Ann: Appendix 4C - quarterly, page-88

First 88 Last

Share
Profile

Follow
herewegoagain1

5,861 Posts.

1998

13/05/20

01:29

Post #: 44585590
Share

Originally posted by Hayashi27 ↑

https://www.fbr.com.au/view/leadership

Doesnt look like Simon Amos was let go. Neither were Sheridan and Marcus Gracey. They have now added Aidan Flynn on that leadership page who they previously omitted.

I am sure this is the updated list cos not long ago I checked, Flynn wasnt there and I wondered on HC where the hell is he (maybe they read HC after all). If Amos, Sheridan Gracey were let go, they shouldn't be there now. Most likely they were stood down or asked to take unpaid leave.

But FBR werent clear on it in the ANN - who were let go or stood down or deliberately kept it ambiguous as they always do. Actually we dont know if Pivacs and Flynn took paycuts and by how much, they just mentioned total $10 million in wage savings.

But Steve Pierz is no longer there. If I remember correctly he was there the last time round.

Personnel matters aside, on the issue of deadwood, too much undue attention and blame was placed on Mike Pivac.

Mark Pivac has to bear at least half the blame.

Its clear now the main reason things are what they are now is simply because the Hadrian was delayed. And they have indirectly admitted they have to go back drawing board a few times.

Look up the Nine news interview at 0:53

Thats the first sign Mark Pivac knew he overestimated his engineering capabilities with the Hadrian.

Read that CEO letter in Dec 2018 again - they sound as if the Hadrian is ready to build by early 2019 and be trumpeted to the world. They were talking about production lines. It turn out to be a muted close door event by invitation only. And then came the couch thing.

When they brought the Hadrian outdoors for first time, maybe Mark Pivac shat his pants - when he realised the issues and scale of things yet to be sorted.

At that time, the Hadrian laid at 50 secs, they mentioned their target was 4 times faster i.e. 12 secs. Today its 25 secs.

To be fair, theres little Mike Pivac can do when the main product isnt even ready. Mark Pivac has to shoulder alot more blame. Fine with delay but keeping investors in the dark without a timeline and let the delay and silence slow slice the SP is another. Or maybe he simply didnt know back then how long it will take him to fix the issues.

The image of him is the quiet inventor / genius behind the scene. Truth is he holds alot more power and ownership than Mike Pivac who is basically not much more than his front man.

Expand

Thanks for that ! You’ve hit the nail on the head “ambiguous as they always are” every announcement has been unclear and misleading, their purpose for this type of leadership can only mean one thing ! Misleading information causing speculation amongst their investors is a major red flag for me ! Although I am still hoping I’m wrong and that display , once built will definitely carve a path forward or send them broke ! I’m interested how this will turn out hopefully with success and WB as a partner putting in some serious dollars towards mass production . One can only hope for those still holding and those on the sidelines who believe in the tech and are waiting for an entry point if this all goes well . D for display D for D day their final chance imo .

FBR Price at posting: 2.2¢ Sentiment: Sell Disclosure: Not Held
2 Upvote

0 Great analysis

Reply