Ann: Meeting Results, page-88

Had my attention drawn to this business by another investor, I have spent some time looking at it and I cant see it as being investible for me. I already have as much exposure as I am comfortable with to small, speculative, loss making businesses with good narratives!

In thinking about the business itself, I can see a big risk of margin squeeze as its hardly a particularly innovative or unique product and could easily have a competitor squeeze them. This is more of a risk given SP3's small size - there are lots of very big players in the security cam market.

I dont even consider the other products in the R&D pipeline because the business already runs at a loss with its existing products and there are too many unknowns with products not even brought to market yet.

I will keep SP3 in my watchlist, if it can transition to profit successfully then I will run my ruler over it again.