RE: agm26 Jun 2019 01:22
I went to the AGM today. I'm no expert, with no business experience, but I've got a lot invested here (as had other PIs there) and it would be silly not to go, in my mind. My 2nd ever AGM, and I'm very glad to have gone. FWIW these were my impressions, apart from the info already given:
1. I study the reports and updates carefully, and I've been very aware of how many irons they have in the fire apart from smartphones/VCSELs, it's why I am invested so heavily, but going briefly round the Newport plant it really hit me between the eyes the real SCALE of what they are aiming and preparing for. The building is vast, all looking very new (yes, I know it's refurbished), truly with the room for expansion they have talked about. Why would they spend so much redoing such a vast place if that is not what they know could be needed? You could see the row of 10 rooms with the machines, of which only 4 are in production, so each machine must be delivering product worth millions every month. The potential they are clearly preparing for in the long term with 100 machines in that centre is mind boggling. What came across to me is that that is what the whole place is preparing for.
2. Nelson's presentation was interesting in that although it took some time there were so many areas and potential lines to talk about that he was barely skimming the surface in each. Maybe it will be on the website by now, I hope so and will view it again.
3. Personally I was not charmed by the directors, perfectly nice people though they seemed to be. It was a huge contrast to the AGM last year of Tristel, a much smaller and less ambitious company: where there were many more people there, including professionals, a very positive atmosphere, a sense of being valued... and a good spread! What came across to me today was a sense that the AGM was a necessary evil, that they were not looking forward to but had to do. We PIs were too few, largely older and often looking very out of place (to be kind!), and I can understand if to be honest we are simply not the investors that matter to them. They have to do it, and maybe be uncomfortable and field some awkward questions in the process (few, in the end), but in reality they have much bigger fish to fry. I came away feeling like one of those little fish on nature documentaries that follow round under the belly of a shark! However maybe those fish do rather well...
4. I think their problems are largely outside of their control. What they can control is going ok, if not well, but Trump and Huawei are not in their control, and unfortunately could escalate even further.
For me, they've taken a massive hit and I wouldn't sell now, I would be tempted to buy if I wasn't in so deep already. I'm more convinced than ever of the potential: though I wish I was more technical and knew more about their market. If they're not lying, and I don't think they are, the potential seems truly huge. But geopolitics could still be u
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