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80p target but waiting for 12p? Bold strategy. The CME stake is essentially Kevlar—the FY25 yield alone likely covers a £15m debt facility 3x over. At 13p, the market is effectively valuing the core business (Intuitive/NHS validation) at zero.

I’ve posted some math on this site and the 'other' major investor board today breaking down how that £30m–£75m safety net makes a fire sale unnecessary. If that news drops while you're fishing for a penny, you'll be chasing the rocket all the way to 20p. The spring is coiled; 12p might be a very expensive wait. GLA. DYOR.

6. Making the company 'Buyout Ready':

If a big player wanted to buy Creo, they’d want the patents and the clinical results, not a factory. By offloading the manufacturing now, management is making the company a 'cleaner' and more attractive target for a future buyout. They are leaving the heavy, low-margin hardware behind to protect the high-margin IP.

7. The Bigger Picture and Burn Rate:

When you combine today’s £1m+ saving with the 20% cost cuts already achieved in 2025, the annual cost base is on track to be significantly lower moving into FY26. It also frees Creo from future CAPEX requirements—if a machine breaks next year, it’s NewCo’s problem to fix, not ours. This directly accelerates the path to EBITDA breakeven by 2028.

It is understandable why this feels like a 'side-track' or a cause for 'deflation' on the surface, but the mechanics suggest the opposite. We aren't losing a key asset; we are shedding a heavy liability to protect our home-grown Welsh IP. By converting high fixed overheads into lean variable costs, management is clearing the path to breakeven.

This isn't stripping; it’s shedding weight to reach the finish line. GLA. DYOR.

Healthy skepticism is one thing, and it’s easy to jump to 'asset stripping' when an MBO is announced. However, that ignores the basic financial reality of where the value actually sits in a med-tech like Creo. This isn't a fire sale; it’s a strategic pivot to protect the lucrative, high-margin core of the business and win the long game.

1. The 'Good Stuff' isn't the Machinery:

In med-tech, the real assets aren't the workbenches or the factory floor—it’s the Intellectual Property. The RNS confirms Creo retains its core technology and patents. Manufacturing hardware is a rapidly depreciating asset that requires constant, expensive maintenance. By moving it to a separate entity, Creo sheds those "Sunk Costs" and depreciation while keeping the high-tech 'brains' of the company entirely in-house.

2. Laser focus on Core Technology & Welsh Innovation:

This move allows a singular focus on making our home-grown Welsh tech the global standard for surgical energy. We aren't just a local business; we are the 'Intel Inside' for every robotic system and endoscope worldwide. By offloading the burden of factory management, we are doubling down on the high-tech 'brains' and patents that define Wales as a leader in global MedTech. This ensures the innovation engine remains firmly rooted in Chepstow while reaching every operating theater on the planet.

3. Unlocking the 'Vault':

Being 'asset-light' means we can bring the patents currently in the 'vault' to market faster without the bottleneck of re-tooling our own factory every time we innovate. Without the weight of manufacturing, we can accelerate the release of Welsh-designed tech that hasn't even been commercialized yet.

4. Addressing the Supply Chain (Fixed vs Variable Costs):

There’s a worry that adding a layer to the supply chain dilutes revenue, but for a growth med-tech, owning a factory is often a margin-killer. By outsourcing, we convert high fixed costs (rent, 25 salaries, machine maintenance) into variable costs. We only pay for what we need. This doesn't dilute revenue; it protects the gross margin and stops the factory from being a "money pit" during quieter months. It’s exactly how giants like Apple operate.

5. Deal Mechanics and Oversight:

It’s fair to ask why the sum is undisclosed and why management is involved. In AIM-land, an 'undisclosed sum' usually means the amount wasn't 'material' enough to legally require a specific line item—likely a nominal fee because the real 'payment' is the buyer taking over the massive overhead and staff liabilities. As for the conflict of interest: that’s exactly why the Independent Directors and the NOMAD have to formally state the deal is 'fair and reasonable.' Crucially, the CEO is joining the NewCo board as a Non-Exec, which ensures we keep a direct eye on operations and quality control without carrying the costs.

