This is just an update following the unusual movements in the Seeing Machines share price.
Yesterday I contacted Ken Kroeger, Chief Executive of Seeing Machines, to try and find out if he or FinnCap knew of any reason for the recent falls. What he told me was: “Everyone’s view is that it’s Dixon’s selling of the original holding from the IPO”.
Hopefully, that should put some minds at rest. There is a natural tendency to jump to the wrong conclusions when trying to reason why a share price is so volatile, particularly as ‘buys’ are often reported as ‘sells’ with this share.
Certainly, the business is progressing and I don’t believe long term holders (investors) should be concerned – though day traders will have to have their wits about them.
Re. Fleet I’ve had it confirmed by Kroeger that Seeing Machines has “responded to a taxi tender in Dubai and expects a response in the next few weeks”. I also believe a similar process is underway with the Public Transport Authority in Dubai and that a response to that tender will likely follow along a similar timeframe.
The reason for the tendering process is that as government agencies they are required to put contracts out for tender.
In addition, See is also close to appointing 2 more distributors for the Fleet product, but they are not signed up yet.
As to how this week’s retail roadshow has been going, the feeling is that it has been very “positive”.
The writer holds shares in Seeing Machines.