BRN Discussion Ongoing
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supersonic001
Regular
Realinfo
Regular
Roger Dodger’s full and unexpurgated commentary to the AGM…
’My name is Roger Manning and I’ve been a shareholder since 2016.
Last year, I suggested our company was one that showed potential. Twelve months on, very little has changed, although it would be fair to say it’s potential has been enhanced.
Last year I questioned the merits of paying yourselves the level of remuneration you were asking shareholders to approve. I said it was premature and excessive and that it should only be paid after it was earned, by achieving things above and beyond what shareholders could reasonably expect from simply doing your job. But approve it we did…and in 2022, pay it you did.
It may surprise shareholders to learn that in 2022, our chairman and other directors paid themselves more than their peers at BHP and CBA…companies that in 2022 generated billions in profits and paid their shareholders billions in dividends. It may also surprise shareholders to learn that in 2022, our CEO was paid a similar amount to his counterparts in the same companies.
Last year we we’re told…judge me not on effort, but on results. We can debate until the cows come home what constitutes results, but with public companies, the sole arbiter of results and success is demonstrated by the share price. On this day last year, it was $1.27…today it’s 40 odd cents.
The level of remuneration you’re asking us to approve for 2023 simply adds insult to shareholder injury. Once again, it’s premature and excessive. I believe you’ve lost sight of reality, when it comes to what is above and beyond what can reasonably be expected from simply doing your job, and thus be rewarded, and what is simply doing your job.
If you’re dinkum about your commitment to our company, then pay yourselves your already generous basic salaries and nothing more, until our company earns more than it spends.
I believe you all have a sense of entitlement, and this must end.’
I will leave it to your vivid imaginations, how this text came into my possession.
I must say that I was surprised by the vote on remuneration. It was not merely a strike, but for mine the vote was lost, rejected, thrown out by a majority of shareholders. Me myself personally thinks this is more than just a strike, but I stand to be corrected.
Roger and out !!
’My name is Roger Manning and I’ve been a shareholder since 2016.
Last year, I suggested our company was one that showed potential. Twelve months on, very little has changed, although it would be fair to say it’s potential has been enhanced.
Last year I questioned the merits of paying yourselves the level of remuneration you were asking shareholders to approve. I said it was premature and excessive and that it should only be paid after it was earned, by achieving things above and beyond what shareholders could reasonably expect from simply doing your job. But approve it we did…and in 2022, pay it you did.
It may surprise shareholders to learn that in 2022, our chairman and other directors paid themselves more than their peers at BHP and CBA…companies that in 2022 generated billions in profits and paid their shareholders billions in dividends. It may also surprise shareholders to learn that in 2022, our CEO was paid a similar amount to his counterparts in the same companies.
Last year we we’re told…judge me not on effort, but on results. We can debate until the cows come home what constitutes results, but with public companies, the sole arbiter of results and success is demonstrated by the share price. On this day last year, it was $1.27…today it’s 40 odd cents.
The level of remuneration you’re asking us to approve for 2023 simply adds insult to shareholder injury. Once again, it’s premature and excessive. I believe you’ve lost sight of reality, when it comes to what is above and beyond what can reasonably be expected from simply doing your job, and thus be rewarded, and what is simply doing your job.
If you’re dinkum about your commitment to our company, then pay yourselves your already generous basic salaries and nothing more, until our company earns more than it spends.
I believe you all have a sense of entitlement, and this must end.’
I will leave it to your vivid imaginations, how this text came into my possession.
I must say that I was surprised by the vote on remuneration. It was not merely a strike, but for mine the vote was lost, rejected, thrown out by a majority of shareholders. Me myself personally thinks this is more than just a strike, but I stand to be corrected.
Roger and out !!
OutbackJohn
Member
Well, its been quite a pile on since the AGM….
Yesterday came away disappointed, but a quiet read thru of the Chairmans & CEO addresses this morning has re-excited me about BRN prospects.
Sean may not be the gifted orator expected by some. For ASX rule purposes he had to stick strictly to the script and was put under too tight a time frame to deliver his speech by the Company. I believe he has changed for the better the focus and structure of our company. That was needed and he deserves the thanks of shareholder.
Most importantly he knows how to put a technology adoption roadmap together!
