Member Info for G_G_G

Edo, do you mean acquisition cost instead of EV? If so, one needs to understand the Debt levels for each company. It's hard to work out the EV for DIS given the blended debt figures.

Much easier with a straight sale value and working multiples by EBITDA and Sales.

Email addresses as follows:

nick.cowles@zeuscapital.co.uk,

james.edis@zeuscapital.co.uk

investor@teaminternet.com,

investors@teaminternet.com,

martin.surzyn@teaminternet.com

Just copy and paste. Or put it into Gemini or ChatGPT and ask it to summarise/provide alternative wording.

These useless f@cks sat on a 30% profit warning for over 3 weeks whilst the sp cratered and told their broker that no news meant no change to guidance. It's only our threats to contact the NEDs and Non-Exec Chairman that made them pull together a statement that threw out a dire warning and a strategic review. Essentially, something they should have been working on for the past 6 months, hastened by the fact that Search was an issue. And now they sit back and treat us like mushrooms again. They need to come out and fill the market with confidence. Some basic statements around their valuation for DIS based on multiples achieved for Google or NameCheap. Provide the market with a greater understanding of why Comparison declined YoY, and confidence in Search scaling next year. And address their $35m f@ck up in Shinez. I've had it with Executive clowns. They sat on a profit warning and now sit again, saying nothing.

Send the email or something similar folks. No news by end of week and we can hit the Chairman and NEDs to make life uncomfortable for these pr!cks.

Part 3.

The Executive Leadership's continued silence throughout this crisis, forcing shareholders to chase a profit warning more than three weeks after concerns were first raised to IR and the Broker, is frankly appalling leadership and stewardship. This inaction represents a continuing breach of their fundamental fiduciary duties and the governance standards the company has formally adopted under the QCA Code. They need to do their bloody jobs and provide a full and transparent response on all these critical matters without further delay. The Executive Leadership team must now fulfil its duties and address its shareholders. Failure to comply with this demand for accountability, and I will be forced to collate and submit all pre-warning shareholder IR and Broker correspondence, including management non-responses, to the relevant regulatory bodies for a formal review concerning potential breaches of MAR, disclosure obligations, and QCA Code commitments.

I expect Mr. Cowles and Mr. Edis to ensure the Executive Leadership recognises the gravity of this situation and fulfils its duties to all shareholders without further delay. I note the share price is now 45p and dropping. The Executive Management team should be ashamed of this performance and the obvious lack of confidence in their leadership, but more so that shareholders are forcing them to abide by their duties. I expect a response this week.

Regards,

A Deeply Concerned Shareholder. Team Internet Group PLC

Part 2.

Requirement for immediate clarity on strategic direction:

Post-Warning Communication Strategy: What immediate steps is the Executive Leadership taking to proactively engage with the market (e.g., investor interviews, presentations, or supplementary RNS updates) to provide necessary context and guidance regarding the ongoing operational and performance issues? Silence is no longer tolerable.

Asset Disposal Clarity: The inclusion of asset sales appears reactionary, intended to placate a market already reeling from the guidance cut. We require specific, quantifiable details regarding the expected valuation framework for these disposals.

What are the anticipated multiples (EBITDA/Sales) being targeted?

What internal or external valuation guides are being used, referencing comparable public and private transactions (e.g., Google's Domain sale or CVC's take-private of NameCheap)?

III. Accountability for the Shinez Acquisition Failure

The recent financial performance and guidance cut under the Executive Leadership’s tenure effectively write off a significant portion of the $35 million acquisition of Shinez. This acquisition, funded by investor capital, now appears to be a monumental failure of due diligence and strategic oversight. It is unacceptable for management to remain silent on this matter.

Detailed and immediate update on the following:

Legal Proceedings Update: The company previously referenced ongoing legal action related to the acquisition. We require a formal, written statement confirming the current status and strategy regarding this legal case. If legal action is still being pursued, this must be stated clearly and accurately in writing.