Hi grounding,

Welcome aboard I see you got in at 11p, the market is still pricing the Core Technology at a massive negative. The 8% move today is just the start of the gap closing toward the audited CME yield we'll see in the April results. GLA.

Part 3 of 3

The longer Micro-Tech delay, the further it benefits CREO. As a long-term investor, and the fact that management remain heavily invested, I have significantly topped up my holdings especially at these levels.

Micro-Tech does not want the above based on 25% EBITDA, as waiting even one year adds a staggering £16.13m in gross market value to the asking price at 20%. Consequently, the current Implied "Buy Now" Valuation for the 49% CME stake in April 2026 should be viewed as a baseline that could move significantly higher if margins continue to outperform. This makes the cost of inaction and the "valuation trap" far more expensive every month they wait.

As a shareholder, my position is firm: unless there is a fair mutual balance or additional strategic accelerating benefits put on the table by Micro-Tech, the debt route remains the categorically superior choice. We should not surrender the massive compounding value of this asset unless the alternative provides an immediate and significant acceleration of our Core Technology and Global footprint.

GLA. DYOR.

Part 2 of 3

The Buy Now PEG Check (April 2026):

At a 13.4x P/E (£77.64m / £5.76m forward yield) divided by 20% growth, the resulting 0.68 PEG is a deep discount to the 1.0 fair-value benchmark. Even at 18.82p, Micro-Tech is securing a high-growth asset at an undervalued entry point.

The Profit of Waiting on the 49% CME stake (Buy now value April 2026 vs. April 2027) based on Forward Yield:

Value in April 2026 buy now: £5.76m (Forward Yield) × 14x = £80.64m.

Value in April 2027: £6.91m (Forward Yield) × 14x = £96.77m.

The Growth: Waiting one year adds £16.13m in gross market value.

The Cost: CREO pays £1.5m in debt interest to "wait" that year.

The Net Adjusted Surplus: £16.13m (Growth) - £1.5m (Interest) = £14.63m net profit more than a premature exit today.

The Strategic Reset PEG Check (April 2027):

Even at the 23.46p (£96.77m) gross valuation, the 14.0x P/E (£96.77m / £6.91m forward yield) divided by 20% growth results in a 0.70 PEG. This confirms that the "reset" price remains a significant discount to intrinsic fair value.

This positions the debt route as a strategic liquidity bridge. CREO pays £1.5m in interest to "earn" £16.13m in annual capital appreciation—a 10.7x return on the cost of the debt. CREO is firmly in the driving seat: the debt route is a win-win, while only one option is a win for Micro-Tech.

The trigger is clear: as soon as the CME EBITDA margins exceed 25% due to the expansion of CREO’s own products and the China-synergy acceleration, these surplus numbers jump even higher, widening Micro-Tech's value trap.

A contractual framework ensures that a final 49% CME stake sale provides the non-dilutive cash required to reach breakeven without sacrificing strategic influence. CREO protects its long-term interests through a China entry agreement and a mandate that Micro-Tech distribute CREO products through global channels. This partnership effectively allows CREO to focus on R&D while Micro-Tech provides the NMPA (China's FDA equivalent) regulatory "shield" and the distribution engine needed to navigate the highly localized Chinese market. If Micro-Tech can accelerate these benefits over and above what is already agreed, it adds the necessary strategic value to bridge the gap; otherwise, the value trap for them only continues to widen.

The Implied 49% CME stake buy now Valuation in April 2026:

Current Share Price: ~11.00p

LESS: Realistic Asking Price of the 49% CME Stake: -18.82p

Implied 'Core' Business Value: MINUS 7.82p

If we take this further and account for the illustrative £15m funding requirement being fully satisfied by this sale, CREO is left with a £62.64m (15.18p) cash surplus. At an 11.00p share price, the market is effectively paying you 4.18p per share to own the entire company for free—including the Global Core Technology, its huge, high-value patent library and the massive opportunity of the MicroBlate Flex lung cancer program being scaled in collaboration with the robotics gian

Part 1 of 3

Crucially, management announcing in the Jan 2026 RNS pulling forward results to April—a month earlier than previous years—implies a strategic plan is already in place to satisfy 'Going Concern' requirements.

