All.
Haven't read all the post etc but just thought I would give you the Early Release version of events from the AGM as an in person attendee. Please I apologize for the length.
Arrived early and registered. The four security guards to do crowd control and Covid protocols were not busy. I would say there were 7 consumer share holders present, one being from Sydney and then an auditor and a two suits from somewhere. After registration we then departed for the obligatory brew and bumped into Peter wheeling his trolley of IT in for the presentation along St Georges Terrance. Got me thinking in a few years time there may be a limo pulling up and a whole team doing this for him, but this just cemented the fact that this is a small company and on its way to the galaxy, so Peter good on ya, probably should have stopped to help but had actually passed you before realizing who you were.
The meeting itself. Well the Perth dial up connection kept dropping out, I hear some states have a new thing called broadband. (Joking but yes embarrassing and frustrating this end for the BRN team in particular Peter). (Originally it was the venue system before Peter swapped to his hotspot on his phone and then the normal drop out).
The presentation went well and then I heard the word "thousands of chips (volume production) and due to my over confidence from discussions on HC (with 20 million being referenced), was deflated however continued to listen to and watch body language with intent.
Without dissecting the slides which has been done to death we then finished and had a brew with the team, all very nice genuine people.
Outcomes my end. (In my opinion)
1) I was initially disappointed with the volume of chips in production. (Tony and all were very keen not to give the exact amount away and being the professionals they are I am glad.) My take away of this is the original production run was a small run (likely low hundreds) and not on TSMC production facility, so if you were a successful business proprietor would you not first do a test run and ensure all the processes work. If the manufacturing process requires each layer to be laid one layer at a time per day, then rather than do a million and find the day 20 layer had a fault, wouldn't you do a reasonable and proportionate test run, which a) gives you confidence in the ability to replicate in volume (ie thousands or billions) and b) if there was an error the cost of rectification is a lot less.
2) Does the share and the product hold the same allure that I had before attending the meeting. No, actually more. I am very keen to retain my holdings and possibly increase but my intention of Early Release into retirement" may now be 12-24 months behind where I was hoping (early 2022). The body language and what was not said is equally as important, to me, as what was released.
3) Customers- Do i think we have customers signed up to buy in mass. No except for those we have listed publicly. Am I concerned no. As a customer of new cutting edge technology, would I invest millions into changing products, production lines etc to use a chip that is not capable of being guaranteed in that 3 month order cycle, no chance. Do I think we have lines of potential customers interested in being involved, wanting sample chips to evaluate etc yes, but as the BRN team stated this does take some time.
So I have the patience and I dont intend on proving Warren Buffet right, by transferring my wealth to another because I didnt have patience, I have the confidence in the company and the product so why not put these in the bottom draw for maybe 6-12 months before getting all excited with the commentary on HC.
The thoughts of an anonymous poster only.
Expand
(20min delay)