Cyanconnode Share Chat (CYAN)

The thing is Harley 10.4 is not on the table and as was pointed out at the beginning could be less.

Where is this mass EY holding coming from, it would be declared. You keep saying you will be alright (but not necessarily so), is this a Fruedian slip are you trying to guide us to accept. That the sort of thing I would expect when I was holding FTSE100 shares.

I still go for buyer taking a 51% holding with various conditions protecting CC for say 3 years.

TJ

Subject to the company doing something it has never achieved: Make a profit! The acceptance to the "possible offer" if firmed up does not give share holders confidence that JC thinks meaningful profits will be forthcoming.

Sorry to sound negative all the time , 10.4 gives me a profit, but I've been watching the company's growth and progress for 18years.

Also as Mel says , those big buys (£20K today for eg.) are quickly quenched by equal sales. When 10.4 is on the table why take less? The insti's that Have to sell because of one reason or another should be out by now.

But there is no rush to buy at current SP. Nellie probably knows why but we do not.

Certainly a chunky EY shareholding would make subsequent bid for Cyan more difficult if not impossible as Cyan relies on EY to install.

Mel ( in truncated mode)

As we have done all along via JC the future value of CC is what counts not the present.

Using GOA for valuation, 750,000 units = £70,000,000 (gross), so roughly 1m units = £100m (gross). CC is aiming at a final outcome of at least 20% of 250m units. Now if those materialised into AMISP's that would mean roughly 50m units = £5bn (gross). I recon that is what Esyasoft have in target and what we should have in mind. Why are we suddenly calculating on current not future, we should be running on sentiment, Esyasoft know it is out there.

If we achieved the above £5 would be my estimate.

Sorry last line, GOI want that system.

Morning all, my mind is now working on GOI. Modernisation of energy is one of PM Modi's priorities, I think the references gizmo made to the changing of laws which appears to centre around Omnimesh must mean GOI had CC in mind. CC to date has been consistent, forward R&D, apparently where possible on time, GOI showpiece of INDORE. CC is not being swept aside as a minow, I think GOA want that system and quickly, I wonder if they will step in. I read Modi's emails and will see if anything comes up.

Hello Harley, LTI's view is good, the only problem I see is that the balance of power has moved from small PI's to middle PI's. From the point where we consolidated to 150m shares and had a good level of small PI's we moved to 350m shares but all offered to middle PI's and above. Moving much of the voting power to them.

Some interesting debate, i can see the sense of much of it. BUT the idea that JC who has casually dismissed shareholders concerns before , and in my recollection way back at the AGM's was pretty quick out the door after a brief Q and A should suddenly decide to "let the shareholders decide" if my recommended 10.4p is acceptable does not wash .#

He should be able to see what's coming, although projected revenues have been wildly optimistic sometimes: and advise share holders..ALL OF THEM.

or at least give some reasoning.

I want assurance this deal is not being managed to suit others not us. Still! We have the vote....

I agree LTI, we just do not know the direction this will take. As GOI is vitally interested in energy renewal and upgrading, I wonder (only that) if GOI, as previously involved in Intellismart, would buy them out entirely and take a majority stake in CC. It is small money to GOI and it has everything contained and could be sold on to community at a later date when worth a lot more.

Borders, if they have waited this long they are certainly going to wait until this elephant trundles forward.

Anybody got an answer to my question, takeover v 51% control by a bidder. Do these loan restrictions apply in both cases. It would pay Intellismart and associates to form a consortium to guarantee protection for next 10 years.

If AN other Co was planning a bid.......it would wait until there was an actual offer from EY.

Fingers crossed no offer appears and the mist is just playing for time. AR may reveal the reason for the mist and Nellie.

Mel

Tj. etc all.

Multibagger is the only poster to actually

t ackle the Elephant.

The recommendation to accept 10 4p.

All the emerging figures and prospects and expectations and news based optimism posted by LTI, Gizmo etc. Demand a higher figure or a big quick reply of NO!

If half the stuff on here came to fruition the acceptance would look ridiculous.

Hi tony ...my path good tony ....🙂 Happy

Gizmo, any views on our current situation. When we first started this so called takeover it was pointed out others were not bidding because of the stranglehold Esyasoft had placed on loans. So why are some surprised that there have not been any bids, the situation has not changed. I asked last week I think if these loan complications applied if somebody only bought a controlling interest not an outright takeover. What do you think.

Now that Cronin is happy enough to tell us that the Y/E 31/03/2026 revenue is in excess of £20 million, perhaps he can tell us what percentage of that came from ES. I doubt very much that it was £5 million.

