Since , most of us here on HC are new investors in CXZ, we were all bamboozled by the figures of revenue and cash flow or profit
and we all dived in, and now we are starting to question and wonder, HOW COME.
HOW COME ? that on such Wonderful figures and promising future of earning the SP is stuck around the 2.1cps. with a MC of 18m , no debt n cash on the balance sheet
NOW, not only that the board has sold their shares into the strength of HC buyers. No one else has emerged as a substantial holder of the 5% .
hundreds of millions of shares changed hands and no one currently has more than 5% holdings with such great Numbers and Balance sheet.
If the board is aware of how good are the figures and the future outlook is promising, WHY would they sell?
I have copied and pasted a few items relating to the board that I may add here, I am not too sure about and would appreciate feedback and rational response.
"We should never be shy to query our investment "
I like this part ( from the full-year result summary )
" Finally, the Board would like to thank its committed and innovative team, led by COO Tasso
Koutsovasilis, for its dedication throughout the year. These strong results are a testament to the
team’s unrelenting commitment to progress"
Tasso Koutsovasilis seems to be the person behind the success (according to the board)
Googled him
Chief Operations Officer, CMO & Product Manager, Business Development Manager @ Connexion Media Limited (ASX:CXZ)
Education.
2004 2008 Master of Business Administration @ Monash University
1995 1999 Bachelors in Engineering @ Swinburne University of Technology
Skills
Key Account Management, Account Management, TS16949, Business Planning, Industrial Engineering, Continuous Improvement, Automation, Strategy, DFMEA, Business Process, Business Process Improvement, Value Stream Mapping, Kanban System Design, Java, FMEA, Sales Operations, Project Management, Vehicles, Cross Functional Team, Process Engineering, Testing, Logistics, Supply Chain, Management, Automotive
The other part :
Information is taken from Appendix 4E Final Report
I would like some opinions from other investors in regard to the following details that relate to the KMP
Page 40.
Key Management Personnel
The following persons were Directors of Connexion Telematics Ltd during the financial year and are also
identified as Key Management Personnel (“KMP”):
• Mark Caruso
• Robert Downey
• Aaryn Nania
• Guy Perkins (appointed 5 August 2019, resigned 24 June 2020)
Other transactions with KMP
No member of KMP appointed during the period received a payment as part of his or her consideration for
agreeing to hold the position.
The Group used the legal services of Dominion Legal Pty Ltd during the year, a legal firm associated with Robert
Downey. The amounts billed related to this legal service amounted to $17,896 excluding GST (2019: $27,591
excluding GST), based on normal market rates and no amounts remained unpaid at the balance date.
The Group also used CFO consulting and general accounting services of Mine Site Construction Services Pty Ltd
during the year, a company associated with Mark Caruso. The amounts billed related to this service amounted
to $8,000 excluding GST (2019: $56,000 excluding GST), based on normal market rates and no amount remained
unpaid at the balance date.
The Group used the consulting services of Puggle Media Holdings during the year, a consulting firm associated
with Mark Caruso. The amounts billed related to these consulting services amounted to $19,780 excluding GST
(2019: nil), based on normal market rates and no amounts remained unpaid at the balance date.
* Any opinion on board members have dealings with CXZ, is it the normal way of doing business?
* any ideas on what individual merit's and why these 3 people, in particular, were Elected?
* any affiliation to the industry?
Page 37
Note 16: Share-based payment plans
Performance Rights Plan (“PRP”)
The Company established a PRP, which was approved by shareholders at the Company’s AGM, held on 26
November 2018.
Following approval by shareholders, the Company granted the following performance rights under the PRP:
• 10,000,000 performance rights to Mark Caruso (or his nominee/s);
• 10,000,000 performance rights to Robert Downey (or his nominee/s);
• 10,000,000 performance rights to Aaryn Nania (or his nominee/s); and
• 8,000,000 performance rights to other Officers and Employees of the Company.
*any idea why the three KMP received such generous performance rights with a $ 0.007 exercise price
Page 48
TOP SHAREHOLDERS as of 13 August 2020.
1. CITICORP NOMINEES PTY LIMITED 165,549,472 19.18%
(Lucerne Australia Pty Ltd and its Associates 165,549,472 19.18%).
* they have sold out after the report was issued
2. NATIONAL NOMINEES LIMITED 42,994,487. 4.98%
3. J F BYRNES SUPER PTY LTD <ARGOON AVENUE S/F A/C> 25,435,528 2.95%
4 MR CHING KHOON TAN 23,911,617 2.77%
5. RATIO NOMINEES PTY LTD 22,000,000 2.55%
Page 13
Mark Caruso 68,280,640 - - - - (42,960,960) 25,319,680
as of 13/8/20 that is supposed to be his total holdings
* I can not see his holdings
* it seems that after the big sale by Lucerne, and the large volume that has gone through in the last two weeks,
NO other entity has declared substantial holdings of more than 5%, which means there is no large institution to check and balance the board.
The share registry is wide open.
¹ Mr Perkins’ resigned as Managing Director and CEO on 24 June 2020.
*If all is hunky-dory, and there are 45m options to gain in three years WHY resign?
Like all investors here I am hoping for the announcement of a new CEO hopefully from the Industry and from the USA where the manufacturers and large fleets originate.
(20min delay)