Went to the AGM and can definitely feel the friendly atmosphere comparing to last year.
Slide 6 on the ceo's presentation is perhaps the key focus from a financial standpoint. Essentially margin (revenue - platform direct cost) will be the first to break even. In the short term there's increased investment cost to bring in additional clients and transitioning funds.
The resolution to refresh capacity for additional capital raising was withdrawn as I think they can sense tough questions coming their way to ask how many more raisings they'd need before they can break even. If they need capital injection they'd just do it anyway (with or without EGM / AGM).
In short it feels like steady as she goes. Will be interested to see how OneVue goes. The guess is they may have some 200mil in FUA/M.
Ann: CEO Address to AGM , page-2
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