Thanks Calimack for attending and providing some feedback.
How much I wish I was frankly and openly told in early 2019 (via ASX announcement) if work from CBA was drying up. Look at the announcements around the time (see extracts below - the last line of the ann on 30/4/19 is my favourite). In my view, an appropriate level of disclosure was conspicuously absent.
In light of the work drying up, the basis for making the below statements wholly escapes me. Why weren't we told of the issue in early 2019? Insufficiently material? How about: "Dear Market, we've been told that we met CBA requirements, but hey, you'll never guess what; CBA is using our service even less now...We're not sure why, but thought we'd drop you a bit of an
FYI in case you felt like doing something material with it.". We should have been updated when the margin became uncommercial, totally non-existent, or more likely still, grossly negative. Instead ,we were fed marking hype around "new modules" and "AI".
FML. I go back and look back at the charts around early 2019. There was a window to get out 7 to 10 fold higher than our current valuation of approx zero (which predicament is thanks to management's spectacular torpedo kicked from 80 metres out towards the narrow posts of the CBA). Feels a bit like I was listening to the action over the radio: the commentators announce the ball leaving the boot, but forget to update us mugs as the footy sprays further and further wide of the post, till it is bloody out of bounds on the full...and then the commentators start talking again.
The trail of wealth destruction that has ensued here over the last few years is staggering. I am reticent to continue holding my breath, lest I find myself comatose.
All in my humble opinion (god knows I have paid for the privilege).
31 January 2019: Intiger Enters Next Phase of Service DeliveryFollowing the successful conclusion of the pilot program agreements with Financial Wisdom Limited and Count Financial Limited, Intiger Group Limited (‘Intiger’ or the ‘Company’
will now commence service delivery directly to both networks of advisers. Intiger will now commence marketing campaigns targeted to their entire networks. Services to be directly provided include the provision of Intiger’s Boom software, administration services, and paraplanning. Due to Financial Wisdom Limited and Count Financial Limited practices being individually owned firms, Intiger will approach subsequent agreements on an individual practice level rather than with the licensee. The Company is also pleased to confirm that the current pilot program agreement with Commonwealth Financial Planning will continue until 31 May 2019.
30 April 2019: Presentation - Business Update25 trainees signed recruited for CSO and Paraplanning program. Ontrack
Core CSO Program Delivered in Cebu (JANUARY - MARCH 2019). On Track. Trainees are now performing tasks e.g. research calls, annual planning meeting reports, FDS statements.
Core Paraplanning Program Delivered in Manila (JANUARY - APRIL 2019) • Paraplanners recruited and nearing conclusion of initial training program.
We will become the trusted partner to the major target players in Australian Wealth Management
(20min delay)