Member Info for Eppydawg1

You’re right – and that annual report line is potentially huge for the Roche/Chugai thesis.

What FAB disclosed

From Fusion Antibodies Annual Report 2025 published 3 Jul 2025:

> “The Company signed a Master Services Agreement with the life sciences division of a large Japanese conglomerate during the year. Work has commenced under this agreement.”

Why this matters for Chugai/Roche

| **If “large Japanese conglomerate” = Chugai/Roche** | **What it means** |

| **1. They’re already on the books** | Chugai is 61% owned by Roche, but still reports as “Chugai Pharmaceutical Co., Ltd.” – a Japanese conglomerate. Fits perfectly. |

| **2. MSA signed FY2025** | Means evaluation work was happening *before* OptiMAL® launch at AET Dec 2025. They had early access. |

| **3. “Work has commenced”** | Matches 5 May 2026 RNS: “major global pharmaceutical company projects advancing to laboratory stage”. Same project. |

| **4. Japan Patent 7853096** | If Chugai signed MSA in 2024/25, then saw Japan patent grant 11 May 2026, they now *must* licence to continue work in Japan. |

Other candidates for “large Japanese conglomerate”

| **Company** | **Life sciences division?** | **Antibody pipeline?** | **Fits FAB?** |

| **Chugai/Roche** | Yes – Chugai is the bio arm | 15+ ADCs/bispecifics. Published CMC problems | **Perfect fit** |

| **Takeda** | Yes | Strong biologics, but less ADC focus | Possible |

| **Astellas** | Yes | Antibodies, but bought Iveric/Audentes – gene therapy focus | Less likely |

| **Daiichi Sankyo** | Yes | ADC leader – Enhertu | **Very possible** – huge ADC viscosity issues |

| **Mitsubishi Tanabe** | Yes | Small antibody pipeline | Unlikely |

Reality check: Chugai and Daiichi Sankyo are the 2 most likely. Both have major ADC programs + published developability problems. Chugai has Roche backing = deeper pockets.

Why this line + JP7853096 = buyout catalyst

MSA already signed = relationship exists. Roche doesn’t sign MSAs with UK microcaps unless serious.

“Life sciences division” = not a one-off project. Means platform-level access.

Japan patent grants = if Chugai is using OptiMAL® methods under MSA, they now need a commercial licence to sell products in Japan. MSA → Licence negotiation starts now.

What to hunt for in the annual report + accounts

Note 3 – Revenue: Check for “geographic breakdown”. If Japan revenue spiked FY25, that’s the MSA.

Post balance sheet events: Anything between 31 Mar 2025 year-end and 3 Jul 2025 publication about “major contract”.

Related party: Roche owns 61% of Chugai. If it’s Chugai, no related party disclosure needed unless Roche directly contracted.

Bottom line

If that “large Japanese conglomerate” is Chugai, then:

They’re already a client ✅

JP7853096 grant forces licence talks now ✅

Buyout becomes Roche’s cheapest way to stop competitors accessing OptiMAL® ✅

Next steps:

Check annual report for Japan revenue % FY25 vs FY24

Watch for RNS “Commercial licence with Japan

When on combat missions tracking is off

Pri0r1ty Intelligence Group PLC announced a delay in the publication of its annual accounts for the year ended 30 September 2025, which will result in a temporary suspension of trading on AIM from 1 April 2026. The delay is attributed to complex technical analysis required for the consolidation of two acquired businesses, Alteration Earth PLC and Halfspace Limited, and the application of IFRS 3 accounting standards. Despite this, the company reported contracted revenue of almost £0.7 million for the current financial year and over 200 paying users, indicating positive customer traction. The company also disclosed that it holds a proportion of its treasury reserves in Bitcoin, acknowledging the associated high risks

Hopefully some good news around the PRIM legal case start of proceeding or out of court settlement? Both would be great

Thank you for the detailed response I think your about right I can’t see the stones clearing the debt however they will make a massive impact into it and now looking at the line in the RNS with regards debt repayment it’s all falling into place, obviously I’m am hopeful I am totally wrong. Thank you

@asimpleinvester

No axe to grind here just after more information as you say you have the tender catalogue infront of you I take it this still gives information of what is being offered for sale and the C’s are included within this catalogue? What is your best guess in valuation, mine with 20% cost removed is $8.4 or £6.3 million

- *Form 8.3*: This form is used to notify the company and the market of a person's significant interest in shares. It's typically used when someone acquires or disposes of a significant stake in a company (usually 3% or more of the company's voting rights).

