General Discussion, page-899

VMT's share price performance gas actually been pretty woeful, on all but a few obscure time horizons which some choose to cherry pick which misleads the other investors. The scale on the below chart is a bit more appropriate because it highlights how small VMT market cap is, how small VMT is as a company and how depressed the share price has been under Charles' leadership - sorry as I am about that. The market cap of VMT is about $110m. It has simply failed to start over 11 years - despite showing some good growth in sales recently as the global EV market has boomed and substantial tailwinds behind the company.

In the context of the share price history of the company, it's as dead as its ever been. There was a little bounce in share price in 2019-2020 under the previous Chairman, who made an effort to deliver she price returns, but it's been back to normal per the last ten years, a very depressed share price guiding down and tiny market cap. This is despite massive tailwinds behind VMT and an unprecedented supportive environment - macro, emergency low interest rates, climate subsidies, EV boom, boom in scooters during COVID, price of oil and petrol skyrocketed, EV targets and subsidies. This is as good as it will get for VMT.

If VMT's market cap was $500m I would entertain some of the stuff I read here on Hot Copper about the share price, although I would still be disappointed about it, however at $110m market cap languishing at the bottom of the ASX as a dirty tiny cap, I simple have to ignore and put it in the "crazy basket".

If VMT had a normal governance and decent major investors outside management who were a bit more switched on to reality (it reminds me of Shutter Island - the guy is happily tapping away on Hot Copper about a tiny $110m company 11 years under management, and doesn't realise he's actually the guy in the asylum), Charles' days would be about to start coming to an end.

The pressure is now on VMT CEO to deliver shareholder returns. The advice to Charles is to get some better advice on capital markets engagement and governance.