Here's my badly written notes from the iPhone :
Big start to the meeting- Resolutions 5-7 withdrawn - wow, should have seen the look on jace and CMK faces !
P&g wishes to secure additional obj Technology other than the already secured micro array - another platform big news, can't say what it is. Will announce once executed work plan. Will be a development phase which could take years, but is incredibly exciting.
Micro array - fundamental technology
First licence fees for the product coming… WE WILL GET REVENUE:
Wave 1 - march 17 quarter
Wave 11 - June 17 quarter
Big statements here - "we have written confirmation, I can now state we will have recurring revenue in 2017.
4 partners active with bodyguard
One partner Finished and about to make a call - will it be yes or no? Have to wait
Coty slow, has now decided to change formulation so back to testing stage
Jeff's presentation:
P&g continued investment in the products
Eye wand sk11 now launched across global brand
Olay, far larger than sk11, will roll out to Europe and USA
Late stage means they have given us a purchase order for tooling.
4 partners bodyguard right now
Surface hygiene:
Inability of antibiotics to kill bacteria- it's because they can hide, we develop an ability to drive the ingredients into the surface and get 'em
In the hands of 2 of the worlds largest surface hygiene companies.
P&G continue to invest and have clamped down even further, eg they wanted to make an announcement about xxxxxxxxx and P&G rejected the press release and wouldn't let them announce… (note I have a strong suspicion but it was clear to attendees how important this remains confidential)
New internal products shown are specifically outside of the exclusive beauty products that are with p&g (adv packaging, config emulsion, etc) . But p&g might just take these too…. Believe that in the next 12 months this area will progress.
Retail is moving on-line shopping, (ps- that's my day job, frictionless payments, in-app payments, etc and they are spot on). With obj they are keeping up with this trend through personalisation, take photo of face, sync with app, sync with advanced packaging/ device delivery.
Q&A
CMK - clarify revenue starts (dates above are when in the bank)
Jace - why persue oral patents, where is the product? We believe that the ability to re-harden is a game-changer so we have realigned our oral health program and it is currently in discussion with p&g with the oral b brand.
??? - Is there a difference in return between sk11 and olay. %yes, but absolute no because it's on wholesale price. But good that wave 2 is bigger cost/ revenue for us.
Blackiwi - bodyguard, how do we find the right partner, it is becoming more and more clear.
Longman- ted talk today on wand in shanghai … we have no control. We don't formally even no that they are manufactured until we get a royalty cheque, to be honest we don't even know about shanghai. Jeff talking to shanghai today and they didn't mention it
Longman- Steve millar - yes providing valuable information doing a great job. Jeff engaged him and proving his worth. A chuckle when Glynn said he gets performance shares for deals signed.
??? - Olay asx release that was knocked on the head, what happened? Asx said it's marketing… they used to allow us more leniency and now they don't as much.
Jace- magnetic booster patents, has the board been made aware of a launch. No
Sk1- trial launch, is next stage trial again or straight out. It's not guaranteed but straight out. If I was a brand manager I would want to test. Have told us wave 2 rev will start in June so no time for a trial so we are confident
CMK - Jeff unique expertise in relation to IP and partner nurturing with partners, succession plan, yes good question, we will need a CEO but only when sufficient revenue, assume the technical lead
Blackiwi - Olay European and USA why then start in china? P&g moved from Cincinnati to Singapore also because china only region where staff at counter so it's about showing consumers how to use the wand (that's why I could find it in Hong Kong last month as they have no counters there)
The next 4 products (wave 3,4,5,6). Wave 3&4 technology built it, disposable so good repeatable revenue
5&6 brand new markets
GSK- 1/10 cent shave? Addition benefit of skin car while shaving… confident that this was progressing but industry having huge disruption so now whole industry unclear. Braun very interested meeting them soon…
Email question- improve Comms? Yes we will change and do more.
I spoke to both Jeff and Glynn before and after the meeting. They were very upbeat obviously, mentioned again that P&g have invested heavily.
I told glyn why I voted 'no' to res 5-7 and I guess it was easy to have the face to face explanation I wanted because it was already withdrawn. Glyn was great about it and he seemed very relaxed and happy that it had made them reflect and improve the Comms moving forward. I asked about the low hurdle and if it was low to reduce taxable income. No, they just picked a number?
Teamwilly was very strong on the resolutions afterwards and communications in general.
Live stream? Also asked and yes they going to find another location next year with video conferencing facilities so we will definitely be able to watch a live stream next year…. I'm still flying over next year as it's just great to catch-up with everyone… so many kiwi's on obj… Rob Muldoon was right…
Hope this is ok, bit rushed, thanks for help with notes guys
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(20min delay)