Member Info for Hedgehog100

"JP Jenkins

3,249 followers

8h

Smarttech247 plc (S247:JPJ), today announces its shares have been admitted to trade on JP Jenkins share dealing platform.

Smarttech247 is a multi-award-winning Managed Detection & Response (MDR) company and a market leader in Security Operations. The company’s platform provides threat intelligence with managed detection and response to provide actionable insights, 24/7 threat detection, investigation, and response. The service is geared towards proactive prevention by utilizing the latest in cloud, big data analytics and machine learning, along with Smarttech247’s incident response team.

To learn more, please see the full press release below:

https://lnkd.in/eA-xTPf9 "

https://uk.linkedin.com/company/jpjenkins

Icecool,

You're just making stuff up now. There's no evidence for any of what you have just posted.

The fact that you have £160K. invested here, at an average more that twice the suspended s.p., seems to be making you delusional and desperate.

But even if, for e.g., TRX's supply WAS inefficient, it would be very difficult to quickly and cheaply resolve that.

And time and money are luxuries that TRX does not have.

From an AI Overview:-

"The "Tis but a flesh wound" scene in Monty Python and the Holy Grail depicts King Arthur's battle with the Black Knight, who famously insists his severe injuries are "just a flesh wound" even as he loses all four of his limbs. The humor stems from the knight's absurd denial of reality ..."

https://en.wikipedia.org/wiki/Black_Knight_(Monty_Python)

If the covenants relate to drawing down more debt, rather than existing debt, then it wouldn't necessarily require an announcement.

And it ties in to TRX's attempt to clarify its financial position. It wants to know whether it can draw down significant more debt, and on what terms - e.g. an equity fundraising first, and whether such an equity fundraising is possible.

Suspending the shares prevents the creation of a 'false market', so the company has more time to announce such matters.

Icecool,

TRX will now very likely be in breach of debt covenants, so its main creditor will have neither the obligation or the inclination to allow significant further increase of the net debt.

And rapid cost-cutting usually involves laying off staff.

Well, TRX's last final results showed average staff numbers in 2024 of 92, with aggregate remuneration of US$10.618M.

So it looks like TRX may well be looking to lay off about a fifth or more of their workforce.

But at the same time, trying to expand direct sales and distribution, and securing further clinical data.

That doesn't look to stack up to me, because expansion tends to involve initial investment and costs, not staff reductions.

While in the shorter term, the redundancy costs will be a big financial hit that the company can ill-afford.

And even if the company does eventually manage to reduce annual costs by c. US$2M., while maintaining current revenue levels, from the current level of losses that would not be enough to reach profitability.

"Manufacturer suspends shares as crisis deepens

Manufacturing / Markets

October 22 2025

Alex Turner

Tissue Regenix has suspended its shares on the Alternative Investment Market (AIM) after the medical equipment manufacturer revealed it "is not in a position to clarify its financial position". The group's share price had already lost 70% of its value in the last month, with the company having a market value of just £5m this afternoon when trading was suspended. Last week its chief executive Daniel Lee departed as the company revealed it was making significant changes to previous results. 2024 earnings were downgraded from a... ..."

https://www.thebusinessdesk.com/yorkshire/news/2145490-manufacturer-suspends-shares-as-crisis-deepens

Icecool,

You are coming across as delusional.

What's obviously happening here is that the company is close to running out of money, and really needs an injection of millions of pounds in the shorter term.

And people won't be keen on throwing good money after bad.

The business loses millions a year, has net debt far higher than its market cap., and revenue is falling: and it's hard to see how that very toxic combination can be resolved while maintaining any significant value for current shareholders.

In addition, the elephant in the room is the possibility of the company being sued by investors who bought in on the basis of false accounting.

S247 isn't your typical AIM delisting.

In fact with some of them, it's almost like a last desperate throw of the dice, to try to raise funds for survival.

