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CCA - CHANGE FINANCIAL LIMITED


blacksheep
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Haven't done any DD on this one - so please DYOR - just noticed it's gone up 324% today. Seems to have been a blockchain company (IvyKoin) in a previous life (2018) and recently divested. Seems to be getting out of one once hot sector into the next - will it work out long term, that is the question. May be one big pump/value trap

 

30 September 2019

Change Financial Completes Major Milestones with Development

of its Payments and Card Issuing Platform

âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚¢ The Company completes major milestones, finalising the development

of its innovative payments and card issuing platform

âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚¢ Change has received PCI DSS certification and is now a certified and

registered Mastercard processor

âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚¢ Change is the first Mastercard certified processor in the last 5 years

and second in the last 20 years

âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚¢ Onboarding of first customer to begin in October 2019

 

Just a quick peak at their last Qrtly - receipts from customers $103k - currently has a market cap of $12-odd million !!

Cash in kitty @ 30/6/19 - $1.468 m

Estimated cash outflows Sept Qtr - $742k - they apparently are receiving some "tokens" from the sale of their Ivy Project

 

Finalisation of Ivy Project Divestment

1 July 2019: Change Financial Limited (ASX: CCA) (the âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“Companyâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚ÂÂ) is pleased to

advise that further to the ASX announcement released on 11 January 2019, that the

proceeds from the divestment of the Companyâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â€š¬Ã…¾Ãƒâ€šÃ‚¢s interest in the Ivy Project have been

received.

 

According to the final terms of the transaction, the Company has agreed to transfer

117,000,000 Ivy tokens back to Ivy Koin LLC. This equates to 90% of the Companyâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â€š¬Ã…¾Ãƒâ€šÃ‚¢s

tokens. Ivy tokens held by the Company have been carried at cost at a value of $1.

Of the 117,000,000 tokens returned, the Company has made it a requirement that the

Ivy Project coordinate the distribution of a proportion of these tokens to existing token

holders with the remaining tokens designated as treasury tokens. The Company will

retain 13,000,000 Ivy tokens.

 

This concludes the Companyâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â€š¬Ã…¾Ãƒâ€šÃ‚¢s involvement with the Ivy Project. The cash proceeds

will be available to support on-going working capital requirements to fund the

completion of the Companyâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â€š¬Ã…¾Ãƒâ€šÃ‚¢s enterprise banking solution and payments processor

business.

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