Member Info for Merciaman

I suspect the damage to Melrose here could be somewhat greater and last somewhat longer than maybe we think.

The question will probably be asked (by regulatory bodies ?) well if this facility has a problem and evidence of poor maintenance, what about other Melrose operations ?

I'd expect both a fine and some civil claims - and I imagine this would run into the £millions. I'd also expect a programme of checks and probably remediation works. While not material for a company of Melrose's size, this will probably end up costing significantly more than we might think.

Naz, good question.

As per the recent "Annual Report and Financial Statements" release from 6th May (page 12) :

"In March 2026, in connection with the AIM admission, the Company issued B Class shares in Coiled Therapeutics plc to shareholders and convertible loan note holders of record. These B Class shares will convert into shares in Midkine Investments in the event that either the Lyramid sale or the MKCell out-licence completes prior to 31 December 2026.

I was certainly a shareholder on the record date (30.11.25) but have seen no sight of B shares. I've asked my broker to check and they are doing so. I've also emailed Coiled's investor relations to ask the same question.

I'll post any response on this board as and when I receive replies.

Do you mean shares in Midkine Investments which holds the Lyramid and MK Cell assets ?

As per the recent results announcements, they are still waiting for Pleiades to complete its fundraising to allow them to buy the assets and have extended the date for them to do this to 31.12.26.

Don't think there's any big news due soon, though I guess there'll be updates through the year.

The company presentation at the end of March intimated the back end of 2026 as likely for more significant news on how the trials are progressing / have progressed.

Of course if they wish to announce in the near future that one of the bigger pharma boys wishes to acquire the business at a nice multiple of the current share price that'd be fine by me !

Cozy, 2 options really.

One is that the administration process continues, Mirriad is closed down. and your, my, and everyone else's shares are worthless.

Two is that something happens as a result of Omar Ahmad's intervention. What that might be I don't know. I see that some still hope that contracts with customers are going to materialise and that the business as it was can continue, but I don't think that's realistic - to do so it would need, amongst other things, a significant re-capitalisation - and I don't see money being stumped up for that purpose.

The stock market listing may have some value, and maybe that is what Omar is interested in. What he'd want to do with the listing I don't know - there are stock market rules around that subject - and until that is made clear it's hard to say what would happen to everyone's shares.

As per stock market rules the company needs to respond to Omar's call to give notice of a general meeting by the 19th May latest, with that meeting taking place no longer than 28 days after that notice, so the latest it could occur would be 16th June. I assume that meanwhile the administration process continues.

I guess we'll know where we are within the next 5 weeks.

If you want an explanation of what happened, probably better to direct any questions to Stephan Beringer. He was CEO up until early 2025, and oversaw the raising of £70M+ from shareholders via an IPO and a further 4 or maybe 5 subsequent cash raises, to achieve a programmatic solution that never materialised.

Business is essentially dead, but the listing may be valuable.

Today's RNS was unsurprising. The writing has been on the wall for Mirriad for some time.

The company's demise is not Louis Wakefield's fault - he had very few cards left to play. Those who took upbeat RNS comments over the past 12 months as definitive proof / evidence of upcoming contracts on a scale that the company has never previously achieved were probably seeing what they wanted to see. At worst they might be construed as having been overenthusiastic. The reality was always that the business, even with a sharply reduced cost base, had little road left ahead of it.

And why was that - well probably because over £70 million of shareholders money from multiple raises was, unfortunately, wasted in trying to develop a programmatic solution - that would truly have been groundbreaking - that never materialised. It seemed that the technical and rights issues were too great to overcome. Once this prospect was extinguished, the business really had little future.

So I don't think Mirriad's demise is a scam, or an example of fraud or whatever. Its demise is the result of a genuinely exciting idea that couldn't be put into operation despite significant funding from lots of shareholders, both individual and institutional. These shareholders, me included, have lost money as a result. It was always a punt of some sort, and, like many, didn't work out. Move on to the next one.

Agree with that Kat - the war is laying waste the stock price of many airlines and aerospace companies, and the uncertainty over when it will end after yesterday's indefinite extension to the cease fire is going to overhang the likes of Melrose for a while. Even a good update next week is unlikely to outweigh the uncertainty.