But with S247, it's cash-rich, profitable, and growing strongly, so there are genuine takeover valuation reasons for the move.

So a quite exceptional situation, and one which may never be repeated.

A company which is so monstrously undervalued that it decides to delist for takeover valuation reasons ... and then becomes even cheaper - at least for a while.

The post delisting trading facility is guaranteed for a MINIMUM of six months.

There's no reason why it shouldn't be extended after that.

But I would think that most shareholders after the delisting will be holding for a takeover, so won't be too concerned either way.

I would think that there will be next to no selling after the delisting until significant rises, as anyone unwilling to hold S247 delisted will sell beforehand.

So any buying could see very significant rises.

In fact, if Ronan Murphy buys (and he's effectively banned from doing so until the delisting, because of his large holding), this could very quickly race back up to 20p.

All he would need to do is to put in an ongoing buy order to accumulate shares at up to 20p/share, and he would have the higher company valuation that he wants.

Which would then set a good basis for a takeover at say 80p/share.

It's particularly interesting to see Wizz flagged up as such a high multiple:-

"Examples of Recent Multiples ...

Wiz: Engaged in a high-value funding round and potential acquisition by Alphabet, with a recent valuation described as one of the highest revenue multiples in cybersecurity M&A history, according to LinkedIn."

Because S247 announced a new partnership with Wiz this summer.

From ADVFN:-

Wololol 9 Jul '25 - 08:40 - 69 of 201 1 0

"New partnership accounted today with WIz!

News

Blog

Wednesday, July 9th, 2025

Smarttech247 Expands VisionX Platform, Joins Wiz Integration Network (WIN) to Combat Cloud Complexity and Threats

London, United Kingdom, 11 June 2025 – Smarttech247, a global Managed Detection and Response (MDR) provider and cybersecurity operations specialist, today announces its partnership with leading cloud security provider Wiz. Smarttech247 joins the Wiz Integration Network (WIN), bringing the power of its VisionX platform to the partner ecosystem and allowing customers to integrate Wiz into their existing workflows without duplication or disruption. ..."

https://uk.advfn.com/cmn/fbb/thread.php3?id=51001425&from=69

And from Wikipedia:-

"Wiz, Inc. is an Israeli-American cloud security company, headquartered in New York City.[1] The company was founded in January 2020 by Assaf Rappaport, Yinon Costica, Roy Reznik, and Ami Luttwak, all of whom previously founded Adallom.[4][5] The company's platform analyzes computing infrastructure hosted in Amazon Web Services, Microsoft Azure, Google Cloud Platform, Oracle Cloud Infrastructure, and Kubernetes for combinations of risk factors that could allow malicious actors to gain control of cloud resources and/or exfiltrate valuable data.

As of November 2024, Wiz employed about 1,995 people, with most sales and marketing personnel scattered across North America and Europe while most engineering personnel are based in Tel Aviv, Israel.[6][7] In August 2022, Wiz claimed to be the fastest startup ever to scale from $1 million to $100 million in annual recurring revenue (ARR), from February 2021 to approximately July 2022.[8] In February 2024, the company claimed to have reached $350M in ARR, with a 45% market share of Fortune 100 companies.[1][9]

In March 2025, it was announced that Alphabet Inc. would acquire Wiz in a $32 billion deal.[10][11]"

https://en.wikipedia.org/wiki/Wiz,_Inc.

So Wizz, with about 2,000 employees, was bought out for $32 billion.

An 'employee valuation multiple' of c. US$16M. par employee!

In comparison, S247 has getting on for a tenth of that number of employees:

"Discover all 177 employees"

https://ie.linkedin.com/company/smarttech247

So another indication of the vast, shorter term upside here.

This recent impressive award shows what a quality company Smarttech247 is, and why it should command a premium ARR multiple:-

"Smarttech247

21,056 followers

1mo

More good news just in....

