Member Info for LOTM-13

Hi Poormandreaming,

to quote you

" A quick look at the NAV to MCAP will show you just what a bargain this stock is..."

The Market cap is now around £5.8M & that figure is similar to the company's assets (as per the annual report) so how exactly is this a bargain ?

LOTM

Https://www.linkedin.com/posts/the-aptamer-group_how-we-make-optimer-binders-that-work-activity-7349021299576393729-IsDj

Optimer® uses a completely customised discovery approach that matches your strategy, for binders built to work in your hands.

LOTM

I know its very illiquid but does anyone know which broker allows you to trade SURE itself ?

Thanks in advance

LOTM

Hi,

Can anyone help me by telling me which broker you use to trade SURE ?

Thanks in advance

LOTM

Hi Bobber69,

You just never know, it might end up being the case that I could have got them cheaper! anyhow I'm happy to have them.

I see APTA now has 36 employees! so I guess they have filled that latest Sales position ............

LOTM

Well my funds came through today so I've just doubled my holding to 2M shares.

GLA

LOTM

Roger65,

Sorry I didn't answer part of your question.

YES if MFAI wish to maintain there 6.2% of SVV2 & 16% of SVV3 they will need to find another @ £7.3M from somewhere in the coming few years whenever a cash call is received from the fund managers, or sell down part of there stake in one or both of the funds to someone else to reduce the level of there commitments to that fund going forward.

Just to be crystal clear, SVV1 is fully funded & there are no more cash calls on that fund, only exits going forward.

LOTM

Roger65,

Those @ £7.3M of currently unfunded commitments are not all due this year. The timing of cash calls is at the discretion of those managing the funds, when they were originally set-up they will probably have given those that were investing a rough timeline of how much of the commitment would be required for each of the next 5 or 6 years, so they had an idea of there likely annual outgoings when deciding how much to commit to these private equity investments.

I don't for a minute think MFAI is going under, there current assets are worth over £12M & they look to have some good investments in there, but for some reason they took on a much bigger future risk than most similar types of companies would have done in 2023. I have no idea why.

LOTM

You could go further Giancotti ......

When Landvault was taken over 12 months ago, I'm pretty sure both MFAI & SURE were expecting to be able to exit that holding late in 2024 when it listed & thus both would be pretty well funded for at least 2025 & possibly beyond that to meet there previous commitments.

The fact it didn't happen (& may not happen to 2026 !) meant they had to change strategy & hence why both carried out placings in Jan 2025 to help plug the gap in the meantime & then the Getvisibility exit helped extend the time window further for both of them.

LOTM

Roger65,

You clearly didn't fully grasp the long post I made & it was based in part on what was said in last weeks interview & what's in the public domain.

MFAI have made commitments to the SVV2 & SVV3 funds that total @£5.3M & @5M euro's respectively. So far they have had cash calls for just over £1.1M for SVV2 & maybe @ £0.3M for SVV3 by end of Q1 2025. MFAI has around £1.6M from the Getvisibility exit (after re-paying the loan notes). That means around £7.3M of those commitments are currently unfunded. It does not have any control over the timing of exits or new cashcalls from the funds.

The pace of new investment for SVV2 especially has increased rapidly in Q2 2025 etc which is clearly seen by the announcements & linkedin posts of Sure Valley Ventures. So MFAI will need to meet those cash calls when they come (just as SURE will for its £5M commitment to SVV2).

Yes MFAI could get some cash if SURE pays a dividend or does a return of capital but has no control over the timing of this either, but it has exposure to 2 cash call events & doesn't know exactly when any of the other SVV1 exits are going to occur.

Other than the 2 direct investments ( both of which seem to be doing ok) everything else is outwith there control, they also only receive (directly) half the amount of any SVV1 exit that SURE gets from now on (yes they are entitled to 22.9% of what SURE gets eventually).

This isn't new, its been in front of everyone's eyes for a very long time now, its been a case of investors not doing the deep research & recognising the facts.

The directors must have had a plan on how they were going to fund these big commitments when they made them, like 2 years ago, it just doesn't look like they've shared them with shareholders thus far, perhaps the AGM would be a good time to ask the appropriate questions so as to obtain the answers required.