The accounts will tell us, if we ever see them.

Hi 2cvguy

Long time no hear. Hope you're well.

Every share will count. Thanks for agreeing to go for it (and thanks also to Mel, Jake, Gizmo555 & tonyj).

I will make a couple of phone calls today. The first to the solicitor and the second one to someone for some advice on who to parachute in, if that is what is decided to do (that second person really knows their onions).

Hello ITT.

I've been diluted so much over the years that my holding is meagre now, but FWIW, count me in. At the very least I'd like to make things very uncomfortable the JC and HP.

If we get to 5% and request a meeting, the BoD need to call the meeting within 21 days.

IMO, the sooner we establish whether we have the numbers the better.

If it was down to me (but it isn't), the Resolution would be to replace the BoD and the Nomad.

I'M iN

MEL

Well Harley we have to see if JC is a 'fly boy', in our favour or not. When does the duck hunting season start.

I do not think anybody will seriously sell until we know what the hell is going on.

One of the reasons Rup, I sold out over a decade ago. All talk while the fat salary rolled in but any CEO who's holdings barely reach 2% after 13 years is not echoing his upbeat statements. Big red flag.

As someone who knows him very well told me the year after he joined CC. He's a a "Fly Boy".

Looking back, perhaps one of the clearest warning signs at CyanConnode was not the RNS flow or the projections — it was the absence of meaningful director buying over a prolonged period.

As private investors we often focus heavily on contracts, narratives and future potential, but director behaviour matters too. When a company continually talks about transformational opportunity, yet senior executives — particularly finance leadership — make little or no open-market share purchases over many years, it inevitably raises questions about conviction and alignment.

Not proof of anything sinister. Just a reminder that actions sometimes speak louder than presentations.

What would happen if we PIs sold now ?

What would happen if we PIs sold now ?

You could well be right Harley, Intellismart are on the market but equally these long term maintenance contracts need assurances.

I sense that intellismart are not going to get involved. They are probably as surprised as us at the "probable" acceptance of this inadequate deal.

Just my musings...

Hi Harley, following my 09:27. What if Esyasoft was planning to run shares out at end of loan but suddenly panicked that Intellismart etc could come in and mess things up and made their move early.

That's assuming they walk.

No, but the BoD will need to explain to shareholders what happened and what they intend to do to create more that 5p per share (or less) of value going forward.

Always another question, as we are CCs owners does Esyasoft have to disclose their DD to us.

Well that could be a good thing ITT. Unless JC stupidly started pumping all the AMISP profits into foreign no hopes like Thailand the SP should be bound to rise. Then Esyasoft would be chasing the price.

Could these extensions go on for 12-24 months while regulatory matters get ironed out? (That's what AI is suggesting).

As AXIA are 'inside', are they prohibited from selling without notifying the market?

There must be a time limit on this "possible offer" for goodness sake. Surely cannot keep e,extending the DD process Ad.Nauseum.?

If this was being played fair JC would tell ESY to do one but there has been no transparency from the start.

Shareholders who have been told the future is bright are now told e 10.4p is acceptable but not told WHY???

With some of the Tyler family and others accumulating and Axia staying in, I can’t agree with you on that Colour. You would expect the opposite if the company was in trouble.

Hopefully all will be explained soon.

'The Company expects to report revenues of in excess of £20 million (subject to audit) (FY2025: £14.2 million) for the period. A significant proportion of this revenue relates to the Company's Goa project'

As has been pointed, all these contracts now at maintenance stage, are clearly dialing in next to nothing. Cheap enough to service, hardware wise, but still the same huge staff costs with everything that entails. Cronin and Peafowl have not thought this through, hence the desperation ES will finally take CC for Peanuts. The DD, if being done, will want to show a 100% return after 18 months or less. It used to be 3+ years, but the world has changed.

Cronin has kicked the can, hoping other parties show interest, they have not. FG28 is yet another Cronin Jam tomorrow. If no offer lands, CC will not be in business to deliver it anyway. IMO the smart play is ES pickup the carcass, for far less, from liquidators. They know they are the only game in town, so no risk in waiting.

Hi Lti hope your good ...fastest go live intellismart ...interesting

Thanks for that LTI, it was a long shot.

With the loans obtained and possible maintenance starts, CC cannot be struggling moneywise. On top of that any AMISPs only require early refundable deposits, followed self funding SPVs.

Look at it from a different angle tonyj.

Within the 18th December, 2025 RNS, there is a map, which shows various contracts where Cyan/CyanConnode/CyanConnode + DigiSmart are active/have been active over the years.

