Member Info for ICB888

The share rise continues Up 11% on the week and 77% on the month. It 2 and a half months since the Robotics and AI policy was published so it’s getting time for the first investment to be announced as they presumably had something in mind when they announced the policy. Jim is always keen to have an investment in the latest hot topic.

there is no certainty that a buy back will do anything for the share price and there are examples of that in the market place. even if there is a ital boost there is no certainty that it will be sustained. pow is not alone in trading at a massive discount to nav as this is a problem for most companies that have a portfolio of assets be it in mining, technology or fintech. look at tekcapital tek and augmentum fintech augm to see examples of the discount.

the only way pow can ensure a return to shareholders is to pay a special dividend from the £22 million cash they received from the gmet sale. don’t **** my money against the wall on share buybacks which will almost certainly fail but give it back directly to me and i will decide what i want to invest it in. if i had been given the special dividend at the time i would have put it straight into gmet. if stanley druckenmiller thinks it is a good idea to buy gmet at 55p then so do i. it has been proven to be a good idea because just a few months later he has doubled his money.

I have done a bit more digging trying to find how many Clean Energy shares ANIC have. They don’t list it in their annual report but I did find it in an RNS in 2022 that ANIC own 38,075,000 whereas SEED own 7,160,000. So the valuation doesn’t carry across but I imagine that on the recent news it may be due a re rating anyway. Clean Energy have another funding round in H1 2026 which should establish a current valuation and with all the cash SEED currently have they could take part in the next funding round. More potential conflicts for Mr Mellon if he has to make choices about Clean Foods in the future and Ed will have to do as he is told as Jim controls quite a chunk of Clean via ANIC and SEED. Ed leaves just as the only seemingly good investment he brought to SEED starts to look very promising as it moves much more rapidly than expected to production.

I note that this morning Agronomics (ANIC) has issued an RNS about Clean Foods similar to the one SEED issued last week. There is a statement at the end of the RNS: “To date, Agronomics has invested a total of £1.6 million in CFG which, subject to audit, is currently carried at £6.9 million. This position represents c.4.8% of Agronomics' last stated Net Asset Value as of 30 June 2025”

I am wondering if there is a read across in value for SEED. In SEED’s last annual report to 31/3/25 it states:

“ We have written up the value of SEED's investment in CFG by £0.5 Million to £1.7 Million (2024: £1.2 million), reflecting the developments seen over the past year and with reference to Series A valuations of comparable companies and ongoing discussions with CFG management.“

If it was the case that SEED could apply the 4x uplift that ANIC has that would value SEED’s holding at over £7 million.

It was mentioned in the last RNS that CHAR are still working on extending their interests in Natia where they have considerable historic expertise. I just came across Oilman Jim promoting a small Canadian company with interests in Namibia but what I thought might interest people here is some information about Namibia:

“ The Frontier That’s Suddenly Center Stage

Namibia wasn’t on anyone’s energy radar five years ago. But since 2022, everything’s changed:

16 wells drilled, 14 discoveries. That’s an 87.5% success rate, almost unheard of in exploration.

Supermajors are piling in: TotalEnergies, Shell, Chevron, Exxon, BP/ENI, Galp, and Rhino Resources.

Analysts are whispering: “This could be the next Guyana.”

So let’s see what our board can do in Namibia bearing in mind the very large amounts of money that were spent a number of years ago drilling in Namibia. CHAR will have a lot of valuable information and good contacts as they partnered with majors.

The latest RNS gives an update on Clean Food Group which is an investment Ed is involved in:

“ CFG acquires one million litre fermentation facility to fast track commercialisation process

SEED Innovations Ltd, the AIM-quoted investment company offering exposure to disruptive, high-growth, life sciences and technology ventures typically inaccessible to everyday investors, is pleased to note the announcement by its portfolio company, Clean Food Group ("CFG"), of the acquisition of a one million litre fermentation plant (the "Acquisition") from Algal Omega 3 Ltd (In Administration) for an undisclosed sum.