Smarttech247 has been named Best Cybersecurity Company at the 2025 Cybersecurity Excellence Awards! 🎉

A huge congratulations to our incredible team! This achievement is a true reflection of your relentless hard work, dedication, and innovation. It showcases Smarttech247’s leadership and trusted performance on the global stage.

We’re deeply grateful to our brilliant colleagues, valued customers, and trusted partners, we couldn’t have achieved this without you."

https://ie.linkedin.com/company/smarttech247

28th Apr 2025 7:00 am RNS Interim results

" ... Recurring revenue in the period has increased by 32% compared to H1 2024, reflecting strong demand and continued expansion of our customer base. Annual recurring revenue ("ARR") has increased to €9.4 million by the end of the period compared to 31 July 2024. ARR is expected to increase further as a result of new contracts being won post period end. ..."

https://www.lse.co.uk/rns/S247/interim-results-r23z9i506npwcpm.html

S247's ARR must now be well over €10 million: so say c. £10M. or more.

And the company scores very highly on the 'multiples of ARR' checklist in post immediately before this.

So I would say that a take out at 10x ARR is very achievable: i.e. £100M.+, and c. 80p/share+.

Even 80p would only be c. double S247's s.p. high since floatation, despite its impressive progress in the interim.

And it could happen within six months.

But realistically, a bidder wasn't going to pay 10x the S247 s.p., because they would wary of being perceived as overpaying.

So this I feel is the company's key motive for the delisting.

From a Google search of "cybersecurity acquisitions multiples of ARR":-

"AI Overview

Cybersecurity M&A ARR multiples in 2025 vary significantly, but high-growth, high-demand companies can expect multiples from 3x to 10x ARR for private companies and 7x to 12x ARR for public companies. Higher multiples are often achieved through strong Annual Net Revenue Retention (NRR), strategic importance within the cybersecurity landscape, and factors like AI integration and strong market trends that lead to premium valuations.

Factors Influencing Cybersecurity ARR Multiples

Growth Rate: Higher ARR growth rates command higher multiples.

Customer Retention (NRR): Companies with high Annual Net Revenue Retention (NRR), especially above 100%, receive significantly higher multiples.

Market Demand & Trends: High-demand sectors like AI and cloud security can lead to premium valuations.

Strategic Importance: Companies with unique technology, strong IP, or positioned to provide comprehensive solutions for consolidation demand are more attractive.

M&A Environment: The overall market for cybersecurity, including strategic and financial buyer interest, impacts valuation.

Scale & Profitability: Larger, more established companies with predictable revenue streams and profitability generally secure higher multiples.

Forward-Looking ARR: Buyers often consider forward-looking ARR (CAR), which includes deals in the pipeline and still being executed, to maximize valuation.

Examples of Recent Multiples (Note: Specific multiples can be historical or based on specific factors like strategic value, so they should be viewed as examples, not strict rules)

Perimeter 81: Acquired by Check Point for an estimated ~33x ARR in 2023, highlighting potential high multiples in specific situations.

Dig Security: Negotiating for an acquisition by Palo Alto at an estimated ~87x ARR in late 2023, demonstrating the extreme highs possible in the market.

Talon: Valued at an estimated 60-70x ARR in the same period.

Wiz: Engaged in a high-value funding round and potential acquisition by Alphabet, with a recent valuation described as one of the highest revenue multiples in cybersecurity M&A history, according to LinkedIn."

Holding a delisted share does have some advantages.

Share price movements tend to be less common on the less formal trading markets, so overall it can be more relaxing.

And you don't have to worry about a stock market delisting!

8th May 2025 7:00 am RNS Final Results

"… 2025 Outlook

… In the US, Polarean's primary customers are leading academic medical centres, many of which rely heavily on government research funding to support both research operations and institutional infrastructure. In early February 2025, the US National Institutes of Health ("NIH") announced a cap on indirect cost reimbursements at 15% for all new and existing research grants. This represents a significant reduction from previously negotiated rates, which typically ranged from 27% to 28%, with many of Polarean's target institutions receiving indirect rates exceeding 60%. These indirect costs fund essential infrastructure, such as administrative support, laboratory maintenance, and utilities necessary to conduct academic research.

