BRN Discussion Ongoing

[SERA2g]

Hi all

Addressing a few 'concerns' some people have raised here.

@Esq.111 in relation to this post concerning Anil's shares not reconciling

Anil holds his shares via Merrill Lynch which is a nominee account. My understanding is that the balance showing in the Top 50 report includes all shares that Merrill Lynch holds on behalf of its clients. This could include Anil and who knows how many other shareholders. The 10m variance may be a result of other shareholders having sold their shares which then affects the balance held by Merril Lynch, but not the shares held on behalf of Anil. This might explain why no announcement has been issued regarding Anil's shares being sold, because he hasn't sold any.

If Anil has sold some there there's obviously a reporting issue that needs to be resolved.

@Fullmoonfever mentioned in this post that Anil is below 5% so no need to report.

That's incorrect as far as I'm aware. ALL director share sales and purchases need to be reported to the market, irrespective of % held at time of transaction. The 5% rule only applies to shareholders who are not directors but have a substantial holding being 5% of the shares on issue. This goes hand in hand with the response to Esq.

@AARONASX seems to have an issue with RSU's that have been issued in this post

RSU's are restricted stock units. They are not ordinary shares held by the directors. RSU's are issued to the directors but have effectively nil value. The director needs to satisfy a KPI or performance result in order for the RSU's to convert to ordinary shares. This reflects the performance shares that will be available to the directors if they meet their KPI's for the year ahead. It doesn't relate to the past year's performance.

 

[Esq.111]

Afternoon SERA2g ,

According to BRN s ASX announcements......... On 21/12/2023 . Ceasing to be a substantial holder notice was issued stating Anil had dropped below the 5% .

This notice form was dated 31 / 10 / 2022 ...yet only decided to sign the document on 21 /12/2023 .....

ONLY 14 MONTHS AFTER THE EVENT. ???????

*Photo included of document,


Document states Anil held 84, 999,833 shares on 21/12/2023
Latest Top 50 List indicates Merrill Lynch 76,842,009 shares on 28/4/2024

Decrease of 8,175, 824 Shares . Possibly more , as you have pointed out SERA2g , Merrill potentially hold others shares within this structure.

Regards,
Esq.

 

[7für7]

If TSE would be a movie

 

[Diogenese]

From the good guys.

View attachment 61826

Daily sales : 3,256,385

 

[White Horse]

Hi all

Addressing a few 'concerns' some people have raised here.

@Esq.111 in relation to this post concerning Anil's shares not reconciling

Anil holds his shares via Merrill Lynch which is a nominee account. My understanding is that the balance showing in the Top 50 report includes all shares that Merrill Lynch holds on behalf of its clients. This could include Anil and who knows how many other shareholders. The 10m variance may be a result of other shareholders having sold their shares which then affects the balance held by Merril Lynch, but not the shares held on behalf of Anil. This might explain why no announcement has been issued regarding Anil's shares being sold, because he hasn't sold any.

If Anil has sold some there there's obviously a reporting issue that needs to be resolved.

@Fullmoonfever mentioned in this post that Anil is below 5% so no need to report.

That's incorrect as far as I'm aware. ALL director share sales and purchases need to be reported to the market, irrespective of % held at time of transaction. The 5% rule only applies to shareholders who are not directors but have a substantial holding being 5% of the shares on issue. This goes hand in hand with the response to Esq.

@AARONASX seems to have an issue with RSU's that have been issued in this post

RSU's are restricted stock units. They are not ordinary shares held by the directors. RSU's are issued to the directors but have effectively nil value. The director needs to satisfy a KPI or performance result in order for the RSU's to convert to ordinary shares. This reflects the performance shares that will be available to the directors if they meet their KPI's for the year ahead.

Hi SERA,
As far as the ASX history of Directors is concerned, Anil has never been a Director. So only the 5% rule applies.
So if he has under 5% it it's none our business how many shares he holds.
There's a lot of very precious people on this forum that should sell before they develop health problems.

 

[Diogenese]

Daily sales : 3,256,385

Investors have been rushing to the exits at a quarter of the rate of a normal day's trade.

They can't get to the exits because the turnstiles are blocked by bloated shorters bots and manipulators ...

 

[SERA2g]

Hi SERA,
As far as the ASX history of Directors is concerned, Anil has never been a Director. So only the 5% rule applies.
So if he has under 5% it it's none our business how many shares he holds.
There's a lot of very precious people on this forum that should sell before they develop health problems.

Thanks mate! I should have double checked but, you're correct, he is not a director and therefore the 5% rule applies to Anil so unless he's swinging in or out of that threshold, a change in substantial shareholding announcement is not required.

My point that he may not have sold anything given it is a nominee account is still valid in any case.