The Acquisition and resultant initial associated costs of the plant will be funded from CFG's existing cash resources and will provide CFG with a 12-acre Liverpool facility, offering extensive R&D resources and significant opportunity for future expansion.

This announcement follows news earlier in the month that CFG secured regulatory approval for its CLEAN Oil™ 25 product as a cosmetic ingredient in the United Kingdom, Europe, and the United States.

SEED owns 7,161,336 shares in CFG representing 4.6% of CFG on a fully diluted basis. “

This looks like a good deal and there is quite a lot of positive comment on the Agronomics bb about it. Agronomics is another Jim Mellon company which has invested in Clean Food Group and the investment was valued at just under £7 million in the last annual report. It has probably increased since then and this latest move could be a game changer to speed it to production far more quickly than previously expected. So there could be some decent upside in SEED’s Clean Foods investment. It’s starting to look more promising on top of the share price increased as a result of Mellons ongoing purchases.

If investors want exposure to Guident in the run up to the IPO they will have to buy TEK. Many UK investors will not know how to buy shares in a NASDAQ IPO when the price will be much higher than it is now anyway. So many will choose to keep their exposure via TEK and the price will move much higher as it did post the SALT IPO.

The big differences to the SALT IPO are that in my opinion GUIDENT will be valued considerably higher than SALT. Secondly Guident will be listed on NASDAQ which is a much larger and more liquid market than AIM where SALT listed. In the case of SALT TEK had to retain a large percentage to reduce the free float. I would imagine with the liquidity on NASDAQ which values companies on higher multiple than AIM,TEK could dispose of much more of its holding if it wanted to without crashing the share price.

Today’s Results RNS reminds us that CHAR is looking very promising on multiple fronts with any one of them capable of giving a major boost to the share price.

If we look at a basic fact from today’s results the Net Asset Value of the company is US$56.8 million, which converts to £42.2 million.

This compares to a Market Cap after the recent rise that is still only £30 million so still trading at a substantial discount to NAV.

CHAR is starting to look an exciting company for the first time in awhile and having doubled down at the low point I am making some progress towards my break even point.

Eight oil companies reach agreement with Iraq, KRG to resume oil exports

By Reuters

September 24, 20254:09 PM GMT+1Updated 15 hours ago

Summary

Companies

Agreement would let 230,000 barrels of crude a day flow

Exports from Iraqi Kurdistan expected to restart in days

Norway's DNO and partner Genel Energy yet to sign

Companies are seeking arrears for past deliveries

Sept 24 (Reuters) - Eight oil companies operating in Iraqi Kurdistan, representing over 90% of production, reached agreements in principle with Iraq's federal and Kurdish regional government (KRG) to resume oil exports, an industry umbrella group said on Wednesday.

The agreement would mark a breakthrough in the deadlock and allow around 230,000 barrels of crude a day to flow through the Iraq-Turkey pipeline which has been suspended since March 2023.

It is BLU’s stated wish to effect a reverse takeover of Satoshipay which it first attempted a few years ago. Clearly the Satoshipay Directors are fully onboard with this as they exchanged a number of their Satoshipay shares for BLU shares at 20p. There is a plan in place and the intention is for Satoshipay to become a listed company by taking over BLU’s listing. As Meinhard Benn is a major BLU shareholder he will not want to see dilution of his holding by a placing. The next funding round will be at the Satoshipay level unless the reverse takeover takes place before the funding round.

It is a day like today when GMET is up 9.4% at 93p a new high and continuing to rise in the US where it is closed at 1.39 which converts to £1.03 that I wish Sean hadn’t sold the 2nd Tranche. On a day like to day if we had GMET POW would react positively to the GMET rise as it always did. POW is down several £ millions from what it would get at today’s price. But almost more importantly GMET was POW’s only success and it was clearly going to keep going up. All the other investments though promising are just hope at this time. Continuing success in GMET was a very reassuring sight while waiting for something else to come good. Sean hadn’t spent the millions from the first sale of GMET shares so he had no need to sell. The second sale has done wonders for GMET getting Stanley Druckenmiller in as a key investor but that doesn’t benefit POW as it has no GMET shares left. It is very frustrating as GMET was the main reason I invested in POW and I have literally seen no benefit from that £22 million reflected in POW’s share price. It is very frustrating.

