Meeting held 8:30am in the Mina meeting room at ALEC HQ.
Present:
- Barry Lewis (BL) – Chairman
- Kobus Dreyer (KD)
- John Deeb (JD)
- Emil Rademeyer (ER)
- Joe Nassabie (JN)
- Dave Turner (DT)
The Chairman welcomed everyone present and called the meeting to order.
- ER did a presentation on the current status of the business.
- ER noted that trading conditions are difficult with many businesses postponing decisions to Q4 and early 2021. Some businesses don’t have any budget to spend in the current financial year.
- Sales activity remains high with more than $275,000 worth of opportunities added to the pipeline pushing the total pipeline value to more than $1.3 million.
- ER provided feedback on the current legal status noting that the bank account at Emirates NBD was finally opened.
- JN provided an update on commercial and marketing activities.
- ER noted that difficult trading will remain until for the remainder of the year.
- BL noted that COVID-19 will continue to affect business for the foreseeable future and the business will have to adapt.
- ER noted that cash flow is a challenge and additional funding would be required.
- JD mentioned more effort should be made with various trade bodies to ensure awareness of ABiQ. Management team to action this.