Q: What's the outlook on Illumin after the announced departure of CEO in 2024 who is also a major shareholder?
5i Research Answer:
Mr. Hayek is transitioning to the Board. Considering the very weak performance of the company, we think this makes sense and shareholders need a change here. He owns 1.8M shares or 3.6% of the company and we would not expect these to be up for sale. More than half the market cap is now cash, but execution/growth needs to improve, and with its small size it is going to be hard to attract new investors with the new uncertainty of a CEO change.