To the points about a potential "surprise raise": CREO is miles ahead of the rushed pain of 2024; they are no longer operating with their backs to the wall and time against them. Management pulling forward results to April is a signal of strength, not a scramble for cash.

Professional analyst models have already explicitly modeled an illustrative £15m debt facility for FY27F as the credible, non-dilutive bridge to the expected FY28 EBITDA breakeven.

This modeled requirement positions the debt route as a viable, non-dilutive liquidity bridge that management can utilize to protect the share price while waiting for a fair-value buyout. Even at a conservative 10% interest rate, the £1.5m annual service cost would be comfortably self-funded by the profit share from the 49% CME stake alone. With CME c.20% EBITDA margin expected to continue—as stated and presented in a slide in the results presentation on 24th September 2025—breakeven can be achieved with ZERO shareholder dilution.

The Projected Strategic Micro-Tech 49% CME Stake Buyout Math (412.5m Shares)

To value the 49% CME stake, we apply a Forward Sector Multiple to the projected 12-month income. This is the industry-standard approach for high-growth Med-Tech.

Projected 2026 Forward Yield: £5.76m (~1.40p/share)

The Math: Based on a conservative £4.0m baseline (FY25)—calculated as a £3.0m profit share plus a £1.0m dividend sourced from analyst modeling.

The Growth Path: Applying a consistent 20% CAGR results in a £4.80m yield during 2026 and reaches the £5.76m Forward Yield (representing the April 2027 period).

The Realized Run-Rate Math: For transparency, the H1-25 results reported a realized £1.2m profit share from just 4.5 months, establishing a £3.2m annual run-rate—already outperforming our conservative £3.0m baseline.

Applied Sector Multiple: 14.0x EV/EBITDA

This represents a conservative "Net Multiple" that already incorporates a standard Minority Discount for the 49% stake. At this level, the valuation sits significantly below the 18x–22x multiples typically seen in high-growth Med-Tech buyouts.

Gross Strategic Value (April 2026 Buy Now): £80.64m (19.55p/share)

Calculated as: £5.76m (2026 Forward Yield) × 14.0x (Market Multiple).

The Strategic "Buy Now" (April 2026 Settlement): 18.82p (~£77.64m)

In professional negotiations, a Strategic Discount is unnecessary as the 2026 projected £4.80m yield covers the £1.5m debt interest over 3.2x. However, the 18.82p "Buy Now" price accounts for the £3.0m Avoidable Cost of Delay. This represents the total 2-year interest-drag that is immediately eliminated upon consolidation, allowing Micro-Tech to recapture that value today rather than seeing it eroded by the debt bridge to 2028.

Part 4 of 4

The Verdict:

The technical "restriction," highlighted by Scharnhorst which is less than 1% of the total content of the Shore Capital report, is precisely why they maintain a 40p target (nearly 3x the current price). Crucially, this 40p target—which is a matter of public record—already factors in every headwind discussed, including the industry’s "Safety-First" environment, while not including any US robotic lung volume in their base case. This confirms that Creo’s path to EBITDA breakeven in 2028 is extremely conservative. It is built on a robust, non-dilutive trajectory that utilizes the company’s existing asset base—including the potential monetization of the CME stake (valued at £29.5m)—to bridge any funding requirements without recourse to the equity markets.

Considering this, we should all focus on the 40p Shore Capital report for now. It is curious—and perhaps telling—that Scharnhorst is stating a narrative currently being pushed on this board that fixates on the US technicalities while suppressing the broker's definitive conclusion. To highlight the "restriction" while suppressing the broker’s own 2027 clearance timeline suggests a motive of deramping rather than objective research. Those who take the time to review the full context of the report will likely find the broker’s assessment—and the unmodeled "Blue Sky" upside which logically moves the valuation significantly higher than 40p as clinical data accrues—to be a significant surprise compared to the narrow narrative being presented in Scharnhorst posts that completely ignore the 99% of positive data.

