It re­ally wasn’t In­cen­ti­aPay’s day

Weekend Gold Coast Bulletin - - BUSINESS -

THE for­mer owner of Gold Coast-based trade ex­change busi­ness Barter­card has had a very bad week.

In­cen­ti­aPay, which last month fi­nalised the sale of Barter­card for $5 mil­lion to the com­pany’s for­mer chief fi­nance of­fi­cer Tony Wiese, has seen its shares plunge 66.66 per cent yesterday to just 2.6 .

That gives it a mar­ket cap of $5.93 mil­lion, com­pared to $17.8 mil­lion at the start of the day. The plung­ing value fol­lowed up­dated guid­ance is­sued on Thurs­day where In­cen­ti­aPay said it no longer ex­pected to de­liver un­der­ly­ing pre­tax earn­ings for this fi­nan­cial year of be­tween $3 mil­lion and $5 mil­lion. It also said it was un­likely to be able to draw down fur­ther on its cur­rent debt fa­cil­i­ties for FY19.

In­cen­ti­aPay also said CEO Iain Dun­stan (pic­tured), brought in last year at the be­hest of a mi­nor­ity share­hold­ers’ group, had left and has been re­placed by Dar­ius Coveney as act­ing CEO.

For­mer ex­ec­u­tives at the com­pany, in­clud­ing Mr Wiese, who were pushed out af­ter pres­sure from share­hold­ers, may be feel­ing some sense of schaden­freude – the com­pany ap­pears to have lit­tle prospect of reach­ing the heights it did un­der for­mer man­age­ment.

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