LOTM

Oultonmike,

Smarttech247, was exited at a multiple of 1.07x the original investment amount some time in 2024 (I just can't tell you which document I remember seeing that figure in or whether it was in a SURE Ventures document instead but the multiple stuck in my head during my research)

LOTM

Actually if people read the announcement properly they would see that Steve Xerri has actually increased his holding (in terms of shares) since it was last disclosed (in terms of shares) see sections 7 & 8 of the disclosure. (4,658,689 now verses 4,592,781 = an increase of 65,908 shares)

"Position of previous notification (if applicable) 4.77% 4,592,781

8. Notified details of the resulting situation on the date on which the threshold was crossed or reached

8A. Voting rights attached to shares

Class/Type of shares ISIN code(if possible)

Number of direct voting rights (DTR5.1)

Number of indirect voting rights (DTR5.2.1)

% of direct voting rights (DTR5.1)

% of indirect voting rights (DTR5.2.1)

GB00BPVD4J91

4,658,689 2.9%"

-----------

LOTM

Https://www.linkedin.com/posts/sure-valley-ventures_we-were-delighted-to-speak-at-climbuk-in-activity-7348335352543125504-ovI0

We were delighted to speak at ClimbUK in Leeds last week - sharing insights on the AI landscape as a specialist AI fund & regional investor. Highlights ⬇️

🔹 Rise of AI Agents - SVV's Barry Downes shared how agents are expanding access to software entrepreneurship & why we're actively investing in this space. He spotlighted our our recent investment Momntum - transforming customer service through their AI assistant Laila - who speaks naturally, understands context, and actually gets things done.

🔹 Poacher to Gamekeeper - SVV's DC Cahalane & Martin Sutton discussed what makes founders stand out, why outreach should be targeted (treat it like a sales funnel) and why reaching out to analysts/ principals - not just partners - could be a smart move.

🎧 Listen to Barry's podcast with Gordon Bateman & Tanya Arnold on Spotify ➡️ https://lnkd.in/dtd7Mgxx

Big thanks to Gordon Bateman, Pilar Rubio Peña & the Investor Ladder team for another successful event - championing UK-wide entrepreneurship.

---------------

comment already ....

Tanya Arnold

Freelance Sports Presenter/Reporter, Event host

5m

Barry Downes thank you for patiently explaining AI agents to me! Learned a lot in a short space of time.

LOTM

Hi YTeeBack, until I did a lot more digging around most of last week I to had thought they had free cash now that could have been used for buy-backs or buying more of SURE Ventures to boost the NAV further etc, however I posted yesterday why that is now not the case & that they are actually in need of money because of earlier commitments.

Hi roger65, as I have posted over several weeks I have spent a lot of time trying to work everything out & still am. I bought at 0.8p first of all & failed to sell on 3 previous spikes that went over 1p (as I want to trade the stock to build a bigger holding over time), but I did sell my smallish holding last week at not a great price of 1.07xp as I thought the share price would go higher than it did before the inevitable drop that sadly seems to occur with virtually every AIM share these days & makes a mockery of long term investing.

I don't have a price target & I doubt it will drop back to the 0.8p level I paid previously. I'd be happy to be buying MFAI at 0.9xp but I'm grappling with a different question & haven't come to an answer yet as the outcome is sadly much more harder to reach than I was expecting to be the case!

Once I've reached an answer I'll let you know ........

LOTM

Https://www.linkedin.com/posts/thruvision_do-you-have-a-shrink-problem-our-81-series-activity-7347999243950825472-H6LP

Do you have a shrink problem?

Our 81 Series can help you to prevent employee theft from within your distribution centres.

Our systems are used to check thousands of distribution centre employees every day. Capable of detecting metallic and non-metallic items concealed within clothing, with a throughput rate of up to 1,800 employees per hour, you can rely on our technology to secure your assets.

Follow us now and stay tuned to learn more!