Inviting investors to review the official Shore Capital research is the opposite of "ramping"; it is an invitation to move away from board-room noise and toward regulated, institutional fact. If one believes the broker is "telling the truth" about the US technicalities, one must also accept their professional conclusion that the fair value is 2.8x higher than the current price. This is not "ramping"; it is simply pointing out the institutional consensus that a vocal minority of derampers choose to ignore.

Furthermore, beyond the scope of the current broker model, the Micro-Tech partnership provides a massive unmodeled catalyst: the acceleration of NMPA (Chinese FDA equivalent) approval for MicroBlate Flex. By leveraging Micro-Tech’s 30% market share of the Chinese endoscopic consumables market, Creo secures an immediate, high-volume launchpad into the world’s largest lung cancer patient population. This is a definitive "when, not if" catalyst for revenue growth.

As previously suggested, the Shore Capital research can be read by taking a trial to Research Tree. For those who choose not to, the 40p institutional target remains a verifiable, public-domain baseline that highlights the company's true enterprise value, far removed from the noise of rampers or derampers.

DYOR / GLA

Part 3 of 4

5. The Monopoly Moat: "Ablate and Resect" Data

The Ablate and Resect and Ablate and Follow studies are the clinical fruits of this partnership and the firm pillars of the joint plan to engage the FDA later in 2026. Proving the procedural and energy-delivery safety profile will be the definitive factor in clearing the current US "Safety Bar."

This 2026 regulatory engagement represents a significant potential catalyst for the company. Should the European histology data—which consistently demonstrates 100% cell death while maintaining total structural integrity—be accepted as a predicate for a Limited Controlled Release in the US, it would fundamentally shift the commercial timeline.

Crucially, this histology confirms that MicroBlate Flex maintains total structural integrity—with no component breakdown ("bits falling off") or system overheating—even when navigated through the complex bronchial tree via the Intuitive Ion platform. The "bonus" of consistently demonstrating 100% cell death without damaging surrounding tissue is the real game-changer; this histology data acts as an accelerant that will likely ruffle feathers even within the FDA as they recognize a generational shift in efficacy—driving the path toward a Breakthrough Device Designation and/or De Novo application and approval.

• The Monopoly: While the market focuses on "restrictions," it is missing the most critical point: No competitor has performed an 'Ablate and Resect' study of this caliber.

• The Advantage: If the data consistently validates 100% efficacy alongside a superior safety profile compared to legacy competitor data, Creo will effectively hold a Monopoly on safety-validated robotic lung cancer ablation, potentially establishing the technology as the new clinical Gold Standard.

6. The 2025–2027 Execution Phase: Building the Clinical Foundation

The company’s roadmap defines this period as a structured transition from specialist clinical validation to wider commercial launch:

• 2025 Milestone: "First commercial sales of MicroBlate Flex recorded in 2025." This is the active Limited Market Release phase at world-leading pioneer sites like the Royal Brompton and St Bartholomew's.

• 3rdQ 2027 Target: "Commercial launch 3rdQ 2027." This remains the company's internal target for commercial expansion. While specific US regulatory timelines remain subject to clinical data accrual, this period provides the robust evidence base required for the Breakthrough Device Designation and/or De Novo pathway.

part 2 of 4

3. patented 5.8 ghz super high frequency: precision over power

as prof. pallav shah (consultant physician in respiratory medicine at royal brompton & harefield and chelsea & westminster hospitals) has noted, the fda's "troubles with ablation" stem from competitors using the "wrong approach." while other companies sought "bigger and bigger" ablation zones (30mm–50mm), prof. shah and chris han**** concluded that "big is not better."

utilizing the patented and protected 5.8 ghz super high frequency—which enables better control of thermal energy and depth of penetration—they intentionally settled on a 28mm precision zone. this specifically ensures the protection of underlying tissue structure through superior thermal containment, providing reproducible and on-demand ablation effects which is a critical safety differentiator from legacy systems. this intentional precision zone avoids hitting vital structures, leading to the hemorrhage, pneumothorax, and cardiac inflammation that triggered us caution. this was ultimately a strategic creo decision to prioritize patient safety and reproducibility over blunt power.

