Ann: Q1 Sales Update - ARR above $60m, page-19

Buy-it is not that I am against the company, but I am against the board and the executive management. Yes I am negative on the management but I think I've been quite positive where it is due, if you read my comments I am always upbeat on the Americas division and the overall sales growth. What I am down on can be broken down into a couple of points-firstly the CEO is an absolute hype merchant, always buzz words such as "momentum, positivity, turning point etc." or silly name drops like "NASA" If you listen to him, EVS will put a rocket back on the moon. All these massive names that amount to nothing (again-anyone remember Watercorp?). He also changes numbers-there are constant changes sucha as EBITDA Positive (with and asterisk) and the sales are now total sales, whereas previously they focused on ARR. Secondly the CFO is completely useless, watching him on the presentations so far he is not across the detail at all and inspires zero confidence as a retail investor, maybe the instos see otherwise. Thirdly the board, solid board members like Hugh leaving (which basically means Bell Potter is walking away) make me incredibly nervous. The Chairman has no other board appointments and refuses to let go, his resignation was over 6 months ago-how hard is it to find a chairperson?

Then you get to the numbers and it links to the above. Their cost base is ridiculous, they outspend any revenue and it looks to me like the win business, add cost then get revenue, this burns cash. They have done a cap raise on water that is a complete flop and now a stealth cap raise to fund future growth, but their growth rates are the same-this qtr proves it. So they have debt to fund operations and the debt facility outranks us the shareholder. So if there is a contractual breach-they facility gets settled first, us second.

Finally if you don't mind you say you hold stock, I bought in at the highs of near 30c and since this CEO has come on board the instos have voted-the shareprice dropped to 5c, he has taken a 200mn market val to near $50mn and slightly back up to 70mn. That is a terrible 2 year return and in the interim, his pay has increased massively. If his pay increased as the share price did-fine. But he is taking home nearly 700k I think (correct me) to run the company into the ground.

So if you think I'm negative, I am, and I apologise for sounding like a whiner. Like biggsy who used to call me negative-give me some actual facts as to why you are so upbeat since my holdings have been eroded by this poor leadership. What do you see in the numbers that is actually tangible?