SRT to become IAM

SRT - Last day of trading 10 June 16
New Code - IAM
Target of relisting - Late July

Management
Mark Fisher - salary 250k
Mark Rantall - 100k
Patrick Canion - 60k
90 years of collective experience amongst the above 3 and that's predominantly in financial industry...

Matthew Walker - 44k

Sonu Cheema and Loren Jones to resign from the board.

Offer under the prospectus
174m shares to raise 3.4m approx. Its not underwritten. However Cicero Advisory has been appointed as lead manager which will take 6% fee.
Page 32-33 are interesting... four different reasons:
1. The Company reserves the right to close the Offers early.
2.The Directors, in consultation with the Lead Manager, will determine the recipients of the issued Shares under the Public Offer in their sole discretion.
3.There is no guaranteed allocation of Shares under the Public Offer. The Directors reserve the right to reject any application or to allocate any applicant fewer Shares than the number applied for
4.The Company’s decision on the number of Shares to be allocated to an Applicant will be final.

Page 24 talks about waiver granted by ASX in March 16... which means cash will be raised at 2c...

Who is integra and Intiger
This is the first time I have been able to understand the difference... Page 23 and 24 if you are interested...

Near term objectives page 41
The near term objectives for the Intiger Group include:
(a) expansion of its existing national practice client base;  
(b) recruitment and on boarding of additional offshore staff;
(c) recruitment and on boarding of a national sales force;
(d) partnerships with leading technology providers in the FINTECH space; and
(e) engagement with AFSL holders to provide a vertical rollout of the Intiger Group solution through the AFSL holders practice network.

Debt
900k includes MFs 750k... this means 150k will be left to be paid... However, does this include SRTs 300k paid to Intergra? If it is then no issues at all...

Revenue
304k in 2015... This does not justify MFs claim of being profitable... so something must have been changed in 2016... on a positive note, this was a big increase as compared to 2014... Integra only started in 2013 and were still working with industry in 2015 to establish the softwares... A large chunk of capital will be allocated to these softwares after relisting...

Customers
we still don't know them...
But page 77 states the same thing which was mentioned in the Meeting notice

The Board notes that Mr Canion is CEO of ipac WA, a customer of the Intiger Group.  Notwithstanding the existence of this relationship the Board considers Mr Canion will be an independent director as this potential conflict will be managed by removing him from pricing and business negotiations at the Company level and delegating those tasks at ipac WA to their Head of Financial Planning.

I am pretty sure I would have missed many things so please share... and please correct me if I said something wrong...

All in all, pretty standard prospectus which is reflective of past...

All the best

Cheers