The MD, John Raymont, said he and the chair, Tim Phillipps, will...

The MD, John Raymont, said he and the chair, Tim Phillipps, will take up their full allocation, and the sales and marketing head, Clare Rhodes, said she was also all in. Not sure how many shares CR holds but JR is up for $32,800 and TP for $16,920.

Also at one point JR was asked about their cash position going forward. He listed a couple of expected sources including the $1.24m R&D rebate and said they should be good to the end of 2023 (which I took to mean calendar 2023). One of the assumptions he used was if there is only a 25% takeup from the current rights exercise. If they have factored in raising as little as $1m from the raise then just TP and JR are contributing about 5% of that amount.

I can't see that the Identitii story has changed much from JR's infamous Christmas message from December last year. He said back then and said again in this presentation that there is lots of active interest from potential customers but unless the company can close on those opportunities then all the positive vibe is just a tease. So the question I ask myself is why would I bother? Well, the R&D tax incentive payment - why they did not put out an ASX announcement on the tax incentive payment puzzles me - and their residual holding of Payable suggests to me they are not a total waste of time. Plus the oppies at 8 cents for each share subscribed for seem to be fairly low hanging fruit (if the company can survive then surely their share price will have to recover to above 8 cents at some point in the next two years).

One thing I wonder about is how Identitii interacts with AUSTRAC: when your product needs to meet the requirements of one entity - which in this case is AUSTRAC - then I would hope much of your focus is on working with that entity. I know that the big accounting software firms like Xero and MYOB work to some extent at least with the ATO on stuff like eInvoicing and Single Touch Payroll and the ATO actually puts out specifications which show which software is compliant or approved. ATO is far more into the digital transformation than AUSTRAC is but I am certain Identitii should be actively advocating for the relationship between regulator and service provider to be formalised. As an aside I see that JR is on a committee or working group with an industry body so he obviously knows the benefits of activism and advocacy.