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Lord John Lee of Trafford, the UK's first ISA millionaire, is a big fan of 'family' businesses, which Treatt was when he originally invested, and it has been a huge long term winner for him.

Note that he originally bought at today's equivalent of 30p, adjusting for the 1-into-5 share price split 2014.

"Lord Lee of Trafford: how I’ve invested since 1962

... BY KATIE BINNS

PUBLISHED 4 MAY 2023

... One of your most successful investments?

I tend to believe in building up holdings where you have increasing confidence and knowledge in a company rather than looking for something new all the time. My largest holding is a company called Treatt, a chemical manufacturing company which specialises in flavours and fragrances in drink, food and cosmetics.

I first invested in them in 1999 when the share price was £1.50 and have bought on 34 different occasions. The more I’ve gotten to know them, the more I’ve liked them so I’ve built a substantial holding. Over the long-term it has been a winner, up by more than 500% in the past decade. Having come down in price in the last year they’ve still powered ahead as a company. Today the share price is about £6.50."

https://moneyweek.com/personal-finance/savings/605864/lord-lee-isa-millionaire-tips

"What you can learn from the first Isa millionaire

Invest in solid family-run firms, focus on dividend growth and take a long-term view, says noted private investor John Lee.

BY DR MATTHEW PARTRIDGE

PUBLISHED 16 MARCH 2018

"On results day, the directors of Treatt, the largest holding in my Isa, visit me in person and I treat them to tea in the House of Lords canteen," Lord John Lee of Trafford tells us. "If they've raised the dividend then they get cake, but if they haven't they only get tea and coffee," he jokes. ...

Lee particularly likes what he terms "proprietorial companies", where an individual family owns a large number of shares. Because many of the extended family members rely on dividends from the firm for their income, the family will put the management team under pressure to ensure that they can not only pay regular dividends, "but also keep increasing them". He also wants the management to own, and hold, a significant number of shares, so they have an incentive to focus on the long term. ..."

https://moneyweek.com/484806/john-lee-learn-from-the-first-isa-millionaire

Another 'family' business that has been doing very well recently is Newmark Security (NWT), a British technology company that has expanded very successfully into America.

From the bar graph on page 12 of NWT's annual report & accounts for the year ended 30.4.22:-

"Five years of consecutive revenue growth:

HCM in North America: £m"

2017: £0.9M.

2018: £1.2M.

2019: £4.0M.

2020: £5.9M.

2021: £6.5M.

2022: £8.7M.

https://newmarksecurity.com/wp-content/uploads/2023/06/Newmark-Annual-Report-30-April-2022.pdf

https://newmarksecurity.com/investor-relations/reports-

Congrats. to Labour to their resounding general election victory today.

They're 'talking about a revolution' - as with 'New Labour'.

And they're not the only ones: as 'New Newmark' is at once both revolutionised & revolutionising:-

"As a leader in the security industry, Newmark Security is well-positioned to serve this growing need. We offer a wide range of revolutionary products and services that provide comprehensive protection for your workplace. From physical security installations to Human Capital Management and Access Control, we have the expertise and experience to meet the specific needs of any industry."

https://newmarksecurity.com/about/

"Is it time to revolutionise your human capital and data management?"

https://www.grosvenortechnology.com/

"Founded to innovate, inspired to revolutionise"

https://www.grosvenortechnology.com/about/

"With decades of hands-on experience, our cutting-edge technology is developed and distributed worldwide. Our extensive expertise empowers us to continually revolutionize the industry with innovative hardware and software, preparing you for both present and future challenges."

https://gtclocks.com/insights/grosvenor-powers-up-with-strategic-office-move/

"The digital revolution has entirely transformed our lifestyles and landscapes; from the daily scrolling of social media to the loyalty cards that exchange data for deals, our information is captured and catalogued in an abundance of ways."

https://www.grosvenortechnology.com/insights/ensuring-data-privacy-in-the-digital-age/

"Human capital management, or HCM solutions, are becoming more popular today as the digital revolution peaks. Companies capitalize on them to enhance efficiency, reduce employee turnover, and generate more earnings."