Due Diligence Failure: If the company is no longer pursuing legal action, we demand an adequate and transparent explanation for the complete failure of due diligence on a loss-making business that resulted in a material write-off. This catastrophic error demonstrates a clear lack of financial prudence and negligence. I cannot fathom making such a monumental error in my career and keeping my job.

Performance Management: What immediate and concrete steps are being taken in terms of performance management and accountability for the Executive Leadership and/or senior management responsible for the oversight, evaluation, and execution of this disastrous acquisition?

IV. Treatment of Shareholders and Final Demand

The persistent failure to respond to any shareholder inquiries in the weeks leading up to the profit warning, despite clear signs of distress and the erosion of over 25% of the company's value, demonstrates a profound and unacceptable contempt for the Private Investor (PIU) community. This conduct is a direct violation of the spirit and letter of the QCA Code.

Part 1

To: Executive Leadership Team, Team Internet Group PLC CC: Nick Cowles and James Edis (NOMADs)

Dear Team Internet Group Executive Leadership, Mr. Cowles, and Mr. Edis,

This communication follows my formal correspondence to IR, your Broker and NOMAD on October 16/17th, October 27th/28th and November 10th 2025, which explicitly outlined the Executive Leadership’s failure to address the severe and inexplicable decline in the company’s share price (by over 25% in three weeks).

The subsequent announcement of a profit warning, which included a material 30% reduction in guidance, has validated the serious concerns raised by shareholders and confirmed the market's fear of a fundamental deterioration in performance. This sequence of events, coupled with the Executive Leadership's complete silence during the preceding period, necessitates an immediate and transparent response to the following critical issues.

I. Governance Failure and Breach of Disclosure Obligations

Prior to the announcement, Investor Relations and the company's broker repeatedly asserted to concerned investors that "no statement means that annual forecasts are being maintained." This stance is now demonstrably false and raises grave concerns regarding market disclosure controls.

Demand for definitive, formal answers to the following:

Timeline of Material Awareness (MAR/QCA): Given the severity of the 30% guidance reduction, how could the Executive Leadership team not have been aware of a material adverse change in performance during the three-week period when the share price was spiraling? We demand a full explanation of the timeline of events leading up to the decision to release the profit warning, specifically clarifying why the market was not informed sooner, in adherence to the Market Abuse Regulation (MAR) requirements concerning inside information.

Investigation into Disclosure Integrity: What internal investigation steps are being immediately implemented to review:

The maintenance of demonstrably incorrect guidance to the Broker/IR in the three weeks preceding the RNS.

The potential breach of the Executive Directors' duties under the QCA Corporate Governance Code, Principle 10 (Communicate Performance) and their Fiduciary Duty under the Companies Act 2006 (s. 172) during this period of material value destruction.

II. Executive Accountability and Value Creation Strategy

The profit warning was accompanied by vague references to asset disposals. The lack of proactive communication from the Executive Leadership following a crisis of this magnitude is deeply concerning and suggests a continuing failure of fiduciary accountability to shareholders.

I sent another email today to the NOMADs and IR. I'll share in the following posts. This rot needs to stop! Please send the same thing to the NOMADs demanding Executive Leadership action. And mention that a continued refusal to honour their duties to shareholders will result in FCA and NEDs being contacted following their silence on the profit warning when shareholders were screaming out for an explanation on the sp demise.

Yeah that's the issue crl, I don't think anyone will walk away from tomorrow filled with confidence in anything the man says. He has destroyed all trust in mgt through a litany of disasters of his making. It's incredible to think the transformational Central asset fell in his lap when we were in the mid 20's (dropping after the TRIN stuff up), producing 5kboepd, and had just over $30m in Net Debt. As I said earlier, I couldn't destroy a company like this if I tried, because I wouldn't have even thought to f@ck around for 6 months on closing Central, use a bucket-shop for a raise, or leave myself or the company open in any way to any risk if things fell over. To think he f@cked TRIN by not locking it down legally, and then did the same thing with a last-minute raise. There can be no forgiveness, because it's this action that killed us. And then it was made worse by him, withholding material information on both the raise and the loan terms. I'm hoping that tomorrow there's an RNS stating that he is leaving the company and a replacement is being found. We sit at 6p wondering whether there's anything else going on behind the scenes that we're not aware of. The guy is an absolute charlatan who has been found out.

