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https://www.straitstimes.com/business/money-fm-podcast-the-hot-seat-myanmars-property-and-fintech-industry-and-similarities-to

It may be as simple as he resigned and had to give 12 months notice i.e. he would have been paid another 12 months, but was asked or mutually agreed to leave the company now with the cash up front.

Think you may have hit the nail on the head there. Not noticed it before but the fundraising and acquisition RNSs mention Stone Colds company, Plumtree Capital, at the bottom. It does look like they helped arrange the finance and Atlas got him onto the Board. A quick Google search and you'll see he got onto another Board of a company he was helping with the finance. Looks like Atlas had their suspicions about what was going on and this may help explain Eric's departure when he did.

So Atlas must have already done due diligence before lending the two amounts earlier this year. They felt warrants at just over 3p the first time around was acceptable and 1.8p the second time. I would imagine therefore the due diligence now is less about the company potential and more about what went on with the missing money, who was involved and are they still there. So a clear out and clean up may be what's required, plus someone added to the Board. Then we're good hopefully.

It's likely the creditor doing the due diligence is Atlas as they have bonds and two lots of warrants at risk. Looking at the 2017 annual accounts there were a lot more warrants knocking about back then so I guess there could be other interested parties. Assuming Atlas agree to more funding, is this likely to be more bonds and warrants? Presumably it's not their thing to take stakes in businesses although they may want to put someone on the Board. It would be great if an offer came in from Tencent or a.n.other. If the due diligence proves we have a company worth something then why wouldn't someone come in with an offer? Maybe that is the Atlas thinking - if it's good let's provide the short term capital and then go about selling it to get the money back.

https://www.linkedin.com/in/limmingshing Looks like the MyPay finance director left the company in September. Only joined in April. Was suggested might be added to the Board too. Odd?

Not Eric or Piers. If there was a new CEO lined up, maybe he wanted Austin to make sure he was joining a sound company.

Seems to be mixed views on their BB but the RNS reads like SVS pulled out and the company had to suspend as they didn't have a broker. Anyway I've seen SVS as brokers elsewhere but don't know about their rep. Guess we'll see for Mysq.

Take a look at the TomCo Energy suspension today. SVS were the brokers arranging a placing but a week after announcing TomCo issued another announcement saying the planned work was now delayed (but not the placing). SVS didn't like this and are pulling the placing and have resigned as broker. I wonder how much they had to do with pulling the Mysq placing. Sound like an ethical broker we want to hang around.

https://consult-myanmar.com/2018/11/14/chairman-piers-pottinger-quits-as-myanmar-focused-apps-developer-mysquar-probes-1-million-irregularity/ Made it into Myanmar business news now.

I think so too. No doubt very busy directors but keen to keep these things up to date. I see in section 5 the current directors are named so assume PP was in the last one and they got rid. Still thinking about the £600k placing. To do the raise they surely must have known how much money they had and that they needed more. Equally that the £600k wasn't going to last that long. So was something genuinely being lined up for 1st Jan? Maybe but surely the forced redundancies wouldn't have happened if so.

This was updated the day PP resigned: https://investors.mysquar.com/corporate-governance/ Someone eagle-eyed might be able to spot what's changed (assuming something has).

Whilst I don't think the company would have intentionally dragged it's name through the mud and made people redundant if Tencent were waiting in the wings, it may be more than a coincidence that Stephen Plummer has only been on the scene 5 minutes and this issue has been (officially) found.

Maybe he thought there was no way for the Board to 100% turn down Tencent but persuaded the Board to delay it for a year while we built mobile money for them. This would give another year to plan his exit, oversee the finances a little longer and put Chong in place so he could slip out of the limelight.

Assuming all the historic Tencent talk is true, then they probably wanted a piece of the company but either didn't like the price or were told 'no'. The next best thing would be to tie up somehow to gain access to all those users and the advertising agreement was probably the start. They are probably still interested but on very different terms now.

Given the misleading info we've had I think that included MyPay's 80m that they officially declared shortly after the notices were cancelled. Smoke and mirrors.

https://www.thetimes.co.uk/article/app-maker-on-brink-after-losing-1m-5k73r6v53?shareToken=07fcbd4e788a7c3158c4ce443e3b4105

Why was Chong appointed? Why then Stephen Austin? Was Chong appointed because Eric and Piers had come up with the idea of remittances and thought the business could actually legitimately make some real money and they needed somebody who could make the changes? Or was he appointed as the eventual fallguy if/when news came out? Why Austin? Was this Chong's idea to give more credibility to the Board for when the remittances took off and the licence landed? Or had he become aware of inappropriate dealings and brought Austin in to look into things? I think Chong is a good guy here.

Think Nomad had to go anyway so no big surprise. SVS haven't walked yet - maybe they fancy it if it's got a future. Presumably Atlas are the creditor doing the DD.

Good to see Piers has been removed from the website. Someone must still be on the ball.