LOTM

Actually if people read the announcement properly they would see that Steve Xerri has actually increased his holding (in terms of shares) since it was last disclosed (in terms of shares) see sections 7 & 8 of the disclosure. (4,658,689 now verses 4,592,781 = an increase of 65,908 shares)

"Position of previous notification (if applicable) 4.77% 4,592,781

8. Notified details of the resulting situation on the date on which the threshold was crossed or reached

8A. Voting rights attached to shares

Class/Type of shares ISIN code(if possible)

Number of direct voting rights (DTR5.1)

Number of indirect voting rights (DTR5.2.1)

% of direct voting rights (DTR5.1)

% of indirect voting rights (DTR5.2.1)

GB00BPVD4J91

4,658,689 2.9%"

-----------

LOTM

Https://www.linkedin.com/posts/the-aptamer-group_icymi-our-news-on-aptamer-groups-breakthrough-activity-7347912884330426368-4Jpd

💡💥 ICYMI, our news on Aptamer Group's breakthrough in identifying a novel molecular target on hepatic stellate cells (HSCs) to enable cell-specific gene therapy for liver fibrosis is out now! 🧬🧠

https://lnkd.in/gnsXD5_g

🔍 This isn't just a significant advance in identifying novel biomarkers for drug delivery and therapeutic development in liver fibrosis; it also highlights the power of the Optimer platform in creating 🎯exquisitely targeted delivery systems.

🧪 Using Optimer to deliver siRNA, we've shown in lab studies that we can effectively silence the scarring signals driving fibrosis, precisely targeting the problem cells, with no impact on healthy tissue.

LOTM

Some decent sized trades occurring, I was hoping to double my holding later in the week, but I might not get the chance at this rate...............

LOTM

Continuing.......

So instead of me thinking they had cash that could be used for buy-backs or increasing there holding in SURE Ventures even more, it looks like the exact opposite is currently the case & that they really could do with more cash right now.

As I said much to think about on MFAI currently.

LOTM

I've spent the last week doing some more digging around on MFAI following the interview ..........

There isn't really 526.6M shares in issue the real current number is over 540M because of the warrants that have already been granted to 3 employees this year at an exercise price of just 0.25p

So they will when exercised bring in all of £34,225 but have a dilutive effect to the current stated NAV. 2 employees also get a combined 4.36M warrants on the 1st of Jan 2026 & the same amount again on 1st Jan 2027 simply by being employed by the company then & the exercise price doesn't change.

The executive director's other 2 tranches of warrants (9.33Mx2) won't vest until the share price reaches certain markers.

In addition there are 2 lots of potential warrants out there relating to the last share placing & the old loan note. For them to be triggered the share price needs to exceed 2.5p for 5 consecutive days between now & the 31st Dec 2026, if that does happen then there will be a combined 88,672,617 warrants with an exercise price of 1.6p in play as well.

Now given that the share price has traded at a sort of 50% discount to NAV, to achieve that 2.5p trigger its likely going to require the NAV of the existing shares to reach 5p in the 1st place, if it does then the NAV is going to be re-calculated with close to 650M shares in issue, bringing it down from 5p to around 4.65p in an instance & being a bigger drag on the number going forward.

The other point that has struck me is this, MFAI back in 2023 must have made quite a naked commitment to the SVV2 & SVV3 funds (ie without knowing how they were actually going to fund those commitments in the future, maybe partly from SVV1 realisations & share placings or more loan notes etc) because those commitments in cash terms are around £5.3M to the SVV2 fund (only around £1.1M had been handed over at the end of 2024) & around euro 5M for SVV3 ( with only a small fraction of that handed over at the end of 2024).

Now we have seen a marked uptick in activity by both SVV2 & SVV3 in 2025 especially in Q2 in investing in new investee companies meaning cash calls to those that made those commitments. Now the Getvisibility sale has turned into a godsend in that regard giving MFAI roughly £1.6M of cash that it could use to meet its commitments (after repaying its loan notes).

However that plus the cash its already handed over comes to roughly £3M so far, but how is it going to cope with any further cash calls in the short term ? there's still another @ £6.5M there going to have to find. So are they trying to push the share price higher in the meantime so that they can do another placing or such like if they can't get access to some of the Napster cash etc?

There is much to think about, longer term it looks good but there is this short term hiccup that might have been missed & of course it would mean more dilution which isn't what anyone wants.