sm, i mentioned that i'll wait to see what tomorrow brings before making a push on discord. it's hard to believe there is anything worse that can be bestowed upon us by calamity baay, but there are a lot of questions he needs to answer for us to get the full picture. and so many of them are potentially a minefield. the issue of course, is whether we can trust a word that comes from his mouth, given he has told pis what they want to hear, whilst finding ways to try and fix the mess he has created.

either way, i believe an egm should be called by pis, before any further dilution should it come. this provides all investors, both big and small, an opportunity to vote on his competence and whether he is fit to hold the role. we can do this, and between 10 or so pis, we can force the vote. if you think he's still the man for the job, you can vote against. but at least everyone will have a say in whether he should stay after what has transpired.

out of interest, how many shares do you own, and what is your average? no b@ll****, and please don't just point to the buys. there's no point in anyone living in baay's fantasy land any more. and there's no point in any rampers or derampers denying that reality has landed and given us a kick in the teeth. together we can make him pay in a small way for what he has done to us all. and if we cannot muster the votes for an egm, then i'll provide details on how we can start an investigation by the fca into his actions. if he had any respect for us, or even a shred of a moral backbone, he'd be announcing his resignation tomorrow.

Guys, if you haven't sent in your questions, then you can email them to support@investormeetcompany.com

I recommend looking at the 10 questions I provided in the link and copying those you want him to answer. Most of them will require Baay to acknowledge some outrageous errors, but at least he'll get a sense of the groundswell of negative sentiment toward him.

monkey i cannot access discord. can you send a link, or can someone else?

as for not supporting an egm, let's have a civil, grown-up discussion on why it's necessary on discord. the majority of big pis appear to live in that land, and i note they are no longer here after the most recent diabolical news from calamity baay, which is telling. so let's run through how it can be called, and if you disagree then vote against his removal when the vote comes. but at least give all investors a chance to remove him. discord members are not to blame for the life-changing losses that baay has delivered on us. but, they have been full-throated defenders of him, and have spread what has clearly turned out to be b@ll**** that he fed them. so imo they have a moral responsibility to back smaller shareholders they have influenced to at least get us to a vote. as i said, if they want him to remain in charge, which quite frankly is astonishing given what he has done, then vote against the motion.

i'd appreciate it if you could send the link so i can make a case and provide the necessary egm information can be posted. if we cannot get the 5% then i'll go down the fca route and if needs be contact crl's lawyer. baay will be held to account for his deliberate withholding of material information, one way or another. the man has no shame. and he clearly has no respect for shareholders, which is evidenced by the fact that he still draws $800k from us, and hasn't once supported the sp that he has destroyed over the years.

Gord, I think they got rid of Shore Capital as NOMAD - he is trying to cover his tracks imo.

gord, you need to read my questions. the simple facts of the matter are paul baay's negligence in appointing a bucket shop for a last-minute raise, to acquire a transformational asset, resulted in it falling over. and then he withheld material information from the market on it being attached to the loan terms, and then some. this is what broke the back of the share price, which is why it couldn't recover. don't get confused with amateurish, farcical development mistakes like using the wrong drilling mud and then re-entering a compromised hole. the damage that sent us to 12p and needing to raise at 11p was his doing, and his doing only. he has also consistently misled the market on our financial health. he has no idea about the numbers, so neither do we. put all this together and you have a shareholder base that cannot believe a single word that comes from his mouth, and no idea about our true financial underpinnings and what we can fund (or not). simply, we are a casino bet where the form is so shocking that lth's cannot bring themselves to buy at 6p!!!

i'm still waiting for the discord group to grant access to rally an egm. at the very least i'm hoping those major pis who have influenced so many others to buy, based on the b@ll**** they have been fed by baay, will at least vote for an egm to allow all shareholders a chance to remove him. they can then vote against his removal if they wish, but at the very least, they should allow everyone the chance at 6p to find a more competent and trustworthy leader. they have to take some responsibility for how baay's lies have been spread. this is not to be confused with them being at fault; rather, they have been played and sadly taken him at his word and shouted down others who have been calling for his removal. it beggars belief how anyone could support the man, given the extraordinary damage he has done to so many people's lives.

