Member Info for cadburyhill

John and Laura were on great form at the Mello Investor Conference this week.

The song remains the same. This is a slow adoption, long-cycle game but that means, once profitable, the market should feel able to slap a very robust multiple on earnings. Breakeven, mainly via dishwash, is now so close at hand; once through breakeven, it feels like the program of new asset development will only accelerate.

In a micro cap/ small cap bull market maybe op progress and stock price would be higher but the exec have navigated through a bear market since 2022, high global interest rates and awful U.K. investor sentiment. All credit to them for their calm, focus and consistency.

The key point is that a maiden profit will make this a different beast. And the combination of earnings and incredibly high asset turn should make this a great medium term performer.

Management subscribed heavily in Sept 24 placing. There’s no doubt that they have plenty of skin in the game.

At some point, we will get a Weichai manufacturing update, post the manufacturing licence deal announced in Nov. The CEO told us that for free. I can’t see why anyone who holds this stock would not hold on for that newsflow if nothing else. It’s potentially massive given weichai scale.

Agree. Great company. Best guess is Impax Asset Management are a seller. Their assets are dwindling and share price under the cosh. They’re selling what is relatively liquid. A fantastic opportunity to build a position, I suspect. Ex div in a couple of days…GLA.

Https://investors.axt.com/Investors/news/news-details/2026/AXT-Announces-Pricing-of-550-Million-Public-Offering-of-Common-Stock/default.aspx

I don’t think anyone with proper risk management in place is nakedly short this name. Far more likely that the declared short is a delta hedge to a bullish option position. When they take the short down, it’ll likely indicate that they’ve unwound the position to take profits.

Agreed. But the economies to scale from fully utilised manufacturing are enormous, as you know.

Apologies for Luddite ‘double tap’ post earlier. My bad.

Aixtron, the ASML of the compound semi equipment manufacturing space, raised guidance last night. All good for IQE and the cycle. Aixtron is up 11% this morning, which is important. In a supercyclical sector like semis, when a stock doesn’t respond well to good news it’s likely market expectations are baked into the price and you need to watch out. I’ve little doubt IQE will be in triple figures soon. Once a momentum run starts, things always run far harder than anyone expects. GLA.

Aixtron, which has a near global monopoly in the manufacturing of the deposition machines used by IQE and others (the ASML of this space), raised guidance last night….This cycle is very much intact. Still a lot further to go, I suspect.

Saba short position much more likely to be a delta hedge to a very bullish option position than a bearish short bet. But agree that the hedges will stand to unwind anyhow… .looking good. At last! GLA.

Https://investor.lumentum.com/financial-news-releases/news-details/2026/Lumentum-Announces-New-U-S--Manufacturing-Facility-to-Produce-Advanced-Lasers-for-the-Worlds-Largest-AI-Data-Centers/default.aspx

ONT exposure doing most of the damage….I suspect. Not that the ONT results deserved the big move lower….A lot in the price here. Agreed.

Excellent. Thanks.

I note an updated shareholder register on the website.

I suspect the apparent new top holder, Thompson Taraz, actually holds the stock for an individual / family office/ fund who wants to remain under the radar or for tax reasons. Thompson Taraz have no apparent interest in listed micro caps historically.

Scandinavian partnership announcement today…I note small and micro caps moving up in US and elsewhere, so a more benign market environment / backdrop for Creo - at last….

https://www.creomedical.com/en/media-centre/news/new-partnership-brings-creo’s-croma-powered-gi-devices-to-scandinavia

Fair point, but I assumed the last stub of stock will shift quickly. We’re not the only ones aware the overhang is getting reduced and a relief bounce likely.

To add to Lord’s sensible comments, we have a seller of stock - Canaccord - who have now sold down to below 3%. You can track their slow progress via the daily RNS on this board. If they are selling out completely- which they appear to be doing in a number of U.K. micro caps (presumably because of awful performance on behalf of discretionary clients) - then we should be clear of them by mid-January. Management may chose to release positive news when this overhang is de minimis to get share price traction. We should have better newsflow as the compound semi cycle turns anyway. I note Rivian talking up LiDAR in recent days, plus defence contractors, data centre plumbing, etc… GLA.

No sale, just dilution as a result of non-particpation in the raise, I think. We still don’t know who are new owners of stock, besides retail? More TR-1’s still due….

Delighted to be corrected, but I think we are still waiting for at least one TR-1 post the fund raise. The fact we are not seeing it/them might indicate someone is still accumulating a position- which explains why the bid has held up so well. Still, management indicated a lot of potential newsflow to come back in Oct. We can expect to see it v soon if they didn’t over hype….

Let John run the business and have patience! You want to be titillated with a steady stream of newsflow, even if that means John and team have less bandwidth to keep building the business as a result. Perhaps go elsewhere for a snake oil CEO who plays to the retail crowd?

New investors will arrive when the revenues and earnings drive the business to profitability. In the meantime, the company has cash and is rightly focusing on the hard but rewarding slog of growing something we all own a share of.

Great question. We’ll soon find out. Things should accelerate into the full canaccord exit.

Managing this sell down day to day is a pain in the ass for the canaccord dealer. He/she will want shot of it whilst there’s also tax loss paperwork to sort out by the discretionary fund managers.