Key activities since late 2020

Thought I would pull a post together with some key information on UUVs activities since late 2020.

1. Changes to the Board

The Dec-20 quarterly noted a number of key changes to the board which signal an end to the aquatic drone focus:

• Outgoing - Peter James (UUV Chairman from the UUV IPO), Rear Admiral Jay Cohen (Director from the UUV IPO and former nuclear submarine commander) and Robert Clisdell.
• Incoming - This quarter saw Winton Willesee appointed as Chairman and Erlyn Dale and James Bahen appointed as Directors of UUV.

2. Current state of affairs

The Dec-20 quarterly also included some key information about operations moving forward:

• Cessation of ATC - "UUV's wholly-owned, US-based subsidiary Aquabotix Technology Corporation(“ATC”) has ceased the active conduct of its business operations during the period." The quarterly also noted that all ATC-related legal issues have been resolved as a result of bankruptcy of ATC.
• Cash burn - While UUV spent ~$400k over the last quarter, this was primarily tied to the wind-up of ATC. The report notes "The Company notes that with the end of trading for ATC the cash requirements of the Company will decrease significantly."
• Next steps - "The Company is now well funded for its next chapter of development." and "Having cease its operations in the US it is now seeking
  new opportunities."

3. Looking forward

It is worth looking into the background of the new Directors to understand how UUV may be repositioned.

• Winton Willesee/Erlyn Dale - considerable Board experience on a range of ASX-listed companies. In particular, both Winton and Erlyn head up Azalea Consulting, which is a company focused on Company Director/Secretary services. Through this consulting service they have had the opportunity to work with and sit on the Boards of a range of ASX companies including Nanollose (NC6), Creso Pharma (CPH) and New Zealand Coastal Seafoods (NZS). One interesting thing to note is the role Winton/Erlyn played in executing a Reverse Take Over (RTO) of NZS from a shell company called xTV Networks. Winton led this RTO through his role on the board of xTV which was effectively a shell at that point in time.
• James Bahen - James is an Executive at SmallCap Corporate. This consultancy notes that their "core competency is providing Corporate Advisory, IPO and RTO Management services to our clients". James' past experience seems to be linked to mining companies but it's not hard to see why he has been brought on.

The outstanding question would be what will UUV reposition into from a sector perspective. The recent appointment of both Winton and Erlyn to the AR9 board to strengthen governance and compliance could hold a clue but unsure exactly how linked this may be.

In terms of the chart/large volumes over the past few weeks, I covered that in my chart post here.