https://uk.advfn.com/newspaper/advfnnews/72904/why-it-s-great-to-invest-in-human-capital-management-solutions

"The past three decades have witnessed a dramatic shift away from traditional keys and locks. A more sophisticated system has taken over, with access control systems evolving to encompass a wide array of technologies, including keycards, biometrics, and mobile credentials. However, the true revolution lies not in the hardware itself but in the software that governs access permissions: RBAC"

https://www.grosvenortechnology.com/insights/role-based-access-control-the-key-to-streamlining-security-and-empowering-your-workforce/

"Infrastructure as a Service (IaaS): This has also gained real traction due to the cloud revolution."

https://newmarksecurity.com/insights/transforming-enterprise-tech-the-convergence-of-cloud-and-services/

"We have exciting plans for adding to the website, so this is just the start of our online revolution."

https://internationalsecurityjournal.com/grosvenor-technology-unveils-new-website/

Depeche Mode - "New Life":-

https://www.youtube.com/watch?v=IXB5K7WeCHc

1st Jul 2024 7:00 am RNS Final Results

" ... Annual Report and Financial Statements

Chairman's Statement

Dear Shareholder,

I am pleased to present the financial statements for the year ended 31 December 2023.

We formed Codex Acquisitions plc ("Codex" or the "Company") to undertake an acquisition of a controlling interest in a company or business within the renewable energy sector (an "Acquisition"). In pursuance of that strategy the Company announced in December 2023, that it entered into non-binding heads of terms ("HOTs") to acquire the entire issued share capital of Technologies New Energy S.A. ("TNE"), a company incorporated in Portugal operating in the renewable energy sector.

This Proposed Acquisition is expected to constitute a reverse takeover transaction and any consideration for the Acquisition to be wholly share-based via the issuance of new ordinary shares of nominal value 10 pence each in the capital of the Company ("Ordinary Shares") (the "Proposed Acquisition").

I look forward to reporting our progress to you over the next period.

Financial

Funding

As at 25 June 2024, the Company has £439,873 in cash. The Company believes that this funding will be sufficient to meet its working capital requirements for the next 12 months should the Proposed Acquisition not be completed by July 2025. In the event the proposed acquisition proceeds to completion, the Company will need to raise further sufficient financing as is required to fund forecasted growth and working capital for TNE.

Revenue

The Company has generated no revenue during the period. However, the Company is focusing on completing the Proposed Acquisition that will ultimately generate revenue for the Company.

Expenditure

During the period, the Company concentrated on managing its expenditure and on its primary objective of evaluating suitable acquisition targets in the renewable energy sector. A number of targets were considered in this process.

Dividend

The statutory directors of the Company (the "Directors") do not intend to declare a dividend in respect of the period under review.

Outlook

Codex is now focusing on completing the Proposed Acquisition with TNE, which is expected to ultimately lead to a reverse takeover to complete our mission as an investment company and the start of TNE's future as a listed company.

James Lawson-Brown

Chairman; Non-Executive Director

28 June 2024 ..."

https://www.lse.co.uk/rns/CODX/final-results-v6jipt41bjezewt.html

28th Jun 2024 1:00 pm RNS Annual Financial Report to 31st March 2024

"... Assuming that these costs are recovered the Company will be left with cash resources in excess of £660,000 with which to cover its overhead and pursue alternative transactions. The Board is now actively looking for suitable targets in any industry sector or geographical location. Preference will be given to businesses that are profitable at least at the EBITDA level. Please note, that, as announced on 1 December 2023, the Company can no longer benefit from the transitional provisions in the revised Listing Rules which meant that it could have returned to the market with an expected market capitalisation of £700,000. Any readmission to the Official List going forward will require an expected market capitalisation of £30 million or more. Furthermore, a major overhaul of the Listing Rules is due to come into effect in July 2024, which will also mean that the Company will almost certainly require a Sponsor to return to the market following a successful reverse takeover. That requirement is likely to add more cost to that process, but it is not yet clear exactly how much such additional cost will be.

I would like to thank all those who have assisted the Company during the past number of years including advisers and creditors for whose support we remain grateful. I would also like to thank the shareholders for their patience during the very long periods in which trading in the Company's shares have been suspended. The Board is working diligently to identify a suitable target as soon as possible so that patience can be amply rewarded in the not-too-distant future.

