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Https://www.tanzaniainvest.com/economy/investor-friendly-laws-pledge-vision-2050

All heading in the right direction...

That's not necessarily correct. The top Brokers could hold the accounts of institutional investors as well as retail holdings. This is what perplexity has to say.

"If Hargreaves Lansdowne owned shares prior to the CLN conversion, the three most likely new investors that could have become significant, especially if they are holding their shares within brokers, are:

Interactive Investor – currently holding a substantial 14.28% as of October 2025, and likely to have been active in acquiring shares during the period after June 2025.

Halifax Share Dealing – holding around 7.46%, representing new broker-based investors or institutional holdings post-June.

A J Bell Securities – with a stake of approximately 6.19%, also among the newer significant brokers holding shares which could be aligned with investor interests or Institutional backing. These brokers hold their shares either directly or through their custodian clients, representing substantial institutional and retail investors. Given the stock's recent movement and the decline in major holdings (for example, Hargreaves Lansdowne's ownership dropping from 30.36% to 22.99%), these new broker-held stakes likely reflect fresh institutional, retail, or fund investors aligning with Helium One’s evolving strategic position. It’s probable that these three broker-held entities are the key new investors welcomed by the leadership, especially considering their recent significant holdings and the general market moves observed in the stock."

Helium One Global website shows the following shareholdings as of 17th October with 9.3B total shares in issue.

Hargreaves Lansdowne 2,143,380,308 22.99%

Interactive Investor 1,331,013,336 14.28%

Halifax Share Dealing 695,223,187 7.46%

A J Bell Securities 576,764,791 6.19%

Barclays Wealth 364,415,962 3.91%

Trading 212 363,630,805 3.90%

IG Markets 361,184,330 3.87%

Helium One Employee Benefit Trust 296,138,418 3.18%

Based on the following statement made by Lorna Blaisse.

"The investors that are part of this raise were introduced to us by Marex Financial. We know that they have worked together on a number of previous deals. We've met those principles in person and the funds. We certainly welcome them as new shareholders to the company and I'm sure in time they'll make those necessary disclosure requirements, when appropriate."

TR1's are not a requirement due to Helium One being registered in the British Virgin Islands (re-read our previous threads). A company with a large shareholding above 3% has to report it to HE1 and then Helium One needs to inform the open market, usually through an RNS.

That's the right question, Lorna eluded that all would be revealed in due course... Why would she make this statement, even with current evidence to the contrary, there has to be truth to it?? My theory is that all of the newly cteated shares have been bought and held by the three mystery investors and the fall in share price was as a result of market sentiment.

Now all of the new shares have been released, the percentage can be calculated and ownership can be notified to Helium One.

Could we get an RNS next week?

Https://www.linkedin.com/posts/blue-star-helium-limited_helium-asx-bluestarhelium-activity-7384896564923858945-J9ua?utm_source=share&utm_medium=member_android&rcm=ACoAABfDQZUBB4maueVdepD8QITT3_5hWUBx6mk

Great link, thanks for sharing Andii. It was Peter Thiel's original investment through the Founders Fund that put Ondo in the spotlight for me. He invests in the Company Founder and their ability to monopolise their industries. I think the article pointing to a 100 Bagger has it spot on.

Https://www.linkedin.com/posts/immersivex_immersivex-immersiveimpact-nextrealityfestival-activity-7380998826012098560-_KQw?utm_source=share&utm_medium=member_android&rcm=ACoAABfDQZUBB4maueVdepD8QITT3_5hWUBx6mk

This is a great find, thanks for sharing Beekeeper. 👍

I thought this post may entice Blubabes out of hiding too...

Just wanting to bounce an idea again, ppl.

Toffers and MCNol, you guys may be able to provide feedback as long-term holders.

I've been trying to determine who the three likely investors will be. I think HE1 should retain control of this critical resource under Western influence. Therefore, I speculate that the investors will be one from each continent: an American, a European (possibly British), and a representative from the UAE, given connection through our non-exec, Nishant Dinghe. The American investor would help support and advance operations in Colorado, while the European investor would be responsible for supplying helium throughout Europe. The UAE investor would act as the primary takeoff supplier and transporter. This strategy would help keep China out of the supply chain and minimise the risk of the West being cut off from such a critically rare gas resource.

