ikeGPS Group Limited

ASX:IKE

ikeGPS Group Limited

ASX:IKE
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$0.520 (+2%)
Last close price
#321
Rank
5
Held by
19
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Reports (2) My Report Forum Investors
Forum Topics IKE IKE History

Pinned straw:
edgescape
Added 2 years ago

I've noticed there have been no 4Cs or quarterly cashflow reports and I understand this is a NZ listed entity. Is this normal for a NZ listed entities with negative cashflows not to release cashflow statements quarterly in contrast to ASX listed entities?

Or have they strung 4 quarters of positive cashflow in the past and somehow got into negative territory recently?

Not trying to be negative, just an observation.
mikebrisy
Added 2 years ago

Good question! I have been tracking $IKE since FY19, and 1H FY23 was their first OpCF positive report.

They first listed on the ASX in November 2016, and since that time have been reporting cash flow details only at each half, as part of a full financial report. They first listed on the NZSX in July 2014. They have raised cash on multiple occasions over their 9 years as a listed company.

I don't know what the criteria are for 4C reports for dual-listed companies, however, as far as I know NZSX does not have a quarterly cashflow reporting requirement, and it could be that as part of the agreement to dual-list on the ASX, they were granted an exemption. Under the ASX rules, ASX appears to have discretion to waive 4C reporting requirements.

I know there are others on here that know more about ASX rules than me, but that is how I have understood things.

There are quite consistent on delivering quarterly performance reports for Q1 and Q3 in which they given an update on the cash position.

Incidentally, Glenn Milnes has been CEO since listing in 2014 and become CEO in 2013 at a time when he was working for a venture capital firm which, presumably, was an early investor in $IKE and drove the IPO process. Some of those involved from the beginning are still onboard from what I can see.

Disc: Held IRL and SM

11
mikebrisy
Added 2 years ago

While on the subject of reports, $IKE will deliver its FY23 Performance Update on Thursday at 10:30 am. The release will be out shortly beforehand.

Here is the link to register.

https://us02web.zoom.us/webinar/register/WN_ZPTqOEvYQJ-pU_l4qWRFdA

The full annual results presentation is later in May, as they won't have the full financials worked through and audited, given that their FY closed on 31 March.

As covered in various earlier straws, I am interested to see whether they have been able to follow the strong 1H with a second result. Can they continue to grow strongly while managing costs - or as with so many of our ASX-listed small cap tech stocks, is the search for operating leverage a hard slog? While we won't see the full picture on the cost side, the strength of the operational KPIs, the revenue position, and the closing cash position should give a pretty good indication.

I note that the US telco non-Exec Eileen Healy has resigned as Director. No explanation given, but given that she was added to provide some US telco heft to the Board in 2021, this is an earlier departure that would have been envisaged. Probably worth asking about this on the call on Thursday.

11
JPPicard
Added 2 years ago

Good notes mate.

I can’t make the call but would be keen to read notes if anyone else here can make it tomorrow.

5
mikebrisy
Added 2 years ago

I'll be on the call and will write my usual notes afterwards.

10