I look forward to a positive year ahead.

R A D Beresford

Non-Executive Chairman

27 June 2024 ...

ROCKPOOL ACQUISITIONS PLC

STRATEGIC REPORT

... On 15th November 2022, the Board announced that it had entered into heads of terms (the "Amcomri HOT") relating to the proposed acquisition of the share capital of Amcomri Group Limited, a group involved in providing specialist engineering and equipment services in the UK and Ireland. On 24 April 2024, the sellers of Amcomri have informed the Company that they have decided not to proceed with the proposed transaction with Rockpool and wished to withdraw. No written explanation was given by them for this decision. ..."

https://www.lse.co.uk/rns/ROC/annual-financial-report-to-31st-march-2024-147qtifgg0c7ajs.html

28th Jun 2024 1:00 pm RNS Annual Financial Report to 31st March 2024

" ... ROCKPOOL ACQUISITIONS PLC

CHAIRMAN'S STATEMENT

I hereby present the annual report and audited financial statements for the year ended 31 March 2024. During the year Rockpool Acquisitions PLC ("Rockpool" or "the Company") reported a loss of £505,677 (2023 - loss £297,089). The bulk of these losses relate to professional costs expended in relation to the proposed reverse takeover of Amcomri Group Ltd ("the Amcomri Group" or "Amcomri"). As at 31 March 2024 the Company had £240,819 of cash and cash equivalents.

During the year under review, the Rockpool team and their advisers continued to work diligently towards completing the proposed reverse takeover of the Amcomri Group that had been announced on 15th November 2022. As I reported in my letter accompanying the Company's interim results to 30 September 2023, the Board had earlier been hopeful that the Amcomri Group acquisition and the resulting readmission to the market would take place during the first half of the 2024 financial year, but the target group had made a number of acquisitions and they, combined with the time taken to undertake audits of the target group, had caused delays to the production of the readmission prospectus and made that target unattainable. At the time of that letter, readmission was thought to likely to take place in the second half of the 2024 calendar year. Despite our best efforts, however, that will not now be the case, since, as announced following the end of the financial year, on 24 April 2024, the vendors of the Amcomri Group have informed the Company that they have decided not to proceed with the proposed transaction with Rockpool and wished to withdraw. No written explanation was given by them for this decision.

The Company has now written to the Amcomri Group to seek recovery from them in accordance with the Letter of Intent ("LOI") of 15th November 2022 of the costs Rockpool that has incurred in connection with the proposed transaction and re-admission. Those costs amount to approximately £543,000. No response to that request has been received to date. The Company will keep the market and shareholders informed of progress in recovering this material debt. ..."

https://www.lse.co.uk/rns/ROC/annual-financial-report-to-31st-march-2024-147qtifgg0c7ajs.html

28th Jun 2024 1:00 pm RNS Annual Financial Report to 31st March 2024

"Press release 28 June 2024

The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

Rockpool Acquisitions Plc

("Rockpool" or "the Company")

Please find below on pages 1 - 38 the Company's Annual Report and Financial Statements for the year ended 31st March 2024.

Key Points

Reverse Takeover Opportunity

• Rockpool, a Special Purpose Acquisition Company ("SPAC") Listed on the Standard segment of the Official List, is in a prime position to offer a suitable business with an anticipated market capitalisation in excess of £30 million a pre-packed Main Market Listing on the London Stock Exchange through a Reverse Takeover by Rockpool.

• Suitable Reverse opportunities are sought from any industry, geographic location or domicile.

• The anticipated July 2024 announcement of major Listing Rule changes is likely to lead to an even more enhanced cachet for Rockpool if as anticipated the Standard segment of the London Stock Exchange is merged with the Premium listing segment.

• Rockpool's three Directors are all highly skilled professionals and a Reverse could be completed expeditiously.

Financial Year to 31st March 2024

• Proposed Reversal into Amcomri Group Ltd ("Amcomri") terminated in April 2024 after Amcomri withdrew.

• Loss for year £505,677 (2023: 297,089) attributable mainly to professional costs (£543,000) in relation to the proposed Amcomri Reversal.

