I was at the meeting and thought I would bring you up to speed with what was discussed. they are still in negotiations as per their latest release, they had hoped to be able to announce something at the AGM but that wasn't possible. There was acknowledgment that unless these negotiations have a positive outcome then their is no ongoing viability for the company, so in effect it is one of two things and that is going to play out soon.
In regard to the CBA they acknowledged that it was a calculated move that had its risks, they had done everything asked of them but at the beginning of the year the amount of work dried up and Intiger were left carrying the staff that had been employed as part of the pilot and the resultant overheads. CBA were paying for the work but had not meet any of the capital costs associated with scaling up to meet the demands of the pilot and what was going to be required if the pilot went to contract. key to how it all played out was a shift in direction by the bank, what if anything any shortcomings at the Intiger management level had to do with the result weren't discussed in any detail.
There was a lot of discussion around topics that had been debate at length on here, I am not sure there is any benefit to go over that here.
In essence the journey that has been IAM is coming to a head shortly and as a shareholder I hope that it is good news, however the track record and my head would support the opposite, but at least we will know soon.
IAM Price at posting:
0.1¢ Sentiment: Hold Disclosure: Held
