SW1 16.7% 1.0¢ swift networks group limited

Ann: Clarification Announcement, page-4

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  1. 197 Posts.
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    I must say that I am a little confused by the number of rooms mentioned in this announcement?

    All the performance shares are being measured on the number of rooms - as per below from 21 January 2019 announcements:

    PERFORMANCE MILESTONE ACHIEVED

    Based on the preliminary unaudited financials, the Class A performance share milestone has been reached, representing revenue generation from more than 44,000 rooms receiving a Swift service as per the share purchase agreement executed in November 2015. 16.67 million shares (of the 38.38 million performance shares issued) are therefore expected to vest to Swift’s founders, following completion of the half year financial audit. Swift’s founders (the Sofoulis family and related parties) will place the vested shares into voluntary escrow for a six-month period.

    The Class B performance share milestone (representing revenue generation from more than 53,000 rooms receiving a Swift service and resulting in a further and final 16.67 million shares to be paid to Swift’s founders) is likely to be met within the next 12 months. Further information on the Company’s capital structure can be found in the accompanying presentation released to investors today. ENDS

    However, in the investor presentation they mentioned "over 75,000 dedicated TV screens"?

    Does anyone know what the difference between rooms and dedicated TV screens is - and why this announcement specifies 75,000 rooms?
 
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