• Cash and Cash Equivalents as at 31st March of ££240,819 (2023: £672,558).

• With the expected recouping of expenses from Amcomri, the Company is anticipated to have a cash balance in excess of £600,000 sufficient to cover the Company's professional expenses in executing a Reverse Takeover.

Richard Beresford, non-Executive Chairman said:

"Rockpool presents an excellent opportunity for a business to achieve quickly a Listing on the London Stock Exchange's Main Market and the Board will consider suitable approaches regardless of sector, geographic location or domicile.

"The anticipated outcome of the overhaul of Listing Rules in July 2024 is that the Standard and Premium segments will be merged and that will give Rockpool even greater cachet, which will more than outweigh the additional costs including requiring a sponsor to effect the readmission to the Official List.

"The Company maintains a very low overhead base and the Directors are confident that a suitable Reverse opportunity will present itself and are actively seeking one." ..."

https://www.lse.co.uk/rns/ROC/annual-financial-report-to-31st-march-2024-147qtifgg0c7ajs.html

"Safeguarding retail against rising shoplifting – the critical role of physical security

... Combining tech with physical security

While technology such as facial recognition and AI-driven solutions can certainly help combat shoplifting, robust physical security measures are crucial in protecting retail businesses, their staff, and their customers.

Physical security solutions, such as advanced security doors, screens, gates, and speed lanes, act as a powerful visual deterrent to potential shoplifters. They clearly show that the store takes crime prevention seriously. These measures can help prevent shoplifting incidents from occurring, reducing the need for confrontation between staff and criminals.

Moreover, physical security solutions can provide a vital layer of protection for retail staff who may face verbal or physical threats and abuse from shoplifters. Creating a secure barrier between staff and potential assailants can help reduce the risk of harm and provide employees with a greater sense of safety and well-being in the workplace.

In addition to protecting staff, physical security measures can also play a crucial role in safeguarding high-value items and reducing overall losses from theft. Solutions such as locked cabinets, secure displays, and reinforced doors can help deter criminal activity and minimise the financial impact of shoplifting on retailers by making it more difficult for shoplifters to access and conceal stolen goods.

Safetell offers a range of advanced physical security solutions designed to provide comprehensive protection for retail businesses. Its products include cutting-edge security doors, screens, gates, and speed lanes that have been proven to deter shoplifters and protect retail premises effectively. These solutions are fully customisable to meet the unique needs of each business, ensuring a perfect fit with existing store layouts and branding.

One key advantage of Safetell’s products is adaptability. Whether a retailer wants to upgrade its existing security measures or install a completely new system, Safetell’s solutions can be seamlessly integrated into any environment. This flexibility is essential for businesses with multiple locations or those undergoing renovations, as it allows for a consistent and effective security strategy across the entire organisation.

Ultimately, while technology can help identify and apprehend shoplifters, it is no substitute for the physical protection provided by advanced security solutions. By investing in technology and robust physical security measures, retailers can take a holistic approach to crime prevention, ensuring the safety of their staff, customers, and bottom lines."

https://newmarksecurity.com/insights/safeguarding-retail-against-rising-shoplifting-the-critical-role-of-physical-security/

A very useful article from the Newmark Security website yesterday:-

"Insights

Safeguarding retail against rising shoplifting – the critical role of physical security

The UK retail sector is experiencing an unprecedented surge in shoplifting incidents, leaving many businesses struggling to protect their staff, customers, and bottom lines. As this epidemic escalates, retailers are turning to advanced physical security solutions to combat the growing threat.

The scale of the shoplifting problem in the UK is staggering. According to the British Retail Consortium, theft losses doubled to £1.8 billion last year, with an average of 45,000 incidents occurring daily. In an industry where margins are being squeezed by a challenging economy and increased rents and business rates, this spike in crime could scarcely come at a worse time.

The impact of this retail crime wave extends far beyond financial losses. Shoplifting incidents often leave retail staff feeling vulnerable and unsafe in their workplaces, leading to decreased morale and increased anxiety. In some cases, shoplifters are even resorting to physical and verbal threats to intimidate staff and make off with stolen goods.