As an example, Goa - CyanConnode/DigiSmart are active now. But there are contracts shown on the map that have already been completed - Karnataka ( Mysore ) as an example.

But in answer to your 12:00 question today, if you go back 27 months from todays date, just as a timeline, any RNS contract Awarded to CyanConnode dated before January 31st, 2024, should theoretically be coming up to the S&M contracts. A caveat on that would be, it may depend on when the installation period actually started and when the S&M contract actually begins/began.

All in my opinion of course.

LTI.

Another question, to all. these 17 contracts do not appear to have had refreshment of their meter stocks, may be of FG28 and want to be up to date.

However when does CC's contracts go into maintenance, is it as sections of contract are completed or when whole contract completed.

Good logic LTI, once orders are into maintenance time the works done and its more like insurance after that.

However the add on here is at that stage the remaining 7 year or so is at premium rate and probably very little expense.

Again takes some looking but to your knowledge which of past contracts are at this stage.

Not bad jake. I see what was missing at AGM's, a piano in the corner and a good sing along anthem. LOL

Https://m.youtube.com/watch?v=mxPrERxQRMM

Sand,, Seems to me some already know! and they should not.

Mel/harley, I am keeping all options open. Good and bad. We will know, when they want us to know.

Good luck to all holders.

On the other hand if the probable offer and probable acceptance is all just a smokescreen until JC gets ducks in a row

it could work out well. That being the case we have a couple of months before we find out more of Turnover P?L and order book progress. My hope is that profits hove into view and the SP adjusts to reflect that. That is my optimistic view.

On the other hand the stitch up may be real

Mel

I don't think he can do that and I doubt he will happy looking over his shoulder for the rest of his life.

There is a principle at stake here. Accountability.

It wouldn’t surprise me when the offer is made for JC to say that they have enough votes to take acceptances over 50%. Therefore there’s no need to vote against!

If we are being stitched up, then expect something along those lines.

Tresize and Fellow Welsh Resident are sitting on a nice profit already .Another 23% or possibly more would be a real coup!

Always appreciate your views Ruprech. There was NO legal compulsion or muzzling that could possibly lead to an acceptance of that "possible" 10.4. The the takeover panel in no way removes the fiduciary duty of directors to us, the share holders.

If acceptance is in our best interests , they have a duty to explain WHY.

The BOD's duty is not to ESY!!!!

Hi gizmo, this gets more and more interesting.

Hi tony I think the worlds changing fast tony 🙂

Thanks for that brilliant analysis Ruprecht. Even if it is incorrect it is still good to get away from the doom-mongering and hear a different take on what's going on. I have always felt that there is more to this than meets the eye and, if your analysis is accurate, it certainly chimes with my own thinking, albeit I don't have your forensic skills in the subject. What is absolutely certain, I feel, is that the 10.44p price is miles short of fair value. In fact, if our current order book were to be fully delivered and new orders received, then a price of 50p wouldn't embarrass us. It would value the company at around £180m which, given the upbeat reports they give us, is not in any way excessive. Let us hope that all of those in the Fortress screw their courage to the sticking place and get a much better deal over the line (and not at a measly 20p!). I continue to trust the board to deliver a deal that perhaps even surprises us on the upside. Fingers crossed. Have a good weekend, and thanks again for your post.

Can someone contact cyan and say there's biggest supporter needs help from board please ....I'd like to talk to j.c asap personal ..I trust him

Just for my pip review 🤣🤣🤣🤣

I'm just very happy and excitable 😊 I always knew

I .know I'm sane ...could someone call or message Gosport police ....and explain I'm not x

A CEO who constantly pushes the jam tomorrow narrative and bigs up the prospects every update suddenly decides 10.4p is ok. Going against everything he has foretold.

13 years and if he was not a Director he would not be on the list of Notifiers, so few shares has he.

Those that think this is "normal" and all part of a plan should think who's plan? Certainly not Ordinary shareholders.

Just having a quick look around and found this posted on Instagram yesterday:

"Power Minister Sudin Dhavalikar says nearly one lakh smart electricity meters have already been installed in Goa and the statewide rollout will be completed within the stipulated timeframe."

"completed within the stipulated timeframe." - good work ES.

Borders, I do like a good theory. Expand if you can with tax amounts and date lines for when the charade needs to run to.

I suspect cyan hasnt got to break even yet but given the orders it should not be far off.

Unhappy to be proved wrong.

Nevertheless smoke is smoke and there has to be a reason for it.

Mel

i did think (and say) at the outset that cronin and pea**** were using this bid/non-bid to screen terrible results to 31/12/25 but they can't possibly be using/abusing the system to this extent.

imo, we have to accept the facts as they are. es might/might not offer 10.44p and our bod will accept it if they do.