4. proactive strategy: the 5 july 2022 partnership with intuitive surgical

while the public record may not disclose which party made the initial approach, the strategic logic is clear: intuitive surgical (nasdaq: isrg)—the world leader in robotic surgery with a $150b+ market capitalization—sought out creo's specific engineering breakthrough. microblate flex was already a validated, fda-cleared technology well before the formal collaboration began on 5 july 2022.

fundamentally, despite their best efforts and multi-billion dollar r&d budget, intuitive recognized that they could not replicate the harmonic energy synchronization with the instrument required for precision lung ablation internally. this partnership resulted in the existing microblate flex being integrated into a sophisticated plug-and-play system, synced perfectly with the croma platform. just as non-clinicians pay a premium for seamless plug-and-play ecosystems in high-end consumer tech, the medical world is moving toward this integration where the robot, the generator, and the probe function as a single, unified unit. this collaboration gathers the high-fidelity safety data required for the breakthrough device designation and/or de novo application and approval in the us, proving the strategy was in place years before current market noise.

part 1 of 4

scharnhorst / the board—

to provide a clinical and objective perspective on the current discussion: the "restriction" highlighted by scharnhorst in the shore capital note is not a "setback." it is a technical description of a regulatory environment that chris han**** (chief technology officer and founder) specifically designed creo’s technology to navigate over a decade ago.

1. foundational engineering: solving the endoscopic crisis with microblate flex

the "deaths with a competitor product" and structural failures mentioned on this board regarding the shore capital report were not caused by the robotic approach, but by the failure of legacy technology to transition from percutaneous (through the skin) to endoscopic (through the airway) delivery. throughout the 2010s, attempts by major competitors to adapt low-frequency (2.4ghz) probes for flexible airways led to uncontrolled "energy bleed." without the thermal containment that the microblate flex provides via 5.8 ghz, legacy heat tracked back along the endoscopic catheter, damaging vital structures. furthermore, these adapted probes suffered from poor structural integrity—literally "bits falling off" or fracturing—because they were not engineered like microblate flex for the extreme thermal and mechanical stresses of the flexible bronchial tree.

2. reducing procedural risk: the microblate flex advantage

a primary driver of the complications seen in legacy endoscopic attempts was the complexity of multiple equipment changeovers. competitor systems often required surgeons to switch between different catheters and energy sources mid-procedure, significantly increasing the risk of trauma and device failure. these complexities were directly linked to fatal outcomes, including uncontrollable respiratory failure and sudden cardiac arrest triggered by procedure-induced inflammation or pneumothorax. this is precisely why microblate flex was designed as a plug-and-play instrument for the multi-modal croma platform. by integrating resection and ablation into a single, synchronized system, creo minimizes "changeover" risk, ensuring a safer, streamlined endoscopic workflow that legacy "power-heavy" suites simply cannot match.

Scharnhorst—

We clearly have a different view on broker notes versus what is formally put out via official channels, so let’s move on and let the board and the hundreds of visitors decide for themselves on the spivs hoodwinking investors with untruths.

If you truly support the company as you claim, then let’s both join together with others and put our efforts into supporting the share price, rather than talking it down.

Let's start a new chapter tomorrow.

GLA"

Scharnhorst—

Considering what is happening in the markets right now, it may be the case that you believe there is weight to these broker interpretations, but until an RNS arrives, you simply cannot assume that.

And for someone who claims he has an investment here, you are certainly doing a great job in "supporting" the share price on a day the markets are crashing without an RNS? It really makes me wonder what the motive is, and I am sure many others are wondering the same.

Just go back and look at how you have handled this—even accepting the Cavendish error, yet you aren't open to the fact there could be another error or that we should just wait and see if there is an RNS.