Security investments rising

In response to this growing threat, retailers are investing heavily in crime prevention measures. Last year alone, the industry spent a record £1.2 billion on security solutions designed to deter shoplifters and protect their premises. Many of the big four supermarkets have even installed safety screens in their smaller stores and petrol station kiosks to prevent assaults against staff and the theft of high-value items.

In May, the chairman of Marks & Spencer said UK police “aren’t interested” in tackling shoplifting. Archie Norman’s claim came in response to figures that showed the Metropolitan Police attained fewer than 40% of reported shoplifting incidents from April 2022 to 2023.

Speaking on LBC radio, Norman said: “I think it [shoplifting] is a problem. I think I have said before, but it’s a worldwide problem coming out of the pandemic. It’s happened everywhere. We get very little help from the police, and we have to accept that police are not interested in this sort of crime anymore.”

In response to the growing issue, the Justice and Home Affairs Committee has launched an inquiry to examine the issue in more detail. It will focus on the challenges police face in responding to shoplifting, the background of the Government’s Retail Crime Action Plan, and the effectiveness of initiatives such as Pegasus, which aims to tackle the rise in shoplifting and keep retail workers safe. ..."

https://newmarksecurity.com/insights/safeguarding-retail-against-rising-shoplifting-the-critical-role-of-physical-security/

"The Basics Of Access Control

... Physical Security

Beyond the security of the system and its components, you must also consider the security of the accessories you will be using alongside it. Proximity cards are still one of the most common choices for access control, but it’s well documented that the old low-frequency 125khz proximity cards don’t t provide stringent security. These cards are easily copied (Google even has some how-to videos on the matter!). So, in the interest of feeling safe with your choice of proximity cards, it’s best to look at EV3 and Desfire as your best solution here.

Integration

Ask any security professional, and they will tell you that security systems have long been a siloed collection of standalone disciplines. Arduous processes need to be in place to ensure all parts of the security system are functioning, involving complex workflows and requirements.

Modern access control systems can unify these aspects into one seamless dashboard. By integrating various elements—CCTV, access control, intruder detection—they work cohesively to create a secure workplace. This integrated approach simplifies management and enhances overall security effectiveness.

Total Cost of Ownership

When purchasing an access control system, it’s extremely important to understand what you are getting for your investment. Some systems may have an attractive upfront cost, however it’s wise to look into any ongoing costs such as licencing or add-ons it order to fully understand the TCO.

Reliability and Availability

It goes without saying that a system that has proven longevity in the marketplace will offer reliability and assurance that your system will be supported for as long as you use it. A manufacturer with a track record of reliable and robust systems over many years is generally the safest bet.

An often overlooked aspect is the supply of the equipment. Where is it stocked? Where is it manufactured? Knowing that supply is readily available means that you can be agile with updating and expanding your system should that be required.

These are vitally important considerations at the time of installation and when you are looking to keep the system maintained in the coming years. ..."

https://www.grosvenortechnology.com/insights/the-basics-of-access-control/

With the RBAC article shortly followed by this further very useful article from Ben Lagden:-

"Insights

The Basics Of Access Control

Access control is a security measure that regulates who can view, use or enter a restricted area or system. It’s a critical component of cybersecurity and physical security, and tools like keycards, PIN codes, or biometrics are used to control access.

Ben Lagden

Commercial Director

It’s fair to say that 2024 finds us in a world where security and the protection of your people and assets are more of a challenge than ever.

Often, physical security products – and people – take front and centre. CCTV, turnstiles, motion detectors, security personnel – these things are the most obvious security solutions. But each has its limitations and it can be cumbersome to manage each aspect independently.

Which is where access control comes in. For those new to the concept of access control, here’s a short overview.

What is Access Control?

Access control is a security measure that regulates who can view, use or enter a restricted area or system. It’s a critical component of cybersecurity and physical security, and tools like keycards, PIN codes, or biometrics are used to control access.

Access Control represents a large portion of the security sector, and Grosvenor Technology has been around long enough to have carved out a considerable reputation within the industry. Since 1993 when our first access control products were launched, we have been innovating and exploring what’s possible. And here we are today with one of the most robust and secure offerings on the market.