Well borders that is a complex observation. You say a smokescreen, with bumper results out shortly. Nice thought but, in simple terms why did JC put us through this when SP was on the rise in Feb. Do I understand that Esyasoft proposed a ridiculous offer which the BOD would go along with, knowing it would be dragged out, inferring to me SP will shoot through the roof in July. I like it but I am wondering what its all about.

If I am correct the AJ Bell email is serioudly misleading. ........nless an actual offer has been received - if so why no RNS

Mel

Good morning Safety1,

Thank you for the update on Tamil Nadu and their smart meter tender, it was appreciated. I have provided a New Indian Express news report from March 10th, 2026, which I think is the update that you are referring to:-

https://newindianexpress.com/states/tamil-nadu/2026/Mar/10/in-a-first-pfc-invites-tender-to-install-125-lakh-smart-meters-across-tn

It has taken some time to get underway - so far - and as the report states " Meter installation work unlikely to begin soon ". But they have taken a step in the process, so we will see where we go from here. It will be a substantial contract for the different winners, even when it is broken-down into the separate " Parcels ".

Thanks again for the heads-up, Safety1.

Good Luck.

LTI.

Strangely, Pinocchio is a notorious liar in both the original 1883 novel by Carlo Collodi and the 1940 Disney film. His lies are depicted as selfish, progressive fabrications that get "tangled", causing his nose to grow longer until he cannot fit through doors.

What Pinocchio? He was wooden and kept hanging on .............

Pretty much word for word from the 2013 statement.

Cronin has been Indias Puppet for a long time.

Tamil Nadu State election results announced today. Completion should pave the way for the TN smart meter project(s) to progress.

PFC invited tenders for 1.25 lakh smart meters to be installed in

Chennai, Kancheepuram, Villupuram, and Tiruvannamalai.

The bid/tender opening date was planned for March 16, 2026. Estimated Cost: Approx. ₹112.50 crore (or £8 million pound).

"" CyanConnode revenue outlook strengthens smart meter investment case "

Yep , it's all looking good says JC et all so let's recommend 10.4p !!!!

You know it's hard to know which end result to wish for..Either way JC has a lot of explaining to do. Can't see the large holders or the pii's letting this go..

It does NOT add up.

Does LTI read an RNS, or just re post on here???

...... " CyanConnode revenue outlook strengthens smart meter investment case " - dated May 6th, 2026.

From the report:-

" CyanConnode expects revenue for the year ended 31 March, 2026, to exceed £20 million, subject to audit, giving investors a clear marker of progress as the Company advances its smart metering work in India.

" The main driver is the Goa project, where installations have now started. CyanConnode has delivered the first meters, software platform and related services, marking the Company's first project as an Advanced Metering Infrastructure Service Provider.

" India's smart meter rollout remains the key backdrop. More than sixty million smart meters have already been installed and a national programme is aimed at cutting energy theft, reducing losses, improving billing and supporting a smarter electricity grid.

" The revenue outlook, the start of Goa installations and India's continuing smart meter expansion, give investors clearer reasons to watch the Company, while keeping focus on timing, project execution and cash collection."

Good Luck all.

LTI.

Sure thing

Bobbin, goe private to itt to check legals.

Er ...Bobjim?

My direct message says it all - I can discuss themes and context.

Well he is here now.

Right, there is a big difference between "revenue generation" a

JC cannot legally share financial information with the big holders without telling ALL shareholders. Good or bad. Indeed it must be made public while C C have a listing. .

I tend to agree though, legal or not that is probably what's happened. We shall know when the votes are counted.

Might be saving his skin, Might be feathering his nest, Might be floundering hence the acceptance of 10.4.

The remote possibility he is playing a great game for ALL shareholders is just that. Highly unlikely.

Well Colour, if the situation is that bad JC would know he does not stand a chance of moving forward with the company, he would be one of us, out. Even if offered further employment he would know the writing is on the wall. These big companies do not tolerate idiots who think they are in the big time.

Thinking more simply, I feel where in the past JC has overspent in every direction to create his empire, by chance he for once hit a good streak in AMISP, this is going to make up for any poor decisions You thought CC not capable of running GOA, but they had cut their teeth in MYSORE and INDORE and as a result CCI got in with Intellismart after saving them embarrassment and then learned a lot regarding in situ management. Esyasoft must see CC as a quick turn around with masses of contracts to come. CC is a gateway for setting a standard in India with the rewards that follow.

