Member Info for Longterminvstor

Good evening DerekBloodaxe and tonyj, you are both welcome and it is appreciated.

Derek, I think we all like to imagine that CyanConnode are worth considerably more than Esyasoft value the CyanConnode Group at, at the minute. But time will tell eventually, on that score. Personally, I feel like possibly a few on this bb and on ADVFN, that CyanConnode as a Group, still have further to go and targets to achieve. In 2,3,4 years time, CyanConnode will be a different proposition altogether, if it is allowed to grow. And Esyasoft know that.

tonyj, the distraction with IntelliSmart at the moment, I feel, is we do not know who the new owner/owners will be. Which is why I have referred to the Esyasoft offer, as opportunistic. But hopefully, this present situation will come to an end soon, with the outcome being favourable to both CyanConnode and CyanConnode share-holders.

There are so many scenarios to consider, at the moment, it is difficult, or even impossible to call.

Good Luck both.

LTI.

Good afternoon all,

My answer/opinion, on the ongoing situation between CyanConnode and Esyasoft, is fairly straight forward, with some of the information that we have, in the public domain, the rest we are still waiting for.

The offer of 10.44p from Esyasoft, for the CyanConnode Group, was in my opinion, opportunistic, for reasons I have mentioned previously. And I am still of the same opinion. The reason, also in my opinion, for not saying " No " to the Possible Offer/Revised Proposal, is that John Cronin and the Board of Directors want share-holders to have the final say, if a firm offer comes in. There may be some amongst us that would be happy with 10.44p per share. I personally, think that the CyanConnode Group is worth much more.

CyanConnode and Esyasoft have been working together for a number of years now and I would imagine that CyanConnode ( and Esyasoft, if a deal is not forth-coming ) would want to keep that relationship intact, after the present situation is sorted out. Another reason for allowing share-holders to have a vote, which I believe is the normal way to proceed.

CyanConnode announced some time ago, to share-holders, that CyanConnode were making progress in the new global location of Azerbaijan, with a gas smart metering pilot project. Incidentally, last year, Esyasoft announced that they had entered into a $480m 14 year contract to develop a smart gas network in Azerbaijan.

There is no clarification so far, that Esyasoft have engaged/will engage with CyanConnode on this substantial project. But I might suggest that if it was announced that Esyasoft and CyanConnode were working together, in Azerbaijan, before the ongoing negotiations are complete, it would increase The CyanConnode Groups valuation, considerably.

As we are aware, CyanConnode and Esyasoft have been working together successfully, for a number of years now. What we do not know, is how many future smart meter projects CyanConnode and Esyasoft have collaborated on/tendered for in India and globally also, in the immediate future. Another consideration to take into account when valuing The CyanConnode Group.

I doubt whether CyanConnode encouraged the approach from Esyasoft. I say that because if you look at the somewhat orderly and less disruptive approach from what was, the ongoing approach from IntelliSmart, the Esyasoft approach seems very different. At least to me.

On tonyj's point, I have suggested over the last few weeks, if a deal was forth-coming where Esyasoft ( or anyone else ) bought into CyanConnode India, as long as the deal was structured and acceptable to CyanConnode, that would be acceptable to me, personally. Whether CyanConnode share-holders would get a vote on such a proposal, I am not sure.

Personally, I would like to see the percentages in CyanConnode's favour, to save any hostile approach in the future.

Good Luck all.

LTI.

..... from the last paragraph of the Directors Talk Interview, dated May 15th, 2026:-

" That outcome-based approach is important. It reduces the risk that spending becomes a simple procurement cycle and increases attention on delivery, integration and utility benefits. Companies able to provide reliable meters, secure communications, scalable software and service support, may be better positioned than those focused only on equipment supply."

So the dual approach by CyanConnode, for both AMISP and OEM smart meter contracts/projects, in India initially, is the correct one in my opinion. One that will hopefully be successful, in the not to distant future.

Good Luck all.

LTI.

...... " India's smart metering rollout Sharpens The Investment Case For Grid Modernisation " - dated May 15th, 2026.

From the report:-

" India's smart electricity metering rollout, is becoming a clear investment signal for the power distribution sector. It is the creation of a more data-fed electricity system that can improve billing, reduce losses and support more reliable power delivery.

" India is targeting smart meter deployment across consumers, distribution transformers and feeders, making this one of the largest metering transitions, globally.

" The key point is that smart meters change how distribution companies manage electricity. Traditional meters provide limited visibility and often rely on manual reading. Smart meters allow utilities to track usage more accurately, identify losses faster and improve revenue collection.

" India's wider distribution investment plan, adds further weight to the theme. Planned capital expenditure of around Rs 11.2 trillion through 2035, is expected to support upgrades across the grid, with smart metering acting as a core part of the shift towards measurable outcomes. The focus is moving beyond installation numbers and towards whether the investment improves operational performance.

