OK everyone, I can't read that, so I don't expect others to do so.
Therefore, I'll have one more attempt and insert the Notes in the body of the post. Fingers crossed
Yep, looks like it worked !!
As previously undertaken, please find attached the notes I made during the IOT AGM on Thursday.
Note, these are simply my notes taken during the meetings.
Please understand, I am happy to provide additional comments and/or clarification if I can. However, if rude or inappropriate comments are received, they will not be answered.
Cheers
Notes from IOT AGM/Question Time – 30 Jun ‘16
Explanation: The IOT AGM consisted of 2 parts, as is commonly the case
Part 1:
AGM – Formal
Notes were taken on the points of interest to me:
- Item 5 – Interesting to note, management has been able to negotiate issue of shares in lieu of payment for certain services
- Item 6 – A further issue of shares requested to provide flexibility to facilitate further non cash consideration of services.
- Items 7,8 & 9 – Specific details of Employee options “to assist in the reward, motivation and retention of personnel to drive Company growth and therefore shareholder returns”. Options to employees will be issued at 2 x VWAP ie certainly not discounted. It needs to be stated that the shares are an “option” to buy and if bought provide income to the company.
Part 2:
Questions – interesting to note, the IOT Notice of 2016 AGM stated that questions needed to be submitted to the company 1 week in advance of the AGM however many questions were accepted direct from the floor. (This is a refreshing change from the formality of some AGMs)
The following responses were provided (in addition to previously addressed matters, as above)
- Reference production of RoamE - Simon Kantor is actively involved in getting production for the RoamE bedded down successfully. The RoamE will begin production early July, final testing will be done to ensure quality and build standards are met and full production of 50,000 units per week will begin early September. Confidant of achieving these milestones. Certification of the production items will be carried out after production begins early July.
- The RoamE is more compact than it appeared in the photos and much lighter than I expected it to be, weighing in at 750 grams.
- The blades fold horizontally and vertically.
- The RoamE was not flown at the meeting, the reason being that the RoamE hoin the office are prototypes and are not certified. The process of certification will be done on manufactured items. In testing (more than 2000 hours) the RoamE has performed well under controlled conditions.
- Simon Kantor sees the main utilisation of the RoamE will be for family functions. He described it as a ‘Personal Device” and added he does not envisage it is device for action sports. That is why the video was shot in a warehouse.
- As per ASX Announcement, and exclusive distribution agreement has been signed with The Product Group for Australasia.
- The video was played – it was confirmed that the video was professional quality and produced to provide an example of the setting the RoamE could be used.
- The RoamE is not water proof.
- There will be a range of options available.
- A warranty of 1 year will apply to all components apart from rotors, but 2 sets of rotors will be supplied with all RoamE orders.
- It was stated the company does not wish to share RoamE videos prior to the global assault in October. Social media will be the medium for people to see what the RoamE can do. They have a plan and are sticking to it It occurred to me that this means the company cannot be accused of putting enhanced quality results into the market, with this strategy.
- Without putting a time frame on it, the Chinese market is expected to receive half of all production,
- The OK Smart Watches will be marketed aggressively in association with the RoamE.
