Member Info for schlemiel

BOOM! SEYE is dead

https://www.thisismoney.co.uk/money/markets/article-14220873/Seeing-Machines-secures-Mitsubishi-investment-growth-partnership.html?ico=mol_desktop_moneymarkets-newtab&molReferrerUrl=https%3A%2F%2Fwww.dailymail.co.uk%2Fmoney%2Fmarkets%2Findex.html

Peel Hunt analysts had previously flagged concerns ‘caused by industry weakness’ about Seeing Machine’s balance sheet and its ability to meet its profitability targets.

But the broker said on Monday the Mitsibishi deal, ‘whilst diluting shareholders’, is a ‘decent option to solve its balance sheet issues’ and unlocks ‘significantly more value in terms of commercial opportunities than a distressed equity raise’.

Peel Hunt, which holds a buy rating for Seeing Machines with a target price of 7p, said: ‘This investment secures the next c.18 months of runway for Seeing Machines, by which point the company plans to be cash generative

‘Previously, Mitsubishi was working with SEE’s main competitor Smart Eye in the automotive sector, underlining the superiority of its product.

‘This is not the first significant customer to make the switch, as BMW (a significant volume driver) previously swapped Smart Eye for Seeing Machines

‘We believe in the long-run prospects of the firm, further bolstered by the continued progress in its automotive product.

‘Once camera-based DMS becomes mandated in the summer of 2026, we expect to see demand accelerate, bringing with it significant cash generation.’

end

Now can I go bloody shopping

Https://www.mitsubishielectric-mobility.com/en/news/2024/pdf/1223.pdf

Have a good xmas all GGP holders

That's it for me. Xmas calls

have a good xmas all

TOKYO, April 1, 2024 - Mitsubishi Electric Corporation is pleased to announce the commencement of operations of its new subsidiary, Mitsubishi Electric Mobility Corporation, which was formed as part of the planned spin-off of Mitsubishi Electric's automotive-equipment business. The name was announced on December 1, 2023.

As a member of the Mitsubishi Electric Group, Mitsubishi Electric Mobility will contribute to the realization of a prosperous future mobility society through constant technological innovation.

I'm more interested in the Mits alliance with Renault-Nissan. It is that intrigues me

Nm

At 4.09p then the market may mark it down but I'm telling you one thing , you'll see material buying on the back of that.

This news is a gamechanger

With this move SEE has surely guaranteed itself millions of DMS-OMS insertions into millions of vehicles. 2025 should surely see a hefty upgrade in sales?

The car group sold 10.6 million vehicles worldwide in 2017, making it the leading light vehicle manufacturing group in the world

Mitsubishi Motors Corporation (TSE:7211) — a member of the Alliance with Renault and Nissan — is a global automobile company based in Tokyo, Japan, which has about 28,000 employees and a global footprint with production facilities in Japan and the ASEAN region.7 Nov 2024

Nissan is a large shareholder and partner of Mitzu

4.09p

Subscription Agreement - Further details

Seeing Machines has issued 640,746,822 new ordinary shares of nil par value each (the "New Ordinary Shares") to Mitsubishi Electric Mobility at a price of 4.09 pence per New Ordinary Share, raising gross proceeds of approximately £26.2 million (US$32.8) million (the "Placing").

The net proceeds of the Placing, issued at a 12% premium to the 30-day VWAP of Seeing Machines' existing shares for the period ending 19 December 2024, will unlock new growth opportunities, specifically for Automotive expansion in Japan and to accelerate joint sales of Guardian to support the Company's Aftermarket business across multiple geographies.

The Subscription represents 15% of the Company's issued share capital as at today's date, prior to the New Ordinary Shares being admitted to AIM for trading. The Company also understands that Mitsubishi Electric Mobility has entered into an agreement to acquire additional shares from Lombard Odier Asset Management and VS International Venture, the largest and second largest shareholders respectively of the Company, to increase its holding to 19.9%. Mitsubishi Electric Mobility's ownership level is restricted to 19.9% in accordance with the Australian Corporations Act and the Agreement between the parties restricts the ability to incrementally increase thereafter other than under certain agreed circumstances.

Application has been made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will occur and dealings will commence in the New Ordinary Shares at or around 8.00 a.m. on 24 December 2024.

Kunihiko Kaga, President & CEO of Mitsubishi Electric Mobility, stated: "Mitsubishi Electric Mobility has been collaborating with excellent partners, expecting technological synergies in the CASE ("Connected", "Autonomous", "Shared & Service", "Electric")-related business, which has great market potential. We position this partnership with Seeing Machines as part of this strategy and are confident that by combining the strengths of both companies, we will be able to provide the market with new and attractive products. We are very pleased to be taking on a new business challenge with Seeing Machines, our best partner, in the rapidly growing DMS market."

