Icash focussed on turnaround strategy


Transcription of Finance News Network Interview with iCash Payment Systems Limited (ASX:ICP) Chairman, Julia King

Joining me from iCash Payment Systems Limited (ASX:ICP) is Chairman, Julia King. Julia welcome to FNN.
Julia King: Thank you very much.
What is the strategy for accelerating iCash’s growth in 2013?
Julia King: iCash is a listed Australian company focused on innovation and technological developments in transaction technology for our clients. It is focused on solving clients’ problems in their money management, back office transaction and in developing new technologies for banks and casinos. Our strategy going forward in 2013 will be to focus this cutting edge technology in more than just pilot schemes.
Why do you believe this path is the best one for iCash?
Julia King: I’m extremely enthusiastic about the future of iCash. I think the cutting edge technologies we have in pilot now in casinos and in banks are extraordinary. I think they are miles ahead of our competitors and I believe that this way forward will develop shareholder value. And from 2014, we should be paying good dividends.
And Julia what are the next steps in implementing the strategy?
Julia King: We have already pilot studies in Macau for casinos for our transaction technology machine. We have already in Seoul a SmartBank, one SmartBank and six plan that’s pilot studies for NH Bank. So they’re the things that we’re doing. We have several other shopping centres with back office transaction management on the go as well.
Now some shareholders have expressed doubts over the plans. What do you believe are their main concerns and how have you addressed them?
Julia King: I don’t think the shareholders have doubts about our future plans, I think they are still talking about the things that may have happened in the past, and certainly before my time. And what we’re trying to do is build their confidence in what iCash will be doing in the future. Build their confidence in us as the team to manage the business going forward, and to build their confidence in the developments that have happened.
And in the long term how does iCash expect to generate shareholder returns?
Julia King: We think that with the technology and innovation that is coming now, that we will improve the value of the Company. We will improve the share value which is what our shareholders are interested in and of course, we hope to be able to pay dividends.
Early in January or at the end of January, we will be having our AGM [Annual General Meeting]. And early in February, we will be having an Extraordinary General Meeting which will be bringing forward a one company transaction, where we will put iCash together with its major asset, which is Neo (Tech) in Korea. And those two companies together, will be a way forward we’ll develop shareholder value and let’s hope dividends for them.
So as we step into 2013 what can we expect will be the next key milestone for iCash?

Julia King: Well the next key milestone will be the AGM and getting the full year accounts approved. Then very early, as I said, in February we will be going forward with the Extraordinary General Meeting where we will be putting the two companies together and they will be then Neo/iCash.
Julia King, thank you for the update to iCash Payment Systems.
Julia King: Thank you very much.