Member Info for LSBM

Don't forget SAR receives additional cash from the warrant exercise, which can support operations or development, and the increased float may improve liquidity, moving to ultimately improve shareholder value.

With 1 million new shares issued via today’s warrant exercise and a current total of 134,411,893 shares in issue, this represents an increase of approximately 0.74% of the existing share capital.

This level of dilution is not significant in relation to the total number of shares in issue. It is a routine event for a company of Sareum’s size and recent capital-raising history, and is unlikely to materially affect existing shareholders’ proportional ownership or voting rights.

ANGLE’s technology offers pharma companies a powerful tool to make drug development more cost-effective, efficient, and targeted, ultimately improving the likelihood of successful, personalised cancer treatments.

Cost Advantages

Reduced Trial Costs: ANGLE’s Parsortix system enables liquid biopsy (blood-based) analysis of circulating tumour cells (CTCs), which allows for repeat, minimally invasive sampling. This approach reduces the need for costly and invasive tissue biopsies, lowering overall trial expenses.

Efficient Patient Selection: The technology improves the identification of patients most likely to benefit from targeted therapies, enabling more precise recruitment for clinical trials. This can result in smaller, more efficient studies, saving millions in drug development costs.

Outsourced Services: Pharma companies can leverage ANGLE’s GCP-compliant laboratory services for CTC harvesting and analysis, eliminating the need for capital investment in equipment and operator training, further reducing operational costs.

Effectiveness of Treatment

Personalised Medicine: Parsortix allows for real-time monitoring of cancer progression and response to therapy by capturing live, intact CTCs and clusters. This supports the development of personalised, adaptive treatment regimens, leading to better patient outcomes.

Improved Drug Targeting: By facilitating the selection of patients with specific metastatic profiles (e.g., highly metastatic CTC clusters), pharma companies can focus novel treatments on those most likely to benefit, increasing the effectiveness of new drugs.

Companion Diagnostics: ANGLE’s technology is being integrated as a companion diagnostic in partnership with major pharma companies (e.g., AstraZeneca, Eisai), enabling drugs to be matched with patients based on real-time biomarker status, which enhances treatment precision and reduces unnecessary exposure to ineffective therapies.

Continuous Monitoring: The system supports longitudinal monitoring before, during, and after treatment, providing actionable data on drug effectiveness and cancer evolution over time, which is not possible with standard tissue biopsies.

Strategic and Regulatory Advantages

FDA Clearance: ANGLE’s Parsortix system is the only FDA-cleared product for harvesting CTCs for downstream analysis, providing a regulatory edge and building confidence in its use for clinical and drug development applications.

Scalable Partnerships: By focusing on large pharma service contracts, ANGLE enables pharma partners to fund assay development, clinical trials, and market launch, reducing the financial burden and risk for both parties.

Scottish Mortgage Investment Trust (SMT) may prefer to hold its bought-back shares in treasury rather than cancelling them for several strategic and operational reasons:

Flexibility to Reissue Shares: Holding shares in treasury allows SMT to reissue them quickly if investor demand improves, without the need for the more complex and time-consuming process of a new share allotment. This flexibility can be especially useful for managing the trust’s share price discount or premium to Net Asset Value (NAV), as shares can be reintroduced to the market when conditions are favorable.

Restoring Distributable Profits: When treasury shares are sold, the proceeds up to the original purchase cost are treated as distributable profits, allowing the company to restore profits previously used to buy back the shares. If shares are cancelled, this potential benefit is lost.

Satisfying Employee Share Schemes: Treasury shares can be used to meet obligations under employee share schemes or options, avoiding the need to set up and fund an employee benefit trust.

Administrative and Cost Efficiency: Selling treasury shares does not require all the formalities and costs associated with a formal share allotment or the cancellation process. For example, stamp duty is not payable on a sale of treasury shares, and fewer regulatory filings are needed compared to other methods.

Market Management: By holding shares in treasury, SMT can help manage supply and demand in its shares, supporting the share price and narrowing the discount to NAV when necessary

Yes, as at that point the share price would be and need to be above 20p to be considered.

Agree. Virgin Wines’ strategy is to grow its customer base by acquiring and retaining high-quality, loyal consumers who appreciate a curated, premium wine experience delivered directly to their door. This is not your £5 consumer. These are people who are interested in boutique, exclusive wines and expert recommendations. The brand boasts a high customer loyalty rate, with 71% of users likely to purchase again, and a strong emphasis on repeat purchase behaviour. They will be recreating a treat at home vs restaurant prices, not necessarily the cheapest wine on the shelf at supermarkets. The premium segment is growing within supermarkets too, albeit still smaller than the value segment.

Perhaps a statement is incoming...Sareum could issue a cautious statement highlighting early, promising results to help de-risk the asset, provided that the information is accurate, balanced, and not misleading. This is standard practice in the biotech sector: companies often release interim updates using careful language such as "initial results look promising" or "early data is encouraging," especially if early signals of efficacy or safety are observed.

Such a statement can increase investor confidence by signalling that the trial is progressing well and reduce perceived risk associated with the asset, potentially supporting the share price. Of course, this could attract potential partners or acquirers by demonstrating positive momentum.

