Member Info for Adastra

Thanks to those short-sighted sellers giving me more to buy. Seriously good value here at a discount.

As interims show further traction and growth.

Well balanced Share Register between Institutional,

High Net Worth and Retail investors • c.40% shareholding held by Board of Directors:

substantial “skin in the game” • Liquidity facilitated through 18% Retail investors

*** Do the research - read the progress and reports - this is an impressive operation working in high growth eco-friendly arenas and growing strongly since 2021 IPO.

Next Wednesday should provide excellent traction indicators continuing in H1 and into H2.

Light Science Technologies announced in February that it has secured a distribution framework agreement with Gavita International, granting it exclusive rights to sell Agrolux Nederland's horticultural LED lighting systems in the UK and Ireland

Agrolux, based in the Netherlands, is part of Gavita International, which is ultimately owned by Scotts Miracle-Gro, a US-listed lawn and garden products company with a market capitalisation of $3.9bn.

Its LED Wega system was described by the board as one of the most compact and energy-efficient horticultural lighting solutions available, with an integrated powerline dimming solution that reduces infrastructure requirements.

Plus directors have plenty of skin in the game and topped up strongly last December

Results announced for next Wednesday.....A+B+C... looks good for pleasant reading on progress.

Lotsvof proven IP with product registration and uptake increasing. Global footprint growing on a regular basis with lots of triggers in the near-term mix. Tasty.

This share has been treading water for several years whilst quietly working hard to cement it's future. Looking at progress and events it's due quite a few near, mid and long-term triggers that would well deserve a substantial rerate. Neat little company in the right space at the right time and grabbing opportunities as they arise. Several of the recent tie-ups have major industry backers.

Just what AS does......cooling the workplace in summer, heating it in winter and drying it when required. Solid

Food for thought

CSC holdings (the parent company) owns the real estate and the land and facility are leased to its subsidiary CSC, providing a stable internal revenue stream. The freehold is on the books at historic cost, currently looking well below market value.

Bear in mind that inflation of commercial land South Yorkshire/M1 corridor real estate prices have risen significantly over the last decade — making the real value probably far higher than the last book entry. This gives flexibility for sale and leaseback potential If needed. CSC Holdings could unlock cash by selling the land and leasing back — though as the owner, it already collects rent from CSC. This asset doesn't reflect its real market value in NAV or earnings per share models — making CSC appear less asset-rich than it is.

CSC Holdings still owns a tangible, appreciating asset near key infrastructure — a rare feature in micro-caps on AIM.

So lets boil that down. There are 3–5 acres of industrial land (likely more) adjacent to M1 Sheffield location (est. £400k–£800k+ per acre commercial/industrial) plus onsite facilities,

The realisable value could be £3m–£5m+ conservatively — possibly more depending on zoning, infrastructure access, and local demand.

Compare that to CSC Holdings plc’s market cap

Net cash already on the books

High-value military + hydrogen contracts

…and in my books you’re looking at a very underpriced equity when the real estate is factored in. The hidden real estate value here strengthens the long-term investment case significantly. CSC Holdings isn’t just a hydrogen and defence play; it’s an asset-backed industrial with strategic property and undervalued optionality. Very few microcaps offer that kind of triple exposure (hydrogen, defence, property) with cash on hand and no debt.

Observations and comments on my research welcome

Historically that was the case as CSC was ahead the green energy hydrogen curve. The landscape has changed markedly with BP Aberdeen Hydrogen Hub in construction and government led and funded HAR1 +2. Hydrogen storage and transport as I've highlighted below is currently receiving EU infrastructure funding to meet carbon emission targets. IMS is on a roll with stand-alone valuation a lot higher than as part-of. Plus the divestment of PMC has totally changed the horizon as CSC is fully funded, cash rich and debt free. The parent company also holds the valuable next-to-motorway freehold site which it currently leases to CSC. The company is also sole supplier and certifier/validator for pressurised systems across UK armed forces. Look at current H2 and beyond. The biggest drawback is that most investor sites ignore or mistakenly fail to list CSC as follow through from Pressure Tech, a trusted supplier with loads of provenance. You only have to look at the erroneous RNS lists here pre- March 2025 following divestment of PMC and name change! Solid.

So what has current H2 got to offer that's going to trigger a rerate and reappraisal by investors??? Loads!

