"Additionally, the market is only just at the very beginning. Since, imo, they now have the product and set-up, it is up to SEE to get going and take it across the world.
At least the rate of fitments accelerated in November [700 units] versus 1950 units in the prior 4 months..."
I think we are in agreement.
The tone of the RNS ****ed me off....
A lot of waffle for little content...
Effectively all it says is Mike has gone back to his original job where he was doing great work and a new guy has been brought in for Fleet. Hopefully he will be a success.
It annoys me when they trumpet they have 15 distributors. They had 14 at the beginning of the year. It seriously worries me that they only added one distributor in 11 months for this "wonderful product". I am not being cynical - it just feels like something does not add up. PMC told us in mid 2019 that they had resolved all the problems with the product. I feel doubtful.
They got into National Express and Bison in mid 2019 and have signally failed to back these significant wins in the UK and US. Just doesn't breed confidence.
Nov installs is up on the four month average and there are hardware sales not yet installed so hopefully they are at long last turning a small corner in Fleet.
Onward and upward......
"They would be idiots to talk about G3 if it is not due for launch until 2022 - unless the idea is to kill sales of G2?...."
They have already talked about G3 - it is in their presentations.
"There are forecasts - read the Cenkos note which gives a target of 250k units fitted by 2025 i.e. compound growth rate of 60% pa......"
I would have expected a "comprehensive update" to include an updated forecast from the company. What Cenkos says in a separate document is not a substitute.
"The local provenance of Max is irrelevant. Much of the Co is made up of Australians. Is that an issue?...."
Not if they have shown an ability to grow worldwide as they clearly have in Auto and Aviation. But Fleet seems very southern hemisphere focused - see their examples - New Zealand and Chile.....
"The alteration in Mike's role might not reflect being bad at the job - I think they did well to set the thing up now to scale it. Mike has had a big increase in his HF work and if Fleet is going to be really big it needs a guy expert in telematics and logistics......"
Human Factors and Fleet were both "really big" when Mike was appointed in July 2019. I see this as confirmation of a HR errror in not seeing that Fleet needed a leader then "expert in telematics and logistics". A good portion of 18 months wasted in Fleet, possibly reminiscent of the huge mistakes in US Fleet a couple of years before.
Cannot say I am very impressed. Mike replaced by another local. Entire focus per RNS still on Southern Hemisphere. “Comprehensive update” but nothing on guardian 3 which is the future. Figures have not changed much. No company wide fleet forecast . Has the feel of the recent ambiguous tweets......
Same with this one...
https://www.csdistribution.com.au/
UK distributor...
Probably posted before but I cannot recall it....
https://www.thevehiclegroup.com/fleet-ai/guardian/
Shareholders vote by way of "show of hands" ?
The shareholders have not voted him back in as a director.
"The Company is consulting with its BVI and UK Lawyers on the implications of the shareholder vote and will make a further statement in due course."
So fire ahead with the why ........
Where do you see the voting numbers for the EGM? They are not in the official RNS.
The Directors only hod 1.85 % of the shares.
I cannot imagine they were in the majority of shares cast - but as you say we do not have the numbers.
This was not a directors' decision.
The major shareholders did not reappoint Habib at the AGM.
This means they are unhappy with him (why?) and by extension the expertise of the directors who added him in the first place just a few months ago.
A momumental ****-up.
And the directors dd not see it coming.....
"The Company is consulting with its BVI and UK Lawyers on the implications of the shareholder vote and will make a further statement in due course."
Contrary to my own expectation I do not now see the F-150 hitting the car-dealer showrooms in the US before the New Year.
I've contacted a number of car-dealerships in the US - One said January and the others were non-committal.
If any evidence to the contrary can be found I'd be delighted !
Nice company for that award......
EXCELLENCE IN INNOVATION AWARD
Large Organisation Finalists
/ BAE Systems Australia (5.5bn Market cap - BAE Systems))
/ Seeing Machines
/ Thales Australia (20bn Market cap - Thales Group))
Great news. If I read it correctly there will be 46 simulators. The first two to be delivered in 2023. Indicates the very long lead times in aviation. AS long or longer than automotive with even higher barriers to entry. First mover advantage is very important which SEE seem to have at the moment.