Member Info for fieldwolf

Hi Emerald,

Apologies if this is a silly question but am I missing a link between Immatics and Revolution medicines?

I can see the Merck news to buy Rev medicines. And that Revolution Medicines Inc are NASDAQ listed - RVMD.

I can see from your link the Immatics pipeline that has Anzu-cel(IMA203) in there

And that Immatics NV are listed on NASDAQ CM: IMTX.

But I'm missing the connection between Merck / rev medicines / Immatics. Is there one?

Thanks for any light you can shed!

Thanks for all who suggested brokers for buying ASTR after my last message. I managed to get a few in my new ISA with IG.

Regarding BOD paid in shares - it sounds good on paper but it muddies the waters and creates some perverse incentives.

It can mean the BOD have an incentive for the SP to be as low as possible as they then get that payment in shares at the lowest possible SP which gives them the highest number of shares.

Yes, they are then (in theory) more aligned with shareholders, but the most open, honest way to do that is just to buy shares as we have to.

The problem is, how long does it go on for? How long do you want them to be mopping up shares at the lowest possible prices?

In failing companies or where the BOD need to realise some cash you then see selling pressure. They have a tax bill, or school fees to pay and they sell down those cheaply acquired shares, creating selling pressure.

I admit, as a short term measure and to conserve cash in the early days of a company trying to reach profitability it can make sense but in most tiddler companies where I see it take place it's often done more in the interests of directors and less in the interests of shareholders!

Yes, money is in my ii account for the shares I tendered. A sorry saga this one really. Let's see what they do now it delists.

I quite like the look of POW in terms of projects they hold, current JV prospects, opportunities for farm outs and the minestarters potential.

That said they have been a disastrous investment for anybody over 5 years or 10 years, albeit flat over 1 year.

My issue really is the operating expenses - for 6 months ended 30/06/25 they were £2.1m.

Is there any real justification for that level of expenses? Despite the large discount to NAV it presents a huge hurdle to beat in order for shareholders to see any gains.

Is there any prospect of that number getting under control?

There is no cashflow generation, so it's always eating away at the cash balances. Yes, they are pretty flush at the moment, but annualised, £4.2m/year is huge.

Directors don't hold much stock either - Sean Wade has 1.25% and Paul Johnson and wife have similar.

BOD salaries were £411k in 2024 which doesn't look too bad, but add the 'bonus' and 'accrued bonus' and it was £877k.

Only 7 other employees apart from the 4 directors.

S Wade 938,235 0.821%

E Shaw 750,000 0.656%

B Brodie Good 50,000 0.044 %

It just strikes me that the BOD have no serious skin in the game but their main incentive would be keeping those generous salaries going.

With the cash pile they could do OK for 2026 but I just wonder if somebody has an explanation as to why that level of cash burn might be OK?

Many thanks

Hi all,

Thanks for the high quality discussion here. I've previously owned KR1 but I went off that investment due to the way they tweaked how the BOD got significant new fees.

with my broker, interactive investor (ii) they state this is a 'sales only investment' and that you can't buy shares in the company.

I wondered which brokers people here had used to do so? I used to have an account with Jarvis XO which allowed me in to those kind of things but they got taken out by ii (!!) so I'm back to where I started.

Any pointers much appreciated.

In terms of understanding TAO, the subnet value and the emissions/rewards - have you just figured that out by reading around the project and using the stats / explorers?

I wonder when the BOD will be putting out a correction to the RNS about coal prices to be lower?

https://www.investegate.co.uk/announcement/rns/opg-power-ventures--opg/gst-goods-and-services-tax-rate-revision-on-coal/9121629

https://www.reuters.com/sustainability/boards-policy-regulation/indian-coal-prices-be-lower-after-tax-revision-industry-officials-say-2025-09-04/

If they are lower and we cancel out the £2.5m increase in costs and make savings on top, I wonder what size of dividend they could pay from the savings?

For those that didn't spot it the Administrators and Company Secretary for OPG power ventures PLC changed last year. It was previously FIM Capital.