" That outcome-based approach, is important. It reduces the risk that spending becomes a simple procurement cycle and increases attention on delivery, integration and utility benefits. Companies able to provide reliable meters, secure communications, scalable software and service support, may be better positioned than those focused only on equipment supply."

An interesting read overall, I feel, during any ongoing negotiations. Especially the " Planned capital expenditure of around Rs 11.2 trillion through 2035 ....... " - or £87,449,600,000 ( £87.5 billion ) at todays exchange rate.

Good Luck all,

LTI.

Good morning all,

I have mentioned on a few occasions during this ongoing CyanConnode/Esyasoft process, that I would prefer a deal structured on similar lines to the CyanConnode/IntelliSmart approach - IntelliSmart buying into CyanConnode India - as long as the percentages were favourable to CyanConnode.

The IntelliSmart approach was less disruptive, as least to me, as set against the Esyasoft approach. The two Companies ( CyanConnode and IntelliSmart ) seemed to get on with their day-to-day running of their individual businesses, with negotiations going on behind the scenes.

Still, we will have to wait and see what type of deal is put on the table for CyanConnode share-holders to vote on and how it is structured and if Esyasoft decide to make a formal offer.

Good Luck all.

LTI.

...... Fastest Go-Live achieved in DGVCL Phase - 11:-

https://x.com/Intelli_Smart/status/2054105287477604663

Good evening gizmo,

Certainly good news about IntelliSmart and DGVCL gizmo and thank you for sharing, it is appreciated. CyanConnode received an order from a subsidiary of IntelliSmarts, for DGVCL, via the Strategic Framework Agreement, so glad you made the connection.

Good Luck gizmo.

LTI.

Look at it from a different angle tonyj.

Within the 18th December, 2025 RNS, there is a map, which shows various contracts where Cyan/CyanConnode/CyanConnode + DigiSmart are active/have been active over the years.

As an example, Goa - CyanConnode/DigiSmart are active now. But there are contracts shown on the map that have already been completed - Karnataka ( Mysore ) as an example.

But in answer to your 12:00 question today, if you go back 27 months from todays date, just as a timeline, any RNS contract Awarded to CyanConnode dated before January 31st, 2024, should theoretically be coming up to the S&M contracts. A caveat on that would be, it may depend on when the installation period actually started and when the S&M contract actually begins/began.

All in my opinion of course.

LTI.

Good morning Bordersman and all,

The £180m order-book, according to the December 18th, 2025, now stands at £157m. This, as we understand it, is because certain contracts that have been recognised in the past, are now past that particular stage of recognition. So the Group order-book now stands, at the moment, at circa £157m.

As tonyj has already commented, the Goa contract allows for £70m. I would suggest that the 6.5m Omnimesh order RNS'd during August 2024, is another that should qualify. There may be other orders, that are still at the " installation stages ", that may qualify also.

Rightly or wrongly, for my own personal use, once the installation phase is completed and the Support & Maintenance starts, I count that particular order as being a completed order - order recognition wise.

But at what point, CyanConnode specifically look at as the cut-off point, for order recognition, is probably more technical than that.

Take care Mel.

LTI.

Good morning Safety1,

Thank you for the update on Tamil Nadu and their smart meter tender, it was appreciated. I have provided a New Indian Express news report from March 10th, 2026, which I think is the update that you are referring to:-

https://newindianexpress.com/states/tamil-nadu/2026/Mar/10/in-a-first-pfc-invites-tender-to-install-125-lakh-smart-meters-across-tn

It has taken some time to get underway - so far - and as the report states " Meter installation work unlikely to begin soon ". But they have taken a step in the process, so we will see where we go from here. It will be a substantial contract for the different winners, even when it is broken-down into the separate " Parcels ".

Thanks again for the heads-up, Safety1.

Good Luck.

LTI.

...... " CyanConnode revenue outlook strengthens smart meter investment case " - dated May 6th, 2026.

From the report:-

" CyanConnode expects revenue for the year ended 31 March, 2026, to exceed £20 million, subject to audit, giving investors a clear marker of progress as the Company advances its smart metering work in India.

" The main driver is the Goa project, where installations have now started. CyanConnode has delivered the first meters, software platform and related services, marking the Company's first project as an Advanced Metering Infrastructure Service Provider.

" India's smart meter rollout remains the key backdrop. More than sixty million smart meters have already been installed and a national programme is aimed at cutting energy theft, reducing losses, improving billing and supporting a smarter electricity grid.

" The revenue outlook, the start of Goa installations and India's continuing smart meter expansion, give investors clearer reasons to watch the Company, while keeping focus on timing, project execution and cash collection."