as i've said previously, if he had any self-respect, or personal honour, he would resign. i'd be so ashamed of my incompetence, and conduct over the years that i wouldn't show my face again and retire if i were him. and i sure as f@ck wouldn't keep expecting shareholders to give me $800k per year to fleece them all over again. the thing that all people say about conmen is 'he appeared as though he really knew what he was talking about', and 'he seemed like a really nice guy'. that's the con.

monkey - you letting me back into discord?

Yep. If these guys f@ck this up, they'll deserve to be strung up. Multiple parties. And US players should be canvassed, especially CVC, SquareSpace and GoDaddy. If Squarespace were to offer what they did for Google, then +80p is what would be achieved. If you consider that next year Adj EBITDA should be £24-25m, and sales increasing due to the new business wins, it should be very easy for them to hit the required $260m.

But we have a bunch of clowns running the show, so we need to sit back and wait to see if they're capable of getting full valuation from any deal. My only hope is Kestrel and our other major partners are effectively driving this and pressuring for the sort of numbers we are discussing. If they're fully aligned, then we should be able to get those numbers. F@cking ridiculous that we are at 47p, but that's what you get when mgt have overseen shambolic acquisitions like Shinez, and appear to have no idea about Search. Another example of drunken !diots throwing cash around during the post-pandemic years thinking the party wouldn't end.

Sorry some amends - see new wording below.

Q1. Could you provide a detailed explanation as to why the market was not immediately informed that the gross proceeds from the 20.5p private placement announced on May 8, 2025?

Q2. Loan Facility Conditions: Was the utilization of the Fourth Amended and Restated Loan Agreement with Republic Bank Limited contingent on meeting a total equity funding requirement at the time of the initial announcement? If so, why was this critical dependency and the true funding gap not disclosed to the market concurrently with the loan facility announcement? And, why did you continue to withhold this information until the 20.5p raise funds were voided?

Q3. Were the 20.5p placees for £5m aware of the loan contingency?

Q4. Why has there been no legal repercussions for Oak and Portillion on the failed raise, which suggests TXP lack of oversight and negligence in the raise process?

Q5. Management has previously indicated that the Central Block acquisition and initial development would be funded by internal cash flow. However, subsequent equity and debt raises suggest otherwise. For absolute clarity on the company's financial position:

- Net Operating Income (NOI): What is the company’s current Net Operating Income (NOI) target for Q4, defined as petroleum and natural gas sales less royalties and operating expenses?

Q6. Does the company currently possess sufficient cash and funds flow from operations to cover:

- The remaining Central well drilling/completion costs?

- The remaining payments for the Cascadura compressor? (Capital expenditures for Q3 2025 included procurement of compression equipment). Please specify the total cost of the compressor and the amount paid to date.

- The full service requirements for the company's current debt obligations?

- Any further Central well(s) in Q1 2026?

Q7. Cascadura-4 Flow Test Results Timeline - Please provide the market with the essential data required for a proper valuation of the Cascadura asset, please provide a specific week commencing (w/c) date for the announcement of the Cascadura-4ST2X flow test results, rather than a general time frame.

Q8. Key Operational Timelines (Central Well Spud & Compressor) - We require specific, scheduled dates for critical operational milestones for the Central well.

Q9. Compressor Installation: Provide the specific month when the Cascadura compressor is scheduled to be fully installed and commissioned to commence operations. (Current guidance is for operations to commence in the second quarter of 2026).

Q10. Given the immense decline in shareholder value, costing private investors upwards of $80m in less than a year, the necessity for multiple emergency financings, broken time-frames, and budgets, missed guidance, instances of material information being withheld, and complete destruction in shareholder confidence, how do you justify your continued leadership of the company and remuneration

Anyone on Discord? Dare I ask what they are saying - excited about PB speaking on Wednesday and 'what comes next' i.e. look over here at this shiny thing...?

