Ann: Market Update, page-17

Not unexpected, but this update is nevertheless very reassuring for all serious VMT investors. Just about all positive predictions have been or are being met, which leaves me to reiterate the possibility of circa 45c SP for year-end, and that my vision of the Company being able to move to dividend status 'sooner rather than later' has to appear even more valid.

Obviously the numbers speak for themselves, and should point to a very positive Q2 result. As someone already noted, the timing of this release was probably appropriate just ahead of the AGM, and it will be no surprise if Management has saved an additional cherry or two for the AGM discussion.

Apart from the numbers, the most significant points from the Market Update narrative would appear to be firstly, that the Company is now recognising that the C-19 pandemic has most likely provided an impetus to the E2V Market generally, with therefore specifically 'a longer term positive impact on Vmoto's business,' and secondly, the positive information on distribution developments.

I believe we should assume that the 4 new exclusive distribution agreements would only have been concluded on the basis of firm commitments to substantial orders, which again improves the position for the balance of this year and beyond. Thailand in particular is a stand-out opportunity, not only because of the high use of 2-wheelers for deliveries, as taxis, and for personal use, but further because of extreme pollution concerns in Bangkok and the current strength of the Thai baht. Then looking at those countries where negotiations are ongoing there are huge additional opportunities, and it is pretty certain that in the majority of cases agreements will be concluded .... watch this space !

So, a great Q2 result is pretty much assured, and there could be some further good news at the AGM. We should expect that at least the Full Year Guidance will be amended upwards. 'Stick to the knitting' VMT, and stick with VMT if you are serious investors ! As I have said several times before, this stock is great value anywhere below 30c, and probably well above that. Best to all. 2000.