Member Info for Jiving

Looking good, big figures:

https://www.londonstockexchange.com/news-article/ZIOC/completion-of-project-workstreams/17399729

The days trading was dominated by someone putting 4.785m shares on the offer side at 7.40p this morning, & leaving them on all day. I watched it on Interactive Brokers and that offer was gradually whittled down by trades throughout the day.

Catbert, thats a plausible possibility. But I believe they are actively seeking & encouraging a competitive situation as described in their recent RNS. You maximise the number of bidders & the price they would pay, by leaving the final decision until after the election when the political risk is substantially lower. It is the one de-risking event that is clearly outside of the company's control, but the company can still use the event to push the deal terms higher.

A key date outside our corporate timetable is the presidential election on 22 March. Denis is now confirmed as a candidate. I would be surprised if any strategic investor would firmly commit ahead of the results. If Denis wins, that would be positive for our project given he has historically been in power for all the key regulatory & legislative events including the two year long process to secure the crucial Mining Convention.

https://www.france24.com/en/africa/20251230-congo-president-sassou-nguesso-seeks-re-election-2026

Currently 4.785m on the Offer side at 7.40p. Not seen that size for a long time, if ever. Odd just before a big news day.

The multiple small orders over a short period of time, seem very like an order splitting Algo that exists with brokers like Interactive Brokers. Their argument is that by splitting , say a 50,000 order into 20 smaller orders, they could get a better overall price in the mid market between the bid & offer. However, it looked to me to be basically an attempt to get 20x fixed commissions rather than just 1, & I was very sceptical it would have led to an overall lower in-price.

A couple of points regarding the AGM from the company's Articles of Association - found in Section 10 .

1. Required notice of AGM, ref 10.41 ".... in the case of the Annual General Meeting, at least 21 clear days notice;"

2. Latest potential date (company specific limit: ref 10.1): "Not more than 15 months shall elapse between the

date of one Annual General Meeting and the date of the next."

The date of our last AGM was 5 December 2025.

It would be perfectly rational for any partner to await the FDA ODD approval before committing. First the FDA approval, then the deal, exactly as signalled by Dan in his interview. Its unfortunate the FDA announcement didnt come earlier, but at least existing shareholders can grab shares at a discount, rather than the brokers pals making a quick turn at our expense. It's just over 5% to keep the lights on why we nail down FDA & a deal - bargain IMO.

"IMO it is very positive that "only" 228k will be needed to cover exps to March 2026."

Agreed LT this is important & in line with Dan's strategy of doing minimal rises until we get a collaboration/licensing deal. The May Prospectus gave a figure of GBP360k being needed by October to fully meet financial needs for the 12 month period.

I will be taking my full allocation, at 0.20 just before 2 key announcements its a great deal. I have already done a couple of recent top-ups at 0.25 & 0.28, so 5% more at 0.20 is fine.

So that’s it the inevitable placing is out of the way, the Prospectus stated funds were needed in October & here we are on 28th. Dilution of around 5.4%, but now it's out of the way and no longer hanging over us as we go into the news rich period with the FDA & collaboration announcements. All 3 Directors are taking up their full allocations.

Would be a useful thing for company IR guy to get a copy of the report from Cannaccord & put it on the company website. Allenby's initial research report was March 2021, so it's time we had an update.

We have no reason to assume any placing will be needed before any FDA/partnership announcement. The figure quoted in the May prospectus for any October cash shortfall was GBP360k to cover the complete 12 month period from the date of the document. The share price after FDA/partnership announcements is likely to be significantly enhanced from today's price, making dilution going forward negligible.

This is amazingly positive, we get ODD and partnership soon, I am reading that before any need (or not) for a placing. Dan has never been so specific before, this is real news.

I put the question to Grok regarding the likelihood of a response to an ODD application occurring before the full 90 days are up, this was the response:

"The median review time for ODD requests is 60-75 days for complete applications, based on FDA-TRACK data aggregated across FY 2020-2023. This leaves a buffer within the 90-day window.

For requests needing additional information (common in ~40% of cases), the effective timeline extends to 100-120 days total, as the 90-day clock pauses during sponsor responses (up to 90 days per hold)."

