The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Nice interview and exposure for the new relationship but it shows the total lack of understanding still of what our systems are meant to do by the interviewers constant reference to driverless and autonomous cars. It wasn’t right until the end that Richard Bremer flagged caution as to near term likelihood of autonomous cars but he could have done a much better job ( as PMG would have) in setting expectations for how the industry is developing. I honestly think that this is still one of our major PR issues in that when people hear these stories they think it’s straight out of a sci-fi comic book. Driverless/ autonomous is sexy and saving lives isn’t !!
Not sure if this is an AI generated date or has come from the Company but Q4 earnings date showing as 19th September currently - assuming KPIs will come earlier
https://www.marketscreener.com/quote/stock/SEEING-MACHINES-LIMITED-4005679/calendar/
Just came across this relationship with EVS which is new to me. I can’t seem to find any RNS announcing it but others may correct me if i’ve missed it. EVS is based in Italy.
https://www.embeddedvisionsystems.it/portfolio/embedding-dms-oms/
Seize - agree and lots of reasons for optimism based on what we know will start to drop in FY24 the first trading day of which is monday!! Here’s hoping our numbers are about to wratchet up at long last!
Seize - I think what this means is that the price will
at some time soon to be ratified by the board/shareholders. Let’s say that the price is 5.4p being the close price today 30 June 2023 (I don’t think it can be less than the price in market on the fix day). 3 years later on 30th June 2026 the shares will vest and the price will be ‘measured’ or taken. If the price is less than 5.4p he will get nothing and they will lapse - if the price is say 8p he will get all 10m. Not clear from the wording whether these rights are options to buy at a set price ( which will require him to buy them) or grants which he can take up at zero cost provided they meet that set price criteria. Under both scenarios he would be taxable on the imputed income of either.
BB - with one trading day left my guess is that PMG will neither take up 100% of his 12m shares or anywhere close. Whilst he’s no fool he’s certainly had every opportunity since they were granted in Oct 2019 to crystallise substantial gains but has chosen not to do so. The first of these was actually well before the shares vested last year but looking back at the price he could have bought any number on 20th April 2020 when the price hit 2.35p. At that stage he would have known that during the lifetime of the offer at no point could he buy shares below 4.41p however at a 50% discount he chose not to. Although the SP jumped up not long after to close to 12p he had missed the boat but presumably thinking another opportunity would arise during its lifetime. When the shares finally did vest 12 months ago he presumably waited again for a sizeable profit to build up and whilst he could have exercised them at 7.7p on 8th Feb 2023 he chose not to again. This would have given him a profit before tax of 7.7-4.41 x 13m = £397k which again he chose not to take up. Wishful thinking therefore that he’s going to exercise tmrw and if i were a betting man i’d say they will all lapse unless at the last minute he takes the remaining £124k off the table before the close.
Yes great news and here is the video i’ve just seen. Always a great sign of things to come when a company is recruiting but these three individuals show the breadth of ambition for our global company.
https://youtu.be/7UXZlEkU47s
Seize - so it will be interesting to watch what PMG does over the next 3 working days which is all he has left to take up the rights to the 12m shares that vested 1July 2022 and lapse 1 July 2023. As it stands he can take up the full 12m which will cost him £529.2k ( 12m x 4.41p) if he has the money. The most likely course of action, if he is to take any of the benefit, is to sell just enough shares to pay the £529.2k ie £529.2k / 5.4p = 9.8m and be left with 2.2m shares before income tax ( say 40% ) or 1.32m shares afterwards which at todays price will give him an all in profit of £71.3k. My guess is that he won’t do it given the relatively low profit margin over the option price and also to avoid the ire of us PIs who are still waiting for our own pay day!! The shares have already been set aside so they don’t come from the open market but if he does decide to sell to cover his strike price we will see it because he will have to sell IN the market.
My sense is that with a much more condensed and cost effective piece of kit that takes a fraction of the G2 time to install, fleets will now feel it is a much more worthwhile project than previously and large orders will come. Think about it, why as a large fleet owner would you want such a high proportion of vehicle downtime - I'm thinking that’s why in all these years we’ve only managed to install 50000. Let’s hope the customers agree!! Truth is that in the future this has to be installed like Auto at point of manufacture. Why take your truck off the road for ANY amount of time to have it installed. I suspect the OEMs are having the same debates internally and G3 will be the final phase prior to Aftermarket disappearing - has to make sense!
As a matter of interest does anyone here know if the blackout period precluding ‘close’ individuals from trading around results time also applies to material
contractual RNS’s. I only ask this as a means of trying to figure out whether Martin Ives purchase today means that we absolutely won’t be getting any RNS’s over the next x period of time !!
Seize - long time relationship with Airbus both globally and in Australia
https://seeingmachines.com/wp-content/uploads/2021/10/seeing-machines-aviation-brochure.pdf
Let’s hope this IS actually imminent and will be announced next week. Also going to assume this is hugely positive for SEE given all the work we’ve been doing with them.
https://simpleflying.com/indigo-airbus-500-airplane-order/