Paul McGlone, CEO of Seeing Machines, stated:

"This is a pivotal partnership in our approach to strategically align with a number of key, industry leading Automotive Tier-1s with high capability, complementary strengths and market focus in the DMS/OMS space. We have been working closely with our new colleagues at Mitsubishi Electric Mobility and the synergy is clear: promising significant benefits for both of our businesses. We have carefully considered this investment in Seeing Machines to ensure that we remain focused on supporting our existing key customers and programs across our transport focused businesses, while we accelerate growth in currently under-served markets and together explore new opportunities in adjacent industries."

Unique opportunity to seize growth with world class partner

The Collaboration Agreement will focus on Automotive opportunities in Japan, where Mitsubishi Electric Mobility has achieved success with its DMS. As a partner of Mitsubishi Electric Mobility, Seeing Machines expects to accelerate its driver and occupant monitoring technology adoption with Japanese OEMs (original equipment manufacturers), who are increasingly responding to global regulatory and NCAP trends, starting with a new wave of Automotive business tenders expected to settle throughout 2025.

In Aftermarket, Seeing Machines and Mitsubishi Electric Mobility will work together to drive increased sales of Guardian Generation 3 in Japan, Europe and North America, leveraging Mitsubishi Electric Mobility's significant Aftermarket distribution network and customer base. This joint effort is expected to accelerate the Company's path to profitability.

Additionally, Seeing Machines and Mitsubishi Electric Mobility will pursue opportunities in adjacent markets where Mitsubishi Electric Mobility already has a strong established position. The opportunity to collaborate will allow Seeing Machines to begin expansion into new regions while maintaining its focus on growth and delivery across core transport segments, with the ultimate goal of getting people home safely, delivering shareholder value and becoming a successful, profitable business.

Seeing Machines secures £26.2 (US$32.8) million strategic investment from Mitsubishi Electric Mobility as part of collaboration agreement

Investment underpinned by significant growth opportunities in the Japanese Automotive segment, Aftermarket distribution in North America, Japan and Europe and new adjacent markets

Seeing Machines Limited (AIM: SEE, "Seeing Machines", the "Group" or the "Company"), the advanced computer vision technology company that designs AI-powered operator monitoring systems to improve transport safety, announces that it has entered into a collaboration agreement (the "Collaboration Agreement") with Mitsubishi Electric Mobility Corporation ("Mitsubishi Electric Mobility"), a global leader in the design and manufacture of automotive products and technologies, to pursue joint growth opportunities in the supply of driver and occupant monitoring system ("DMS" and "OMS" respectively) technology solutions to enhance safety in Automotive. Mitsubishi also becomes a significant investor in Seeing Machines, following a subscription agreement entered into on 23 December 2024 raising gross proceeds of approximately £26.2 (US$32.8) million (the "Subscription Agreement") to enhance the Group's balance sheet and provide funding for further growth. The Subscription Agreement represents 15% of Seeing Machines' issued share capital prior to the issue of New Ordinary Shares.

Highlights:

- Collaboration Agreement to facilitate joint Automotive business opportunities in Japan

- Companies to jointly access Aftermarket growth in North America, Europe and Japan, leveraging Guardian Generation 3 and Mitsubishi Electric Mobility's global aftermarket distribution channel

- Collaboration Agreement leverages Seeing Machines' proprietary IP to assess and enter new adjacent markets where Mitsubishi Electric Mobility has a leadership position

- Alongside the Collaboration Agreement, Mitsubishi Electric Mobility has invested in Seeing Machines via the Subscription Agreement, raising gross proceeds of £26.2 (US$32.8) million, at a premium of 12% to the 30-day VWAP

- Investment further strengthens balance sheet and provides capacity to focus on growth opportunities across new markets within existing transport segments

- Mitsubishi Electric Mobility to increase holding to 19.9% through acquisition of additional shares via secondary transaction

Nm

'Driver monitoring is rapidly spreading across vehicle manufacturers who are launching level 2 and level 3 autonomous driving systems.'

https://www.magna.com/products/electrical-electronics/adas-automated-driving/interior-sensing-systems

DMS and OMS will I have no doubt become an indispensable tool in the CCP's system of state monitoring and control. I suppose this is almost inevitable with OMS in which cameras penetrate the inner sanctum of the privacy of your car.