OneCash ATMs mostly useless
Hundreds of ATMs connected to the failed firms of OneCash Limited and DSM Connect Pty Ltd turn out to have had no value, adding to the mystery around a business where a hundred or more of the devices vanished.DC Payments, the buyer of these businesses, has acknowledged the purchase of only a fraction of those said to have been sold by administrators KordaMentha last year.Canadian bank DirectCash Payments Inc yesterday said in an outline of end of year highlights that "in Australasia, the number of active ATMs increased by 70 as at December 2015 compared to the prior year period."DirectCash said "this increase is primarily attributable to the previously announced acquisitions of OneCash Limited and DSM Connect Pty Ltd on July 23, 2015."DC paid A$1.8 million for OneCash and DSM, a November 2015 report by administrators KordaMentha to creditors shows.That report shows that the administrators "transferred 514 ATMs and 309 'placement agreements' ... pursuant to the sale agreement."However, Matthew Thomas, managing director for DC Payments Australasia, said yesterday the number acquired was "nothing like the numbers quoted."Thomas clarified in an email that "we only disclose ATMs which produced an approved transaction in the last month of the reporting period. Q4 is seasonally low in Australasia, we have also removed some ATMs in unprofitable locations."Brisbane based OneCash cratered in June 2015. Scott Langdon and Jarrod Villani of KordaMentha Restructuring were appointed as the administrators of DSM Connect and OneCash Ltd on 4 June.The business then had 382 ATMs processing 68,000 transactions a month and turning over A$170,000, according to a KordaMentha information memorandum at the time.In the order of 120 ATMs were removed from storage in early June, preceding the calling in of administrators, KordaMentha told creditors.ASIC records Stephen Anderson, Damian Dodds and Marie Tyler as directors of OneCash. Tyler and Anderson recur as directors of DSM Connect.