iSignthis: Shareholders Update re ASX Directions 

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iSignthis Ltd (ASX: ISX | FRA: TA8) (“the Company”) announces that it intends to fully comply with the directions of the Australian Securities Exchange (“ASX”) which were received this morning {1st May 2020}.

In summary, ISX will engage an independent expert, acceptable to ASX, to review its continuous disclosure policy and processes to comply with Listing Rule 3.1 and will release to the market the findings of, and any changes ISX proposes to make to, its compliance policies and processes in response to that review.

The review will assess each contract that ISX has entered into since 1 January 2018 to determine whether or not a reasonable person would have expected information about the contract to affect the price or value of ISX’s shares. ISX also agrees to make any and all corrective disclosures as a result of that review  (if any are needed, which is not anticipated).

The ASX has requested that details of the Nona agreement to be released to market by the Company.

ISX also accepts the direction of the ASX include in each quarterly activity report it must give to the ASX a breakdown by sector of the revenue ISX has derived from customers during the applicable quarter, divided into the following sectors:

  • Options/CFDs/FX
  • Crypto/digital currency
  • Online gambling
  • Online video gaming
  • Credit providers
  • Travel services
  • Other

In addition, the Company repeats its 17 December 2019 offer of escrow of the milestone performance shares (as defined in the 2014 prospectus) by the directors, officers, Select All Enterprise Ltd and Red 5 Solution Ltd.

The ASX ‘Statement of Reasons’ is primarily concerned with the milestone performance shares arising from the revenue generated by the Company’s deployment of technology platforms. In order to allow time to resolve any further concerns about this matter, the milestone performance shares held by directors, Select All Enterprise Ltd and Red 5 Solutions Ltd will be voluntarily placed in escrow for 12 months from the securities of ISX being re-quoted by the ASX, noting that there has been an effective escrow during the already lengthy period of suspension. The Company is already proactively engaging with ASIC which has been examining the issues since the 8th October 2019, following the suspension of ISX.

ISX has not been given any indication by the ASX that compliance with the written directions of the ASX, that the ASX will allow ISX to recommence trading of its securities.

Authorised by the Managing Director, John Karantzis of iSignthis Ltd.

The Shareholders Update and the Australian Securities Exchange can be found on the following link: ASX Letter 1st May2020 Directions

iSignthis Ltd is on the OneStopBrokers Directory. Find the Company HERE


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