RE: Semnet Musings17 Jan 2026 18:23
Bfd. treasury share ARE dilutive when transferred to someone say, for example, to buy an asset. theyre then 're-activated'. at that point the total voting count is added to, so the total is diluted.
they're only non-dilutive' as long as they're only held in treasury so... they have the choice to cancel them or use them for another asset buy. at that point they ARE dilutive... they're not magic, they have a value, it's how they were created!
as for the $36million contract, where does it show in the GST accounts? in the April '24 update they said the contract was "recognised prior to the consolidation of Semnet in the Group."
H1 revenue was only something like £2.23million'. SO WHERE WAS THE REVENUE FROM THE $36MILLION?!?!?
and what were ypsilon, a tiny singapore based company, with no reported clients doing purchasing NVIDIA servers delivered to???
the bs $36million contract was just used to create a bs IPO esitmate which, coincidentally, matched exactly GST's supposed valuation of their 66% stake in Semnet.
Give any evidence that the contract was fulfilled, that goods were bought and delivered and that it wasn't just used in some very dubious way to try and (probably) get the spike that was created to sell those treasury shares in the market and then to buy them back, with or without complicity.
it's a write-off and worth nothing. even the value of the treasury shares is now destroyed from when they were issued in the deal.
the reason the sp is where it is is because noone believes the Semnet story. forget it and forget your £2.50 targets. this will never be worth more than 1.5 unless they get MICA and stablecoin trail, at the very least.