Summary of Sydney Roadshow Time: 5:30 to 7:15 pm Attendees:...

Summary of Sydney Roadshow

Time: 5:30 to 7:15 pm
Attendees: Roughly 35-40. Pat and Mark Fisher were both physically present.

I won't rehash everything that has been mentioned before, but apologies for the repetition if there is.

The tone was a bit more serious this time around compared to the November roadshow. Clearly Intiger respects all shareholders, however, there is clearly frustration with the information that has previously been distributed by IAM and which some IAM shareholders (or non-shareholders) have potentially exploited. This resulted in some very clear messages from Pat and Mark, such as:

1. The company has learned from previous experience about making precise objectives each quarter which people have taken to be gospel. This is then reflected in the share price.
2. Disclosure of clients won't occur anymore except for Sentry and NAB or where future clients approve the disclosure.
3. IAM have been fielding phonecalls and queries from their clients (licensees/practices) from IAM Shareholders asking about whether pilots are still going or not. Personally, I was shocked to hear this and can understand IAM's frustration as this distracts them from the core part of their business
4. IAM are aware of their obligation to communicate material information to the market. If the recent TH involved Sentry or NAB, they would have mentioned this as part of their obligation. In addition, IAM have stated that if no announcement has been made, then status quo remains.
5. Some of the comments and behaviours from posters on HC was called out. IAM have no right of reply so they cannot defend themselves to any comments posted here. I'm not here to tell anyone what to post/not post...everyone is responsible for their own comments and actions. Just note that the company has previously disclosed more than what was legally required for the benefit of shareholders, but will now pare this back due to some of the reactions from shareholders. In short, we have shot ourselves a bit in the foot here.

Other Points:

1. Their goals are simply M1-M4. Full stop.
2. They are not looking to replace PC's old Director role now that he's Chairman.
3. Everyone agreed MF is a keyperson risk to the business. Measures have been taken such as delegating work to Sharon, Tim and Charles, but their is still residual risk.
4. Klip is complete and ready to go. But not yet rolled out.
5. Lilly is nearly complete and in testing phase
6. The shift from targeting licensees to individual practices does not affect the revenue path and roadmap for M1-M4. There is a view that this may assist in getting there faster if there is a bottom-up push to licensees due to demand
7. We know Sentry and NAB pilots are complete. IAM declined to answer what work is happening right now between those clients. They are working through next steps and announcements will be made when required
8. IAM will not be releasing forecast volumes of SOAs, processes or practices onboarded (for obvious reasons)
9. MOU2, 3, 4 etc...Are all still work in progress.
10. Privacy concerns with IAM's clients sending work overseas has been resolved with updating of their Privacy Statement. No negative comments or feedback from clients about this as yet.
11. [Subtly] Seeing as though IAM have developed offshore resources and processing automation, it would be good to see where this leads to as far as AI and Robotics. I'm sure the management are aware of the opportunities here
11. The recent trading halt was categorically and absolutely the right thing for IAM to do. No one can and should doubt this anymore
12. The focus for IAM is solely on Australia and within Financial Planning industry
13. IAM obviously have their own internal modelling and forecast projections on how to achieve M4. They seem confident with this still.
14. IAM are working through what metrics most accurately capture and demonstrate the growth of the business (aside from revenue). For example, is # of Practices, # of SOAs or Processes, # of Advisers etc...
15. Marketing of the new portal is not an issue for IAM. They have contacts throughout the industry and previous list of potential clients wanting their service, word of mouth, industry conferences and industry publications are just some examples.
16. They are an agile and disruptive business themselves (as well as to the FP industry). IAM move quick when they see opportunity (e.g. portal), while staying true to their core objective (assisting FP's provide more advice to mums and dads)

Overall, my personal thoughts:

* Still very hard for new investors to make a decision to invest without any leading metrics/finances being revealed. Therefore, IAM is ideally suited to fundamental investors that take the time to look into their business, understand it and are willing to hold for the long term
* I still hold a number of shares (since SRT days) and will not be selling.
* I still have faith and confidence in management. The recent backlash and hiccups are not part of my decision to hold or not, despite negative sentiment from many others.
* Having worked in the FP Industry for many years and understand the challenges (operational, technical and regulatory), I believe IAM are in a unique position to be successful and meet their milestones. Their technology solutions (Lilly and Klip and now the portal), their disruptive mindset, management and ability to execute on their strategy to date deserve credit and far outweigh the slack they have received around recent announcements.

Finally, thank you to Mark and Pat for your time this evening.

Over and Out,

Bodhi_Trader