But enough about us. Let’s look at what considerations you should make when it comes time to select your access control solution.

Cyber Security

Cyber threats are real and are as dangerous to an organisation as physical intrusions.

So, when considering potential access control systems, cyber security should be at the top of your list.

A good first step is to look for manufacturers that hold the ISO27001 certification. This ensures that they conform to a stringent set of rules and guidelines regarding data processing and adhere to the highest IT standards.

As far as hardware goes, the newly introduced PSTI Bill has taken steps to ensure that connectable products, like access control, are more secure against cyber threats.

And then there’s the OSDP protocol, which originated in the USA. In layman’s terms, OSDP ensures the encryption of data that comes from the door controllers/software to the readers in the field. Wiegand-based technology does not do this, so it’s vital to consider if you are looking to prevent a hostile cyber-attack. ..."

https://www.grosvenortechnology.com/insights/the-basics-of-access-control/

"Role-Based Access Control: The Key to Streamlining Security and Empowering Your Workforce

The Advantages of RBAC

RBAC offers a host of benefits that extend beyond security. Here are just a few:

Enhanced Security: RBAC ensures that sensitive areas and information are accessible only to authorised personnel, significantly reducing the risk of data breaches, theft and unauthorised access.

Improved Efficiency: By automating access decisions based on predefined roles, RBAC eliminates the need for manual intervention, saving valuable time and resources.

Simplified Administration: RBAC streamlines the process of managing access rights by assigning permissions to roles rather than individuals, making it easier to onboard new employees and adapt to changing organisational structures.

Compliance: RBAC provides a robust framework for maintaining compliance with regulatory requirements and industry standards through detailed audit trails and granular access controls.

Scalability: RBAC is designed to accommodate the evolving needs of a growing business, allowing for the easy creation and modification of roles.

Grosvenor Technology’s Role in the RBAC Ecosystem

As a key player in the access control landscape, Grosvenor Technology understands the importance of providing reliable and flexible solutions. JanusC4 is an industry innovation that combines the best of hardware and software to streamline security management. The blade-based system accelerates deployment and simplifies scalability, while the native software streamlines credential management and empowers role-based access control (RBAC). JanusC4 offers a holistic approach to securing your organisation’s physical and digital assets.

Empowering Your Workforce Through Secure Access

By adopting RBAC, businesses can empower their workforce while maintaining a secure environment. Employees have the freedom to access the resources they need to do their jobs effectively, while administrators can rest assured that security protocols like role-based permissions and audit trails are in place to protect sensitive data and assets.

If you’re ready to explore the potential of RBAC, contact Grosvenor Technology today. Our team of experts can guide you through the process of selecting and implementing the right access control solution for your business."

https://www.grosvenortechnology.com/insights/role-based-access-control-the-key-to-streamlining-security-and-empowering-your-workforce/

Added to Grosvenor Technology's website a couple of days ago: another very useful article from Grosvenor's Commercial Director Ben Lagden:-

"Insights

Role-Based Access Control: The Key to Streamlining Security and Empowering Your Workforce

RBAC is a security model that grants access based on an individual’s role or job function. Instead of assigning permissions to individual user identities, RBAC groups users into roles and assigns permissions to those roles.

Ben Lagden

Commercial Director

As businesses become increasingly reliant on digital information, the need for stringent access control protocols has never been greater. Protecting sensitive data is not just about best practice; it’s a fundamental aspect of a business. Yet, traditional access control methods are proving increasingly inadequate in today’s complex and interconnected business landscape.

This blog takes a closer look at the evolution of access control and how role-based access control is shaping the workplace.

Access Control: An Unfolding Story

The past three decades have witnessed a dramatic shift away from traditional keys and locks. A more sophisticated system has taken over, with access control systems evolving to encompass a wide array of technologies, including keycards, biometrics, and mobile credentials. However, the true revolution lies not in the hardware itself but in the software that governs access permissions: RBAC.

What is Role-Based Access Control?

