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Good morning gizmo and I hope you are well,

Just a little clarification if you could please, gizmo. I replied to your post yesterday concerning the " ... CSA Amendment Changes..... " ( Cyber Security Authority ). You have mentioned this morning about CEA Amendments ( Central Electricity Authority ). Can you clarify please, if we are looking at one or both of these organisations.

Take care gizmo and Good Luck.

LTI.

....... " may be down to the circumstances of the negotiations involved with the Esyasoft " Possible Offer ". Or even that CyanConnode may be restricted in what information they can make public/share with share-holders, until after negotiations are completed."

Good morning all,

From my post on 24th March, 2026, which may be worth consideration.

LTI.

Good afternoon gizmo,

Is the " Key " that you are referring to, the Asymmetric Key, which has protected the CyanConnode product range for a number of years now. I am aware of the Asymmetric Key and I am encouraged if it can be used against any unwanted take-over, if required.

If that is what you are referring to gizmo, it is a very interesting and encouraging built-in defence mechanism, for the CyanConnode Group, if that is what it is.

Take care gizmo.

LTI.

Good afternoon gizmo and I hope you are keeping well.

In what way do you think that the Cyber Security Authority ( CSA ) Amendment Bill - with reference to your 13:01 post today - specifically have a bearing on the CyanConnode/Esyasoft negotiations? If that is what you are referring too.

LTI.

....... issued CyanConnode with an order for PVVNL, during May 2023, through its subsidiary Paschimanchal Infrastructure Ltd., which covered 600k Omnimesh Modules. On March 16th, 2026, IntelliSmart announced on x.com, that IntelliSmart had successfully installed over 15 lakh ( 1.5m ) smart meters for PVVNL.

So CyanConnode's contribution of 600k Omnimesh Modules, equates to circa 40% of the 1.5m original smart meter project total.

LTI.

....... that you mention Vas, may be down to the circumstances of the negotiations involved with the Esyasoft " Possible Offer ". Or even that CyanConnode may be restricted in what information they can make public/share with share-holders, until after negotiations are completed.

But this hasn't stopped there being some CyanConnode related reports included on the Directors Talk Interviews site - some mention CyanConnode directly, some are CyanConnode/industry/smart meter related - or the news about the progress of the smart meter project in Goa, which came out yesterday, on x.com.

I wasn't expecting a running commentary from CyanConnode, during the negotiations, but hopefully there will be plenty to talk about, when the process is concluded.

Share-holders received a Trading Statement/Trading Update, during April 2025, so we will have to see what happens. And how the Investor Meet Presentation fits in, after negotiations are complete, one way or the other.

LTI.

...... on x.com that " #SmartMetering success is built not just on installation, but also on a strong digital backbone. In #Goa, HES, MDM and consumer systems are now fully in place."

- Feeder metering completed.

- DT metering underway.

- Consumer rollout initiated, starting with government consumers.

http://x.com/CyanConnode_Ind/status/2036108004073062633

Good Luck all.

LTI.

Good afternoon all,

From the " Goa smart meter transition signals long-term infrastructure visibility " report, posted on Directors Talk Interviews on March 6th, 2026, originally posted on LSE, on March 9th, 2026:-

" The planned rollout of smart prepaid electricity meters, across Goa, marks a significant operational milestone in the state's power distribution modernisation, with implications that extend beyond billing reform, into infrastructure positioning and service visibility. The programme, led by the Goa Electricity Department and implemented by DigiSmart Networks Pvt. Ltd., a wholly owned subsidiary of CyanConnode India, is scheduled to begin domestic installations next month, following preparatory works at feeder and transformer levels."

So my understanding of the Directors Talk Interview report is, that DigiSmart will start domestic installations, officially, " .... next month ..... ", which is sometime during April 2026, with recording of the installations, hopefully being increased and published, during May/June 2026.

Good Luck all.

LTI.

...... has announced on x.com " ..... that @Intelli_Smart has successfully installed over 11 lakh smart meters for @apdclsocial."

https://x.com/Intelli_Smart/status/2034865016470417637

Good morning all,

Another smart meter project successfully completed by IntelliSmart, one of CyanConnode's Partners. And as IntelliSmart commented " Congratulations Team Assam."

Good Luck all.

LTI.

Good afternoon gizmo and thank you for the heads-up and information on Meshmerise Networks. It was appreciated. As you say gizmo, a very interesting Director. And also, the link to CWD.

An interesting web of Partners and contacts, that the CyanConnode Group have, I feel.

Take care gizmo and thanks again.

LTI.

Good afternoon all,

As far as we know, Consumer Metering has started, albeit modestly, the Feeder Metering is complete and the DT Metering is 23%+ complete. I might suggest, that the Goa project has technically started.

The report will catch-up, eventually.

LTI.

....... has announced on x.com, that they have installed 15 lakh smart meters for PVVNL, recognising PVVNL for their leadership, trust and collaboration, the IntelliSmart project team and " ..... our Partners and stakeholders for their support ..... ".

https://x.com/Intelli_Smart/status/2033467649183953206

As IntelliSmart commented, " Congratulations Team! "

Good Luck all.

LTI.

..... has been posted on x.com , this morning:-

https://x.com/Intelli_Smart/status/2034500431607468189

Good morning all,

The latest IntelliSmart Tender Watch report, amongst other information, gives a list of Tenders Awarded ( as it stands at the moment ) and a list headed " Tenders under evaluation and L1 Decided/LOA under process."