AGM Quote: we are “building a a commercialisation engine!”. I like the word Engine.
Previously the strategy followed was that all we needed to do was build a better mousetrap and sales would follow. We have all learned we need to bait the trap as well!
(As an aside, one day the market will realise that our mousetrap is quite disruptive. I wonder did it have a code name C.A.T).
I like having the Research, Marketing, Engineering, Sales functions aligned for commercial success, underpinned by quality staff. A company culture focussed on commercialisation and turning technical leads into sales is primed for success. Fundamentally we have been positioned right in the middle of the coming neuromorphic revolution. According to independent research reports the addressable markets are very large.
OK, income haven’t come as quickly or as strongly as we would like. Big Negative.
So we may have to forget for the moment income coming from markets where good enough alternatives exist. EG smart Doorbells?
But where there is demand for advanced object detection, sequence prediction, low power and self learning requirements Akida comes into its own. EG Self Driving Automobiles. That market will focus on products that give a technology edge and will be prepared to pay for it.
AGM Quote: “it is important to note that we are not losing to others - it’s just taking longer.”
This morning we have had confirmation that Brainchip’s world leadership in edge AI on-chip processing and learning is being protected in the USA ( arguably the world’s most important AI technology powerhouse). That augurs well for future market positioning and success.
Finally Shareholders and the market do not like surprises. Hopefully our Board will get the message.
Communicating with shareholders and bringing them on board with Management plans and actions is 101 Shareholders Relations.
Why were Board Members not introduced to the meeting yesterday?
Why not ask Board Members to say a few words about why they are working for the Company’s success, and to explain how they are making an impact on the success of the Company. Shareholders better knowing and understanding the global quality of Board Members could take the heat out of Remuneration Motions.
One of the strengths of our Company is the technical expertise and knowledge of Company Leaders. Understandably their focus is on disseminating technical news to technology ecosystems etc. They talk that language. But this needs to be balanced by better understanding the needs and concerns of Shareholders.
People have responded well to the Chairmans address and explanation of the technology development cycle
I don’t see why this (and similar explanations) could not have been earlier circulated to Shareholders in a series of “Briefing Documents”. These would be educational in nature. They could help shareholders understand the technical and market commercialisation challenges faced by the company and provide some comfort to shareholders about the directions the company. Much better than being hit with unexpected news at a AGM.
The appointment of a Communications Expert would be welcome.
As always, just my opinion.
OutbackJohn
Yesterday came away disappointed, but a quiet read thru of the Chairmans & CEO addresses this morning has re-excited me about BRN prospects.
Sean may not be the gifted orator expected by some. For ASX rule purposes he had to stick strictly to the script and was put under too tight a time frame to deliver his speech by the Company. I believe he has changed for the better the focus and structure of our company. That was needed and he deserves the thanks of shareholder.
Most importantly he knows how to put a technology adoption roadmap together!
AGM Quote: we are “building a a commercialisation engine!”. I like the word Engine.
Previously the strategy followed was that all we needed to do was build a better mousetrap and sales would follow. We have all learned we need to bait the trap as well!
(As an aside, one day the market will realise that our mousetrap is quite disruptive. I wonder did it have a code name C.A.T).
I like having the Research, Marketing, Engineering, Sales functions aligned for commercial success, underpinned by quality staff. A company culture focussed on commercialisation and turning technical leads into sales is primed for success. Fundamentally we have been positioned right in the middle of the coming neuromorphic revolution. According to independent research reports the addressable markets are very large.
OK, income haven’t come as quickly or as strongly as we would like. Big Negative.
So we may have to forget for the moment income coming from markets where good enough alternatives exist. EG smart Doorbells?
But where there is demand for advanced object detection, sequence prediction, low power and self learning requirements Akida comes into its own. EG Self Driving Automobiles. That market will focus on products that give a technology edge and will be prepared to pay for it.
AGM Quote: “it is important to note that we are not losing to others - it’s just taking longer.”
This morning we have had confirmation that Brainchip’s world leadership in edge AI on-chip processing and learning is being protected in the USA ( arguably the world’s most important AI technology powerhouse). That augurs well for future market positioning and success.
