Roadshow information summary

Thanks to everyone who made it to the roadshows and took the time to give us their accounts.Thought I might try summarise the key points from the roadshows.

NB: this is intended to be a summary of the concrete information, not the Pivacs hopes and dreams or attendees’ assessment of body language or reading between the lines or any other speculative topic.

1. When will the outdoor builds happen? No info given. Can’t or won’t say. Would not commit to it happening in 2020.
2. What is preventing the outdoor builds from happening? No answer given, although at least one engineering problem (cooling) was identified. The problem is currently being addressed.
3. Will there be another credit raise and if so when? No info given. Would not rule it out in the near term or otherwise. Will keep raising for “as long as it takes”. Cash burn is currently $2.6m per month, so fresh funds will be needed by mid-2020.
4. Why a credit raise now and not after positive news? Would not say. Alleged confidentiality issue.
5. Will the next set of performance shares be issued? Yes, by means of a related party transaction which will meet the revenue criterion without actually adding to the bottom line.
6. Why are non-exec directors not buying at these levels? Not asked, no info volunteered.
7. Dors the HX work now? If not what is the problem (noting that is allegedly passed FAT and built a house ~12 months ago)? Not asked, no info volunteered.
8. What is the status of cooperation with CAT and WB? No info provided. Did explain that CAT’s proposal was seen as delivering too little return over too long a timeframe. CAT has sold its shares and no longer has a stake.
9. Shareholder comms: the company is happy with the current approach with no proposal to change.

There are apparently ASX listing rule/commercial confidentiality reasons for many of the non-answers, but they were not explained. I am no corporations law expert but I’ve never seen a company take the view that it cannot provide basic updates on high level technical and commercial progress because that would breach a listing rule or commercial confidence or jeopardise IP.

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Have I missed or misstated anything? Please add or correct as appropriate. To emphasise - keen for concrete info on concrete issues. Not aspirations or hopes from the Pivacs of guesswork from shareholders. That’s been covered at length in other threads.