Good work Horsey <3

 

[SERA2g]

Afternoon SERA2g ,

According to BRN s ASX announcements......... On 21/12/2023 . Ceasing to be a substantial holder notice was issued stating Anil had dropped below the 5% .

This notice form was dated 31 / 10 / 2022 ...yet only decided to sign the document on 21 /12/2023 .....

ONLY 14 MONTHS AFTER THE EVENT. ???????

*Photo included of document,


Document states Anil held 84, 999,833 shares on 21/12/2023
Latest Top 50 List indicates Merrill Lynch 76,842,009 shares on 28/4/2024

Decrease of 8,175, 824 Shares . Possibly more , as you have pointed out SERA2g , Merrill potentially hold others shares within this structure.

Regards,
Esq.

Howdy Esq!

Thanks for that. Looks like he originally fell out of the 5% because or others buying or dilutionary share issues given that notice from December 2023 doesn't indicate he sold shares causing him to fall out.

If Merril now hold less shares in April 2024 than Anil held in December 2023 it would make sense that Anil sold shares. The only way this is not the case is if some of his shares have been transferred to another entity that he owns, ie his superannuation fund. This would reduce the Merrill Lynch balance and no announcement would be needed until he re-enters the top 5% upon buying more shares or others in the top 5% selling.

With all that said, the likelihood is that he has in fact sold shares.

 

[jtardif999]

Hi all

Addressing a few 'concerns' some people have raised here.

@Esq.111 in relation to this post concerning Anil's shares not reconciling

Anil holds his shares via Merrill Lynch which is a nominee account. My understanding is that the balance showing in the Top 50 report includes all shares that Merrill Lynch holds on behalf of its clients. This could include Anil and who knows how many other shareholders. The 10m variance may be a result of other shareholders having sold their shares which then affects the balance held by Merril Lynch, but not the shares held on behalf of Anil. This might explain why no announcement has been issued regarding Anil's shares being sold, because he hasn't sold any.

If Anil has sold some there there's obviously a reporting issue that needs to be resolved.

@Fullmoonfever mentioned in this post that Anil is below 5% so no need to report.

That's incorrect as far as I'm aware. ALL director share sales and purchases need to be reported to the market, irrespective of % held at time of transaction. The 5% rule only applies to shareholders who are not directors but have a substantial holding being 5% of the shares on issue. This goes hand in hand with the response to Esq.

@AARONASX seems to have an issue with RSU's that have been issued in this post

RSU's are restricted stock units. They are not ordinary shares held by the directors. RSU's are issued to the directors but have effectively nil value. The director needs to satisfy a KPI or performance result in order for the RSU's to convert to ordinary shares. This reflects the performance shares that will be available to the directors if they meet their KPI's for the year ahead. It doesn't relate to the past year's performance.

I have to differ on the RSUs. RSUs are awarded for performance and vest into ordinary shares over a designated time frame. So provided the employee stays with the company they are rewarded for that loyalty by way of the vestment. That is my personal experience of RSUs.

 

[TECH]

Well i might as well add in my 2 cents seeing how thats what everyone else is doing!!!

If i could just vote to get rid of the CEO I would be a happy chappy. I like the rest of the board i just cant stand Sean...

Last year at the AGM in Sean's address he said the following:

"As I stood before you last year, just a few months into the role as CEO, I already had determined that radical changes needed to take place in our sales effort. Our processes needed vast improvement, our sales talent wasn’t appropriate for this market, and our coverage was limited geographically. Over the course of the year, I have brought on a new veteran sales leader, retooled, or replaced existing sales personnel and expanded our coverage to a much broader US presence and international coverage including Korea, Japan, and Europe."

So these radical changes resulted in what? Rob TELSON being moved sideways (or retooled) to another role and veteran sales leader Chris STEVENS being hired..... Well Chris STEVENS was a flop and we were not even told he quit/got fired until somebody messaged Tony after somebody else on here found his Linkdin had changed......

The other thing that annoys me is he is literally stating he come to the company and identified the sales team was crap and needed changing. The same sales team that sold 2 IP contracts which is an amazing effort if you also take into consideration Seans other bold statement about Brainchip when he arrived, That being:

"As we engaged with prospects in the first half of the year, we heard consistent feedback from virtually all engagements, which was while Akida 1.0 was, and is, at leadership levels of performance and power, the addressable number of uses cases was arguably narrow and targeted in places where existing “good enough” solutions were already in place. We simply were not going to be successful with the Version 1 product."

So upon reflection we simply were not going to be successful with version 1 of Akida and we needed a new sales team to sell the next version.

So in one corner of the ring we have Rob Telson with a pretty average sales team, a narrow product that landed two IP deals and also got partnerships with Mercedes, NASA, Ford, Socionext to name a few.