RBAC is a security model that grants access based on an individual’s role or job function. Rather than assigning permissions to individual user identities, RBAC groups users into roles and assigns permissions to those roles. This simplifies access management, reduces the risk of human error and provides a granular approach to access management, ensuring that permissions are aligned with individual responsibilities. ..."

https://www.grosvenortechnology.com/insights/role-based-access-control-the-key-to-streamlining-security-and-empowering-your-workforce/

10th Jun 2024 3:46 pm RNS Acquisition Update

"Extension of Long Stop Date and Exclusivity Period for Proposed Acquisition

Codex Acquisitions plc (LSE: CODX) (the "Company" and "Codex") is pleased to announced that it has entered into an amendment letter, dated 7 June 2024 (the "Extension Side Letter") to the heads of terms, dated 8 December 2023 (the "HOTs") with Technologies New Energy S.A. ("TNE"), a sociedade anónima incorporated in Portugal operating in the renewable energy sector, pursuant to which the Long Stop Date and Exclusivity Period (as specified in the HOTs) have been extended by mutual agreement of the parties to 30 September 2024 to provide for additional time for Codex to complete its proposed acquisition of the entire issued share capital of TNE (the "Proposed Acquisition"). The Extension Side Letter does not alter any other provisions specified in the HOTs.

Background to the Proposed Acquisition

The Company was established as a 'special purpose acquisition company' with the objective of undertaking one or more acquisitions in the clean and renewable energy sector, as outlined in its prospectus published on 4 March 2022, a copy of which can be found on the Company's website at the following link: https://www.codexplc.com.

The Proposed Acquisition is in line with the Company's acquisition strategy.

There can be no guarantee that the Proposed Acquisition will complete nor as to the final terms of the Proposed Acquisition.

About TNE

TNE is a global provider and project developer of integrated state-of-the-art energy efficiency, energy transition and decarbonisation solutions.

TNE owns a diversified and differentiated portfolio of renewable projects in Portugal based on the energy flexibilisation, Power-to-X and Biomass-to-Liquids technologies architecture that will enable novel applications to a clean transition for the hard-to-abate sectors such as chemical industries, mobility applications and urban built environments. ...

Further details about TNE can be found on its website at the following link: https://tne.pt/.

Julio Perez, Non-Executive Director of the Company, commented:

"We are grateful to our partners at TNE for agreeing to extend the Long Stop Date and Exclusivity Period. This extension is crucial as it provides the necessary additional time required to progress the Proposed Acquisition.

We remain committed to concluding this transaction to the satisfaction of all parties involved and look forward to the continued collaboration with TNE."

Ricardo Eiras, CTO of TNE, commented:

"We would like to thank Codex for agreeing to an extension of the Long Stop Date and Exclusivity Period. TNE remain dedicated to completing this pivotal transaction with Codex and appreciate their continued co-operation and support throughout this process." ..."

https://www.lse.co.uk/rns/CODX/acquisition-update-9nj5bjqvhw7mw1r.html

Remember NWT's ambitious revenues growth vision:-

"Introducing Newmark"

An extract:-

"Our vision is to build a business generating two - three times its current revenues in the next three - five years."

https://newmarksecurity.com/

And from NWT's Investor Meet Company presentation video, 8th. February 2023:-

23:56: " ... Our vision is to build a business that generates 2 - 3 times its current revenues in the next 3 - 5 years. ... now is a very exciting time for us. With considerable recent efforts and investments, we are very well-positioned to achieve this vision. ..."

https://www.investormeetcompany.com/

Note that annual revenue growth of c. 24.5% p.a. for five years, compounded, results in a trebling of annual revenue.

Which, from NWT's annual revenue of £22M.+ for its year ended 30.4.24, could c. equate to the following full year annual revenue levels:-

FY ending 30.4.25: £27.4M.

FY ending 30.4.26: £34.1M.

FY ending 30.4.27: £42.5M.

FY ending 30.4.28: £52.9M.

FY ending 30.4.29: £65.8M.

So how is NWT measuring up against this?

1. Well, the decline of Safetell's traditional banking business, with mass high street bank closures, resulted in a dramatic multi-year decline in Safetell's revenues, and led the business to diversify into new areas.

This revenue decline only really bottomed in its year ending 30.4.23.