There are 4 specific tenders that are at the " under evaluation " stage, with the L1 ( AMISP ) decided and the Letter of Award under process.

Total number of meters for the 4 contracts = 56 lakh ( 5.6m ) > AMISP value = circa £560m > OEM value = circa £70m. There are also " Other States " - no number given, which have 5 lakh ( 500k ) smart meters under tender, also at the " Letter of Award under process " stage - AMISP value = circa £50m > OEM value = £6.25m.

An interesting spread-sheet to have handy during any negotiations.

Notably, the 30m+ smart meter tender for Tamil Nadu, is still " Under Evaluation ".

Good Luck all.

LTI.

Good evening gizmo,

There are modest domestic smart meter installations taking place already in Goa, albeit the NSGM report confirms that the Goa project is " Yet to Commence ". Feeder Metering is 100% complete and DT Metering is progressing steadily, with the Directors Talk Interview clarifying in early March 2026, that domestic meter installations are to start during April 2026, in Goa.

So we wait to see what happens gizmo and how we progress from here.

Thanks gizmo.

LTI.

sorry, do not know what happened there. should read:-

" ....... such as **************s, asset transfers, ....... "

lti.

good afternoon gizmo and all,

sorry for the delay and thank you for your reply at 12:10, it is appreciated.

having done some research of my own, coupled with what you have found out, i would like to contribute some points to you and see where we agree/disagree.

- cyanconnode holdings is the parent company.

- cyanconnode holdings owns cyanconnode india.

- cyanconnode holdings/cyanconnode india owns digismart.

- digismart incorporated greenmeter goa private limited as an spv - special purpose vehicle - ( rns'd 2nd june, 2025 ). greenmeter goa private limited was actually incorporated/formed during march 2025, according to my research, with john and heather being two of the three directors listed, of greenmeter ( which also has a similar office address to the cyanconnode india office in gurugram ).

- so if esyasoft bid for the cyanconnode group and are successful, because of the structure of the cyanconnode group and its associated companies, esyasoft would not get overall control of the goa smart meter contract, if the deal went through. which is one of the things that they want.

seems like an excellent pre-planned protection strategy, to me. if that is what it is.

how are we doing so far gizmo?

question - what happens when one company incorporates another company:-

" when one company incorporates another, it typically involves a transfer of ownership and assets between the two companies. this process can be structured in various ways, such as **************s, asset transfers, or creating a new holding company. the specific steps and implications depend on the type of incorporation and the structure chosen. it is crucial for both companies to have a clear plan and to involve legal and financial advisors, to ensure a smooth transaction and compliance with all relevant regulations."

very interesting gizmo and good luck.

lti.

Good morning gizmo,

The " ..... two year ...... " detail you have mentioned that tonyj has commented on, in relation to Goa, can you give a bit more detail, please.

LTI.

Good morning all,

From the Directors Talk Interview report, from March 6th, 2026 - first paragraph:-

" The planned rollout of smart prepaid electricity meters, across Goa, marks a significant operational milestone, in the state's power distribution modernisation, with implications that extend beyond billing reform into infrastructure positioning and service visibility. The programme, led by the Goa Electricity Department and implemented by DigiSmart Networks Pvt. Ltd., a wholly owned subsidiary of CyanConnode India, is scheduled to begin domestic installations next month, following preparatory works at feeder and transformer levels."

The report is dated March 6th, 2026, with the domestic installations to start next month ( April 2026 ). So should start hopefully reporting an increase in domestic installations from May/June 2026 onwards.

Good morning gizmo, some very astute observations that you make with which I agree and I have already commented that, in my opinion, Esyasoft have made an opportunistic approach for the whole Company, before the " Green shoots " of potential and existing contracts, begin to show through.

Good Luck gizmo and all.

LTI.

...... has been updated on 15th March, 2026, with the overall smart meter installations reaching 59,545,573.

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

Good afternoon all,

The Goa smart meter project has increased smart meter installations by a modest 711 smart meters, during March 2026, but according to the report, project deployment has still " Yet to Commence." DT Metering for the Goa project has increased by 222, during March 2026, to a total of 1951, with Feeder Metering for the project, 100% complete.

Good Luck all.

LTI.

Good morning tonyj,

As we say, I look at it from a different angle - in that the CyanConnode Group will always need loans, as most companies do. More-so, with smart projects in India. As an OEM, CyanConnode would continue as it has for a number of years, which in my opinion would require funding, dependant on the project/Omnimesh modules required. As an AMISP, I believe that CyanConnode/DigiSmart get a percentage up front, which may help. As an OEM, CyanConnode have to wait for the money to " trickle-down ", so-to-speak, from the AMISP.

I did post some weeks ago, that CyanConnode initially, might be able to look at, specifically, the $5.25m Loan Note, to Support AMISP Tenders. If it was/is possible to pay-off that loan, as CyanConnode did with the Axia loan and replace it with another loan, to provide the same service ( Possibly more expensive ), but it would reduce the Esyasoft leverage that it has, over the CyanConnode Group.

The other two loans can be looked at in due course, hopefully, when we see how the land lies.

I agree that Esyasoft should have " ... played the game and played a background role ....... ", but they decided not to and played their hand.

Now we wait to see, what develops.

But I might suggest, that CyanConnode will still want the Esyasoft Partnership intact, for the future, but with some ground rules attached. I know I would.

LTI.