Ann: Quarterly Cashflow Report - 31 March 2023, page-49

My reflections on the presentation today:

Positives:

• The HD6 has a much nicer and sleeker design than the older systems, which looked like they were cobbled together in a tin shed by some eccentric tinkerer. I think this actually matters a lot when marketing as a high-tech company.
• The 3CT acquisition seems positive on numerous fronts. I congratulate management for (what appears) a sensible and intelligent purchase.
• Spectur isn’t going to the USA anytime soon. That’s good news. Sanity prevails.
• There was acknowledgement from the MD that the pipeline reporting is not very helpful in its current format. I'll take a small personal win there haha.
• There are huge opportunities available to this company across several sectors. Nothing particularly new, but the business does have multiple tailwinds and an enormous runway.

Negatives:

• I’d have preferred if our MD didn’t take a company-funded California holiday only to tell us that we’re not even close to being ready to expand into the USA.
• Despite our “uniquely valuable technology”, there is no actual forecast for profitability.
• Our MD argues that Spectur is “undervalued” and insist he is “very bullish”. I very much look forward to the Appendix 3Ys…
• Apparently the MD has “a lot of [his] own personal savings tied up” in Spectur. Absolutely laughable. I repeat my earlier point that his ownership is equivalent to six weeks’ salary.
• Attempting to cite Ben Graham, claiming an “owner’s mindset” and telling us the share price is “not a performance problem”. It’s genuinely disrespectful to speak to people this way. A shareholder who invested $10,000 on the day that Dyson became Managing Director has less than $1,800 left.

Oh, and the final, most important key point. I’m now quite certain they fully intend to raise capital in the next 12 months. Investors - speak up if you want to avoid that catastrophe.