GMET Up 9.4% at 93p on volume of 1 million a new closing high and it is currently trading in the US at the equivalent of just under £1 have reached £1 in earlier trading on volume of over 400000. Something appears to be brewing.

The important figures to take note of from today’s results:

“ Record Net Assets: US$77.4m (31 December 2024: US$70.1m), reflecting ~10% growth driven by portfolio appreciation and disciplined capital allocation.

· NAV per Share: US$0.33 (31 December 2024: US$0.33), maintained despite macroeconomic volatility, underpinned by portfolio resilience.”

The current Market Cap is £23 million and the share price is just under 10p.

TEK is valued at and is trading at 33% of its NAV which is a massive discount.

Guident in those figures is valued at £22 million which is likely to be multiples of that at the IPO making the discount even more ridiculous. A relate is long overdue and if TEK moved to 15p prior to the IPO it would still be trading on a 50% discount to NAV.

From Vortex telegram a few minutes ago:

“ Yes, our partner released their new API and we are live testing since the platform right now. We are getting closer to re-open business, again in Brazil. 🇧🇷

Here is the problem fixed from Telegram:

Hey Linda. We rolled out a fix for your issue, feel free to try again :)

Up 4.6% in Australia on volume of 1.12 million.

RRR RNS this afternoon:

“ Red Rock Resources Plc, the natural resource exploration and development company with interests in gold, base metals, battery metals, and hydrocarbons principally in Africa and Australia announces an update on the sale reported on 12th September 2025 (the "Sale") and the rescheduled purchase payment announced on 21st July 2025 and due to be paid to Power Metal Resources PLC on 19th September 2025 (the "POW payment")..

The cash component of the consideration for the Sale has been duly received by the Company and the POW payment has been duly made”

Let’s hope the rest follows on the due dates.

The investments announced this week during Trumps visit illustrate the vast amounts of money that are being invested in the industry in which Guident operates:

“ Nvidia to invest another $500m into

UK self-drive startup Wayve

The investment by the world's most valuable company marks another big commitment to AI mobility.

The most valuable company in the world is in discussions over an investment of $500 million in a British self-driving car company as part of a catalogue of funding pledges announced to accompany President

Trump's state visit.

vidia announced the talks with Wayve at an event in London as it set aside £2 billion to fund British start-ups including Revolut, the online finance business, and Synthesia, n Al video company.

Jensen Huang, the chief executive of Nvidia, promised the investments in front of an audience of technology entrepreneurs and investors on Thursday and predicted that the first trillion-dollar company in the UK would be an artificial intelligence business.

Nvidia is already an investor in Wayve after participating in a $1.1 billion funding round alongside Microsoft last year, which was the largest known investment into a European Al company at the time.

Kendall, co-founder and chief executive of Wayve, said the support from Nvidia "underscores confidence" in the group's approach to Al "and its potential to transform the future of mobility". Kendall co-founded the business in 2017 after completing a PhD in deep learning, computer vision and robots at Cambridge University.

Wayve's technology allows cars to work out how pedestrians are likely to move, to predict whether they may cross into a road, based on their body language. The business does not manufacture cars, but produces an Al system that learns from data that allow cars to learn to drive themselves.“

The opportunities for Guident are global and it’s in a different league to TEK’s other investments.

It is worth noting that Sentiment to CHAR is improving as evidenced by the fact that it is Up 29% in the last month. When some substantive news lands we should see a rerate as this share is very undervalued with a market cap of just £26.6 million.

It is slightly surprising that Mellon is still buying as he is clearly in possession of information about the new investment SEED are in the process of making. They have announced that Mellon will join the Board as Non Executive Chairman when the formalities have been completed and I think at that point as a Director he would not be allowed to buy. It is a good signal that he is increasing his stake at the current share price even though it’s not a difficult decision to buy 6p NAV for 3.8p even if you don’t know what the investment is!