Could someone remind Monkey of his commitment to allowing me to join and present a case for an EGM? There's literally nothing that Baay can say on Wednesday other than 'I'm sorry', and 'I'm leaving'. So let's get on with it. Rather than sending in questions, we can send in a request for an EGM and allow all shareholders to decide if he deserves to be paid $800k package each year for such unbelievable incompetence and betrayal of shareholders. I have the wording ready to share with Discord.

Here are my questions - it would be great if you guys can submit the same so we can ensure he's getting them. Please mention if you have submitted the same.

Q1. Could you provide a detailed explanation as to why the market was not immediately informed that the gross proceeds from the 20.5p private placement announced on May 8, 2025?

Q2. Loan Facility Conditions: Was the utilization of the Fourth Amended and Restated Loan Agreement with Republic Bank Limited contingent on meeting a total equity funding requirement that was known to be greater than the planned 20.5p raise at the time of the initial announcement? If so, why was this critical dependency and the true funding gap not disclosed to the market concurrently with the loan facility announcement?

Q3. Were the 20.5p placees for £5m aware of the loan contingency?

Q4. Management has previously indicated that the Central Block acquisition and initial development would be funded by internal cash flow. However, subsequent equity and debt raises suggest otherwise. For absolute clarity on the company's financial position:

- Net Operating Income (NOI): What is the company’s current Net Operating Income (NOI) for Q4, defined as petroleum and natural gas sales less royalties and operating expenses, for the most recently completed quarter?

Q5. Does the company currently possess sufficient cash and funds flow from operations to cover:

- The remaining Central well drilling/completion costs?

- The remaining payments for the Cascadura compressor? (Capital expenditures for Q3 2025 included procurement of compression equipment). Please specify the total cost of the compressor and the amount paid to date.

- The full service requirements for the company's current debt obligations?

- Any further Central well(s) in Q1 2026?

Q6. Cascadura-4 Flow Test Results Timeline - Please provide the market with the essential data required for a proper valuation of the Cascadura asset, please provide a specific week commencing (w/c) date for the announcement of the Cascadura-4ST2X flow test results, rather than a general time frame.

Q7. Key Operational Timelines (Central Well Spud & Compressor)- We require specific, scheduled dates for critical operational milestones for the Central well.

Q8. Compressor Installation: Provide the specific month when the Cascadura compressor is scheduled to be fully installed and commissioned to commence operations. (Current guidance is for operations to commence in the second quarter of 2026).

Q9. Given the immense decline in shareholder value, costing private investors upwards of $80m in less than a year, the necessity for multiple emergency financings, broken times frames, and budgets, instances of subsequent market clarification regarding material financial events, and complete destruction in shareholder confidence, how do you justify your continued leadership of the company and remuneration?

Weird this still hasn;t had any assay results - have mgt said when they expect to release them?

I think 75-85p is a good target for DIS. They should get it done quickly. Sealed bids to interested parties with a 70p reserve price (or 75p if they're confident it will be exceeded). Get it done for circa $260m or better (80p). Clear debt ($90m). Pay a 50p special dividend ($162.5m). Hold $10m in cash to invest in Search and Comparison.

Total valuation with no debt, and 50p special dividend should have as at roughly the DIS value with debt and remainco. valuation effectively cancelling each other out. Obviously if they can scale Comparison and Search next year to $25-30m and demonstrate future growth will occur, then you've got a remain.co being worth 35p+, which would value the total company at 85-90p.

