4DS (ASX) Ann: Results of AGM

Originally posted by numantu: ↑

@Accumulator101 - my recap :

low attendence compared to pre covid AGM's - maybe 6 shareholders.
No questions / comments on any of the votes.
Then Q&A where Wilbert answered a stack of questions - technology, imec, standford team changes, potential sale process, etc.. He really went into the nitty gritty on how technology is developed. No questions on metrics, sale prices or likelihood of success etc. A few things I learnt / can still remember :

Wilbert is a badass. It's clear that changes in the 4DS team were a result of him challenging each person to either commit or get off the bus. He said some were more interested in the science than producing technology that could be sold. He let Ken go purely because it was wasteful to have him on the payroll with nothing to sell. As to his own commitment, he pointed out his belief in the opportunity, his relatively low pay (not in it for the salary) , lots of other opportunities out there & he made trip to Australia. My take: he's not messing around, not a lifestyle company. respects shareholders funds & prepared to challenge others to get stuff done.
Strategic plan : 2 scenarios were evaluated - root cause identified - yes / no. We are now following "yes".
Stanford : There is a dedicated researcher at Stanford where they produce around 10 iterations of cell development per year (who knew?). Learnings from these are then incorporated into annual megabit array cycle at imec (entire chip made at imec) . Cell performance has advanced to the point where accurate measurement is now only possible as a chip at IMEC. Weekly/bi weekly calls held with Stanford. They don't publicly release results from Stanford for competitive reasons.
Imec - 2nd platform lot problem was 100% imec. Explanation provided why IMEC didn't know about failure of 3rd platform lot. The demarcation between what is tested by fab & customer is the industry norm. There is some proprietary knowledge of how the cell is activated (apologies I can't quite remember the technical explanation) that 4DS wouldn't want to share with Imec anyway. IMEC was surprised at result (ie didn't think what happened was possible). Wilbert has a personal relationship (ie he can call him) with COO at Imec & is happy with how responsive they have been.
Sale Process - reiterated the requirement to get full data set before approaching buyers. He listed the 5 or so major DRAM manufacturers who dominate market. Including one from China who has greatest need for new tech. Potential acquirers may (emphasis - not certain) possibly request further information outside what can be provided. So the plan would be to continue development with IMEC (ie 5th platform lot) to be able to meet specific data needs of acquirers & meet the necessity of ongoing improvement in technology (fact of life in the semiconductor industry - cant stand still). Capital raise required is expected to be similar to prior raises (ie not $100 million) . Discussion of not taking subsidies from government to avoid being tied to acquirers from their country.

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Many thanks for the update.

Would it be fair to say, Wilbert is in it because he wants to go down in the history books?

Not to be a me too, but to find the semi conductor equivalent of the cure for cancer?

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