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Jllfnt, not sure how this "fwd selling" you mention could be done for NFX, but not impossible; the shares will hit the Placees Inv a/cs on Tuesday, the earliest; the ODD was announced on Tuesday AM and the Placing on Wednesday AM; quite probable that Dan/NFX were aware when the ODD would appear on the FDA site 2-3 days earlier, so had the time to organise the Placing with CMC (and insiders had the info).

It'll be interesting to hear an explanation by anyone who knows if fwd selling is possible. If you are right, then those insiders who managed to fwd sell, may actually buy more shares on Tuesday with the 40-50% profit made last Tuesday (wishful thinking?).

Finally, the RNS clearly stated "Whilst completion of the focused studies will represent IMPORTANT VALUE inflection points for NXP002, it is not expected that ALL the studies will need to conclude for an out-licensing transaction to complete". Therefore, various studies will be conducted (maybe for different parties), each with its own specific duration allowing NFX to negotiate with separate parties, at different time intervals. IMO

Jllft, I agree that nothing is certain; however:

1. Dan used plural for potential partners - BS?

2. Co "convinced" Placees to fork out 1mln, to finance both its running exps and the specific studies needed by these "partners" - Are these investors, who know NFX's track record, risks etc, so naive to give it so much money - in the middle of a war - based just on vague wording by Dan?

3. As per the last presentation - 2022 - on Co site, if you refer to p.16, it gives an expected timeline for pre-clinical studies (about 6 months); the "additional" studies NFX will soon conduct are a precursor to the pre-clinical studies, hence should not take long (2-3 months?;

4. SP crashing post-placing might be connected to other reasons, which we may never find out about; but next Tuesday we might get a better idea about S/holder support and belief (once the new shares hit the market).

All of the above just IMO, DYOR.

Wuds, a Placing means the funds have already been raised; "dealings in the New Ordinary Shares on the Main Market of the London Stock Exchange will commence on or around 17 March 2026"; A Public Offer (as in last October) is where all s/hs are invited to take part, over a fixed period.

This is why I keep saying that - in this environment - the Placing was quite an achievement, and has put to rest any worries about funding for the next 12 months (at least, and maybe forever, if as expected a licensing deal is made within this period).

As the new shares being issued (500mln) are appx 24% to the pre-placing fig (ie 2.1bln), one'd have expected that the SP drop would not have been so much (more than 33%); also, in view of the ODD, the de-risking (no further funding / dilution etc), the deal/s expected in a few weeks possibly etc.

"Worst case scenario" OSD, but yes, demand destruction starts from $100+ ; $140-150 is still quite realistic; anyway, no need to "point out" the flaws, my point was that NFX is fully funded for a year and hence, unaffected by mkt gyrations due to the war and its potential negative (ST or Medium term) effects.

"Audited FS to be published during April, with notice of AGM expected shortly thereafter." this the 1st time AFS are released so early (April Vs late June) and the AGM even earlier (Apr-May Vs December); isn't this highly unusual? It's a big plus that the AFS are due earlier and maybe a bigger plus that the AGM is due so early - Co has hired KPMG for the Audit (maybe "future partners" have asked for this extra expense?) and the AGM might be the venue for something "big" to be announced? Just speculating but - as a minimum - it can't be bad, whereas it might be likely that there are new, important developments for the Co to announce at an AGM? Maybe changes in share structure (eg new strategic investor?)? Can't say but, very unusual IMO.

GLA, DYOR

OSD, today's theory :)

War will go on for a few more weeks (1-2 months?), and the worst case scenario is it will end when oil price hits $200 causing a global downturn etc; during this period, NFX - after securing cash for the next 12 months and the studies requested by interested parties - will have completed (or be near completion) the studies and be near (IMO) of out-licencing deals with pharma partners who are used to multi-year R&D cycles (thus, unaffected by short term market and economy disruptions); main negative will be jittery ST investors who can't stomach holding on to NFX during this period of no news. GLA, DYOR.

Definitely next week, OSD :))

Feel free to peruse:

https://www.lse.co.uk/rns/NFX/annual-results-for-period-ended-30-september-2025-wh9kr5lpiyb8twp.html

That's Dan probably, the others accrue their fees.

@OSD, when I have inside info I'll gladly share :) ; until then, I can only theorize.

On the 17th, the new shares will be issued and the Placing funds will have been raised; I have a suspicion (just a hunch) that this incessant, non-sensical selling might be - partly - due to some CMC Mkts' clients selling down existing holdings to raise cash (either because they want to keep their exposure the same, or they don't want to use fresh cash); if that's a correct assumption, then the SP'd start rising from Tuesday onwards; just IMO.

@FFX, pls feel free to refer to the AFS notes with respect to Directors' fees and accrued amounts.

The Co spends appx 600k p.a. in oper expenses; some of that is on actual operations i.e. related to NPX0002 etc, so we can say that about 500k MAX is spent on Directors' salaries and normal running expenses; thus leaving - for the next 12 months - min of 500k for the "specific studies" asked by the potential partners; either way, IMO, the Co has enough cash for the next 1 year but the additional data should be forthcoming in a few weeks; note that Dan said that p/ships may be agreed BEFORE any further studies are finalised.

Https://www.investegate.co.uk/announcement/rns/transense-technologies--trt/director-pdmr-shareholding-acquisition-of-shares/9473884

Laura, UR welcome; write me on T42's BB if any questions.

Can't say I understand why someone would sell at 0.21 now, but it has given me the opp to buy 1.5mln more @sub 0.22. :)

Laura tnx, I'll look at RCFX; I suggest you look at T42 IoT (TRAC), it's globally diversified and after 2-3 bad years, it has just turned profitable; at just over 1mln mkt cap, it has a lot of potential. DYOR

I'd be surprised if we got a TR-1 about a "seller" because a TR-1 was not issued in the first place for anyone owning more than 1%, right? As per note 17 of the AFS, "The directors do not consider there to be a single ultimate controlling party"; if there were any big holders, they'd need to be disclosed in the AFS.

All the Placings are conducted via CMC Markets so the buyers are clients (maybe HNWIs) who keep the shares in Nominee a/cs etc, therefore whether someone is a big owner or not, we cannot tell. And I recall, from one of Dan's online presentations/interviews (on NFX site), he was asked about a "big investor" but he just said that it's up to CMC how they "disseminate" the stock holdings.

Of the big seller (5-6%) getting out of the way is that the SP should start - probably gradually - its unhindered rise - IMO.

So, another RNS later in the day about a further delay in the AFS release. Unless we get the AFS in the next 10 min??

Info1, I have just 2 theories about the big seller; a) they got caught out by the war so they sell here to cover bigger losses elsewhere (maybe on margin) b) they took part in the Placing so a quick 10% on this amount is still desirable, irrespective of the prospects in the near future.