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Some fair points expressed. See no need to buy more shares at present - and the retail offer isn't at a much better price to what you can buy shares for on the open market.

Look out for more news, what the revised company might look like come January.

Quite like the fact that after the completion of the acquisition Barclays will be a 15% shareholder via their Climate Ventures operation. If they stick with Haydale plc going forward that would be a notable vote of confidence.

Spartac, I'd expect (unadited ?) final results for the year to come out mid Jan.

Maybe a trading update, or any contract news before then.

Haz20, thoughts from me and my (very) limited knowledge.

The share price / market cap is certainly set at a level that indicates the business will fail.

The type of advertising that Mirriad provides has a lot of potential in a world that is moving away from linear TV.

Up until this year Mirriad had been trying (over about 7 years) to develop a slick programmatic solution that automatically inserted advertising content where needed. It failed to achieve this, having burned through £70 - £80 million raised from shareholders, partly through technical difficulty and partly through problems with content rights. This old Mirriad is now effectively gone.

Mirriad with its new CEO now has less lofty technical ambitions, and is trying to build a business based on more manual insertion of content. It has cut costs accordingly, focusses its own efforts on Europe and middle east, and works with a partner (Rembrandt) in the US. It is, as several posters on this board have indicated, a different company with a different CEO and a different focus.

To get to break even (and essentially avoid failing) I think Mirriad needs to get to a t/o of about £3 million+, and gross profit (net of what it pays for content I assume) of about £2.2 million+ to cover its overheads.

Hence lots of comments on the board about looking for new contracts and what success in this regard may do for the share price.

Mirriad has never got near £3 million t/o so I think it is a big ask, and I suspect it will fail. But the company could easily surprise me (and others I'd suggest) and come through with sharply rising revenues. Lack of RNS about new business is a concern, as I think AIM companies need to advise any contract that represents or would represent over 10%.

The risk is clear, so is a potential upside. Whether you buy sell or hold depends upon your appetite for risk I guess.

Final results (to end June) are due at some point - they were announced on the 2nd December in 2024 (and in October 2023), so you'd expect something shortly.

And a more detailed update on trading / some sort of forecast going forward) since the year end would be welcome given the recent activity. Sales, cash position etc.

Those who have been shareholders in Mirriad for some time will recognise the sharp upward movement and excited chatter that surrounds it that has happened today - because it has happened several times before.

The usual pattern to these repeated events is that the share price rises for 1 to 2 days before, in the absence of any substantial news, drifting back down to where it was over a couple of weeks or so.

As a shareholder I'd very much like there to be something of substance to be behind the rise - but on the basis of past history I doubt there is.

The financial year end is less than 4 weeks away, and there is usually an RNS to indicate the basis numbers sometime around mid January. Last year, and maybe in 2023, there was also a trading update RNS before christmas, so we may get some news earlier than that (though nothing so far).

Good luck to anyone buying / trading.

I think you're right Greenroma2 - good news today, but where does it leave the business overall ?

Final results should be imminent ?

Burger, I think at this stage there's lots of speculation on what shares in Midkine and Roquefort could be worth - you can freely read lots of speculation on this board, but then I guess speculating is part of what these boards are about !

For Midkine, theoretically, IF the deal is for $10.8 million and goes through ok, and IF the allocation is 1 Midkine share for 1 Roquefort share, then theoretically you have an asset value per share of $10.8 million / 157 million shares = $0.069 per share = 5.2 pence per share (assuming an xrate of $1.32 = £1). And this is just for the Lyramid business, there are a couple of other assets held in Midkine.

But it's all theoretical. How would privately held shares in Pleiades be valued in 12 months, or how do you trade them ? How tradeable would shares in Midkine be or how might the company distribute proceeds to shareholders ? Dividends maybe ? Should Pleiades be successful what might happen to their shares ? Will the greater difficulty of trading shares that aren't listed mean you have to accept a discount to asset value ? All speculation really, hence I'm waiting to see what further RNS tell us, and that should hopefully provide a clearer and more realistic idea on valuation than a simple theoretical calculation.

And then Roquefort and its reverse takeover into Coiled Therapeutics is another story that should hopefully become clearer in terms of value as we work through the next few weeks to the deadline for that deal, also 31.1.26.

Burger, if you were holding Roquefort shares before or by the close of business on Friday 28th November then you are entitled to some shares in Midkine investments, as per the 2x RNS this morning.