But since then, the turnaround has been impressive, with the company achieving H1 revenue growth of 24% in its year just ended (i.e. ending 30.4.24):-

25th Jan 2024 7:00 am RNS Half-year Report

" ... Safetell's revenue increased by 24% to £2.7 million compared to the corresponding prior period. ..."

https://www.lse.co.uk/rns/NWT/half-year-report-hnfljf8lc52soxg.html

2. Grosvenor Technology's North American HCM revenue growth from 2017 - 2022 (£0.9M. to £8.7M.) was even better: a stunning compounded annual revenue growth rate of c. 57.4% p.a.

The loss of its UKG business, which stopped contributing to revenues in Q3 FY23, and which Dab estimates was contributing c. £3.5M. of annual revenue, subsequently caused an exceptional blip in this growth. But new HCM contract wins have resulted in a strong resumption of this growth in the company's H2 just ended.

Such that NWT's half-on-half revenue increase in its year ended 30.4.24, on an annualised compounded level, equates to annual revenue growth of over 25% p.a.

3. NWT's recent HCM ARR year-on-year increase of 28%, to £2.9M. for April 2024, is particularly exciting.

28% p.a. growth compounded equates to a more than doubling in three years.

And at VERY high profit margins.

So in conclusion, NWT has recently been achieving the sort of revenue growth that is associated with its vision.

And with its current year apparently having started strongly, a healthy sales pipeline, and multiple regulatory and technological growth drivers creating strong tailwinds, there's every reason to be optimistic that this should continue.

30th Apr 2024 3:33 pm EQS Thalassa Holdings Ltd: Annual Financial Report

" ... Holdings

2023 results reflect limited movement in the carrying value of Company’s unquoted Holdings, in particular Autonomous Robotics (ARL).

In contrast, there have been large movements in the Company’s quoted Holdings, in particular:

Newmark Security plc (NWT LN)

In 2023, NWT’s shares performed well, rising 127.2% from 33p/share to close 2023 at 75p/share.

THAL own’s 9.98% of NWT, which we believe has significant growth potential, particularly in the USA. NWT’s fiscal year- end is 30 April, such that 2024 results should be announced towards the end of September 2024. The Company had a soft first half, revenues declined 2%, but has indicated that several new Human Capital Management (HCM) ‘access control’ contracts should drive revenue growth in the second half of the year. At the prevailing market price of 83.5p/share, the Company’s market capitalisation is ~£7.8m, plus debt of

~£5.6m, giving an EV of ~£13.4m.

Based on trailing twelve-month numbers the stock does not look undervalued. However, looking out over the next few years, we see the potential for sustainable annual revenue growth of ~10%, and EBITDA margins rising from 6%/8% back towards 10% to 15%, or £3m to £4.5m, on £30m of revenue by 2028. Based on our estimates, the Company should be able to pay down debt at a rate of £0.5m per annum, or roughly £2m over the next 4 years. Whilst the EV/EBITDA multiple on 2023 EBITDA of £1.1m is 12.2x, we believe that this reflects investor anticipation for improved results, and that a more conservative EV/EBITDA multiple of 8x our £3m to £4.5m 2028 EBITDA estimate is more appropriate, which in turn would result in an EV of £24m to £36m, or an Equity value of £20.4m to £32.4m, or a share price target of £2.125/ share to £3.75/share (9.6m shares outstanding). Based on our estimates, we anticipate a potential 154.5% to 349.1% increase in the upside value of NWT’s shares over the next 4 years, or a potential compound annual return of between 26.3% and 45.6%, from the prevailing market price of 83.5p/ share. ..."

https://www.lse.co.uk/rns/THAL/thalassa-holdings-ltd-annual-financial-report-remcxj11jwvdhvp.html

It's interesting that NWT is the only one of THAL's listed holdings that THAL mentions; and that it talks about it before its wholly-owned unlisted subsidiary ARL (Autonomous Robotics), which in its previous annual report was its only holding (listed or unlisted) that it talked about.

So it looks like NWT is now THAL's 'blue-eyed boy' - or rather girl ... what you might call its 'Thalassa Lassie':-

"Maybe looks a little sassy, whoa

But to me she's real classy, whoa"

"Tallahassee Lassie" - Freddy Cannon

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