In a trading update this morning, Intiger Group informed the market that its pilot agreement with Commonwealth Financial Planning announced 2 February 2018 will formally conclude on 31 May 2019.
“During the term of the pilot agreement, the company was pleased to have met all required service standards, including strict quality metrics, turnaround times and work flow management as determined by the Commonwealth Bank of Australia,” the group said.
“Despite this, the company has been unable to negotiate an ongoing commercial agreement with the client. This will formally conclude the company’s existing contractual relationship with Commonwealth Financial Planning Limited.
“Intiger management is working on an update to the company’s corporate strategy and will advise shareholders and the market in due course.”
The firm is chaired by former FPA director and WA committee member Patrick Canion, and was previously chaired by former FPA chief executive Mark Rantall, who stepped down from the FPA in February 2016 paving the way for Dante De Gori to take the reins of the industry association.
In March 2017, Intiger issued a statement to the ASX claiming the business had entered a memorandum of understanding with NAB Financial Planning.
However, a NAB spokesperson told ifa that there was “no memorandum of understanding in place”, prompting the software provider to enter a trading halt and drawing the ire of some retail investors.
Intiger issued a statement clarifying the agreement between the two businesses was instead a ‘summary of understanding’ regarding $800 worth of services provided by Intiger to the bank.
The company listed on the ASX in 2005 at $1.14 a share. Intiger shares are today trading at $0.001, giving the company a market cap of approximately $1.7 million.
Further to my comment below, having para legal experience, construction of sentences with key words can have different interpretations, IAM would have to be extremely careful wording CBA view on the software , hence IAM writes they have complied with their terms , it’s not been able to negotiate an “ongoing” agreement.
Therefore , in simple terms , the “ extisting contractual relationship “ is what they are says . The key word is “ existing” . There is no need to add that word into a drop dead termination.
It leaves the door open , in my opinion.
Time will tell, i certainly bought more today but that’s me , good luck to all opinions
If no one is trading your shares anyway, is it really a ‘trading halt?’ Maybe ask Domacom or Yellow Brick Road.
No conflict here !!! FPA people pushing their own software packages encouraging all to participate . A sad state of affairs now with the industry now having to use expensive software just to produce a compliant plan that no one understands anyway , let alone the 1008 page Prospectus/PDS its linked too ….. My 2 page SOA and 1 page fact find from 20 years ago still would do exactly the same job .. Wake up before you pay your FPa subs due now !!!
Rereading the ASX announcement today , look at the key wording , formally …. existing A… etc , selective wording , I don’t think negotiations are over , in my opinion
my client has more than $1.7million, can he just transfer it to a company and list it on the ASX?
how has started reading the 575 page Corp Law Volume 4 Chaper 7 that will be tested in the FASEA exam yet?
Intiger is the best software I have ever used. CBA misses out. I’m definitely in the industry! Hey Cyprus!
….And this is the man that ASIC calls on to attend hearings, as their so called “Industry Expert”
Voluntary Administration incoming. They are just dressing up outsourcing work overseas as fintech.
Turns out you can run an industry association if you get payments FROM the CBA…. but you can’t run a software business if you have to pay you’re own way.
Isn’t it funny how these ex FPA nazi’s and industry spokes people end up getting these gigs after strategically shafting every FPA member and non member via their crazy education standards scam.
must be where FPA directors go to die…