agm report

Three Directors- Marks, Horley and Pinskier- were present with apologies from Parker (in Switzerland) and Clegg (in the UK).
Several Medic Vision staff there to demonstrate simulators and about 6 shareholders.
I suspect most of the latter were mainly interested in the issue of whether or not to convert oppies. Both Marks and Horley stressed the importance to the company of getting a high conversion rate and 3 promising announcements can be expected before Christmas;
1. the announcement of at least a partial underwriting;
2. the release of the Temporal Bone Drilling Simulator prototype (they would then trial and refine the prototype for about 6 months);
3. other possible deals that are close to finalisation.
(The company has quotes in for jobs worth millions and there are also US licence deals on offer).
They accept that the sp is disappointing and put this down to many shareholders selling fp's in order to pay for the conversion of oppies. Others are reluctant to invest in the company until its financial future is clarified i.e how much of the possible $8.5 million from oppies conversion will flow to the company?
Obviously an announcement about underwriting will be very reassuring- should it eventuate!
Other points of interest-
* PBI have financial backers who will provide margin loans to PBIO holders (contact the company);
* Unlike last year, no Directors will be resigning in the near term ( a fact that was kept from shareholders at last year's AGM);
* the reason for having separate Medic Vision offshoots in overseas countries is that it increases the chances of getting development grants in those countries. The UK offers promise in this regard. NB the Annual Report listed nil income from the UK last financial year - expect a very different scenario next year.
* The Poms currently own 26% of PBI and generally, they are unable to trade the oppies.
* PBI's 20% stake in KSX could be a winner in the future because the Israeli partners are doing interesting and important work re. monitoring asthma.
* PBI are determined to be a global provider of medical and surgical skills training facilities and they claim to be the only company on this planet doing that sort of profitable work ( very profitable if you supply and maintain the technology and provide the staff to train the medicos).
* Horley told us what the profit margins are on their machines but asked us not to reveal them as potential buyers might get annoyed!
* Income from oppies should eliminate the need for any further capital raising in the near future- unless an acquisition emerged unexpectedly.
All-in-all, I'm convinced that the company is progressing well and little downside in the sp is likely from here, provided the 3 possible announcements -listed earlier in this post - do eventuate!