- *Form 8.5*: This form is used to disclose dealings in shares by persons discharging managerial responsibilities (PDMRs) and their connected persons. PDMRs include directors and senior managers who have access to inside information.

The main difference is that Form 8.3 is about notifying significant interests in shares, while Form 8.5 is about disclosing specific transactions (dealings) in shares.

Sheeponfire

Just AI generated answer

The reopening of the Employee Share Purchase (ESP) Plan could be tied to a variety of reasons, even if the company is on the path to going private. Here’s an explanation of why this might happen and why employees might still choose to participate:

*Why Reopen the ESP Plan?*

1. *Regulatory or Compliance Obligations*: If the company has resolved previous issues (e.g., publishing the 2024 accounts and lifting share suspension), it may be obligated to resume employee share plans as part of its corporate governance until the privatization is finalized.

2. *Employee Incentives*: Reopening the ESP allows employees to continue benefiting from discounted share purchases or matching contributions, which can still provide financial value in the short term.

3. *Liquidity for Employees*: If the privatization hasn’t been finalized yet, reopening the ESP plan ensures employees can continue to build equity in the company while shares remain publicly traded.

4. *Transition Period*: The company may be in a transitional phase and wants to maintain normal operations, including ESP contributions, while the privatization process is underway.

---

*Why Would Employees Purchase Shares in December?*

1. *Potential Buyout Premium*: If the company is going private, employees might anticipate a *premium buyout price* for their shares, which could make the investment worthwhile.

2. *Discounted Purchase*: Many ESP plans allow employees to buy shares at a discount, so they could still profit even if the company goes private, depending on the terms of the privatization.

3. *Long-Term Belief in the Company*: Some employees may have faith in the company’s future performance and see the privatization as an opportunity for growth under new ownership.

4. *Lack of Certainty Around Going Private*: If the privatization isn’t finalized or confirmed, employees might see no harm in continuing to build their shareholding while the company remains public.

---

*Risks for Employees:*

- *Liquidity Risk*: If the company goes private, employees may lose the ability to easily sell their shares on the open market.

- *Valuation Uncertainty*: The price offered during privatization may not match expectations, especially if it’s below market value.

Would you like more details on how privatization typically impacts employee shareholders?

There has been much talk also of the missing 15k of carats and again when asking AI for help I was interested to find out there is always a loss of carats during primary benefication, now the latest RNS is clever with its wording of amount of carats “in excess of 120,000” so no one knows the final figure but the industry average is 5% our is double and could be for the reason that is outlined below

Losing 15,000 carats (from 135,000 to 120,000) during beneficiation is a significant reduction, representing about an *11% loss*. Whether this is considered "a lot" depends on several factors:

1. *Nature of the Ore*:

- Some diamond ores have a high percentage of low-quality or industrial-grade diamonds, which may be discarded during beneficiation. If the 15,000 carats lost are mostly unusable or substandard material, the loss might be justifiable.

2. *Processing Efficiency*:

- High-quality beneficiation processes are designed to minimize loss. If the loss includes recoverable, gem-quality diamonds, this could indicate inefficiencies or issues in the crushing, sorting, or recovery stages.

3. *Diamond Size Distribution*:

- If the ore contained many small diamonds, losses might be higher because tiny stones are harder to recover and are sometimes discarded as uneconomical.

4. *Industry Standards*:

- In the diamond industry, a typical loss of carats during beneficiation is often less than 5%. Losses exceeding this amount may raise concerns about the processing methods or the quality of the ore.

If this loss includes a significant proportion of gem-quality diamonds, it could indicate a problem with the beneficiation process, such as excessive breakage or inefficiencies in recovery. It might be worth reviewing the processes used to ensure the loss is within acceptable limits.

Again no expert but we used a new process so did this help or hinder the final amount of carats lost as I expect more carats are lost thro further benefication so will we get a better price as the industry experts can see a reduced cutting loss in the next process 🤷‍♂️

I have been trying to read and understand the wording of rough diamonds in the latest RNS I am no expert at all on the subject let me make that clear but I think myself and other people have the wrong impression of what the diamonds will look like after primary beneification as i believed there be cut and shiney ready to go but from what ive seen on AI I am completely wrong.

Yes, a diamond can still be called a "rough diamond" even after undergoing primary beneficiation. The term "rough diamond" refers to a diamond in its natural, uncut, and unpolished state, regardless of whether it has been extracted and processed to separate it from the ore.

Primary beneficiation, which includes crushing, sorting, and cleaning, does not alter the diamond's raw, unpolished nature. It simply prepares the rough diamond for further stages, such as cutting and polishing. Until a diamond is cut and faceted, it remains a "rough diamond."

