Point to me where these same things were said? The thing that...

Point to me where these same things were said? The thing that stands out the most to me is the number of options given to the IPO adviser and brokers. 15 million. I can't see anywhere in Afterpay's prospectus where this was done. This causes an incentive for brokers to persuade their clients to buy this stock so they can get options from Armada Capital. Each option carries an exercise price of 30c. The 15 million options Armada has received are now worth $20 million.

Afterpay paid $1.7 million cash to Bell Potter and Wilsons for the IPO, i.e. 6.8% of the capital raised, and no options. Splitit paid $1.0 million cash, 6.8% of the capital raised, on top of 15 million options.

Afterpay costs of offer:


https://www.asx.com.au/asxpdf/20160503/pdf/436zmt8bjdwvkf.pdf

Splitit costs of offer, same as Afterpay, without included the 15 million options given to Armada.


15 million options to Armada capital, exercisable at 150% of the price of the cap raise i.e. 30c.




https://www.asx.com.au/asxpdf/20190125/pdf/4422k2qq3pf109.pdf