BET Ann: Response to ASX Query Letter - 13th Dec 2022, 1:57pm

[annb0t]

BET Ann: Response to ASX Query Letter
Price Sensitive: Y
Date: 13th Dec 2022, 1:57pm

>>> Read announcement: Google: BET Market Announcements

 

[maggies22]

Good to see shareholders holding old Toddy to account on his comments ..... obviously made a big error with the original agreement
....... The Notice of EGM stated that “neither Tripp nor Mr Tripp will receive any additional cash consideration for the Services” .... then proceeded to give him cash

This part of the letter is rather amusing ..... “because it was more than a strategic deal and because Matt [Tripp] has helped me personally”.

Pretty simple stuff Toddy ... just get your story straight ...... think he needs a new IR team, old Jane just doesnt cut it.

 

[Lattelarry]

Good to see shareholders holding old Toddy to account on his comments ..... obviously made a big error with the original agreement
....... The Notice of EGM stated that “neither Tripp nor Mr Tripp will receive any additional cash consideration for the Services” .... then proceeded to give him cash

This part of the letter is rather amusing ..... “because it was more than a strategic deal and because Matt [Tripp] has helped me personally”.

Pretty simple stuff Toddy ... just get your story straight ...... think he needs a new IR team, old Jane just doesnt cut it.

Given they don't reply to investors, that should be the first thing they change.

I wonder if anything else will come of this or if sending a please explain letter is all they do.

 

[RHINO]

When you have your own thread on HC called "Our Man Todd" and you have shareholders writing directly to the ASX,,,,its time to go buddy boy.
Lets see how this plays out. I'm half expecting he gets a tap on the shoulder and its exit stage right for Our Man Todd.
Just drawing way too much attention to himself and making all the other big boys feel uncomfortable .

 

[Uraniborg]

When you have your own thread on HC called "Our Man Todd" and you have shareholders writing directly to the ASX,,,,its time to go buddy boy.
Lets see how this plays out. I'm half expecting he gets a tap on the shoulder and its exit stage right for Our Man Todd.
Just drawing way too much attention to himself and making all the other big boys feel uncomfortable .

ASX LIVE: The Star directors Heap, Lahey to contest ASIC lawsuit

BetMakers challenges ASX; Details of Bankman-Fried’s draft testimony revealed after Bahamas arrest; ASIC sues ex-Star individuals; Bendigo five-month cash earnings $245m, CSL appoints Paul McKenzie as CEO; G8 trading update. Follow updates here.

www.afr.com

 

[Lattelarry]

ASX LIVE: The Star directors Heap, Lahey to contest ASIC lawsuit

BetMakers challenges ASX; Details of Bankman-Fried’s draft testimony revealed after Bahamas arrest; ASIC sues ex-Star individuals; Bendigo five-month cash earnings $245m, CSL appoints Paul McKenzie as CEO; G8 trading update. Follow updates here.

www.afr.com

Thanks here's the paywall friendly link

12ft

 

[Lattelarry]

ASX referring to "Intelligence received" makes me think there might be more to this investigation than just a letter.

 

[Ibetfixed]

ASX referring to "Intelligence received" makes me think there might be more to this investigation than just a letter.
View attachment 24258

There will be no further action taken by the ASX in regards to Tripps $15mill .
Todd clearly made an incorrect statement at the AGM and the board has confirmed it was a mistake …. End of story … board wouldn’t put their heads in a noose like this if there was likely to Be further action taken by the ASX.

I agree that the $15mill was hard to justify but you can see that Tripp would have been jumping up and down saying that he only needed to bring a deal that added 10% of BETs annual revenue to receive his 1st tranch of performance shares … but the BETR deal was more like adding 30% of annual revenue …..AND … Tripp would have continued .. and I have now shot myself in the foot by adding $30mill in annual revenue … as my chances are now zero to secure a deal that adds 100% of the annual revenue to get my 2nd parcel of performance shares ….. so give me $15mill and disguise it as escrowing my shares … and I will stop whinging.

 

[comin2getme]

There will be no further action taken by the ASX in regards to Tripps $15mill .
Todd clearly made an incorrect statement at the AGM and the board has confirmed it was a mistake …. End of story … board wouldn’t put their heads in a noose like this if there was likely to Be further action taken by the ASX.

I agree that the $15mill was hard to justify but you can see that Tripp would have been jumping up and down saying that he only needed to bring a deal that added 10% of BETs annual revenue to receive his 1st tranch of performance shares … but the BETR deal was more like adding 30% of annual revenue …..AND … Tripp would have continued .. and I have now shot myself in the foot by adding $30mill in annual revenue … as my chances are now zero to secure a deal that adds 100% of the annual revenue to get my 2nd parcel of performance shares ….. so give me $15mill and disguise it as escrowing my shares … and I will stop whinging.

This is most likely.

 

[Uraniborg]

This is an interesting read…

BetMakers defends $15m Tripp payment as ASX questions if deal breaks listing rules

BetMakers has defended a AU$15m (£8.3m/€9.6m/$10.2m) payment it paid to veteran industry executive Matthew Tripp.

igamingbusiness.com

 

[Ibetfixed]

Yes ..Interesting read … let’s say that the ASX rule that the $15mill payment to Tripp on the basis he agrees to escrow his shares for 3 years is a material change to the original deal and therefore requires shareholder approval …. I am not not sure that I would vote no ? As Tripp would definitely not be happy and almost certainly lend out his shares to shorters …and I am not sure that would be good for us shareholders ??
Remind me again how many shares that could be potentially added to the shorters inventory??

 

[Lattelarry]

Yes ..Interesting read … let’s say that the ASX rule that the $15mill payment to Tripp on the basis he agrees to escrow his shares for 3 years is a material change to the original deal and therefore requires shareholder approval …. I am not not sure that I would vote no ? As Tripp would definitely not be happy and almost certainly lend out his shares to shorters …and I am not sure that would be good for us shareholders ??
Remind me again how many shares that could be potentially added to the shorters inventory??

I'm seeing about 17.5m from memory - meaning that he sold about half his holding already - maybe to fund Betr

 

[maggies22]

I'm seeing about 17.5m from memory - meaning that he sold about half his holding already - maybe to fund Betr

35.7m shares still. Tripp hasn't sold a cent of orginal stake

 

[Lattelarry]

35.7m shares still. Tripp hasn't sold a cent of orginal stake

Do you know where he is on either of these?

 

[Uraniborg]

Do you know where he is on either of these?
View attachment 24345

View attachment 24346

Why is Tekkorp 1.92% in one and 11.28% in the other? Which is correct?

 

[maggies22]

Have a read of the financial statements at 30 June pg 83 and 84 and it tells you the story .... they still hold their shares just threw a broker ... not an uncommon practice ... Tripp doesnt appear here as he does not own 5% of the company

For reference ... simply wall st below: