Member Info for Otti3

I am now an investor in SEE for about 10 years and lost a fortune (in my personal terms). I know, my problem. I post very rarely and was always a believer in SE. But I just lost faith. I wrote to Paul McGlone and the board that besides the terrible communication I just don`t get it, that PM hasn`t delivered anything countable since he took over as CEO (besides proactive interviews and "everything is looking very good"). I don`t want to complain here because it makes no difference, but I would encourage everybody to write mails to the board and PM and ask what they (and the team of 200 people!) are planning to do to overcome the crisis, why they don`t buy shares to send a sign to the market, why are they mainly based in Australia whereas the customers are in Europe, US, Japan, why SM can deliver also in this terrifying times...
I think the only thing PI can do now, is to put the board under pressure via expressing our deepest concerns about the quality of management, lack of success and the future of our company. The mails are xxxx.xxxx@seeingmachines.com
Puhh, sorry, I`m just so frustrated and probably should`t write messages.

Parliament approves EU rules requiring life-saving technologies in vehicles

http://www.europarl.europa.eu/news/en/press-room/20190410IPR37528/parliament-approves-eu-rules-requiring-life-saving-technologies-in-vehicles

3mio x 12m = 36mio p.a.

It is incredible again... "performance" awards! I now invest since approx. 25 years and have never felt so duped.
But what can we do? Inform AIM? Protest at the BOD! When is the anual meeting we can vote against all this incompetence and sham?
Sorry, it is usually not my style, but I am just so disappointed and angry.

I received an answer by the chairman, but to be honest it is not really worth posting. More some kind of polite and standard statement. Nevertheless, I think we should clearly communicate our disappointment and lost of trust to the company, to let them maybe think in future a bit more about investor interests - by the way, without whom the company would not exist since a long time.

I would recommend that anybody who is not content with Management should send mails to the chairman and members of the board that we desperately need a new CEO which looks after shareholder value, spend our money wisely, has an open communication with the owners (us), dont give away performance awards to founders in millions (I still cant believe it... "performance" awards) etc. If smart eye can achive a higher market value with half the numbers of employees and a inferior technology, then we must have a serious Management problem. If we want a change, we must put pressure on the BOD. I have mailed them my frustration. Mails to: name.familyname@seeingmachines.com

Thank you, seeingtom. Makes sense!

To reduce the short- & medium-term capital need, why do the quotations / contracts with OEMs not work with higher upfront / ingeneering fees and lower costs per unit? Like - I think - See achieved with Mercedes. In this pricing strategy, the burden of financial bridging would not be mainly carried by the existing shareholders via dillution. Also this might be positive for the OEMs who`s main target is to reduce running costs per car (with dms) and a better competitive modell against low price / low quality dms from seye. Any thoughts?

Might this pessimistic communication by SEE in combination with the dillution from the company be explained by "sandbagging" and part of a game before a low price management buyout? Would this be ilegal price manipulstion? Is there an institution (e.g. AIM) which should be informed about the latest developments at SEE. Or am I paranoied?

I am a long term (5y+) holder of SEE and nearly never posted on this board. Even if I still believe in the future of this company, I am still totally outraged for what happened this week. There is obviously no interest from the management regarding prIvate investors.

I think it would be good to tell management, chairman and founders, that we are not happy with our leadership team. Beside an email to Ken (I think shareprice would immediately jump when he would leave) I wrote yesterday the following email to the chairman of the renumeration comittee and two founders adressing the massive "performance award" (a joke, in times they should be very prudent spending money) given to founders and certain other employees (see half year report; pt. 5). If you like, please join me to express your frustration and send emails to management (firstname.familyname@seeingmachines.com). Maybe this will let them think about, to treat private investors fair and keep them informed:
----
Dear Mr. ...,

I am writing you in your role as chairman of the remuneration committee of seeing machines.

I am a long term holder (many years) with a significant amount of stocks in SEE. I am also in contact and exchange with a lot of other private investors in SEE.
I think it is not neccessary to inform you about the massive frustration, anger and a total lost of trust in management of SEE within the community of private investors due to the latest developments. According to my contacts, most of the private investors feel betrayed especially by the placing at 3p to selected investors. Some (and myself) have lost a lot of money invested for pensions funds or other important purposes.

Within this context, I would really appreciate an answer from you, how it can be possible, fair and appropriate to allow the following massive performance awards according to Nr. 5 of the Half Year Results:

“5. Research and development expenses
The total research and development expenses in H1FY19 of A$20,452,884 includes A$7,455,230 in relation to a non-cash expense, resulting from a one-off performance award….”

Thank you for your answer and effort.

Best regards,

Otti3

Lets see if I get an answer.

From the report:

I wonder, how can this been explained?

5. Research and development expenses
The total research and development expenses in H1FY19 of A$20,452,884 includes A$7,455,230 in
relation to a non-cash expense, resulting from a one-off performance award.

In June 2018 the Group made a one-off conditional award of performance rights in respect of 63,176,250
ordinary shares to certain key staff members. This one-off Award was in recognition of the significant
contribution, expertise, experience and performance of those individuals over recent years, significantly
contributing to the Group’s current achievements, as well as retaining this talent for future delivery of
current projects and winning new programs. The performance rights issued pursuant to the award will vest
annually in three equal tranches (subject to continued employment) with the first having vested in October
2018. In the case of the two founders included in this group of individuals, Seeing Machines’ Chief
Technology Officer and Chief Scientific Officer, the Award was accelerated to vest in three tranches
starting in October 2018, and to be fully vested by 1 April 2019.
In accordance with the requirements of AASB 2 Share-based Payments the shares are valued at grant
date with that value being amortised over the vesting period.
The balance of research and development expense relates to ongoing investment in the group’s core
technology.

To be honest, I am increasingly frustrated with management. As a very long time holder I was always a big fan of Ken.
Now I am pretty sure there would be a jump in share price if he would give the drivers seat to somebody who could translate technical advantage in commercial success.
Ken said patience is needed because its necessary to create a new market with dms. See creates a market an smarteye gets the orders, or what...?
If we have the best product why is it not possible to deliver revenue? How could suche a fleet deseaster happen. Whats the status with this company? Its no solution to let shareholders guess whats the status and where we are heading to.
Sorry I am just really frustrated... I wrote about my fristration to Ken and I think also other PIs should mail him and ask for more clearity.

Dear goldenboy, would you be so kind, sending me the new cenkos note to ottenstroeer@yahoo.de I would be very thankfull. Cheers Otti

Would somebody be so nice sending me the actual cenkos report (pdf) via email to:
ottenstroeer@yahoo.de
Would be great! Thinking about buying some more shares. Looking technical and fundamental in a great position.
Thanks a lot for your help!