General Comments, page-1148

As per the June Q, the cost of implementing is $2+m per annum (2019/20 FY operating activities cash flow after netting out government hand-outs).

https://www.asx.com.au/asxpdf/20200729/pdf/44ky9dw67zycq2.pdf

The original NZD1.2m from Spark over 4 years plus NZD350k is almost exactly the same amount needed to cover Directors Salary/Fees/Super over the same period, assuming no increases based on FY2020 (AUD1.534k).

Serendipity.



Maybe if Tot can get a deal over the line, then perhaps his costs can be covered going forward too. But as noted by myself and others, the SaaS business model is dead; white labeling the App and clipping the ticket has failed.

NOR is now about installing and maintaining back-end solutions. Each solution will require integration and a degree of customisation and this will affect margins. NOR has signaled the same to the market if you read between the lines. By boasting of reduced costs going forward by saying R&D has come to an end, NOR has inadvertently signaled PO has run out of pivots and/or NOR does not have the finances for development. A technology company virtually announcing they will no longer innovate is novel. Further, the additional Spark deal signals further customisation. Does anyone think any Telco will take an out of the box back-end VM system?

Assuming another telco actually wants the tech. How are those mysterious pilots going? If there was anything positive, NOR would be shouting it from the rooftops.

PS Lucky for NOR BoD and Tot, and unfortunately for SH's, none of the remuneration was linked to performance.

All imo.