Chesterfield Special Cylinders Holdings plc was founded on its leading market position as a designer and manufacturer of high pressure systems serving the global energy, defence and industrial gases market. The company is now cash rich and debt-free following recent PMC divestment. H1 saw order intake soar to £14.2 million in the period from £10.3 million in H1 2024. H2 2025 is now firmly in play and scheduled to reflect the phasing of contracts weighted heavily to the second half of the year.

Recent overseas defence contracts for submarine and surface ship programmes for the Australian, Canadian, US and Spanish navies underpin defence outlook for the remainder of FY25 and FY26.

Hydrogen revenue for newbuild project activity is weighted to the second half of the year.

Strategically significant contract secured to supply large-scale hydrogen storage systems to the bp Aberdeen Hydrogen Hub project, with delivery planned for Q1 2026

Major contract award under HAR1expected in Q4 2025. Project approved by UK government and expected to be operational from Q1 2028

Contract secured to supply high-pressure storage systems to leading European hydrogen refuelling specialist, Atawey for delivery in Q4 FY25

Signed cooperation agreement with leading European Type 4 composite cylinder manufacturer to supply lightweight modular hydrogen storage systems and road trailers to meet growing UK demand.

Integrity Management services continues with major UK naval deployments as momentum continues into the second half of the year.

My reasoned research and current discount to NAV are again uprated as H2 weighting evolves. Atawey have recently secured significant expansion funding for mobile hydrogen transport and supply .... and who supplies Atawey??....yep, Chesterfield Special Cylinders. Secured overseas defence contracts are currently being fulfilled, BP Aberdeen Hydrogen Hub is on track for Q1 2026 with CSC heavily involved and Q4 2025 should see HAR1 and HAR2 government contracts actioned. All this and sitting quietly at its low point.....crazy. Investors will start to wake up and rerate this. Read my multiple research notes below and DYOR. This is definitely a share with FOMO on the cards. Independently competent but shining brightly in the takeover spotlight as a unique provider to UK forces.

Hydrogen transport is moving rapidly. Chesterfield supplies Atawey and they have just secured significant expansion funding in July.

https://innoenergy.com/news-resources/atawey-secures-22m/

Interesting dip into PE ring....

Https://alternative-fuels-observatory.ec.europa.eu/general-information/news/dusseldorf-opens-europes-most-powerful-hydrogen-refuelling-station

In my opinion the next gap-jump will be the result of winning another major hydrogen storage order....watch this space. Too cheap.

The sale of PMC has transformed the prospects and finances of Chesterfield. It is now debt free and has significant inventory for projects moving forward. The hydrogen hub in Berdeen by BP and the city is a pivotal point for CSC large cylinder storage - supply, certification and validation. The door and wallet is also open for the government HAR1 (and HAR2) projects. Funding for HAR1 although delayed will fall in Q4 as it ia an essential component of the governments progress to carbon reduction. It is a capex funded runway as the government wants the infrastructure to be a UK owned and operated utility. The demand should escalate accordingly as the rollout occurs. CSC is in a very high barrier to entry niche covering all aspects of the supply and safety of pressurised gases. Defence exposure is uniquely supplied by CSC - it is the only contractor. The growth in the defence marine budget has secured long-term contracts with unique pricing in place.

Its worth pointing out that although the Chinese can supply certain pressure cylinders into the UK, the large and bespoke ones supplied by CSC are so heavy as to incur a massive carbon problem for imports. IMS is already seeing substantial increase in both its on-site and mobile certification and validation of pressurised cylinders. As well as building tankers for the mobile hydrogen fleets like BOC, tankers etc are subject to regular inspection and certification/verification. Chesterfield, as part of Pressure Tech was too ahead of the game for hydrogen which is now catching up. The use of hydrogen powered truck delivery vehicles is increasing in the EU with Germany leading the field. Batteries are a non-starter for big transport over distance - hydrogen is the key. Note also that Bamfords JCB are developing hydrogen backhoes and digger/transporters. These all need refuelling stations and structures....CSC is set to follow the upturn as traction increases.

Because of the nature of the underwater fleet and secret deployments Chesterfield is called upon at short notice for IMS to check systems when subs are in harbour. This can add a nice little earnings uplift in addition to scheduled work. Given heightened global tension over the past 12 months these could start to run nicely into H2 2025 and 2026.