As for the trials being in Europe, it is a standard commercial strategy to build the clinical evidence needed to drive US insurance reimbursement and mass adoption. It isn't a regulatory hurdle; it’s how you get paid.

This further makes other investors believe you either have another motive or just... I don't know, and I am sure the majority of those who are active on this board—but more importantly the hundreds who visit to see if it could help them with a decision to buy, hold or sell—will draw that conclusion as well.

Unless we hear otherwise via an official channel, the 7 January 2021 RNS remains the only legal reality. Relying on broker interpretations over official filings only serves to spread unnecessary confusion.

DYOR

GLA

Have a good night.

***correction it should say MicroBlate Flex***

nimbo10—It’s easy to assume 'instis' have better insight, but analysts make mistakes. The only definitive truth is the primary regulatory record and the fact that MicroBlate Flex is already being sold commercially and used by Prof. Shah right now.

Scharnhorst—I appreciate you quoting those reports directly, as it makes it very clear where the confusion is coming from. It’s a fair point to raise based on the text provided, but you aren't to know that the specific sentence you’ve quoted is actually a major factual error.

Regarding your Cavendish quote:

“...while we expect most of the procedure volume to be in the US where Micro-Blate flex is not approved...”

I have had direct, written confirmation from Chris Donnellan, the Research Director at Cavendish and the author of that very report, admitting that the statement 'Micro-Blate flex is not approved' is a binary factual error. He explicitly confirmed to me: 'You are correct in stating that the product IS FDA approved.' I’ve already requested that he formally update the report to ensure the market is no longer being misled by this lack of clarity.

This is the danger for all of us in relying on broker 'outlook' notes over primary filings. Brokers are human and, as we see here, they can get the basic regulatory facts wrong.

Regarding the Shore Capital 'restriction' theory:

I suggest that as a rule, unless we specifically see a formal RNS stating a legal restriction, we have to rely on the primary record. Look at the 7 January 2021 RNS—the original 'birth certificate' for the device—which explicitly states it was cleared for the 'flexible endoscopy market' as the fourth device in a portfolio of flexible endoscopy devices. It was designed as a small-diameter flexible instrument to reach the lung.

This was then formally reaffirmed by the 11 June 2025 RNS, where the CEO confirmed the company had achieved 'FDA clearance for our full suite of advanced energy GI products for resection, dissection and ablation.' If a material 'restriction' for endoscopy existed, the CEO could not have legally made that statement to the London Stock Exchange in either 2021 or 2025. Until such a notice is published, the CEO's formal statements remain the only legal reality.

nimbo10—It’s easy to assume 'instis' have better insight, but analysts make mistakes. The only definitive truth is the primary regulatory record and the fact that MicroBlate is already being sold commercially and used by Prof. Shah right now.

Scharnhorst—It’s not your fault for relying on the broker's words, but in this case, the broker is factually out of sync with the company's own legal filings. Especially on a day when the markets are down, I think it’s vital we all stick to the official RNS filings and the live commercial sales rather than uncorrected broker typos, at least until we hear otherwise via an official channel.

DYOR

GLA

Appreciate the feedback from everyone.

Greg58—thank you. It’s vital to stay focused on why we’re here, despite the brutal road to get to 15p.

JamYesterday—I welcome the comments. While we’ve had our differences elsewhere, it’s refreshing to see you’ve done the work, cross-referenced the data, and reached the same conclusion. Accuracy helps every investor on this board, and I’m glad you’ve put the 'boiler room' theories aside to focus on the actual June 2025 'Full Suite' FDA clearance for endoscopy. I hope you continue your own research and validation into the CROMA platform; if you haven't invested already, I’m confident the data speaks for itself regarding the value at these levels.

Scharnhorst—regarding the 'Claude,' 'spiv,' and 'ramper' comments: I’ve been open about using AI as a research tool, but let's be clear—this wasn't a 'five-minute' job. It took me days of manual effort to direct that research, specifically triple-checking the output against official FDA filings (K221672) and the June 2025 'Full Suite' clearance to ensure every point is mathematically and legally sound.

