![]() To that end, Mint provides a map on its website (opens in new tab) that will help you determine if the service will work for you. Still, it all comes down to coverage and Mint's availability in your area. Mint has so far failed to win further contracts apart from a deal with Electrolux in a highly competitive market, which includes not only local and global start-ups but large local banks and global competitors such as PayPal.ĭespite Bendigo & Adelaide Bank and MasterCard-owned Strategic Payment Services becoming its merchant service gateway last year, Bendigo chose rival Quest as the technology provider behind its new mobile payment service redy, launched in late July.Mint Mobile coverage map (Image credit: Mint Mobile) The company shares catapulted from just over 2¢ in August 2013 to 41¢ by mid-October that year, raising its market capitalisation to $96.9 million from $7.4 million, after MYOB and then Bank of New Zealand signed contracts to use its mobile point-of-sale software to sell devices to their clients to accept card payments on the go. Ms Weatherston said the review would look at the company’s governance structures, including the “right balance between board and management" and the “alignment of customer and product activities". Recently appointed board member Anne Weatherston and former chairman, now non-executive director Terry Cuthbertson, will conduct the review, which is due to be complete by the company’s annual general meeting next month. Previously it had only been able to accept credit cards.Īlex Teoh has now stepped back in as interim CEO after relinquishing the role in May. Mint’s share price ticked up to 9¢ before falling back to 8.2¢ on Monday after details of the review were released and the company announced the Australian Payments Clearing Association had approved the manufacturer of its card readers to process eftpos transactions. The sacking of Mr Khuda and the strategic review occurred after the company went into a trading halt on Thursday following a request from the Australian Securities Exchange to explain a halving of its share price to 7.9¢ in the two weeks to October 16. “We still have significant skin in the game and we’re not happy it is at this share price." ![]() “We sold 30 per cent of our shares then bought back 10 per cent," Mr Teoh said. While revenue was up 124 per cent to $2.2 million at its 2014 annual results, the company has yet to turn a profit since listing in 2007, with losses blowing out to $6.4 million last financial year. Mr Khuda said: “Good luck to Mint and hopefully they improve their corporate governance and deliver to shareholders." We ceased the employment of Robin Khuda."Īlex Teoh (pictured) and his brother, Andrew, founded Mint Wireless. “This review that has been initiated by the board has seen the composition of the management team that we would need different skill set. “The situation is that since we went to the market 12 months ago with MYOB and Bank of New Zealand, the board has seen a number of larger opportunities," Mr Teoh said. Mint chief executive Robin Khuda was “asked to leave" on Friday, six months after he started, while the company behind accounting software company MYOB’s smartphone mobile card reader was in a two-day trading halt. Mint Wireless ’s executive chairman Alex Teoh has defended reaping $9 million from the sale of 30 per cent of his shares in February as the company initiated a strategic review following the exit of its chief executive.
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