If a tree falls in a forest and no one is around to hear it, does it make a sound? This is essentially BCC's problem. It doesnt matter how many Zoleo units they sell, if nobody knows how many activations/subscribers there are (not to mention ARPU, LTV etc) it may as well be a donut as far as the market is concerned.
Aside from improved disclosures around the activations/subscriber numbers, BCC desparately needs:
1. A new Chairman who has markets and preferably tech experience. Simon Wallace might be a good bloke but on current evidence doesnt understand how management incentive schemes nor how the market works. He's been there 5 years, it's time for a refresh.
2. A local market facing senior manager. Either a new Chairman or the CFO, Dennis Payne need to step up and starting doing some IR. Or Michael Capocchi should re-base to Australia. While a Chicago base may stack up vis-a-vis interacting with global customers in different timezones (thats BCC's argument), as a director his primary responsibility (fiduciary duty) is to shareholders and he's failing in that regard.
3. A change in their R&D capitalisation treatment. I've already said my piece on this.
4. A new broker. I think Niv at Peak's a decent bloke but lets be honest they havent come anywhere near earning their $0.50 options for their "corporate advisory" work.
I'm still wondering whether I've backed the wrong jockey/horse here but i'm stuck now so will see how things play out.
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