My meeting notes for the August 2023 interview:

• $EVS does racetracks! However, I agree with @Rocket6 Racetracks are probably like Defence, they know they make noise and simply need to 'report' and not 'improve' - So no value for $EVS to invest.
• Jason suggested $EVS will be bigger in Africa soon!
• $EVS finished up cashflow +ve, true, but numbers can be flexible, and Jason did state it was a goal of leadership this FY... so I'm skeptically happy.
• No cap raise likely for $EVS. Jason firmly believes the path is set.
• I observed promotional language in Jason – pride? Or salesman? A bit of both, he is very careful with his words. A good sign IMHO.
• Jason's shoulder touching when talking about the restructuring costs was abnormal behaviour for the interview... Causes him stress maybe?
• A genuine laugh from Jason around the ‘fine line’ of profitability vs internal investment. Classic SaaS problem.
• The Americas are the growth engine for EVS. Industrials is 20% growth yoy, Aviation is biggest and strongest, Water is slow because of customer business processes.
• Methane monitoring/insights into the Omnis platform by external IoT provider is a thing for $EVS.
• China potential. Was a big $EVS narrative, but not anymore. On a country basis $EVS is cash flow +ve. however one wants to build a ramp with their supplier and in China it’s a one way street. So not rushing to leave, but not rushing to expand.
• Supply chain, they use a third party for IoT equipment. It sounds as if $EVS is the primary customer and thus has pricing power.
• Inflation. $EVS builds CPI increase into their contracts.
• $EVS software dev team is stable for employment and no high turnover.
• Jason's opinion is that Mr Market's low price assumes a Cap Raise. No CR unless they want to buy a ‘compelling’ offer.
• I agree with @mikebrisy I like the 'cut of the jib' of Jason. He has interviewed well multiple times now.
• Random fun fact, last time I purchased a parcel at $0.08 was in 2018! $EVS is definitely changed since 2018 and I think is a much stronger company than it was in 2018. I'm off to top up. Thanks @Strawman for the interview.

disc: Held IRL.

The recent CR was for insto's only. Retail holders (ie you and me) got diluted by the raise, but by how much?

1,201,066,920 shares on register. 52,345,620 new shares issued. That's a dilution of 4% that a retail holder needs to top up to keep the same equity in their holding.

or,

1,201,066,920 shares on register + 167,303,932 options + the new 52,345,620 CR shares = dilution of 3.8%. So roughly the same top up required.