Member Info for bonjourno

Might as well register a vote at the AGM

so far Bell gone bust, Genip dropping , Lucy now below the Nasdaq $1 mark, Salt revenues revised down and no margin evidence and the forever wait for Guident IPO and on top of that management decide we need to take 51% in a company owned by CEO

the aim of this company was to take innovations, develop them and crystallise a return on them. We have so far failed to return any money to shareholders

the share price tells the story

This RNS is housekeeping- it is prepairing the way for when/if Zeus ever sell the 12m over 4p.

Currently Altona has received no money as no shares have been sold

Arent the CLNs convertible at 5p- which means that if Salt doesnt have the cash they will issue a lot of shares to TEK at 5p and dilute their shareholders quite a lot ..

Salt is not paying off the CLNs- they are the same as year before so Tek has not received anything from Salt but some of these CLN do mature in June so we should have some RNS soon on whether they are rolled or settled or changed

we were expecting in these results some material improvement in margin as the set up costs should have eased through

we werent expecting a 35% revenue warning for 2026

as SALT shares fall so does the Tek NAV so if we do need to sell down a small part of our Salt holding we do lose

Looks like a revenue warning of 35% lower for this year and still no evidence of any margin pricing- sales of 2069k with costs at 1982k produce a very small margin when they were aiming for 30% margin

it seems that being focused on 1 major customer has lost them all their pricing power

at this rate higher revenues just mean more fund raises

The key to Salt is the margin and these latest results show awful margin-

revenue 2069k but cost of sales 1982k - virtually no margin. They were targeting a margin of over 30%.

Without evidence of a decent margin all the talk of increased revenue means very little other than a much higher risk of fund raises to support the higher working capital.

I think they have also reduced their revenue guidance for 2026

The key short term is not Guident IPO but is whether Salt can show that it can charge a margin as its revenues accelerate and a decent margin at that.

Bell is dead

Lucy ignore

Genip ignore

Guident- here the IPO sounds great but they wont be able to sell shares until the end of lockup and therefore everyone saying they now have a liquid asset with a tangible value will be wrong. Short term benefit will be if they have their loan repaid by the Guident float which would then take away risk of another equity dilution but not even sure if this has been committed to.

Currently business model is not working.

if they are running out of cash then surely they just sell some Salt shares rather than dilute down here

Last year posted on 23 May and in 2024 it was 22 May- so they might publish soon.

They should be posting a decline in NAV due to fall in listed values but that all depends what they state for Guident.

Currently business model is not working so strong risk commentary contains too much hyperbole and no serious content. We need Salt to actually sell with a margin.

Regional Context: Kazakhstan is a major production hub for sulphuric acid in Central Asia, with significant capacity and supply dedicated to its mining and uranium sectors

I think that if the SEC hasnt approved the registration statement to be effective by the 14th May then Guident has to resubmit with the Q1 results. The old 31st Dec 2025 accounts go stale. These do no need to be full audited but will need to be signed off by their auditors. This will delay things again and add costs

I worry that we should be seeing much more news and commercial progress from both Guident and Microsalt. There has been very little news for either company when you would expect both to be buzzing.

Guident risks being left behind and Microsalt so far hasn't shown any revenue that has a margin and is also heavily dependant on 1 customer- why aren't there other big customers by now??

Highest on record

they must be spinning off cash here

No liquidity in London- look at the trades today , over 30 trades but most below 100quid. looks like people just tidying up their scraps...

Also Tamboran shares in AUS closed at 27C which if US markets follow would mean a US listed price for TBN of $37. Walking that through the merger ratio and FX at 1.33 gives Fog at 19p but all dependent on delay for transaction/the court tweaks on sanctioned shareholder, lack of London liquidity and how TBN keeps trading.

But geopolitics have materially changed for gas and safety of supply has become much more critical so the likes of Inpex and others must find Beetaloo more attractive.

They need to show that they have a margin on their sales. last numbers they reported basically showing revenue same as cost of sales so even though they now raise to fund extra revenue we can't yet see if they are going to make any money on that.

they are very opaque with their communications but they did find investors to take up the offering and interesting to see if public allocations are high

Shareholder rns

they seem to be downgrading their 2026 revenue estimate.

In August they said 6.7m$ for 2026 forecast sales and then they added 0.5m$ for Daiya foods ie 2026 should be $7.2m but today they say only $7m......

I guess everything depends on margin as we can't go on without funding when we do $836k of sales with a cost of sales at $830k

The big difference for TEK now with their Salt holding is that they are not locked-in. Post Salt IPO the share soared to 129p plus but the market paid less attention as TEK could not sell then whereas now we can.

Obviously if we are forced to sell a lot of SALT shares then the SALT price goes down heavily but if we need small amounts of extra capital there is no reason why we can't just sell a few SALT shares if we want

I think this opens door for others to make a third party bid

another opportunistic bid now before flow rates and farm-out news would be an interesting risk/reward

Now is ideal time to express any views on management or fund raising methods by voting on the resolutions at the forthcoming AGM

https://www.tekcapital.com/wp-content/uploads/2025/06/271070-TekCapital-Notice-of-AGM.pdf

I can see them selling 285,714 shares on the 10th feb only- doesnt look like they sold on the 6th as that was a change in % holding due to Salt fund raise