Member Info for Armada

The company also have to pay back $21 million convertible loan they took in August 2025. Although that would be helpful.

My understanding is that the company will pay back either by selling 180 BTCs or the amount equal to the price of BTC at that time.

Bitcoin dropping like a stone. Now NAV is only 0.235 ( BTC price 63000 divided by 1.345 = £ 46,900). 669 btc X 46900 and divided by 13.35 Billion shares.

Undervaluedtoday: you have posted three times about BTC valuations of SATS. I must correct you now. The 25.65 BTCs value at todays price is about £1,392,900 (73095 Divided by 1.346 and multiplied by 25.65). So it't not £ 1.875M. Secondly, on the current price bases total value of 645.65 BTCs is about £ 35,065,000.

At IPO the company directors and related parties paid 2p a share for their 67million shares.Even at 32p share price they are making 16 times their original investment and they are holding warrants for the same number of shares. If they are so concerned about the dilution of NAV, why don't they surrender their warrants.

Why isn't the offer given to related parties? What could be the reason behind it? If offered, would they take it?

The 6/8/25 RNS clearly states that the bond's principal value is denominated in Bitcoin. This means the amount repayable at maturity will be adjusted based on the price of BTC at that time. If the value of BTC increases the repayment amount increases. If the value of BTC decreases, the repayment amount decreases.

My understanding is, $ 21million Bond was linked with BTC price on 5/8/25. If we take BTC price at $ 116500 on 5/8/25 which will be equal to about 180 Bitcoins. The repayment at today's price will be 180 X 71000 = $ 12,780,000. And you also deduct 2% out of it. I think the company can easily raise this amount to repay instead of selling any Bitcoins.

I have voted against the remuneration policy of the company because I don't think Webley and Wade deserve to receive £ 450,000 and £300,000pa in salary and same amount in BONUS. At SATS the investors has called for EGM to get rid of some directors to reduce the annual wage bill.

I am sure Andrew Webley and his mate don't deserve wages of £ 450,000 pa and £ 300,000 pa respectively. Not only that

they are going to take same amount in BONUS as well this year. The investors need to revolt against this after such a poor

performance. Can't believe he went on a spending spree in the first 6 months by buying 2660 BTCs at a very high price and

bought only 29 BTCs since 31/10/25. The company has no money to buy BTCs and they are unable to raise new money.

96 million warrants will be available from 25/4/26 to be converted into 96 million shares at 2.5p each. So these are not trading yet.

Andrew Webley is holding about 27million shares for which he paid 2.5p a share. He will be getting about 25million more shares at an exercise price of 2.5p a share. Even at 31.5p a share price his holding is valued at £ 16.3million. After taking out his cost of buying these shares at £ 1.3million, he is still sitting on £ 15 million gain plus his annual salary and bonus. If the Board is so confident about the recovery in BTC price/ SWC price, why don't they spend their millions to buy more shares.

Recently Andrew Webley said that he will be buying more BTCs and the pricing doesn't matter. Last funds were raised at 44p and new funding will be at a much lower price. On 21/7/25 the three directors total wages was £ 168,000 pa. Since September last year there are 9 senior members costing the company £ 1,390,000 pa plus £ 750,000 BONUS for A.W and A.S. Do these two guys deserve to collect their high bonuses. The company doesn't generate much revenue and all these costs will be funded by new investors.

Correction: Andrew Webley's salary was increased to £ 450,000 pa from 21/7/2025.

Last year at IPO the CEO started with annual salary of £ 120,000. From next month he will be getting £450,000 pa

salary plus £ 450,000 BONUS and top up with Pension contributions, company car and air travel etc etc. I hope the pay and bonus is linked to performance and share price.

According to my calculations SWC NAV is about 43pence.

2664 BTCs X £66914 ($90000 divided by 1.345) = £ 178.2 million. Less £15.2m CLN due in August this year.

Total number of shares (350m - (60m shares not yet placed by the broker) + 96m warrant shares = 386m

shares. Company will receive 2.4m for warrant shares. Now 163m plus 2.4m = £165.4.Dividing this by 386m

shares = about 43pence. Please share your calculations if different.

I am with interactive investors. They wouldn't let me buy this stock but anyone holding the stock can sell it. Which broker are you using for buying?

The terms of the deal regarding the issue of 21m shares under Subscription agreement says that all the shares needs to be placed within 3 months from Subscription. As this was agreed on 4th of September, three months will be ending on 4th of December and they still have 13.24m shares outstanding.

When the $21 million bonds were issued they were linked to repayment in BTC value on 4/8/2026. On 4/8/22025 the BTC price was about $ 116,000. On that bases this is equal to 181 BTCs. If the Bonds have to be repaid on 4/8/2026, it will be value of BTC at that time multiplied by 181.

62.74 million shares @ 7p dividend will be 4.39 million pounds.

According to company"s offer document for IPO there will be 137million warrant shares exercisable at 2.5p each after 25/04/2026. Mr Webley is asking for permission to start buying back lots of these shares by borrowing funds from the market.

WHAT A CLEVER IDEA MR WEBLEY- SELLING SHARES AT 2.5P EACH AND THEN BUYING THEM BACK AT A VERY HIGH PRICE.