Happy to hold the shares I have, and will buy more if the price dips again. Certainly a gain in the longer term.

Realistically Mirriad has been pretty much finished for some time - certainly once it proved unable to put in place a programmatic solution on which the business was largely predicated, and which was the reason - I imagine - for all the institutional investment.

As for the trading updates, I think what anyone took from them depended upon attitude to the business. They struck me as erring on the positive without being being stupidly upbeat - after all, I doubt any business is going to update shareholders that administration beckons. If you were hopeful of new contracts providing Mirriad with revenue to survive you probably saw them as strongly suggesting they were imminent. If you were not, you recognised the need to be positive while recognising they indicated nothing concrete.

Agreed - I assume the move to the main market will generate buying from some tracker funds who will need to include Rosebank in their portfolios.

Otherwise it seems that it's just a case of the board delivering on things as you'd expect them to given their track record.

Yes, I think the board will be telling their story as proactively as they can using opportunities as they present themselves.

The investor presentation a little while ago suggested, I think, that they don't intend to commercialise the product(s) themselves, but to sell the products / treatments / the company to one of the big boys who have the resources to do that. Hence, I guess, conversations with lots of interested parties, and the need to keep profile of the company high.

A couple factors impacting the share price - one is that 62% of the shares (I think) are in 6 pairs of hands, 4 individuals and 2 institutions, probably all content to hold. Clearly limits the free float and therefore any buying or selling activity will have greater impact on the share price.

I've also noticed with at least one broker that they're only offering a price to sell - assuming therefore they have no stock for people to buy, and can't get their hands on any.

Different business - one that was trying to put in place an automated / programmatic solution for ad insert, had plenty of institutional investor support, and was priced accordingly.

Having subsequently burned through £70 million of shareholders' cash, the institutional investors who backed it are, understandably, gone. Programmatic was never developed through technical and rights issues. Realistically, administration beckons.

Worth watching the presentation from Monday if you missed it Rob. That gave some timeline for what they expect to happen through 2026, but I don't think they are expecting - at this point - to announce anything substantive until Q4 this year.

I'd expect something - after all a Roquefort asset, for which another business may (or may not pay £10 million in cash and shares, has been taken out of Roquefort and put into another vehicle, but shares in that other vehicle have not yet been issued to those on the Roquefort share register (who therefore owned the asset) at that time.

Some clarification would be welcome. I suspect the 16th March deadline is irrelevant in current circumstances, but hope to be proved wrong.

A good summary I think Roberson. It seems to me they have 2 key pillars to the business -

- the current core business - Justheat for heating buildings - which needs to grow organically through the SMCC channel to provide the company with a profitable foundation.

- product development - using inks for cooling in data centres, systems for car seats etc - are very much in the development and trial stage now, but could provide more significant growth in the future if - big if - that development and those trials are successful.

As per one of the core messages from the presentation, 2026 is all about execution. We should get an idea on how well they're executing when they announce interim results in late May.

Why can you not issue shares on the 10 for 1 basis ? The asset(s) has been transferred.

Agreed you cannot value the shares since they can only be valued at what someone will actually pay for them, given they'll be unlisted.

In essence what seems to have happened is that an asset - Lyramid - has been taken from Roquefort and its shareholders, and put into another vehicle - Midkine - which currently has no shareholders ? The Roquefort shareholders at the record date should be(come) the Midkine shareholders, but this hasn't happened as yet.

So there's a value - who knows what it is really worth, but Pleiades indicated willingness to pay £10 million should they ever be able to raise the funds - that belonged to Roquefort but which currently belongs to - no-one ?

Hence, in my view, the need to clarify this very quickly / produce an RNS to communicate the state of play.

Did anyone see any reference to Lyramid / Midkine in the RNS ? I didn't, wonder whether I'd missed something.

I share the more cynical view that the deal is not happening, or will at best be postponed again (and in the current world situation.....).

However, given that an asset that belonged to the shareholders of Roquefort has been transferred to another entity (Midkine) which is not at present owned by those same shareholders, then the company needs to provide some clarification pretty quickly - not least to address any possible legal issues around the transfer of this asset ?