Hi All I also was in Melbourne yesterday.
Firstly I would like to than all those that have posted here about IAM.... the information we have gleaned IMO is excellent, so a BIG shout out to all of them.
A few things I took away from the preso not in any particular order.
1. IAM are taking these customers on their grounds.... the only concession made was to Sentry and is for the 6 month exclusivity only. As I understand it from yesterday not all of Sentry's planners may come across to IAM... they have the choice. But PC was quick to affirm that the movement is from the ground up, so planners are pressuring Sentry not so much the other way around.... this will be a raising of the tide I believe he said. I like that. The benefit of the 6 months for Sentry is that small planners that want the system will have to join Sentry to get it, expanding Sentry's business and ergo IAM. Beautiful.
2. PEZAor PESA not sure now, is worth its weight in gold to IAM. It basically creates a moat in the Philippines as MF explained that anyone trying for it now is unlikely to get it because its for first mover advantage. So any competition will be competing from a much higher cost base. A big win for IAM IMO, and a big win for MF.....hit those targets!
3. This was of particular interest to me. I have often wondered at the quality of the offshore work. Well yesterday that was well and truly put to rest for the Philippines at least. MF said they train the staff to RU 146 compliance in 4 days. He said Sharon did it in 4 days, took a bit of work but did it. I asked the question directly was the 4 day period deliberate his answer an unequivocal, YES. They deliberately put them under extreme pressure. He went on to say that most of the one's that pass are in the top 1%...... engineers ect.
A side note was that he was not as confident of getting the standard he wanted in India initially and the reason he concentrated on the Philippines.
4. They intend to keep their staff. MF said out of 75 only 1 has left another left for 2 weeks but returned. They have significant financial incentives to stay for 5 years I think the term was, he didn't explain what they were.
If anyone that was there thinks I am off the mark please say so.
MF put his own coin into this which he has now received as shares [ not his or IAM's preference I believe ] and has now been frozen for 2 years by asic. His belief in this is self evident.
PC is staking his professional credibility on IAM.
IAM firmly of the belief that we have something more valuable than management buying on market, we have something money can't buy, contacts, experience, professional credibility and lastly desire to see it work and work it will IMO.
The only downside I can see atm is, are we going to see IAM reach its full potential before someone else wants it? I hope when that day comes...and it will IMO, that holders really see the value IAM could bring.
Best of luck to all holders, as I said to my wife when I came out....... A Unicorn with a moat what's not to like? DB
IAM Price at posting:
4.6¢ Sentiment: Buy Disclosure: Held