They just need to get it done. They've f@cked so many things and should have listed DIS the second the offers fell over. I notice Shinez has been buried. A $35m f@ck up by mgt and no-one's head rolls...

so much for the discord crew letting me back in if i 'shut the f@ck up for a few days'. anyone on the channel care to remind monkey of what he said?

as for the investor meet. i'd appreciate it if everyone could all ask why he did not disclose material information about a) the raise funds not being received, and more importantly b) the funding requirement in the loan. the latter is what crippled the share price from then on. and any argument of it not being material is absurd, especially given the sp action following him blindsiding us.

i have some legally compliant wording prepared for pis to send to the company calling for an egm to remove baay. i just need the discord guys to let me present it. the most important thing is that we get an egm. at least use your shares for this to move ahead, and if you somehow feel he is still the right man for the job moving forward, and deserves to continue taking $800k in remuneration from the company he has destroyed in less than 12 months, then vote against it. but give other shareholders a chance to vote as well. we can at least force the vote if investors get behind this. in no sane world should a ceo on $800k per year, who 12 months ago had a company producing 5kboepd on set pricing, and had a 'transformation asset' fall in his lap, be allowed to stay in role after taking the share price from the 30's down to 6p and having investors worried about the company as a 'going concern'. he simply must be removed, no matter what is said on wednesday, given the monumental corporate failures combined with negligence and deliberately withholding material information from the market. the impact of the omnishambles development program would also have been minimised if we had closed central earlier, alongside the raise at 20.5p. we'd have finished the wells earlier, and central would be coming online now.

trust is completely gone because no-one can believe a word the man says any more due to the monumental amount of b@ll**** from him over years. so whatever he says in a few days will mean nothing. if he had an ounce of self-respect or respect for shareholders he has conned, he would resign.

anyway, i'll hopefully be able to share with discord soon. monkey, sm - you out there?

Edo, re-look at the workings and reasoning I have provided previously, and copied below. In particular, the multiples for the recent t/o of Google's Domains business. If you look at Google's sale, which is on a very low multiple versus CVC's Name Cheap t/o, you will see it's at 1.25x Sales. We don't know their Adj EBITDA for Google Domains, but it's thought to be very low. Look at our valuation based on forward sales for DIS at 1.25x, and you get a valuation of 80p, which corresponds to 11-12x Adj EBITDA at £22-23m. If this mgt team sell us for less than 70p value they should be strung up. The Americans will pay this and more. And I'd expect our major shareholders will be pressuring for the best valuation if they want to cash out. The only way this could go south is if Kestrel team up with another entity, rob us with mgt complicity, and then flip it. That would be d@dgy as f@ck, and I think they will get their price in a sealed bid scenario with a reserve price set at 70p.

We have circa 25-27p worth of debt. I'd think the market will value Comparison at $60m (5x multiple), and Search at $20m (2.5x multiple). That's roughly the debt value. So whatever we get for DIS, is where I think the sp will end up with debt and the rest of the business cancelling each other out. Bottom line, they better not f@ck this up like they did with Shinez.

Repeated

I looked into the sale of the Domains business for NameCheap to CVC and Google's Domains to SquareSpace.

Breakdown as follows:

- NameCheap t/o for $1.5bn (inc Debt).

- Circa 30m Domains.

- NameCheap Revenue = circa $400m

- Valuation multiple = 3.77x Revenue

- Google t/o for $180m

- Circa 10m Domains.

- Google Revenue = circa $140m (Analysts estimate - No listed number)

- Valuation multiple = 1.25x Revenue

Team Internet Group:

- Circa 13m Domains based on Gemini - Unsure due to .Co and other wins.

- Revenue = $210m

- Valuation:

- 1.25x Revenue (Low-end) = $262.5m

- 3.77x Revenue (High-end) = $792m

The high end is obviously crazy numbers, and we would have sold by now if we could get even half that value. The low-end looks more realistic, and sets a reasonable expectation. Not Disclosed* but analysts have mentioned that because Google Domains was primarily a strategic, low-cost service for Google (often selling domains at or near wholesale cost to encourage use of Google Workspace), its profitability (EBITDA) may have been very low or potentially even negative for a stand-alone business.

Based on above, I would hope they are looking to sell for the Google multiple at a minimum, which is 80p and roughly 12x Adj EBITDA. It may seem a bit crazy, but we're talking US funds/companies as buyers, and there have been multiple approaches, so leverage in negotiations. The additional share / scale that TIG would provide, alongside pricing power to their existing business, would make this attractive to Squarespace, GoDaddy, and CVC. It does feel as though 75-80p could be easily achiev