Good Luck all.

LTI.

Good morning all,

MonteCarlo and Partners have installed approximately 1.4m+ smart meters during April 2026, within 2 of their smart meter projects, with IntelliSmart and Partners installing circa 246k+ smart meters, within 5 of their smart meter projects. Genus and Partners have installed approximately 914k+ smart meters in 10 of their smart meter projects.

The total number of Consumer smart meters installed, during April 2026, within the NSGM smart meter projects, was approximately 3.5m+.

So some encouraging progress being made within the NSGM smart meter projects, I feel.

Good Luck all.

LTI.

......was updated on 30th April, 2026 with the overall smart meter installations increasing to 65m+. The CyanConnode/DigiSmart smart meter project in Goa, contributed just over 5,000+ smart meter installations during April 2026, bringing the total of Consumer Installations to approximately 8k+ ( just over 11k+ including the DT and Feeder Meter installations ).

https://nsgm.gov.in/en/sm-stats-all

Good Luck all.

LTI.

Good afternoon all,

If negotiations do not work out and there is eventually no deal, CyanConnode will be respectfully aware, that for many years Esyasoft have been an important Partner for CyanConnode and vice versa and will want that Partner relationship to continue afterwards, if there is no deal and if it is possible.

Esyasoft made an unwelcome approach to CyanConnode, in my opinion and are using the leverage of the loans, at this particular time, to realise their ambitions. But now that Esyasoft have made their move, we will have to wait and see what happens next.

There are potentially other contracts - for AMISP and OEM - that CyanConnode and Esyasoft may have tendered for together. So there is a lot to consider and to allow for, going forward, if a deal is not agreed for any reason.

Personally, I do not remember this type of disruption going on, while CyanConnode and IntelliSmart were in negotiations for a potential IntelliSmart stake in CyanConnode India.

Good Luck all.

LTI.

Good morning tonyj,

The Easyasoft offer was, in my opinion, opportunistic, with CyanConnode worth significantly more than the 10.44p offered. But that is only my opinion. But tactics and negotiation will come into play, from both CyanConnode and Esyasoft and if it comes to a vote, CyanConnode share-holders will have a choice, on whatever the Esyasoft offer eventually turns out to be.

Personally, I would prefer something on the lines of what share-holders understood to be IntelliSmart's approach - namely taking a stake in CyanConnode India. Failing that, I would prefer that CyanConnode grows independently.

Or Esyasoft or someone else, need to find some deeper pockets.

LTI.

Good morning Mel,

Yes indeed, " make haste slowly " - I had to look that up, by the way. Or a similar quote I came across recently from someone, but not exactly the same - " Rome wasn't built in a day, but that's because I wasn't on the job."

Take care Mel.

LTI.

Good morning gizmo and you are welcome.

LTI.

....... " CyanConnode shows smart meter scale in India ", was published on 30th April, 2026:-

Good morning all,

From the report:-

" CyanConnode's Omnimesh platform, now supports more than 1.2 million smart meters on a single Head-End System in Jabalpur, India.

" The Company is showing that its platform can handle growing smart meter networks, while maintaining stable operations, consistent service levels and reliable performance.

" This follows the earlier one million meter milestone and indicates continued progress as the deployment expands. In smart metering, scale only matters if the network continues to perform. CyanConnode is using Jabalpur to demonstrate that its system can do both.

" As India's smart meter roll-outs move from installation to long-term operation, reliability will become increasingly important. CyanConnode's ability to support a large live network, on one large system, is therefore relevant to its positioning in the market."

Also a relevant post on x.com, posted on 16th April, 2026:-

https://x.com/CyanConnode_Ind/status/2044744237007470781

A significant achievement, I would say.

Good Luck all.

LTI.

You are welcome gizmo.

I commented during the early part of the process, that each side would use tactics and negotiations, to get the deal that they want. We will have to wait and see about the details that are agreed on, at the the end of the process.

Good Luck gizmo.

LTI.

...... with new office in Hyderabad:-

https://prnewswire.com/news-releases/silicon-labs-expands-in-india-with-new-office-in-hyderabad-301635293.html

Good morning gizmo and all,

Some information on Silicon Labs' expansion into India, gizmo, that you may find of interest, but also may be aware of. Incidentally, I understand that the Silicon Labs FG28 solution was introduced during June 2023, so before the CyanConnode/DigiSmart/Goa project. But we understand that CyanConnode's new product suite, also includes the FG28 module, along with the cellular modules and In-Meter Gateways " ......... which have significantly lower costs to the Company."

Good Luck gizmo,

LTI.

I understand gizmo - " belt & braces ", as the old saying goes.

Good Luck.

LTI.