Member Info for Inthetin

you could see it as the £20m being the missing £20m from fy25 when comparing against cronin & pea****'s revenue forecast for that year.

based on their estimates/figures, that would mean that fy26 revenue is really nil.

If we get to 5% and request a meeting, the BoD need to call the meeting within 21 days.

IMO, the sooner we establish whether we have the numbers the better.

If it was down to me (but it isn't), the Resolution would be to replace the BoD and the Nomad.

jakeandelwood

it has always been the same. whenever the sp has shown any sign of life, something has been done or said by him or one of his cronies to halt any momentum. it will be easy to prove.

imo, this company has been deliberately driven onto the rocks (over the last 18 months or so), so that the tech (which has cost a fortune and also cost the uk taxpayers a fortune) can be picked up for next to nothing.

cronin & pea**** forecast sales of £34m in fy25 after sales of £18m in fy24. as we know, sales in fy25 were £14m (i.e. £20m / 60% out). that is unbelievable. then, they made matters worse by not letting the market know without delay. strand hanson were also at fault here.

if we do manage to get to 5%, i will be demanding to see the working papers re the £34m revenue forecast.

Hi tonyj

I don't see any harm in getting to know if we've got the 5% ASAP.

If we have the 5%, we can then call a meeting and force a break in this silence, but we'd need to be clear about what we want to discuss.

Hi tonyj

I did say at the start that we need to get people together and see if we can get to 5%. Then, we can do something.

The trouble is, people don't want to divulge their holdings on a public forum like this for obvious reasons.

We could instruct a solicitor to act to find out if we can get to 5%. Shareholders could email into the solicitor with details of their holding (confidentially) and the solicitor could let us know if we have reached 5% or not.

Solicitors in my neck of the woods would charge less than your lot in the SE. I have a good relationship with one who I would be happy to ask if they would be prepared to do it.

If people would be up for that, I'd be happy to pay the legal fees to establish if we can get to 5%.

Is anybody up for that?

We now have two outstanding (i.e. late not good) Trading Updates (31/12/25 & 31/03/26) and there's no good reason for the company not to release them. Trading Updates are allowed even during a takeover/non-takeover.

I can understand the Investor Presentation not going ahead because that is simply marketing BS and the information is unreliable (as it has been in the recent past).

IMO, the 12/25 was not released because that quarter was hopeless and the 03/26, when it comes, is going to be a kitchen sinker by JC in an attempt to frighten all shareholders into accepting what they are being offered by his future employers. If this transpires, he can **** right off.

I will be voting NO and continue to fight, even if it costs me money in the long run.

Spring 2020 (Covid-19), the SP dipped to sub-2p.

IMO, the SP rise in January 2026 was in anticipation of the Trading Statement for the 9 months to 31/12/2025 plus the 'promised' Investor Presentation (due Q4 FY26) and not a leak.

If in fact there was a leak of a takeover (which I very much (100%) doubt), was it reported to the FCA? If so, what evidence was reported?

i'm fuming that the company in which i have a % holding continues to pay him £30k to £40k per month. that's over £100k since this latest debacle commenced.

imo, cronin & pea**** should have been fired last year when they got their 2024/2025 revenue forecast so wrong and didn't let the market know without delay.

so, that's £600k combined in fact that they've received in the last 12 months, which they shouldn't have (imo). it's beyond belief.

the deal will be going through.

If there's any mileage in what gizmo555 is saying, perhaps the BoD are doing PM (GW) a favour and leaving the offer/non-offer hanging until PM is out completely at 7.5p - 8p.

If they pulled the plug on the deal now, PM would be getting 5p (?) and nursing a big loss.

After all, they do owe him, as he's supported them for 12+ years.

Who the **** knows what's going on.

I still think that they are going to try and get the deal through at 10.44p.

From the 03/03/2026 RNS:

"In addition, approximately a quarter of CyanConnode's group revenue has come from the Esyasoft Group in FY24 and FY25 combined."

This point (i.e. ES providing approximately 25% of group revenue) is totally irrelevant. Firstly, 25% of eff all is still eff all and secondly, that's history (i.e. it was when Cyan had a different business model).

Cyan’s business model as a subcontractor didn’t work (i.e. it couldn’t make a profit), which is why it created Digismart etc and attempted to become a main contractor.

This switch instantly showed that it was possible for Cyan to become a main contractor when the Goa £70M contract was won. We should be about to reap the rewards of this main contractor contract and not be being sold for a pittance.

Why in the 03/03/26 RNS is Cronin bigging up ES's importance to us? Whose side is he on?

If a bid lands, I'll be voting NO and slipping in a note to those trying to steal something from me to go and **** themselves.

If the mid price is 7.85p, is the market roughly saying:-

10.44p - deal

5.26p - no deal

I do think the offer will come in at 10.44p and I know that I will vote 'NO' if it does. Most of mine were bought at 1.8p.

What happened or was said between 03/02/2026 and 03/03/2026?

Perhaps Cronin was told that he'd still be in charge of his baby for a couple more years. Something was obviously said to tune him in.

Does there have to be a meeting if an offer is made and accepted (i.e. one where the BoD have to face the shareholders)?

it would be extremely easy for the fca to establish if the es loans were actually for the purposes declared to shareholders by jc.

if some of the loans were used to fill a black hole in cyan's books because cash from trading wasn't materialising, the bod could find themselves on a very sticky wicket.

all it would take would be for the fca to ask for cyan's bank statements from 01/10/2025 and tot up how much cash has come in (excluding the $5.25m loan notified in nov'25) from sales since then.

as i have said before, is this offer/non-offer being used as a shield by cronin & pea**** to avoid scrutiny of the company's performance by shareholders?

I'll ask LSE for an explanation.

I'm not reposting it again - they got it removed for whatever reason.

The FCA should be all over this.

Cronin did not explain clearly to shareholders the ramifications of him signing those loan agreements. We cannot be bought out by a third party.

We should have been offered a placing rather than this handing over of our company to his new employers for nothing. It's a disgrace.

Why has my previous post been deleted?

The one where I was questioning Cronin's authority to sign the loan agreements with ES and putting Cyan shareholders in this no-win position?

it's obvious to me that this deal is going through at 10.44p.

we've sort of had our increased offer from 9.75p to 10.44p and it has been accepted by cronin. both sides would look a bit silly if it increased from there. a lower offer with explanation (i.e. a sh*te set of figures) would be ok.

cronin & pea**** keep their jobs ay cyanconnode under new ownership. what's not to like for them?

all of cronin's pals (pm, djp, trez etc) get their money back and move on.

i don't know why cronin just get on with it and stop being such a drama queen.

IMO, the company is in the midst of a cash crisis that the BoD have failed to tell the shareholders about. I think that this is what is going to be landed on the shareholders now to get them to agree to the 10.44p (or lower) offer and get the 75% over the line.

From the Half-year Financial Report (18/12/2025). Do the math. I'm not giving any clues.

ACCOUNTS RECEIVABLE

A total of £7.4m cash was collected from customers during the period (compared to £7.3m for the same period in FY 2025), and a further £1.6m since the period end. In the period, our non-current trade receivables such as contract assets, reported in the non-current assets part of the balance sheet, increased to £6.0m (FY 2025: £3.3m), where revenue has been recognised in accordance with IFRS 15, and will be paid for over the period of the contract. The remainder of trade receivables included in non-current assets related to accrued income from contracts. Approximately 23% of cash collection during H1 FY 2026 related to trade receivables from FY 2025 and a further 17% of FY 2025 trade receivables has been collected since period end.

IMO, this has been a sale engineered by our own BoD over the last 18-24 months.

I see what you mean.