RE: AGM20 Jun 2022 14:59
Yes. Very productive and positive session with GS spending 80 mins with us after we'd unanimously voted through the AGM motions. He was more than happy to spend the time answering questions and discussing the Group as a whole. It was also a great opportunity to meet a number of the other major shareholders and share views.
Broadly our discussions fell into three buckets:
1) "Explaining the business" - we talked a lot about the Insurance acquisitions, how their policies are currently broadly traditional asset based but that they will provide sticky risk-free revenue in addition to a channel to market the company’s life settlement products. He confirmed that completion of the most recent acquisition is imminent, and that anonymity of the seller was part of the conditions of the sale. We also discussed that both acquisitions are returning healthy profits in their own rights, certainly aren't distressed assets, and compliment the rest of the group.
The company brochure will be out before the end of the month and will be a big step forward towards making the company easier to understand for potential new investors, and existing ones ;) The team are however keen to time further updates to ensure that more positive market conditions lead to them getting the right bang for their buck.
2) "Having confidence in the business" - I challenged GS saying that before the PLAC acquisition we were told that it would allow the group to breakeven. Then on the announcement of the second acquisition we were told the same. Then more recently it was going to be the end of the year. He disagreed with this and said that the company already had a net in-flow of cash and MW said this was an area where they'd be improving the clarity of comms. I said it was important as shareholders need to be confident that they'll be no future raises to fund operational costs. There won't be and the company expects to be able to fund further acquisitions themselves.
3) "Sentiment around the business" We said that the takeaway headline being peddled on the open forums from the last accounts was "Company makes £1.5m loss and Directors award themselves £500k". As has been confirmed on here over the weekend, GS confirmed this isn't the case and the entry on the accounts in the non-cash account charge for the future options at 2.95p
So a great meeting and gives me a lot of confidence for the growth we'll see. Also the current share price means its not too late for anyone out there suffering sellers regret. ;)
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