Member Info for 1pencil

There's no dilution as already part of the share capital, i.e the issued shares are still the same at 872,335,120

Excluding FX conversion (dollars/pounds) we are now sitting at cash in bank 872,335,120 x 1.62p = £1.4b

Has anyone received a reply from management ?

SMS remuneration for 2025 doesn't look too bad, £266k base plus £123k health insurance with no bonus for 2025.

Radhika Radhakrishnan who took over from Mary earlier in 2025 is on £400k plus other benefits

99.72% voted for the dividend so I guess we are going with that then..

Remuneration package chunky vote against, also Daniel Pinto other than that resolutions look well supported.

Its dropped about 4% as ex-divi today, still surprised though at the reaction.

mstar may data coming through, aberforth sold a handful so could be some profit taking along the way..

Brokers are coming around too, headlines on a few UK stocks this morning:

Goldman Sachs initiates Scout24, Autotrader at Buy, says AI fears overblown

If you're prone to nightmares don't watch this lol..

Bloomberg Podcasts

https://youtu.be/zbKDmkJPVvI

Josh on Applied Nutrition, critical of not owning brand name in US ..

https://youtu.be/lhlhHKWIKvY

Yep, so tomorrow when S4 it should trade down 1.1p (in theory) as it now ex-, I have found brokers treat payments differently, IG for example generally pay out on the ex date whereas Barclays wait for payment date.

Open AI has gone quiet on the IPO front, Google sneaked in an $80b raise before anyone else, hoping this madness is over by end Q3

Whilst not not directly correlate to S4, it does affect market sentiment (especially if the wheels come off)..

SpaceX IPO

The analysts see a wide range of possibilities for the potential profitability of SpaceX’s xAI and find its “economic moat indeterminate.” They view the unit as posing a “material threat of value destruction” to the company.

As such, Morningstar’s discounted cash flow valuation of SpaceX is $780 billion, which is roughly 48% below its private market valuation of $1.5 trillion.

https://www.cnbc.com/2026/06/03/morningstar-spacex-ipo-target-price-nasdaq.html

That's a good sign imo, indicates sustained support and buying.

ex-div tomorrow for 1.1p, waaahoo..lol

The protein issue has been developing for sometime, governments around the world know its unsustainable to farm and produce protein at scale using traditional habits and farming techniques.

The whey protein thing is quite small in comparison but shines a light on this topic being brought into focus by the GLP weight loss jabs, however this goes back many years looking for alternatives.

We have all heard about eating bugs for protein, well take a look at the EU proposals as viable alternatives one lists insects ..

If MP can team up with a producer of a scientifically proven alternative to tradition whey which is cheaper it could be a winner .

Whey Forward was an early answer although things have moved on at pace since then..

Very hard to pick winners ahead of time when it comes to trends but the whole plant based movement might have a second wind, often these new ideas don't take off first time around then a few years its off to the races..

This time round it does feel different than 2019/20 given the sheer amount of interest/investment which includes governments, notably the EU.

The main driver this time around is both cost and for the EU 'protein independence', of course this is not just whey but embraces the whole remit of plant based alternatives.

its this organisation below which is sponsoring many of the start-up on the Protein web site posted the other day.

CBE JU is a €2 billion partnership between the European Union and the Bio-based Industries Consortium (BIC) that funds projects advancing competitive circular bio-based industries under Horizon Europe, the EU’s research and innovation programme.

https://www.cbe.europa.eu/

The protein market is evolving rapidly, obviously with prices high its spurred on investment not only from companies but governments too, most notably the EU.

This is the protein market in general not just whey but the goal remains the same, worth checking periodically to see updates

Good summary video on impact of whey protein in India and the reasons why they have a shortage while being a huge milk producer.

https://youtu.be/-CyavpVFkYk

If you had put a post up like that just 12 months ago it would have been met with fierce objection, now look we have almost 3 x bagged from the lows and no one is objecting anymore..

As mentioned before, I think SMS knows the capabilities of Ai but at the same time needs to tow the PR line with a tech heavy client base..

Spent a few hours at the weekend looking at CK Life Sci, some parallels perhaps to Hutchmed.

These guys were in the doldrums to in 2024 with a share price around half of where it is today, since then they have made a couple of disposals and reorganised the business.

I only looked very briefly through the AR so there maybe other factors but the market has since responded well, perhaps its viewed as a consolidation candidate..?

Rising tide and all that...might spur on management get something done, or others to look at the value store here.

You can have 2/3 people at the same broker/NOMAD all have a different views on what constitutes an RNS release, 10% of revenue (not market cap) tended to be the most common guidance but that's not fixed either..

Amazing how things change, now non Ai images are commanding a premium - this is Getty images widely used around the world in most media publications.

'Choose with confidence from a library free from AI-generated content'

https://www.istockphoto.com/

So instead of replacing traditional photography, its elevated it higher up the scale whilst simultaneously lowering the pricing power of Ai generated images..

Good chance they already have the cash, reasoning as follows:

> The past mentions of a VAT rebate have been part of other updates, not separate so would the conclusion warrant an individual RNS ?

> Whilst the amount is not trivial on its own doesn't cross the 'rule of thumb' 10% of revenue, that's not definitive but a rough guide only.

> Something has changed for THG to stop charging VAT on certain product lines, previously management have taken a cautious approach.

Its only a guess, but I think reasonably probably given above points ..

Find my race

https://hyrox.com/find-my-race/

My Protein Hyrox range, looks good..

https://www.myprotein.com/c/hyrox/

Hyrox shop powered by Ingenuity

https://www.hyrox-shop.com/c/men/

Blackrock have increased again, now at 47,722,307 or 6.31%

Investors are starting to warm again towards buy and hold funds such as Lindsell Train, these guys have been sellers in the past few months possibly due to redemption's.