My notes from the AGM are as follows...what I heard and felt,...

My notes from the AGM are as follows...what I heard and felt, yet not necessarily accurate, so treat carefully and DYOR.

- Very unfortunate that the Chair dominated the meeting, particularly as he dodged questions prior to his appointment and in general (too slick IMO!) e.g. remuneration hurdles - lack thereof (nice try SDMartin and thanks for perservering)

- Ian was very upbeat, and I think frustrated that the market doesnt understand the business model (can't say that is totally our fault given this company's announcement history!)

- Focus is on embedded networks, and further rationalisation of client list to ensure that this can be the primary focus

- Convertible note (3 options or a mix):
o Talking to 3 financial institutions re banking facilities
o Can Energy Mad be sold
o Discussing options with other financial market participants (I presume this would be of a capital nature
o Later indications were that there is a major deal in the pipeline and my reading is that they expect it will provide the confidence for Lord to roll the CN or alternatively to allow banks to have confidence to finance the payout of the CN (pretty optimistic in my view also)

- Fairly close to a couple of significant opportunities. (Ian really disappointed that he cannot announce today)

- Start to this year a little slow. $300k loss in first quarter

- Victorian centric currently big opportunity in SE Queensland

- Sales forecast of $9m (in my view looks shaky)
o Absolutely by January, we will see the revenues flow (contracted). Presume this means the next 4C wont look good
o 30 to 40m in a few years time Ians comment, and assume referring to sales

- The pipeline which was included in the presentation
o Pending or under negotiation, and some are signed

- Do they have enough liquidity for growth
o Ian very confident, once again, but I didnt hear anything to share the confidence

- UWS: Both parties have not progressed as quickly as they could have. No revenue has been booked and funding is still in place to proceed with the project, yet no idea when.

Outside of the meeting, a shareholder and industry insider said that (note, this is purely hearsay, and no idea on credibility of comments):
- IP is not unique
- Lord wants his money
- Sales agents, another party taking a margin

Bottom line for me...significant uncertainty around the financial resourcing of the business. Happy to sit on the side lines.

Disclosure: A handul to participate in a capital raising