This isn’t the typical 'ramping' seen on many boards; this is a factual breakdown of public data. In fact, Scharnhorst, if you truly believed I was 'ramping and lying,' it would be in your own interest as a holder to stay quiet and let the price rise. The fact that you’re choosing to attack factual data that supports your own investment is beyond me. On a board that often goes days or weeks without a single post, it is beyond unbelievable that you would choose to attack a non-ramping, factual contribution. It serves no one and is counter-productive to the share price.

To suggest MicroBlate isn't cleared for endoscopy is a fabrication. Official product specs on the Creo website explicitly state its use through a standard bronchoscope, and the June 10, 2025 RNS confirmed FDA clearance for the full suite of products for the flexible endoscopy market.

You are probably confusing the gathering of clinical evidence for global 'Gold Standard' status with basic permission to sell. The reality is that MicroBlate Flex is already being used by Prof. Shah and other pioneer sites right now. You don't start 'robotic-guided pioneer cases' with a $100bn+ leader like Intuitive Surgical using a device that isn't cleared.

Instead of taking shots at the delivery or calling fellow investors 'clowns,' we should be supporting the facts. If you have something useful to add regarding Creo's actual path that assists our fellow investors, then we are all open ears.

GLA to those focused on the reality.

Part 7 of 7

We are essentially buying the 2026 commercial success of global giants like Intuitive and CMR at an R&D-era valuation. The disconnect is staring us in the face. When you step back and look at the total picture—the massive institutional accumulation, the profitable £30m CME safety net, and the fact that we are now 'spring-loading' on major technical indicators—everything is pointing to the fact that this represents a rare opportunity to buy or top-up at these levels.

It only takes one of these verified catalysts to fully translate into the share price for us to move back toward the brokers' initial targets. Shore Capital currently maintains a 'Buy' rating with a 40p target, and as these 2026 milestones hit the P&L, they will be forced to evaluate and rerate further. I’m staying put because it is clear the company now has the funding safety net and legislative levers to reach break-even. This is no longer an R&D gamble; the commercial infrastructure is built and the 'pull' has started.

Disclaimer: These are personal thoughts & opinions based on publicly available info. Not financial advice. Always do your own DD and consult a professional.

GLA.

Part 6 of 7

The professional money is also here and M&G were not alone. While their long-term position is anchored at much higher levels, M&G showed massive recent conviction by accumulating from 5.5% up to 12% in the ~15.5p range in late 2025. We have also seen major institutional support from Canaccord Genuity, who consolidated a top-tier 10.8% position, and River Global Investors, who have held a high-conviction 6.5% stake throughout the transition. These funds aren't doubling their holding just to get diluted; they are waiting for the commercial 'pull' to re-rate the stock.

The "drift" last week was on tiny volume because over 60% of the shares are locked by major institutional holders and the Board, with a further ~10% held by long-term strategic and operational partners who have stayed the course. In fact, while the screen price flickers, the data confirms that these groups have been net-accumulating throughout 2025. While the "past record" is the reason we are at 15p, the lack of actual selling volume now proves that the historical baggage has been fully priced in. Market Makers are moving the price lower to specifically target retail investors and trigger sells and stop-losses because their own books are depleted and there is simply no institutional stock available to buy.

This setup is fundamentally different from the rise and fall we saw in 2025; back then, the technicals lacked a consolidated 'spring' and were often overextended. Today, the hard data confirms a massive mathematical divergence and structural "spring":

• Relative Strength Index (14) at 48.03

• Awesome Oscillator at 1.27

• Stochastic RSI Fast (3, 3, 14, 14) at 0.00

• Williams Percent Range (14) at −95.83

The stock is mathematically 'spring-loading.' Unlike 2025, these indicators show that the selling power is exhausted and the 'smart money' has absorbed the float. I hope this helps actual shareholders better understand that it’s not the company failing or the fundamentals that have changed; it’s simply a temporary supply-side squeeze being exploited which is technically primed to retrace rapidly.