Following this announcement, many academic medical centres began reassessing internal budgets, with some institutions facing potential losses in the hundreds of millions of dollars. This reevaluation has introduced sector-wide uncertainty and led to delays in capital purchasing decisions. As a result, the Company expects that sales in 2025 will be weighted towards the second half of the year. …

Christopher von Jako, Ph.D., CEO of Polarean, commented: "While the current funding environment for our academic customers presents near-term challenges, …"

https://www.lse.co.uk/rns/POLX/final-results-j8vmlp76d427xs3.html

Laura,

The POLX s.p. has collapsed this month, ahead of the interim results in four days time.

This suggests that the above parts of the outlook section will be most relevant for the interim results this Thursday.

TRX is already selling in the largest healthcare market in the world, i.e. the USA; and it already has OrthoPure XT approval for some of the largest European markets:-

25th Jun 2025 7:00 am RNS Final results for the year ended 31 December 2024

“ … OrthoPure XT, our xenograft tissue device, was designed to meet the clinical need for an off-the-shelf graft for certain ACL ligament reconstruction procedures. The receipt of the CE Mark provided opportunities to distribute the product in EU markets (currently, Italy, Switzerland, Germany) and the UK. Our OrthoPure XT business demonstrated growth in 2024. The CE Mark is accepted in other markets, so we received regulatory approval to distribute this device in New Zealand and are currently establishing distribution opportunities. Our efforts to receive regulatory approval in Australia encountered regulatory delays so we are currently assessing additional approaches to this market. We will continue to identify opportunities to distribute this product in markets which recognise the CE Mark. …”

https://www.lse.co.uk/rns/TRX/final-results-for-the-year-ended-31-december-2024-1dqlvpp2mxqjezp.html

So any further regulatory approvals look to me like they will be relatively 'bolt-on' rather than game-changing.

But the 'elephant in the room' here is the very real possibility of the company delisting from AIM, which. reading between the lines, the company has probably been seriously considering.

Somewhat paradoxically for retail shareholders, if a company feels that it's undervalued, then that can make such a delisting more likely.

And if you look at the effect of such announcements on the s.p., then an immediate big fall (e.g. halving) is par for the course.

Icecool,

The real valuation of the business in this case is not the market cap., because the company has debt of over US$10M.

Add the net debt to the market cap., and that gives you TRX's "enterprise value": which is significantly more than TRX's annual revenue.

That valuation doesn’t look cheap for a loss-making non-drug healthcare company: Inspiration Healthcare (IHC) for example has a similar enterprise value to TRX, but has annual revenue of more than double TRX’s.

Plus you have all the risk that debt can entail.

The combination of debt with cash burn can be a very toxic one, as has been shown on many occasions.

TRX’s debt facility doesn't have that much more leeway, so what happens when it's exhausted, which is looking likely?

"Less than 0.8 x earnings."

And revenue is not earnings.

"Internal Security – Building Your Defences From The Inside

... The Final Layer of Defence

Perimeter security will always be a vital part of a full security plan. But it is only a first layer. The real work of security happens on the inside. By creating secure internal zones, implementing a clear system of access control, and designing against insider threats, businesses can protect their most valuable assets from the vulnerabilities that exist within their own walls. It is a shift in thinking that creates a stronger, more resilient security position.

Discover how Safetell can protect your building, from the inside out. See more here: Safetell."

https://newmarksecurity.com/insights/internal-security-building-your-defences-from-the-inside/

"Fight from the Inside" - Queen

https://www.youtube.com/watch?v=aau_kEtNV2U

"Internal Security – Building Your Defences From The Inside

... Designing Against Insider Threats

Protecting against insider threats requires a different plan than stopping intruders from outside. It’s not just about keeping people out; it’s about making sure that those with legitimate access can’t cause harm.

