefing. Not even a week later, on August 5, he upgraded again – another 63 per cent to $1.16. And on August 29, off the back of iSignthis’ 1H result, he raised his valuation another 78 per cent to $2.07. On his last vacation in Rome, Jacobs scaled the Spanish Steps in three strides.
Least timely of all was Jacobs’ October 2 broadcast entitled “momentum continues to build”, reaffirming his $2.07 price and buy recommendation on iSignthis. It was hitting his clients’ inboxes more than 30 minutes after the ASX had suspended it from official quotation! A milestone worth factoring into its investability, one would’ve thought…
iSignthis shareholder disclosures raise more questions
iSignthis last traded at $1.07 and has to be long odds to trade again.
And by dubious coincidence, Jacobs was personally invested in the precipitous escalator the company’s stock was briefly on. “The analyst owns shares in ISX”, was Patersons’ disclosure on each of his published notes. He’d fit right in on Eagle Street.”