part 5 of 7

4. speedboat national adoption: the current nice timeline for 'final guidance' is set for november 11, 2026, but that represents the old way of doing things. wes streeting is already moving to bypass these bureaucratic bottlenecks. starting in april 2026, he is utilizing his powers under the health and social care act to put cost-saving medtech on the same statutory funding footing as medicines. crucially, this moves the possibility of a national adoption decision forward to the first half of 2026, bypassing the long wait for november. speedboat—which nice’s own data confirms saves the nhs £5,300 per patient—is the 'poster child' for this shift and sits at the very front of the queue for this accelerated rollout.

under the new chair, what is being underestimated is that management has been deliberately measured. as highlighted by cavendish, their current numbers do not even factor in potential kamaptive agreement outcomes or the imminent potential for a launch into the us market via intuitive and cmr surgical. this is where we will finally get a glimpse of the licensing royalties that management have rightly held close to their chest. this needs to be a wake-up call that this isn't r&d anymore—it’s actual commercial sales supported by a full suite of regulatory approvals. as of 2026, all six core products on the croma platform are ce marked and fda cleared, providing the immediate legal and regulatory green light to flip the switch on us commercialization through our global robotic partners as soon as the strategic data from the current pioneer sites is finalized this year.

furthermore, the market is currently attaching zero value to the company’s portfolio of over 1,100 patents. with over 800 patents already granted and 300+ pending, this is a massive, enforceable moat. as the commercial phase gathers pace through 2026 and beyond, the prospect of a buyout grows daily. (for those who are interested, they can read my previous post for the deeper dive).

whatever you think of the leadership, management and chris han****—the founder and chief technology officer—have supported the company throughout with significant personal purchases and holdings. under the new chair, that commitment has only increased. kevin crofton has now invested over £1.1m of his own money into this business, with his last major top-up in 2025; his averages are anchored in the 21.5p range. there is significant insider skin in the game.

Part 4 of 7

This disconnect between the current valuation and the fundamental value is driven by several major 2026 catalysts not yet priced in:

1. CMR Surgical & SpydrBlade Flex: The Versius Plus platform received FDA 510(k) clearance in December 2025. Since SpydrBlade Flex is also FDA cleared and specifically optimised for the Versius robot, the regulatory path is clear for the commercial "pull-through" via CMR’s existing global purchasing and sales channels. Furthermore, the modular and mobile design of the Versius Plus means hospitals can deploy this technology across multiple departments—including the newly approved paediatric segment (CE Mark Jan 8, 2026)—without dedicated robotic suites. This significantly lowers the barrier for SpydrBlade Flex adoption, as it follows the robot’s high-utilization workflow across different theatres.

2. Prof. Pallav Shah (March 24th Update): Prof. Shah is scheduled for a major clinical update at the Advanced Interventional Bronchoscopy symposium on March 24th, which serves as the final lead-up to the full Ablate and Resect report due in August 2026. He will likely discuss the findings using MicroBlate Flex—specifically 100% microscopic cancer cell clearance verified via the Ablate and Resect model. If confirmed, this is a direct challenge to the current invasive surgical standard. Crucially, this technology is positioned to become the new "future gold standard" both as a standalone treatment and as a first-line preventative approach for patients still requiring surgery. By establishing ablation as a mandatory first-line step to contain disease and stop growth, it opens up the entire market, moving MicroBlate Flex from an alternative option to the mandatory standard of care for virtually 100% of the patient pathway.

3. Intuitive & MicroBlate Flex: Building on the clinical validation from Prof. Shah, we are looking at the commercial launch via Intuitive's global channels scheduled for the second half of 2026. Commercial sales have already started at initial UK pioneer sites like Royal Brompton and St Bartholomew's, ahead of the wider launch later this year. With a retail price of £5,700 per single-use instrument, these initial cases represent the high-margin "pull" model. This launch excludes the US for now, but that could change rapidly based on the upcoming ablate and resect data. Like the CMR deal, this is a "Pull" model—the world's biggest robotic companies handle the sales and purchasing via their existing networks, meaning zero added cost of sales for Creo.