One effective tactic is a two-person protocol, where a minimum of two authorised individuals are required to perform certain sensitive tasks or access specific materials. This creates a system of checks and balances, making it harder for a single person to compromise security.

Physical design can also serve as a deterrent. Strategic placement of surveillance systems and clear signage can discourage inappropriate behaviour. For high-risk areas, surveillance can be used to monitor activities and provide a clear record of who accessed what and when.

The physical presence of a security measure can itself be a deterrent, making it clear that the area is secured and reducing the chance of an unauthorised action.

Protective screens and counters can also be used to create a physical barrier between employees and the public, or during sensitive transactions, to ensure assets or cash are transferred securely without direct contact.

Meeting Compliance Requirements

For many businesses, a multi-layered internal security plan is a necessity. This is particularly true for companies in sectors that handle sensitive data, money, or information related to national security.

• Industry Standards: Products that provide physical protection against attack, such as doors and walls, undergo independent testing to confirm their level of resistance. These products are often rated according to specific standards, such as the European Standard and the Loss Prevention Certification Board, with different ratings indicating the level of resistance to various tools and attack times. The LPCB Red Book, in particular, is a key reference for security professionals and regulators.

• Financial & Government Rules: Businesses that deal with financial services must follow rules to prevent fraud. Similarly, UK government contractors are required to undergo rigorous physical and personnel security checks to safeguard sensitive information. These rules often require documented audit trails, multi-level access, and the ability to prove a clear chain of custody.

By implementing a well-designed internal security system, a business can not only protect itself from insider threats but also demonstrate to auditors and regulators that it has taken the necessary steps to meet its legal obligations. ..."

https://newmarksecurity.com/insights/internal-security-building-your-defences-from-the-inside/

And another excellent new Safetell article, just added to the website of Newmark Security today:-

"Insights

Internal Security – Building Your Defences From The Inside

For years, security has focused on the perimeter – on gates, fences, and external walls. The thinking was simple: if you can keep bad actors out, your people and assets are safe. But this approach overlooks a major threat: the insider. Industry figures indicate that insiders are involved in 60% of all data breaches.

Whether a breach is a deliberate act or a careless mistake, it highlights a crucial point: perimeter security is no longer sufficient. Businesses must now design their protection from the inside out, creating layers of control over who has access to sensitive areas.

Creating Security Zones

The first step in any internal security plan is to identify and protect your most valuable areas. Not every room requires the same level of security, so a risk assessment should be conducted to determine which areas require the most protection. You may find that your server room, data centre, or cash handling areas require stricter controls than the main office.

Once you’ve identified high-risk areas, the next step is to create physical zones to separate them from the rest of the building. This is known as compartmentalisation. The goal is to limit access to sensitive information or equipment, ensuring that even if one area is compromised, the breach remains contained and isolated.

Products like security doors and security walling systems are specifically designed for this purpose. They create internal compartments and secure spaces within your existing facility, offering certified resistance to forced entry, ballistics, and blasts.

Multi-Level Access Control

Once your security zones are in place, you need to enforce them with a clear system for access. This means creating graduated security levels, where permissions are based on a person’s role and their “need to know” requirements.

• For visitors, this means having a clear management protocol in place. They should only be granted temporary access to designated public areas and be accompanied by an authorised person if they need to enter a restricted zone.

• For employees, access should be based on their specific job responsibilities. A finance employee, for example, would have a different clearance than someone on the factory floor.

Entrance control systems, including speed gates and security portals, provide a practical way to manage different access levels. When these are integrated with security doors and transfer units, a business can enforce a full chain of custody for both people and assets, ensuring no one is granted access they haven’t been authorised for. ..."

https://newmarksecurity.com/insights/internal-security-building-your-defences-from-the-inside/