OVANTI LIMITED (ASX:OVT) - **Profile: Terrence Clee** - OVANTI’S largest shareholder, 76291415, page-70 - HotCopper | ASX Share Prices, Stock Market & Share Trading Forum

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24/10/24

23:28

Post #: 76291415
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Originally posted by kevin103: ↑

As some here knows I have been in IOU since its ICU days when i first got in mid 2020 ICU was around 8c

We rode it to the 85c peak and I strongly believed in the story then and IOU actually did quite well in its BNPL startup, launching its app, product offerings and merchant sign ups .... until the time IOU started going off on random tangents, and missing BNPL business objectives with delays after delays in around 2022. I started to feel something was terribly wrong and I was totally right with my gut feel then. People called me a downramper etc. But I know what i sensed and it wasn't pretty.

In hindsight of course we now know that the very people we entrusted to run the company were actually stealing up to $19million MYR from us. This was the AUD$50mil that was raised in early 2021 with the mandate to launch one of the first few BNPL in the SEA market.

Thankfully I mostly got out before the suspension and the subsequent near bankruptcy at the hands of the leeching administrators PWC as is the majority of cases once a company enters administration it rarely comes back out.

This is the point where I want to pick up the story as I watched from the side-lines what I saw from the then current large holders and in particular i would call our backers that went into overdrive to save IOU from the leeches and sure windup. I heard the stories, the fund raising between holders to help pay the legal fees, the inspirational fight and ultimate huge win against the administrators and we got IOU back from their control. I have been on the asx many years and this is the very rare time I have seen holders and their supporters beat the Administrators at their own game ! It was such a fist pump moment at the time!!!

Now yes we can understand some larger holders like 612 who was highly instrumental in saving IOU with our backers - but has since become disappointed with the higher than expected expenditures by the company since relisting. This is what I would like to address - as it pains me to see they missing out on the next chapter of OVT which they had a part in saving. Why not give a second chance to OVT as they have a new vision for US BNPL and maybe other areas of development in the Fintech space. I believe the length holders and their backers went into saving IOU was so that we have another chance to do what was originally intended when we raised $50mil for building a BNPL business .

This vision is now possible and holders have been given that second chance - yes expenditures were higher than expected but its understandable as we had legacy legal cases for stolen funds recovery against the crooks and yes consulting and travel costs would be heavy then. Importantly we now know the company has been busy at work behind the scenes to lay the foundation with ex ZIP US CFO Simon Keast to launch a US based BNPL product. With these developments and what is to come hopefully current and past holders can see that original vision we all had back in 2020/21.

I can see it - i may be wrong but its a good place now to be in.

All IMO
.

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Stig, the lessons have not been learned, we're good to go again, and Kevin I don't for a moment think there is anywhere near enough capital or fortitude, but what matters is that the board and shareholders are united in pushing the business forward - which results in a rising SP, others wanting to get in. Happy days Ride the wave IMO

Originally posted by The Stig: ↑

I do hope that the lessons are learned, but doubt it, this is still a concern, at least till they sort out the legal crap. IMV they need to either cease or curtail the expenses and spend on growth of revenue. The latter is what I've been on about for 18months, Mr Keast is soon to control the steps, hope he's all about making profit going forward

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OVT Price at posting: 3.3¢ Sentiment: None Disclosure: Not Held
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Last 0.2¢		Change -0.001(20.0%)		Mkt cap ! $6.011M

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