In the other corner with have Sean HEHIR, who is onto his second head of sales, has had the 2nd generation chip available to EAPs since March 2023 and general availability since October 2023 but no IP Contracts..

So what has Sean added, The Ecosytem seems to be what he hangs his hat on along with the 2nd generation chip. I would argue we already had an ecosystem before he arrived because Louis DiNardo stated we had around 100 NDAs. Then Sean said in a recent interview that it takes "several months to a year for a customer to make a decision once they have our IP". The second generation chip has been in the hands of EAPs for 13 months and general availibility for 7 months.....

In my opinion Sean has been a failure as our CEO.

ill leave you with the following quote from the end of his address at last years AGM:

Commercially, we finally have the team and processes in place to engage broadly and deeply. We will aggressively market, partner and sell globally over the next 12 months; and while the transformation will never fully complete, it has put us in a much better position to win engagements.

Euks

Hi Euks,

Your comments I consider to be fair, as this is what this forum is all about, to be as balanced as possible, both positive and negative, your
post contains fact and opinion, which I think is also fair.

My view is that Sean, as a new CEO is basically halfway through his original 5 year business plan, we simply aren't privy to what's bubbling
under the surface, I could ask Peter or Anil how they rate Sean's performance/work ethic to date, but that would be totally disrespectful.

2 years ago I reviewed my own investment and came to the conclusion that by January 2025 I would feel totally at ease to make a performance
judgement call, that's still 8 months off and I am confident that my patience will be rewarded, not massively, but a new trend will be visible on
the revenue front.

Reading all the comments about our first quarter, jumping straight to the cash receipts when the results were published yesterday, yes I was
disappointed like you all, but my heart was telling me, I knew the answer all along, it's "just too early" as hard as it is to accept that fact, it's the
truth.

Is the company to blame, absolutely not, they are working as hard as ever, I know they are, can I convince you or others, no I can't.

Just think about when the 2 IP contracts were solidified, over 3 years ago approximately and how many products have been released to date
by these giants ? is that the Brainchip teams fault ? absolutely not, it's the process that is being played out in front of us in real-time !

If every retail shareholder had sold out at above $2.00 this conversation wouldn't be taking place, most of us would be in the top 50 after having
bought back in at 0.14 (obviously sarcasm)...as I was fully aware of, Peter was never planning on selling any shares when he retired, the individuals and I mean the key individuals will see this through to the end.

This talk about a 2nd strike really upsets me, it is reactionary, emotionally driven, possibly people with agendas, but I can only say to this
forum that, I personally know a number of our key staff, they aren't sharks, lifestyle low life's, but dedicated, hardworking professionals all
driven, trying to make a difference, a positive difference....the progress over the last 2 years is way greater than you realize, this technology
is proof that Peter was/is way ahead of the mob, a vote to remove the directors now would be a grave mistake in my opinion, you would be
playing into the hands of the devil....that's the dark, empty reality...stick with us, we will prove successful.

Tech.

P.S. Hope the Perth Akida Boys have a nice night tomorrow enjoying each others company over a few beers, keep the chins up guys, the
company will deliver, despite the marathon we are enduring...love Tech

 

[Frangipani]

I noticed the Snapchat logo alongside us, which was strange, but it turns out they acquired Grai Matter Labs last month .

https://bits-chips.nl/artikel/grai-matter-labs-quietly-snapped-up-by-snap/




View attachment 61573

Hi AI_Inquirer,

FYI, GrAI Matter Labs was already acquired by SNAP last October.

In retrospect, I wonder whether the gentleman whose LinkedIn post I quoted two weeks later was also thinking about another specific neuromorphic engineering company at the time, when he wrote the following words:

After all, less than six months later, he was already representing BrainChip in talks with a company that - according to Laurent Hili from ESA - is highly interested in signing an IP licence with us…
(For those that missed the info: IR has confirmed that Dr. Tapson is engaged with our company as a part-time consultant).

Regards

Frangipani

 

[Diogenese]

Investors have been rushing to the exits at a quarter of the rate of a normal day's trade.

They can't get to the exits because the turnstiles are blocked by bloated shorters bots and manipulators ...

Oops! pardon my punctuation - it should, of course, be : "bloated shorter's bots, and manipulators"

 

[MrNick]

Ok then...

Quantum tech gets $940m Aussie boost | LinkedIn

Australia will channel a whopping $940 million into a Silicon Valley startup to help it pioneer the first commercially viable quantum computer in Brisbane. Take a look.

www.linkedin.com

 

[Easytiger]

My condensed thought for today
View attachment 61825

That’s me puppy and today she is just saying

 

[DingoBorat]

For those agitating for a spill, it may be helpful for you to reflect back on what Sean actually said last year about revenue, remuneration and the 5 year plan. I don't think there is any way you could accuse Sean of misleading anyone in relation to the company's timelines. Perhaps you need to adjust your expectations to align more realistically with the information has been communicated to you?