I am sure the right lawyers could come up with a form of words that would make it clear it was a placing to meet only a part of the remaining period, and/or that it was specifically for admin costs & that development costs would be left for a subsequent period. There is no obligation I am aware to meet a full year's raise in a single transaction, which is why they included the 'October clause' in the last Prospectus. Which did not raise enough funds for the full period & similarly they could include a 'February clause' in the RNS to cover future needs to the end of the period, brokers/lawyers would come up with something.

Also depending on price movement over the next few weeks up to the FDA it is not impossible we might hit a level where the 33.9m shares could raise the full GBP360k. That would be around 1.06p (so approx x4 our current price). Whatever, at current price levels & sentiment we do not need a 300 million issue or to do any placing at a 50% discount.

Continued: "In todays market conditions 33.9m shares could be placed at a discount of 10-15% & most likely less."

Thanks Soup but my post does indeed reflect the reality as defined in my post & reflects current market conditions not those prevailing over 4 months ago.

1. I specifically suggested the funds would be to keep us ticking over for a ‘couple of months’ & not till the end of the ‘working capital period’ of 12 months stated in the Prospectus for the GBP360k placing. Also I indicated this was to cover basic ongoing monthly expenses ie not to fund any further development/studies, so again not the conditions stated in the Prospectus. My thinking was that GBP100-200k would potentially allow Dan to close any licensing talks that dragged on until the end of the year ie only for a limited period beyond the October date quoted in the prospectus. The relevant section from the Prospectus is:

“If no out-licence deal or option agreement is concluded by the end of October 2025, or the revenue generated by such deal does not provide sufficient working capital to meet the Company’s strategy for the full 12-month period from the date of this Document (the “Working Capital Period”), a further circa £360,000 would be required to provide working capital in line with the Company’s strategy to fund corporate and operational overheads and to fund further studies during the Working Capital Period before an out-licensing transaction may be concluded.”

2. The discount to market needed to get a placing away varies subject to many factors, most significantly:

i. the size of the placing as a % the existing share capital;

ii. the size of the placing versus the current daily trading volume;

iii. the level of investor interest indicated by the direction of the share price & the change in daily trading volume.

A comparison of the May 300m share placing with the potential 33.9m placing now:

1. The May placing represented just under 18% of the then share capital

A 33.9m placing would represent just over 1.5% of current share capital.

2. In the week before the May placing I would estimate daily volume to be in the 20-30m share range, so a 300m share placing would have represented 10-15 days total turnover.

Contrast that with today where volume in the last week has increased dramatically - the average daily turnover in the last 6 days has been 250m shares per day. So a 33.9m placing would represent some 13% of daily turnover.

3. Investor sentiment was OK back in April-May around the time of the EMA ODD decision but April-May the price only bounced between 0.10-0.15p, very different from the price action we have seen in the last 6-7 trading days. A buoyant liquid market makes placing say 3 x 11m block trades relatively straitforward, we had a 24m trade on Tuesday that went through the market easily & not far 'off market' vs the then spread. With the right accounts you can regularly get quotes for 10m trades at only a small premium/discount to the prevailing market. In todays market conditions 33.9m shares could be placed at a discount of 10-

Thanks OSD I agree, we had a period of hectic rises, & placing rumours punctured that yesterday. However, yesterday gave us the advantage of shaking out the weak holder, & profit takers, who were likely looking to sell/trade at some point anyway. The rationale for buying a seriously undervalued biotech share, in the critical period leading up to FDA approval & licensing, remains strong.

Thanks apps, for the AGM share issuance figures.

So they have approx 33.9m shares left they can place without further shareholder approval. Which actually might be all they need in the event of a rising share price, to eke the company out till the New Year. It looks like we are currently ticking over on around GBP40-50k a month at present. Those 33.9m shares could raise:

At 0.30p placing price, gross amount raised = approx GBP100k

At 0.60p placing price, gross amount raised = approx GBP200k

Given the volume traded in the last few days 33.9m shares is no big deal, just a couple of block trades. Especially given the last 6 trading days volume: 1 day was over 300m, & on 4 other days over 200m.

Due to ‘history’ we are grossly undervalued relative to any reasonable expectation of our licensing prospects, at a time when small biotech shares in the UK are rebounding & inhaled IPF companies in the US are extremely highly rated. Our immediate funding needs could thus be satisfied, in the event our share price keeps moving upwards, driven by both the FDA decision in early November & expectations the ongoing licensing talks come to a successful conclusion.

So yesterday’s placing related drop looks overdone.