Member Info for redindi

Crowbar Indeed. The problem is quite simple and easy to solve. We have a CEO who believes he's Steve Jobs but is actually OddJob. IF SEE stays independent with its far superior tech it should become a lot bigger than it is at present. However, you need a CEO who's capable and competent and Ken doesn't give the impression he is, he has to go. The saving grace for SEE is Nick D and Kevin T are more than competent and doing great things it would appear in the most important division.

Usually after events such as this, there's a podcast or two. Strange, I haven't heard of one!!!

S7 Even Ken wouldn't be so obvious, would he?

Crowbar Agreed. SEE says it can't be sure of next years numbers and then states it won't be in profit until 2023 with the caveat that basically things will stay the same. SEE is correct it doesn't know what revenue will be next financial year and therefore have decided to play safe (and in the process tanked the SP, screwing PI's in the process) and gone and got as much as it possibly can. There are a number of areas where SEE might receive more income (of which I'm sure it's aware of) which could change the picture substantially - 1. Auto - at present we've been told we could be involved in up to 13 RFQ's of which, say SEE win 10. Assuming say 7 start in the financial year and engineering milestones are met, using FCA as an example, we get $1.5 million x 7 = $10.5 million 2. Aviation - Only just started contributing but rumours of CAE so maybe another $1.5 million 3. BdMS - the forgotten man, in pilots with 3/4 of the larger AVs, after Uber, Tesla there's a pretty good chance they'll need it so 500 x $5,000 (I think it should be more) so minimally $2.5 million 4. Fleet - taking no chances, stick 5. Off-road /Rail - outperformed first half but stick 6. Medical - Nucoria (20%) who? Either forget or sell and use money to fund office tea and coffee for a month or two. I'm not saying the above is anywhere near correct but surely the management could have been a bit more creative and borrowed some instead of going for so much.

It's been said before but being so close to being in the vehicles and being aware of the minimum value of the contracts, if not all, why wasn't some borrowed? In the real world, the vast majority of people don't go out and buy a house with their own cash. Obviously, our CEO (and CFO?) is not of this world.

https://www.eetimes.com/author.asp?section_id=36&doc_id=1334452

S7

I'd agree, what is the new CFO with all his wide knowledge and experience doing there if we end up with such a bad deal? And what about Jack with all his contacts? Maybe, someone (who won't admit to their part in the debacle) wants to control everything and fails miserably at it?

Zzzzzzzzzzzzzzzzzzzzzzz

Terry

Are we talking safety DMS/ If so, let's hope Semicast is right.....

Phil

It hasn't been pretty and I'd much prefer if one board member did not subscribe to the shares but just left, that's the only honourable thing to do although I doubt if he will. It makes you wonder what the founders think of all this and whether they hold any sway.

However, when you think about it some things stay constant and those are -

1. We are in a field of one (excepting Nvidia with it's issues) as far as safety DMS is concerned. Smart Eye knows this despite Martin Krantz being bullish over EU legislation.
2. We have quite probably 5 OEM RNS before the end of June and quite probably between 24 April and end of June.
3. There are hopefully another 8 RFQ/RNS in the second half of the year/early next year.
4. Fleet seems to be recovering. Personally, I think we should lease it out but still retain the data/share the monthly fees.
5. Caterpillar/Rail doing better than expected.
6. BdMS is in 3/4 pilots which should bear fruit by the end of the year. This could be anything and who knows attract a bid from a Titan.
7. We are promised director buys, which other than Ken's buys, may instill a bit of confidence generally.
8. Aviation is gaining traction.

The Cenkos note states 39p. That is today and with a new model vehicle coming to market potentially in 18months, any RNS wins could see revenue start to drip in in the second half of 2020. So any new contracts will probably lead to revision. And what value for the rest? Are we going to give away over 2 billion kilometres of data? I'm sure a Waymo or Apple might wish to be included in the discussions.

You may well be right that it flatlines but I'm going to keep my shares for the next 12 months unless we get taken out before hand!

Patrick My take on it exactly although it's highly questionable whether Ken is the right man to take us forward. How can a CEO give an interview downplaying substantially a problem and then issue an RNS four days laying bare the full extent of the problem? A CEO who doesn't know what is happening? Shiver!! And so we are where we are, with Ken still in place, unbelievable!

Johnny I suspect you're right which would leave 45 working days to release between 3 & 5 OEM RNS that SEE has stated twice will be sorted by end of June and obviously will give their mates an instant profit, depending on the size of the contracts, it could be quite a good profit!

Web rather

Whatif It's all about the chips, we win (almost) all the 13 RFQ's in the next 9-12 months we will not be independent in 12 months time and employee awards won't be our problem. It's a heck of a lot from our turnover, obviously geeks aren't good with numbers!

14,871.

Chris Further funding in 12-18 months is a concern but the shortfall is based on only the existing business and as you say there are up to 13 RFQ's to land, I don't expect to lose many. It's also based on everything else staying the same (?) so presumably BdMS is not going to contribute anything? It could have been worded differently, that's for sure.

Mr BB Agreed. Terry, 780 placed with existing IIs and VSI Pro rata I presume. 266 subscribed of which 166 to VSI and directors. 780+266=1064 million shares, just under 50%.

Terry No, it doesn't mention any names in the placement. There could even be some new investors ii wise. Shame it wasn't Softbank with £35 million for 10%,the days movement would be totally different.

Fleet installers are obviously mulling over their subscriptions, stuck on 14,851. I doubt when the directors pile in, there'll be any left for us proles, knowing our directors!

Terry VSI and two directors will be subscribing to 126 million of 226 and a bit million of the subscription offer. That leaves about 100 million of the subscription offer left. Let's hope all or most is taken by the directors. The placement has been book built by the two brokers and is probably between existing IIs and VSI. I suspect VSI has only increased their overall percentage by a % or so. So, no bid, no need but a very good block against a low ball bid.