The new contact is chancery@chancerytrust.com

They are in contact with the BOD and are able to pass on concerns from shareholders to them directly.

It would be a good way to convey the strength of feeling about how minority shareholders are being treated.

A couple of posters had mentioned pursuing legal action against the company regarding the offer.

Perhaps we could discuss the best ways of doing so? Is it better to joint fund such an action or for multiple cases to be brought against the company?

If multiple cases against the company then I'm happy to join with my own case (and evidence) but would appreciate some input from those already further along that chain.

I've submitted my FCA market abuse form.

https://www.fca.org.uk/market-abuse-reporting-form

Out of interest - for anybody interested in getting lawyers involved I do have some interesting pieces of evidence that could come in useful.

1- where the company confirm in writing that the share price has been artificially depressed by the enforcement directorate investigation

2 - where the company confirmed at the last AGM that the company was committed to its AIM listing and had no intention to delist.

Is legal action still being pursued? If so, i'd happily provide that written evidence in support.

Any suggestions on financial journalists who might want to take up this story?

ftadviser.newsdesk@ft.com has been suggested - but any further ideas on those?

What are posters' thoughts about contacting the ED to make them aware of the BoD moves?

Given that they are subject to an ongoing investigation into money laundering it seems preposterous that they would be able to propose such a significant corporate action?

Surely there must be laws against that kind of thing? I realize that while it remains an ongoing investigation they remain innocent, but it just seems like a practical preventative step against malpractice?

OK, third attempt as it doesn't even allow the abridged version.

t dot me

/+jmDTlHTQuNZkZWY0

it doesn't seem to allow posting of links in here so i'll have to cut it short:

****/+jmdtlhtqunzkzwy0

it's a private telegram group i've set up.

i setup a link so we can pool resources and share in a private group if we wish.

i've also booked my flights so i can attend the agm on the iom on 3rd december.

happy to pose any questions other shareholders can send me in advance.

*************+jmdtlhtqunzkzwy0

i'll come up with action plans on the group - please chip in as much as possible. already encouraging to see fca being contacted and mp's.

we cannot allow behaviour like this to take place in the stock market. it is risky enough as it is.

Might be worth taking a look through here:

https://www.taylorwessing.com/-/media/taylor-wessing/files/uk/2025/2405corporate-financeshareholder-activismbrochurejpg.pdf

Would anybody be interested in joining a telegram group to get ourselves organised?

I think there are several avenues we can pursue.

Hi,

I'd also like an invite to the telegram group if you don't mind please? Holder for several years but obviously limited visibility since ACP got delisted!

@fieldwolf

Hi again, sorry, I'm not seeing the 'three years starting from production date' in that RNS?

I see the lesser of 3.5 years or 900,000 tonnes. I don't see any start date?!

Now obviously, for 900,000te of ore there is no problem with that. It is clear where the start and end dates are.

But as the RNS says it is the lesser of that or 3.5 years, then what of the 3.5 years? I would say it is starting from the May 2023 RNS?

The agreement was signed May 2023. Doesn't the 3 year / 3.5 year agreement start then?

In that case, it would expire by end of 2026? By your calculations then we would only get £690k and then half of £2.3m before the agreement expired?

I've noticed a few purchases recently - 250k, 100k, 100k over the last few weeks. All buys at 1.5p and 1.55p.

Seems encouraging. Perhaps we'll finally get some FDA news? Aren't we well overdue an AGM too? Maybe they want to line up a stream of positive news before facing shareholders?

Hi all, really great BB and discussion here.....thanks for that.

I was wondering why the surge in interest yesterday. Then I came across this article:

https://smallcapnetwork.co.uk/hybridan-small-cap-news-jan-25/

Might explain the extra buying and then bit of a fall back today as things normalised.

Not much to report but that's quite a drop on no news. Any ideas what's going on there? Some chunky trades:

14:34:19 13.00 50,000 6,500

14:12:12 12.125 75,000 9,094

12:25:42 13.125 75,000 9,844

12:18:33 15.125 50,000 7,563

Will be interesting to see how AFN shapes up in the post-Clem era.