Yes, I agree it smells a bit. Really poor form that the UBN announcement and presentation avoids mention of this. The presentation has avoided even mentioning Argosy Capital, instead referring to them as a private investment company.
Just to quickly summarise the link from Fanger, Argosy Capital Limited currently owns 36% of Infotech and almost 47% of the enermatics platform (otherwise known as Wattkeeper). And they are the ones who are providing most of the capital in this forthcoming capital raising to purchase these platforms.
Ann: UBN Announces Placement, Asset Purchase and Rights Issue, page-21
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