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Ann: FY2020 Guidance & Senior Management Update, page-78

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Mick6752

13 Posts.

02/09/22

16:05

Post #: 63489857
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Originally posted by Victor24: ↑

I agree tintin. Why is Basham leaving now after all of the good work he has done to get us to this great position? Makes me suspicious. I mean good on him for doing all of the hard work to get us to $45m in revenue and +6m in profit though of course, it'll look pretty good on his CV turning AVA around so fast, and I'm sure he'll be in demand given this success. Do you think he wanted too much money in a new contract perhaps? h seemed only to have a 15 month contract reading the original announcement of his appointment back in March 2019. Personally I think given what he's done to turn the AVA business around and grow it by what looks like almost 50% in a year, you'd think the board should be happy pay him. Does anyone know where he's going? It wasn't clear in the update?

And another question I have is why in the world are they going back to Broomfield? Reading that recent DMX article again, Broomfield was the CEO of FFT for something like 14 years, and was the one that ultimately took it to listing, but then burned through all of the $25m IPO cash, and effectively ran it into the ground thereafter, promising lots but delivering nothing, all before the acquisition of MaxSec and then handing off the CEO job to Fergus. Neither Fergus nor Broomfield every turned a profit when running the show, and yet here we are again. And then Basham had to do that CR in May 2019 only just 2 months after joining because they had basically nothing left in the tank when he joined remember. Talk about being handed a dead cat to start off with! It really is pretty amazing then to see were we are when now you think about it given that too.

That DMX article was pretty clear about the company not being trusted by investors due to all of the management changes in recent times and over promising and under delivering. I thought it seemed that Basham had fixed that perception and got the market's trust back, but it seems that the Board have made yet another strange decision allowing Basham to leave just when we seemed to be turning the corner. Fair enough if he's got something else on the boil, but why not get more new blood into the business like they did with Basham rather than go back to the old entrenched thinking. I really can't get my head around why Broomfield has been brought back - I just don't see him taking up from were Basham has left us and delivering the further change and growth we need to get the SP up to the 30c and beyond that has been hyped. Hope I'm wrong but fear I'm probably right.

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interesting come back on this post from 2 years ago to see that Scott Basham has just reported a $12.5m turn around for the company he’s now running called XTEK Ltd (ASX:XTE). They did Revenue 58m, GM of 47%, EBITDA of 11.5m NPAT of 8.2m and have cash at bank of 36m. Apparently they have a dividend policy soon to be announced too. Might be a good one to follow. DYOR.

AVA Price at posting: 25.5¢ Sentiment: Hold Disclosure: Held
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Ann: FY2020 Guidance & Senior Management Update, page-78

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