Member Info for Seeing-2020

I make it £368k for Mr Ive, which is ~A$650k.

5.2m shares average price paid was 6.66p

Soul, you may have exercised and sold in the past, but I assume you were not the CEO of a listed business, its not a good look if he exercises just to make a small gain, either exercise and hold or don't exercise in my view.

I doubt he would take up his options unless he plans to hold onto them.

For those of a more positive disposition good news on todays budget.

The pension lifetime allowance cap has been removed, previously one would have had to pay 55% tax above £1.07m.

Not an issue for me personally today, but one day will make a nice difference

I think people are getting a little confused

Paul has a pretty standard remuneration package made up of
- salary
- annual incentive plan (cash or shares)
- Long-term performance related shares, 5m per annum over 5 years, based on annual target (July 23 target is 11.9p)
- share options (12m at 4.41p)

So he hasn't directly given up 50% of his salary, he has a balanced package with the long-term shares aligned to shareholders as he needs to hit SP targets.

In terms of him buying shares, the first thing I would imagine he would do is exercise his options, which he has until end June to do so or he losses them.

"Mr McGlone has been issued 12,000,000 share options in the Company vesting on 1 July 2022
(Options). Once vested, the Options entitle Mr McGlone to subscribe for, acquire and/or be
allocated shares for an exercise price per share of 4.41 UK pence. Mr McGlone must exercise the
Options within one year of the vesting date otherwise the Options will lapse."

Fleet larger opportunity than Auto

" I'm not an expert on fleet or telematics, but the opportunity for Guardian looks larger than in automotive. As always, the real development is taking place far away from where everyone is looking."

His final comment in the section I posted below is "something I want to make the most of"

So he answered it alright

Lol, it was a 2 part question, I should know as I asked it and the facilitator read it exactly as submitted

Catch up CFP, there are 2 RNS

5m is a significant holding, all bought with his own money.

When asked yesterday why he invested he said:

"I had an opportunity in the past to add a significant amount of value to shareholders and I see that as something I have the opportunity to do here again. Some people never get that opportunity so for me to have had that opportunity twice in my career is something I want to make the most of"

I have listened for a 2nd time, for me the facilitation was poor and he asked the same question about SEYE a few times.

Fleet sounded positive to me Paul explained Jan is normally quiet and they have already sold more in 2 months than the first 6 months, stating supply was back to normal.

I was impressed with Martin a good foil for Paul and took the pressure off him at times by answering a few questions, he also gave a good detailed answer as to my he joined and bought shares

DR, have a look back at what he has delivered and you will be impressed, he has a strategy and is building the company, we don't need cash, so much of senior management time over the years has been taken up with planning a fundraise that's free time now.

Top 3 in Pauls time imo

1) Magna Deal, this was totally unexpected.
- $17.5m license fee over 3 years
- $47.5m investment from Magna which converts at 11p (sp was 5.5p at the time)

2) VW win
- still the largest announced DMS/OMS win
- 40+ features that are now paid for and can be reused in current set of RFQ

3) Get the house in order
- sorted the fleet issues
- navigated covid times, making the hard decisions that were needed
- grew the team at a key time to be ready for the design wins that are coming (he doesn't know what day)
- strengthened the balance sheet
- appointed Martin Ive, who looks the right CFO for the next step

I like his positivity and optimism for the future opportunities

Personally I trust in the leadership team to deliver, I will be keen to listen this afternoon on what they say about outlook and to hopefully hear from Martin Ive for the first time, I am sure he is impressed hence his A$500k investment.

Auto
Paul has been very clear on his strategy and expected win-rate for auto, which is 50% of value, that's a huge market share. We all know he doesn't decide when the design wins are signed and announced, I am sure he will give us an update this afternoon on his view, but let's not shoot him for having a view.

Fleet:
Sales are as I expected, some simple maths and we could work out the sales from the table provided with the trading update. Be good to understand the expected lead-time for the remaining element of the 29k, good news for me is they have planned a decent amount of stock of gen2. I am very interested in Gen3 as that's a real game changer for fleet, I would hope we hear more this afternoon.

Aviation:
In the Italian job he explained why he decided to change tack on the license deal post Magna, we don't need cash so less upfront and higher ongoing royalty seems very sensible to me. After the deal he struck with Magna we should trust him to do another great deal for shareholders.

I look forward to this afternoon and I am sure the genuine shareholders on here will make sure they can attend.

Those of us who have been around a while have seen this trend before. Sellers in the morning and buyers once the US markets open, I imagine with Paul Martin in NYC for the next few weeks this trend will continue.

A PRnewswire article aimed for the US markets, hence it was released at 1pm GMT. Looks like a great event for Paul and Martin to attend.

https://finance.yahoo.com/news/seeing-machines-leading-driver-monitoring-130000372.html

Seeing Machines will host individual investor meetings. For registration details or to submit a meeting request, please visit 35th Annual Roth Conference.

Key themes presented by CEO Paul McGlone and CFO Martin Ive will include:

- Seeing Machines and its progress to date
- The regulatory landscape and how that is set to evolve in the USA
- The compelling structural growth opportunity across Automotive, Aftermarket and Aviation

With a single-minded purpose to get people home safely, Seeing Machines is well positioned to benefit from the structural growth drivers across each of its transport sectors as global DMS adoption accelerates, driven by expanding regulatory tailwinds.

The Roth Conference is attended by a wide range of companies and is one of the largest of it's kind in America. The event features thematic industry panels, Q&A sessions, moderated company fireside chats and thousands of small group meetings, aiming to offer investors a unique insight into growth companies across a variety of sectors.

No might be Phil you are wrong. You can have negative opinions but you can't have your own version of the facts, not sure if you read the Cenkos reports or not but they told us clearly how the revenue will be recognised its nothing to do with when the payments are received.

No real surprises in the RNS today, not sure why people would expect any we had a trading update a few weeks ago, results day by definition is backward looking.

They did clarify the revenue taken from the Magna deal was $5.4m, I expect a flurry of apologies from the de-rampers who confidently said "Cenkos are wrong, its $10m" on the day of the Trading update and hence talked down the underlying performance. Magna license is not a "one-off" its a three-off.

As for extra RNS alongside the results that's one of my pet hates, I like results day to just be about the results.

Forward outlook, "in line" is exactly what I would say at this point as lots of moving parts, I would expect further colour from Paul & Martin tomorrow at the investormeet event.

Other RNS, I am still of the view we get something before the NYC event, so my view remains Tues or Wed for an RNS, if I was in Pauls shoes I would want something new to talk about.

Phil, the Magna deal is split over 3 years as explained in a Cenkos report a while back, so $5.4m in FY23, how do you arrive at your $11m.

Seepee, the 141k units is in the table in the recent trading update.

I don't recognise the 500k units, I see 701k

The point I am making is in the 6 month period to 31st Dec 22 SM closed a deal that brings in revenue the equivalent of ~ 1.75m vehicles.

2 benefits
- the revenue and 100% profit
- the confidence Magna must have in future design wins to pay that amount for a 3 year license

Seems to me it takes more hard work to find any negatives these days, whilst to find a positive one just needs to read an RNS or watch an interview. Back in the bad old days we used to have to work very hard to find positives

Have a Buon Giorno