"to enhance value for shareholders"23 Nov 2018 17:11
Going back to the RNS on the 4th September where the fleet & manufacturing issues were announced. The policy is " to enhance value for shareholders over the medium-to long-term."
Less than 2 months later, the sp is diving, mostly due to external factors that affect everyone. We can't expect the board to work miracles, they are working for "us" for the mid to long term!!
Give them a break. Remember the first paragraph - there is plenty of value there to come it just isn't for this year!
"Seeing Machines is currently engaged in active automotive programs with five OEMs in North America, Europe and China and is working with a growing number of leading automotive Tier 1 customers globally, with numerous new vehicle models launching in the 2019-2022 timeframe. Based on the initial vehicle models included in the corresponding agreements, these programs have a total expected revenue value of over US$100 million, with the potential addition of further vehicle models and volumes currently in discussion. The Company is also working on several proposals with a number of new automotive and aviation customers with an expectation that further business will be awarded to the Company over the coming months.
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In light of the above, the Board has initiated a detailed internal review of the Fleet business unit to ensure the most effective deployment of the Company's capital, leadership and engineering resources to enhance value for shareholders over the medium-to long-term. As part of this review, the Board will look carefully at the steps necessary within the Fleet business to remove cost and guarantee inventory availability with improved manufacturing arrangements while also streamlining ongoing distribution, service and support in the best interest of existing customers."
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