Hialoong Group will provide customisable equipment specifically tailored for water extraction, offering a prototype for artificial lift, geothermal energy collection, and resource filtering and extraction processes. Where there is a geothermal potential, thought needs to be given to how the artificial lift will be powered in such a remote area. This system may enable it to be self-sufficient.

Feedback welcome...

Thanks Blu,

• The dilution lowers the value of existing shares because ownership is split among more shares.

● Discounted pricing signals to the market that shares are available cheaper, putting downward pressure on market sentiment.

● Market psychology reacts negatively to new discounted share issuances and perceived capital needs.Even if shares are placed in long-term holders, the impact of dilution and discount pricing remains.

● Large-scale forward selling or manipulative trading is not necessary to explain the price decline.

● Converted shares held privately by strategic investors don’t need to be sold or returned to brokers to affect price.

So in Conclusion - The price collapse after CLN conversion can be explained by share dilution at discounted pricing, market psychology, and increased total share count, even if shares were allocated to long-term investors, without requiring mass market share sales or manipulative forward selling.

This would be fantastic news to existing shareholders because, the existing shares before the CLN, in theory, are only perceived to have been diluted and this will be factored back into the re-rate if true, which is why this option is very good news if proved correct.

...so the question now is...

Who are the three investors and what do they have to bring to the table? They are 'welcomed shareholders', so unlikely to be a buyout. They could formulate a takeover bid and change the management structure, however, I think that would be relatively unlikely too, other than bringing in capital and expertise. The most likely scenario is that they become a joint venture partner from directly within Helium One itself. Supporting Collorado, Rukwa, and future ventures.

Thoughts people?

Hang on Blu, we have already been told that the investors would become shareholders, so the market is already aware...

Perplexity states " - The investment agreement, approved in July 2025, allowed select investors to convert financing into equity, granting them immediate shareholder status. Lorna Blaisse confirmed the funds involved were “known in person” and would become “welcomed shareholders,” affirming that they were trusted backers rather than anonymous traders. This structured financing method gave those investors discounted early entry while aligning their interests with Helium One’s long-term production goals in Tanzania and Colorado. In summary, the CLN process deliberately facilitated large share acquisitions by personally known investors, consistent with management’s aim of building a committed shareholder base.

Thanks Blu, I understand the difference. I know you are not convinced of this scenario but just hear me out as this aligns with Lornas comments of the investors becoming shareholders. I'm just trying to sound out one of a potential number of scenarios to fit the available evidence.

Yup, didn't we identify that there was a 4-day time window for an investor to notify HE1 of holding above 3%. This would then give HE1 until next week to issue a follow on RNS, earliest time would be next Tuesday, if the CLN closes tomorrow when additional shares are converted.

An even bigger question would be, what kind of overall share volume could have been collected since the start of the CLN conversions. I guess one advantage of the share price falling would have been a release of shares from weaker hands.

"Admission and Total Voting Rights

Applications have been made for the new Ordinary Shares to be admitted to trading on AIM ("Admission") and Admission is expected to become effective on 14 October 2025.

Upon Admission, the Company's issued ordinary share capital will consist of 9,322,158,881 Ordinary Shares with one voting right each. The Company does not hold any Ordinary Shares in treasury. Therefore, from Admission the total number of Ordinary Shares and voting rights in the Company will be 9,322,158,881. With effect from Admission, this figure may be used by Shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules."

Again, this is just one of a potential number of outcomes I use to assess the direction of risk. I think a takeover is more likely to a buyout, but I could be wrong.

This last section of the RNS could be pertinent, until the CLN was completed, it was an unknown to what the final value of percentage ownership would be until the CLN reached a closure. Now the CLN is closed, does that now conclude the percentage of ownership and therefore trigger an equivalent RNS (equivalent to a TR1).

MCNol and Wimbledon, a takeover and JV possibly. Playing devil's advocate, maybe the target share volume percentage has been achieved and therefore the CLN could be closed early from the three investor perspective. There was a small section I the RNS that described disclosure of share ownership. I'll post it now.

Agreed. Looking at the new Meta Horizons engine, I wonder what impact this will have on the Engage platform. Meta have also released software Version v81, which bring much higher definition to existing VR tech.