Damages Claim Increases by $200.7m to Over $464.7m
Melbourne, Sep 1, 2020 AEST (ABN Newswire) - iSignthis Ltd (
ASX:ISX) (TA8:FRA) has now filed in the Federal Court of Australia further and better particulars of the damages which it claims against ASX Limited (ASX:ASX).
The damages of $200.7 million relate to ASX's decisions to suspend, and continue to keep suspended, trading in ISX's shares. These damages are in addition to the $264 million already claimed by ISX against ASX for misleading or deceptive conduct in breach of section 1041H of the Corporations Act 2001 (Cth), which arises from ASX's publication of the "Statement of Reasons".
As part of its claim, ISX contends that in deciding to suspend, and continue to keep suspended, trading in ISX's shares, ASX has failed to act in good faith and/or honestly and fairly and/or reasonably in exercising its powers under the Listing Rules.
Mr Karantzis, CEO of ISX, said:
"By any measure, the increase in damages claimed by ISX and the impact of any adverse finding continues to make this a high stakes and material case for the ASX, as the impact goes beyond monetary damages and challenges ASX's conduct and suitability to operate a market.
The ASX has to substantiate its reasons for the suspension of iSignthis Ltd, based upon the facts as they were known to it on the 2nd October 2019. To date, we still have seen no evidence of any investigation into "price volatility" by the ASX, nor how price volatility could have been the reason for suspension."
"It would seem inconceivable under the ASX's own Listing Rules that the board of the ASX would consider this action as 'not material', especially given both the quantum and the impact any contravention of s1041H of the Corporations Act would have on the ASX's Australian market operators license."
Petition
The following Parliamentary petition started by an ISX and AB1 shareholder has also come to the attention of the Company:
https://www.aph.gov.au/petition_list?id=EN1758
We are aware of a number of shareholders, their friends and family having signed it.
Business Update
In case you missed it, iSignthis released its Appendix 4D, with 141% increase in revenue YoY and an unaudited profit of circa AU$800k. Details are here
We are expecting growth to continue, particularly as our flykk(R) services expand into further merchant sectors in the EEA.
About iSignthis Ltd
iSignthis Ltd (ASX:ISX) (FRA:TA8) is a hybrid monetary financial institution and also a RegTech leader in remote identity verification, payment authentication with deposit taking, transactional banking and payment processing capability. iSignthis provides an end-to-end on-boarding service for merchants, with a unified payment, electronic money and identity service via our Paydentity(TM) and ISXPay(R) solutions.
By converging payments and identity, iSignthis delivers regulatory compliance to an enhanced customer due diligence standard, offering global reach to any of the world's 4.2Bn 'bank verified' card or account holders, that can be remotely on-boarded to meet the Customer Due Diligence requirements of AML regulated merchants in as little as 3 to 5 minutes. Paydentity(TM) has now onboarded and verified more than 1.5m persons to an AML KYC standard.
iSignthis Paydentity(TM) service is the trusted back office solution for regulated entities, allowing merchants to stay ahead of the regulatory curve, and focus on growing their core business. iSignthis' subsidiary, iSignthis eMoney Ltd, trades as ISXPay(R), and is an EEA authorised eMoney Monetary Financial Institution, offering card acquiring in the EEA, and Australia.
ISXPay(R) is a principal member of Mastercard Inc, Diners, Discover, (China) Union Pay International and JCB International, an American Express aggregator, and provides merchants with access to payments via alternative methods including SEPA, Poli Payments, Sofort, PRZ24 and others.
Probanx Solutions Ltd, a wholly owned subsidiary of iSignthis Ltd, provides API based access to CORE Banking solutions, SEPA Core, SEPA Instant and SEPA business scheme, for neobanks, banks, credit unions and emoney institutions, and provides a bridge to the Eurosystem's Central Bank of Lithuania's CENTROLink service.
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