Finally Shareholders and the market do not like surprises. Hopefully our Board will get the message.
Communicating with shareholders and bringing them on board with Management plans and actions is 101 Shareholders Relations.
Why were Board Members not introduced to the meeting yesterday?
Why not ask Board Members to say a few words about why they are working for the Company’s success, and to explain how they are making an impact on the success of the Company. Shareholders better knowing and understanding the global quality of Board Members could take the heat out of Remuneration Motions.
One of the strengths of our Company is the technical expertise and knowledge of Company Leaders. Understandably their focus is on disseminating technical news to technology ecosystems etc. They talk that language. But this needs to be balanced by better understanding the needs and concerns of Shareholders.
People have responded well to the Chairmans address and explanation of the technology development cycle
I don’t see why this (and similar explanations) could not have been earlier circulated to Shareholders in a series of “Briefing Documents”. These would be educational in nature. They could help shareholders understand the technical and market commercialisation challenges faced by the company and provide some comfort to shareholders about the directions the company. Much better than being hit with unexpected news at a AGM.
The appointment of a Communications Expert would be welcome.
As always, just my opinion.
OutbackJohn
Good Afternoon Realinfo,
Bloody Ledgend.
This was perhaps one of the top three questions / statements put to the board , to try and justify.
The sense of outright entitlement truely is above and beyond.
Top job.
I have refrained from commenting on the AGM .
Regards,
Esq.
Sam
Nothing changes if nothing changes
I tend to agree mate, only a week ago or so Szl asx went from .60c - $22 overnight once listed on Nasdaq
Unsure what the requirements are?!
buena suerte :-)
BOB Bank of Brainchip
AwesomeThis made me laugh ,
Bloody brilliant
Simon te Brinke GAICD on LinkedIn: #tech #autonomousvehicles #technology #autonomousdriving
Watch the beautiful reactions from these two elderly gents as they take a ride in an autonomous Uber 😊 #tech #autonomousvehicles #technology…www.linkedin.com
Cirat
Regular
From an ASX Release 24 May 2023 "Sezzle, advises that following the implementation of the reverse stock-split as approved by stockholders at the Special Stockholder Meeting held on 24 April 2023, on a 38 for 1 basis"I tend to agree mate, only a week ago or so Szl asx went from .60c - $22 overnight once listed on Nasdaq
Unsure what the requirements are?!
Not Financial Advice, DYOR
Boab
I wish I could paint like Vincent
.60 X 38 = $22.80 ripped off
Looking forward to AkidO 2975 which will make us rich.... one day...
I don't understand... I thought we had heaps of engagements and feedbacks from all these EAPs hiding behind NDAs when we were designing our NSoC... and feedbacks were very exciting, promisimg and everyone loved it........ but now we r saying it was only meant to be step 1 and 1.5......
we keep engaging many many many many EAPs but still release some sort of incomplete product only useful for few customers...
robsmark
Regular
Something doesn’t smell right here. I know nothing about SZL, but a quick look at the numbers indicate the following - MC $118.9m, SP $21.87. If we divide this market SP by the SP last week ($0.60) it means the stock has roughly 36x in a week (assuming no reverse split has taken place). If we divide the market cap by 36, this tells us the MC before NAS listing was $3.3m - hardly comparable to Brainchip is it?I tend to agree mate, only a week ago or so Szl asx went from .60c - $22 overnight once listed on Nasdaq
Unsure what the requirements are?!
Right now a listing on the NAS would cost us a fortune, expose us to much more liquidity (meaning more shorting) and much bigger prey - all in all likely a death sentence. I’ve said it before and I’ll say it again - let’s outgrow the ASX before we even consider listing on an American tech index. Tony and I have spoken about this and at that point in time he agreed.
The SP needs to grow the old fashioned way - with proven sales and commitment from customers. Management and the team need to ensure this happens by doing their jobs well. Jobs which they are paid well to do.
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krugerrands
Regular
I tend to agree mate, only a week ago or so Szl asx went from .60c - $22 overnight once listed on Nasdaq
Unsure what the requirements are?!
"To satisfy the minimum US$4.00 bid price required by the initial listing requirements of the Nasdaq Global Market, the Company’s Board of Directors has approved, subject to stockholder approval, a reverse split of the Company’s common stock."
