DATE ISSUED: 18 October 2018
MEDIA CONTACT: Dennis A. Smith
A New Zealand Blogger has called the sale of Bartercard by current owners IncentiaPay (ASX:INP) fraudulent. He has also issued an Open Letter to shareholders recommending that they vote against Management recommendations at their upcoming AGM unless serious questions are answered relating to the sale.
Dennis A. Smith, a long-term critic of the Bartercard business, says that it is his inescapable conclusion that fraud exists in the sale, which is to be ratified within weeks.
“These guys are selling an asset of a public company at far less than market value to insiders – worse than that, to the very ones evicted from the Board for false accounting only months previously!” Mr Smith explains. “It’s outrageous!”
His concerns, detailed in his blogging at his website www.dennis.co.nz, include what he calls a secretive sales process without public notice; no proper valuation prior to sale and other willing buyers locked out of the process.
“How the shareholders, the ASIC and any honest sharebroker could consider this sale to be legitimate beats me!” he says. “There are way too many unanswered questions about this deal for it to be legit. My inescapable conclusion is that there has been fraudulent conduct in the management of ASX:INP.”
His advice is that the sale process and share trading should be suspended pending completion of an inquiry.
Bartercard is a barter trading system established in Australia, that has had a rocky history of failed international expansion and declining turnover and membership, particularly in the last decade. It was sold to newly formed BPS Technology (ASX:BPS) in 2014 which then rebranded to IncentiaPay in 2018.
The proposed sale is to a company associated with previous Director Tony Weise and the companies long-term auditor and Chairman resigned shortly after announcement of the sale.
Bartercard in 2017/2018
- Something’s up with Bartercard!
- Bartercard – Analysing the Rot
- Bartercard Update – Bye Bye Trev
- MEDIA RELEASE: Bartercard Insider Trading
- Bartercard Boardroom Battle
- Bartercard 2018 Q1 - We Lied!
- Fighting Bartercard in Court
- Bartercard vs Down – CIV 2014-096-428
- Bartercard vs Down – Trial Analysis
- Bartercard vs Down – Trial Report
- Bartercard’s Demise: Updates
- Seasoned Investor: Sells ASX:BPS
- Fair Market Value of Trade Dollars
- How to Fight Bartercard (& win)
- Analysing the Bartercard Sale
- Bartercard Sale Questions & Feedback
- PUBLIC WARNING: Fraud Within ASX:INP
- History of ASX:INP’S Bartercard Sale
- Open Letter to ASX:INP Shareholders
- MEDIA RELEASE: Blogger Calls Fraud on ASX:INP
- ASX:INP Management Fraud Identified
- PUBLIC WARNING TO ASX OVER ASX:INP