My guess would be larger holders will have been given the absolute current financial mess Cronin and Peafowl have created. To vote no will see a collapse in SP, and quick demise of CC anyway. Take the 10.44, or end up with nothing.

Cronin isn't playing a clever game, he has no idea what that would look like, and lacks every understanding how he has got things so wrong. The only smart Cronin play is asking for extensions, to enable further abusive salary payments and highly likely pick up his yearly bonus. If he reads this, and doesn't agree, he should RNS the reasons why. We all know that won't happen, he'll hide behind the 'offer period' and keep his head down until this is concluded.

According to Cyan's website as at 27th April Directors have 14.52% and have said they will all vote yes for any offer at 10.44p or above. Axia holds 13.79% and three other individuals with holdings over 3% have14.28% between them. That leaves 57.41% held by other shareholders all with holdings under 3%. It may be hard to get a vote either way out of a good proportion of this group. If all the large holders and Directors say yes, that's 42.59% and to block the bid 14.20% of the smaller shareholders at least need to vote no, assuming for a minute that none vote yes. It is very hard for me to see a successful offer at 10.44p unless all 42.59% of the large shareholders commit in advance to voting yes in the offer RNS if and when it comes. Why would they all say yes at the price?

I'm stuck happy ...there are lots of ends ..all stuck .......but I'm backwards ...and mad ....nothings happened yet ....but it's looking very positive ....that I will remain happy and poor 🤣 I'm going to measure my new washing machine fit ....thinking I'm still stuck on the painting.and laying the floor ....I'm getting further behind ...smiling and laughing I got plenty of time 🤣🤣 ...

hi tonyj

agreed, but imo it all goes back much further than that. i'm not going to say another word because i refuse to give cronin, pea**** (& other board members) or strand hanson a heads-up.

Hi ITT, do not know story behind Good Energy but they seem to had a lean time about 3 years and ago now making good progress. Could not see 10yr charts but their sell may have been in their interest. If I read correctly Good is carry on as normal for management etc. So if CC got same offer JC is laughing and probably got a bonus.

Still convinced that JC saw SP rising following GOA start, issued Feb RNS, with Esyasoft knowledge, to stop SP going above their agreed figure. Could be totally wrong but at this time feel JC has given company away to his own advantage.

Hi tonyj

Don't worry, I am staying with this. Just been told to wait and see before next step.

ITT

Hi tony. I saw the museum curator UK ..admitting mistakes the British way ... There after budha ...positive ......British museum is trusted ....above political voices .... They did pinch a lot though ...🤣......have a great day ...

Hi safety hope you well ....is it silicon labs fg28 please

27th April 2026

Smart power meter users in Goa to get prepaid option

Gizmo I think you would be better off fishing on a nice night. You are right, this is a peculiar pricing, the gap even allowing for the FG28 development, which I should not imagine was that costly (just sounds it), is enormous. With all that is going on and forecasts the sentiment should be in at 50>100p, way back 1m backlog was worth 20>30p. Unless some unknown light shines on this I think JC needs to be hung out to dry.

Tony ....this doesn't happen often ...the value outweighs the bid ....it's math ...whatever you do you can't lose ....j.c and board ...have either got real lucky or they may have understood the protection of a embedded India asset used by various India utilities across maybe 14 ongoing projects just about to start Goa with the latest go to tech ...that has been forced into interoperability to protect Indian assets ...tony I'm sitting in me pants and I noticed ...im not so sure the cyan board cyan India digismart ....may have missed it ....I'm going for a lay down ..in me box ....and continue to read until anything that no one is aware of happens 🤣🤣 you'll be ok tony ....🙂.

Good luck gizmo

Tony I'm like cyan I don't need help.....🤣 I'm off fishing again with a confidence I can't win 🤣 and I'm happy ...if there are games then inthetin will have a lot more well informed support of value protection in money ...than my help could provide

Gizmo, we need your knowledge so stay with it. It points to Colour being right and I think we are being scammed.

Reading other BB, it seems everybody knows what is going on except PIs.

“Well ESY have been doing DD for so long they must know how many paper clips are in Heather's drawers...”

With the money she’s on, you would think she could afford knicker elastic lol!

A fair bit of chat on advfn re the Tylers...and potential profits .

Not seen a smoothie down here in South mid Cornwall gizmo. Lot of doggies, bull huss, mackies, school bass, pollack.

"There's nowhere near enough financial transparency here."

Well ESY have been doing DD for so long they must know how many paper clips are in Heather's drawers...

The rest of us just have the published accounts and some very dodgy projections..

What gets me is that JC has had some sort of vision to what he wanted to do in India over the years but it never included giving long term shareholders a reward..