"...anticipates completing each of these activities no later than September 30, 2023."
Not listed on NASDAQ, just intends to.
1-for-38 reverse stock split to increase the price of a single share in order for them to list on the NASDAQ as per requirement above.
The $22 is thus worth ~58c before 1-for-38 reverse split.
robsmark
Regular
This sounds about right.
mrgds
Regular
HaHa, ........................... speaking of AKIDO
Did anyone else pick up on "Heyheys" AKIDO moment during his address to shareholders?
Reading his script, he meant to say Ai, but inturn actually said A arm, ..................................
Mmmmmmmmmmm ............................ fraudulant slip?
Mmmmmmmmmmm ............................ just too stoned?
Of course it was the jet lag, and the wrong reading glasses.
Great point OJ
Why weren"t the other "panelists" included in giving a brief summary of their year as they saw it?
AKIDO BALLISTO
AARONASX
Holding onto what I've got
There are rules that you need to meet to list on the NASDAQI tend to agree mate, only a week ago or so Szl asx went from .60c - $22 overnight once listed on Nasdaq
Unsure what the requirements are?!
I would think when the time come they would priorites this as a priority...well bloody hoping!
Must be at least $4.00. (may qualify under)
-This can be fixed with a reverse-split,...as for the ones below, we are well off meet all of them today!
Standard No. 1: Earnings
pre-tax earnings in the prior three years of at least $11 million, in the previous two years at least $2.2 million, and no single year in the prior three years can have a net loss.
Standard No. 2: Capitalization With Cash Flow
The company must have a minimum aggregate cash flow of at least $27.5 million for the past three fiscal years, with no negative cash flow in any of those three years. Also, its average market capitalization over the prior 12 months must be at least $550 million, and revenues in the previous fiscal year must be $110 million, minimum.
Standard No. 3: Capitalization With Revenue
Companies can be removed from the cash flow requirement of the second standard if their average market capitalization over the past 12 months is at least $850 million and revenues over the prior fiscal year are at least $90 million.
Standard No. 4: Assets With Equity
Companies can eliminate the cash flow and revenue requirements and decrease their market capitalization requirements to $160 million if their total assets total at least $80 million and their stockholders' equity is at least $55 million.
What Are the Listing Requirements for the NASDAQ?
Only companies with a solid history and top-notch management behind them are considered for listing on the NASDAQ.
Easytiger
Regular
Who is requiring the NDA - BRN or the potential to be customer?
I am not sure the latter has the power/ choice if our product is, what the say.
Sean most likely IMO felt he was in the Lions Den.
In the April Investor presentations he spoke very confidently. Not dealing with a hostile audience.
He now, after yesterday's mauling has the incentive to get it right for next year. I would expect revenue and some pretty good developments before then.
AGMs' are held pursuant to ASIC legislation so forward looking statements have to be made with 'surety'. Hence none. We will be getting royalties from Companies making sales. BRN has no control over the actual sales.
In the April presentations Sean said he had a line of sight to Revenue intimating to roughly coincide with staff levels peaking around 100 at end 2023 or earlyish 2024. In answer to a question he said he could not provide a break even date - understandable.
He did say Renesas chips will be available in the coming months.
He also said if you want a truly Edge device commercially ready it has to be BRN.
He also said once the company had built revenues to high levels forward estimates can more easily be provided.
He mentioned gross margins will be high once sales built up. He mentioned 90% i think using ARM as an example.
It comes down to whether holders believe BRN has a future and if so whether you can wait.
I must admit to being an incurable optimist in all things in life.
Links to presentations you may well have already seen:
Vladsblood
Regular
Jeez. There's plenty of evidence from his interviews that he's busy. Then we expect him to deliver a brilliant speech. He could likely have been preparing for his next interview, interrupted fielding calls from potential customers etc etc etc.
supersonic001
Regular
Agree @Slade , spot on, i feel that both, but mainly Renesas, have been fundamental in the review, feedback and now move to Akida 2.0.....
When you're inventing something from scratch it takes time people to get it in ultimate shape and working order, before it can be safely and confidently released to market, and customers feedback is crucial to this event happening.......
Remain Cool Calm Collect !
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