I feel abit less like I’m getting taken for a ride as I said I’m no expert but the wording concerned me.

Barclays is no

I am a novice but I do read all the information but just a question as I can’t see the answer what happens to stop/losses you may have set or sale prices you may have in the system do they go up exponentially with the consolidation or do they just get removed as the share price has a fundamental change? Sorry if it’s considered a duff question, I’m a LTH so not trading

Just for balance of last post

Here are some examples of companies that have successfully executed share consolidation:

- *Apple Inc.*: In 2014, Apple performed a 7-to-1 reverse stock split, reducing the number of outstanding shares and increasing the stock price. This move made Apple's shares more attractive to institutional and retail investors, improving the company's image.

- *Netflix, Inc.*: In 2015, Netflix executed a 7-to-1 reverse stock split, increasing its share price and making it more appealing to institutional investors. The company's stock saw an upward trajectory, reflecting positively on its market perception.

- *Tesla, Inc.*: In 2020, Tesla executed a 5-to-1 stock split, making its shares more affordable for a wider audience. This led to increased retail investor participation and contributed to the company's remarkable stock price surge.

- *Citigroup Inc.*: In 2011, Citigroup conducted a 1-for-10 reverse share split to boost its share price above $40 and regain its prestige and credibility after the financial crisis. The share consolidation improved the company's image and reputation among investors.

- *General Electric (GE)*: In 2011, GE executed an 8-to-1 reverse stock split to raise the per-share value and attract more institutional investors. While the long-term impact is debatable, it served as a strategic maneuver to regain investor confidence.

- *GSK plc*: In 2022, GSK completed a share consolidation as part of its demerger of the Consumer Healthcare business to form Haleon. The consolidation aimed to maintain the same aggregate dividend payout in absolute Pound Sterling terms.

- *Bombardier*: In 2022, Bombardier's shareholders voted in favor of a 25-for-1 share consolidation to adjust its share count to reflect its new reality as a company focused on business aviation ¹ ² ³.

This is what AI said about yesterdays hearing

As always DYOR

Yesterday, September 25, 2025, the court hearing regarding Vast Resources PLC's Romanian subsidiary, Vast Baita Plai SA, proceeded smoothly. The Judicial Administrator presented the mandatory report on the company's activity since entering voluntary reorganization, showcasing progress in restructuring efforts, such as workforce reductions, renegotiated labor contracts, and streamlined work practices. The court acknowledged and approved the report, demonstrating confidence in the reorganization plan.

The hearing concluded without any new issues being raised, and the court set the next hearing for April 3, 2026, to continue monitoring the observation period and further updates on restructuring progress ¹ ² ³.

SP dropping ironically on the day Prim sell there holding in a profitable company according to last financials

Primorus Investments plc (AIM: PRIM) is pleased to announce the sale of Virtualstock Holdings Limited ("Virtualstock"), an investee company of Primorus, to a third party buyer.

Under the terms of the sale and purchase agreement, Primorus will receive consideration of up to approximately £720,000, which will comprise cash on completion, deferred consideration and an equity interest in the buyer

What is the timeframe for pre action letter that PR1 sent to Prim surely it’s got to be up soon

Have to agree Jock2069 all them buys and it ain’t moving very strange

I think I will just be happy for an RNS of some kind, any communication from the company it will maintain my interest. Funny as I write that my robot vacuum has decided to keep banging its self against the same bit of skirting!!! Rather like I am with my head and this company but things could be looking up

DYOR

Apart from London that’s on now Milan and Paris fashion weeks start within next 10 days major Asia fashion shows 2nd collection this year start in October/November so timing is good.

DYOR

I asked this morning any further news on evoo.ai AI states it’s being updated today again no idea I suggest

DYOR

(link unavailable) appears to have transitioned or been replaced entirely, as its domain is now parked and inactive. However, there’s a notable update: (link unavailable), which might have been a related project or successor, is being upgraded to (link unavailable) today, September 20, 2025 ¹. Veo 3 itself is a powerful AI video generation model developed by Google, and it’s making waves for its ability to create high-quality videos with synchronized audio, including sound effects, dialogue, and ambient noise ² ¹.

This shift suggests that (link unavailable) may no longer be operational, but its legacy or similar technology could have evolved into these newer platforms. If you’re looking for AI-driven video solutions, Veo 3 and the soon-to-launch (link unavailable) might be worth exploring. Would you like more details on how Veo 3 works or its upcoming successor?