The most significant catalysts for metal exploration share prices in 2025 are expected to be:

Initial and updated drilling results at new and existing projects (Dupax, Abra, La India).

Maiden and updated resource estimates.

Major construction and permitting milestones, especially at La India.

Consistent operational performance at producing assets (Runruno).

Timing: Key events are concentrated in Q3 and Q4 2025, with ongoing operational and sector news providing additional catalysts throughout the year

Resistance at 13, which has been attempted a few times today, hopefully, we can bust through this tomorrow.

If MARA stacked method B and C, this could make up the difference of 40%.

As much as we all want to see this rise to its worth, look at the RSI line since noon; it's barely at 50. There is no retrace in motion yet.

The expected peer-reviewed publication is a significant milestone, which will catalyse investors and partners in these in-demand therapeutics.

The decline suggests some maybe have interpreted the RNS negatively. This is not a new share issue or dilution. The total number of shares in the market is unchanged. Gardin’s willingness to agree to a higher repurchase price and extend the agreement suggests he remains committed to the company and expects the share price to perform well over time. His significant personal holding (over 29 million shares) aligns his interests with those of other shareholders. The REPO means that MCS temporarily holds 5 million shares but are likely to be repurchased by Gardin, reducing the risk of these shares being sold into the market unexpectedly. The automatic rollover clause provides flexibility and reduces the chance of forced sales at inopportune times.

I asked AI to narrow down who these potential partners could be based on the transcript and context from the video.

Method A & B: Aftermarket Control Boards for Mining Rigs

QBT is in negotiations with two partners to port methods A and B onto aftermarket control boards for mining rigs. There are fewer than ten companies worldwide involved in modifying control boards of the most sold miners, with a particular emphasis on "two Chinese miners and particularly one" that stands out.

One unnamed partner is already running thousands of miners using their own aftermarket boards, primarily for internal use rather than selling to third parties. The companies most likely referenced here are:

WhatsMiner (MicroBT) and Antminer (Bitmain): These are the two dominant Chinese manufacturers of Bitcoin mining hardware globally. The aftermarket board companies working with their hardware are few, but notable names in this space include Brains (formerly Braiins), which develops third-party firmware and control boards for Antminer and WhatsMiner devices, and VNish, another firmware provider.

The company using the boards internally and running thousands of miners could be a large-scale mining operation such as Bitdeer or Marathon Digital Holdings (MARA), both of which are known to deploy custom firmware and sometimes custom hardware, though the transcript does not specify names.

Method C requires integration at the ASIC chip design level and is described as potentially offering up to a 30% performance gain. QBT is in talks with ASIC designers and manufacturers to include this technology in next-generation chips. The main ASIC chip manufacturers for Bitcoin mining are:

Bitmain (Antminer series)

MicroBT (WhatsMiner series)

Canaan (AvalonMiner series)

The "dominating producer of ASICs" mentioned, especially in China, almost certainly refers to Bitmain, which has historically led the market. MicroBT and Canaan are also major players and may be part of these discussion.

A bit of research with the help of AI

Leading Aftermarket Control Board Suppliers for Bitcoin Mining Rigs:

ePIC Blockchain Technologies: Their UMC Universal Mining Control Board V4 is a leading solution for Antminer S19/S21 series, offering full ownership, perpetual tuning, overclocking, and a rich API for customisation and fleet management. ePIC’s products are specifically designed for performance optimisation and are compatible with a wide range of Antminer models.

Zeus Mining: A major global supplier of replacement and upgrade control boards for Antminer rigs. Zeus Mining stocks a large inventory of new, high-quality control boards for models like S19j Pro, S17, S9, and others, making them a prominent aftermarket source for miners seeking to restore or enhance their equipment.

Other notable companies in the aftermarket space (from industry knowledge and previously discussed context) include:

D-Central Technologies (Canada)

LYS-SZ (China)

Marathon Digital Holdings (MARA) for their UCB 2100LTL universal control board

Top Candidates Likely Working with Quantum Blockchain Technologies

Given Quantum Blockchain Technologies’ focus on deploying AI-driven optimisation via aftermarket control boards, the most likely candidates they would partner with are:

ePIC Blockchain Technologies: Their universal control board and openness to firmware customisation make them a prime collaborator for integrating QBT’s proprietary optimisation methods.

Zeus Mining: Their extensive supply chain and expertise in replacement boards for Chinese-manufactured miners (Bitmain, MicroBT, Canaan) align with QBT’s target market for performance upgrades.

These suppliers are well-positioned to support QBT’s rollout of advanced firmware and AI enhancements across large fleets of existing mining rigs.

Perhaps it's the anticipation of the results due Tuesday...

Any thoughts on deal size?

Using the discounted cash flow model, the estimated fair value is £3.89. Once the shareholder meetings, scheduled for early July, are out of the way and regulatory approval is obtained, I think we will see a climb.

The lock-up restrictions on Warpaint London PLC shares sold to institutions ended 4 May 2025 which is perhaps is still playing out.

It appears that the market is still expecting 40% revenue growth, and anything less than this doesn't seem to register. However, they have met and exceeded guidance and remain confident for FY25. Completely unreasonable given what is going on in the macro front.