RE:Australis Capital Receives Notice of Dissident Nominees; Interesting slate. And frankly, the group of dissidents have been better communicators than the current AUSA corporate office.
The move to fintech was an unexpected twist from where this all started, but as one stream of the business could have merit. A solid self-service model with a strong mobile component is timely and I like the fact that it diversifies in a sector that - particuarly in the US - is faced with so many development factors beyond company control. If they have a roll-out plan that removes barriers to entry so it's a win-win for dispensaries to get set up fast (claim the market while they can), long term contracts with low overhead to operate and recurring revenue is a good business strategy.
That said, the abrupt total repositioning/rebraning of the corporate identity, particularly before their ducks were in a row, was not a good move. And with the backdrop of the Folium debacle, there is no wonder that shareholders are unsettled. It also strikes me as odd that Passport would claim to be backing out of the deal because they felt it didn't reflect their true value (their spin:
https://finance.yahoo.com/news/passport-technology-terminates-pending-acquisition-233500262.html), within a few days of agreeing to an amendment that would have required them to increase sales targets to get their bonus. Not complaining, it was a good way for AUSA to exit - but something doesn't feel quite right and the absense of a meaningful corporate response is troubling.
I still think there is great promise here - and a solid base of assets and networks to grow from, in a sector that will inevitably rocket. I wish I had waited to get in until now, though (I'm done with averaging down). I'm keen to hear about what ideas a new board would bring to the table (hope they don't throw the baby out with the bathwater), but am equally curious to know how the current leadership views their ability to contribute to the company's success. Interesting few weeks ahead. GLTA