Ann: Change of Director's Interest Notice, page-4

Hi all, taken a quick look into VMX, as it piqued my interest at current prices Let me briefly outline what I've found from some shallow research including a few assumptions - feel free let me know what I'm missing

• VMX delivered strong results for H1 FY20 with EBITDA of 5.4m on Revenues of 70m, this is a 65% increase on EBITDA on 2019 pcp and 47% increase in revenues on the pcp.
• I imagine a lot of VMX's contract work is long-lead time orders which requires tenders which have already been won, and as such should not be significantly adversely impacted by ongoing virus issues, mainly, this I expect this will impact cashflows and potentially delay the commencement of new future contracts. Guidance was set as (in Sep 2019) between $9.1m and $10.1m, but withdrew this guidance on 20 Mar.
• VMX is currently midway through litigation against John Holland, looking to claim up to $12m, but it's anyones guess how that could resolve.
• Current directors own quite a significant portion of the company, as pointed out before in another thread, but more impressively, in the last year, the directors have picked up ~2.1m units, averaging the around the 24c mark.
• VMX has also recently reinforced expectations that "FY21 is quickly shaping as a year of further revenue growth" as shareholders will continue to see increased performance as "recurring services generate revenues", all pointing toward more secured lines of revenues in future years.
• Net Tangible Assets are currently valued at 19c/share and has a current (31 Dec 2019) cash balance of $3m.

All in all, to me this seems like a reputable business at its current market cap (22.6m), but eager to hear from holders and non-holders alike.