In this interview with the ASX Investor in May last year (11 months ago) Sean was asked the following question about how soon we can expect the "lumpy" revenue to transition into a more regular cadence:

(18.30 mins)

ASX Investor: Are you hoping to see that cadence in the next 6-12 months? Are we talking 3 years, 5 years? What are you anticipating?

Sean: I would think it's not that far out, but it's not that far in. Some where in between that right now.


(20.15 mins)

Sean: This market is big and it's very, very fragmented right now. And like all markets, there's some point where on or two or three leaders come out. So depending on your time horizon, there's no question that the market is here at the moment, there's no question that the market is big. We intend to be one or two or three of those leaders. And what that means for the market cap, I think is very hard to understand. But you can imagine if there's a big market and there's only one, two or three and you are one of those leaders, then I think it's a very large market cap.


(21.45 mins)

Sean: We're in a very, very competitive space. First of all, the heart and soul of any company, particularly in AI is the quality and the brains of their people. And artificial intelligence is the most competitive field in the world to recruit people today. Secondly, were a global company and you know we have presence in Europe, in the United States, India and here (edit: Australia) and we're recruiting everywhere - we're literally outside of those regions right now and we have to pay those kinds of packages to recruit the very best talent.


(25.00 mins) 5 year plan

Sean: Well obviously we'd have regular cadence. We'd have our licenses. We'd have grown to the level that I committed to our board that we would. But I also want to see that we're emerging as a standard. Standards take a decade to come out, but we should be well on that path as a leader in the market. We don't want to just be a participant. We want to be a leader. And we want to be a large sustainable company. My goal is to build a large sustainable company that goes on for many, may years.

"We intend to be one or two or three of those leaders. And what that means for the market cap, I think is very hard to understand. But you can imagine if there's a big market and there's only one, two or three and you are one of those leaders, then I think it's a very large market cap"


With what this Company is aiming to achieve here, the grumbling shareholders, amount to a personification of this kid, because they have to "wait" what seems an eternity to them, for their ice cream, in half an hour..

I can only hope, that the level of maturity, of the shareholders holding the sway of power in voting, is above this..

 

[Terroni2105]

Posted on X and LinkedIn by Wevolver

Wevolver on LinkedIn: The BrainChip podcast is a valuable resource for engineers interested in…

The BrainChip podcast is a valuable resource for engineers interested in the future of neuromorphic computing. In their recent episode, BrainChip's Rob Telson,…

www.linkedin.com

 

[jtardif999]

"We intend to be one or two or three of those leaders. And what that means for the market cap, I think is very hard to understand. But you can imagine if there's a big market and there's only one, two or three and you are one of those leaders, then I think it's a very large market cap"


With what this Company is aiming to achieve here, the grumbling shareholders, amount to a personification of this kid, because they have to "wait" what seems an eternity to them, for their ice cream, in half an hour..

View attachment 61872


I can only hope, that the level of maturity, of the shareholders holding the sway of power in voting, is above this..

Yeah it maybe that level of maturity but it’s in aging bodies. If I was this boys age I’d be happy for success by 2040,

 

[DingoBorat]

Yeah it maybe that level of maturity but it’s in aging bodies. If I was this boys age I’d be happy for success by 2040,

Hey I don't want to/can't wait that long either ..

But disrupting the business, is just going to make the wait longer.

The people commenting/moaning and groaning, have absolutely no idea, what it takes to build a Company, the likes of which is being built here.

It's taking more Time, than anybody envisaged, but it's not because of the people or Team of this Company.

There is one person, who I think is maybe not best suited to their job, but they are at least genuine and most definitely a "Company person".

 

[Labsy]

Who, might I ask @Labsy: are you referring/replying to ? I failed " mind reading " exams at school.

A somewhat retarded response to an opinion provider ( who ever that might have been ) IMO


Akida Ballista >>>>> relax and chill out comrades, could've been a worse result - AGM will be interesting <<<<<


hotty...

The general masses of retardedness ...no need to direct my comment and isolate any particular person... I mean no harm to anyone as that's not who I am.

 

[Frangipani]

Oops! pardon my punctuation - it should, of course, be : "bloated shorter's bots, and manipulators"

So you reckon there is just one massive shorter that controls them all? Kind of like Sauron and his army of Orcs? Mumbling away in the Dark Tongue of Mordor…

"Ash nazg durbatulûk, ash nazg gimbatul, ash nazg thrakatulûk, agh burzum-ishi krimpatul."

Nah, seems like a conspiracy theory to me.
I’d simply go with swapping the ’ and the s…