Roquefort have transferred various assets into Midkine investments. The most significant of these assets at present is the Lyramid business, which another company - Pleiades Pharma - has agreed in principle to buy.

The deadline for Pleiades to buy Lyramid from Midkine is 31.1.26. The consideration Pleiades will pay Midkine for Lyramid is $10.8 million, mainly in Pleiades shares, with some cash.

Therefore should the deal for the purchase of Lyramid be completed on or before 31.1.26, Midkine will have (along with one or two other assets) some cash and plenty of shares from Pleiades.

Pleiades shares are not currently privately held and not listed, so not easily or immediately tradeable.

Midkine shares are not listed at present so will not be that easy to trade.

We expect further RNS from Roquefort to explain more details about Midkine, the deal with Pleiades, and how the shareholders of Midkine can actually liquidate their investment. I suspect we'll have to wait a good few weeks to get all the details / everything in place.

Thanks Spartac.

Who knows Newgrange - from my own perspective I'm holding, and wouldn't be buying more shares at present given the upcoming flood of new shares.

We know that the £25.5 million consideration for the RTO will be around 1.5 billion shares at a price of 1.7p, and there's also a placing that may see the issue of several hundred million more shares. So the number of shares in issue is going to increase by at least 10x and maybe 14x or 15x. I expect the share price will drift a bit towards the 1.7p consideration price before the deal is done, and maybe there's an opportunity there.

After the deal being done, all being well, I guess the price depends on what people think of Coiled Therapeutics prospects.

Think in general you're right there Downagain.

Midkine has assets that includes Lyramid which has a potential value of $10.8 million if the deal with Pleiades completes ok. If the deal doesn't complete then we as shareholders own Midkine which has assets with no definitive value (unless someone else wants to buy them and thereby put a value on them).

Whether the Pleiades deal for Midkine assets completes or not doesn't have any impact on the Roquefort share price. The ROQ price will be determined by the reverse takeover with A2A, placing, sentiment towards the deal, news, etc.

What is in the back of my mind is whether the ROQ share price is reduced when Midkine is truly established with its own shareholders - since you could argue that ROQ has lost assets and therefore has lost some of its worth. Given ROQ's low mkt cap, and the placing / RTO, this may get lost in the upcoming flood of shares.

So we've got to the first deadline (Sunday, 30th November) and those who are ROQ shareholders as of now are entitled to shares (1 for 1) in the Midkine vehicle.

2 developments to progress, both due to complete no later than 31st January 2026 -

- with Midkine, the deal for Pleiades to buy Lyramid for a consideration of $10.8 million, principally in Pleiades shares.

- with Roquefort, the RTO with A2A pharma by which ROQ becomes Coiled Therapeutics with a much larger market capitalisation but also a much larger number of shares in issue.

I'd expect several RNSs over the coming weeks on both deals, starting with one early next week to, if nothing else, confirm the initial arrangements / shareholding in Midkine. Be interesting to see whether the ROQ share price moves any on Monday.

Indeed Billy - the key thing for shareholders regarding the RTO is for the increase in mkt cap to be greater than the increase in the number of shares in issue.

Not sure what the market cap will be after the RTO has completed Billy.

What is likely is that there will be around 2,275 million shares the RTO completion - 157 million current, 617 million for the placing (at 1.7p), and probably around 1,500 million shares for the RTO itself.

So 14.5x the number of current number of shares.

No prospect of a dividend of that size Hamilton, at least not initially.

Assuming the Pleiades deal goes through ok and as indicated, most of the price for Lyramid will be paid in Pleiades shares. If there is a £2 million cash component then that's the maximum of what could be distributed initially - works out about 1 pence per share on the basis of 157 million shares and an exchange rate of £1 = $1.30.

Beyond that will depend on performance I assume. What further cash payments will ACTUALLY accrue to Midkine (hopefully as or beyond per the performance schedule outlined), and what value gets placed on the Pleiades shares / how tradeable will they be.

As per other posts Pumpky, Midkine will hold shares in Pleiades (as payment for lyramid), any upfront cash paid as part of that transaction, and will receive any income from Pleiades in respect of royalties paid by Pleiades.

So there could be a dividend paid to shareholders at some point or points.

I presume Pumpky that every share of Midkine would be theoretically valued at around 5.3 pence ($10.8 million / 157 million shares / 1.30 USD to GBP).

I say "theoretically" since the current intent is for the consideration for Lyramid to be paid to Midkine essentially in Pleiades shares - so you'd be holding not easily tradeable shares in a company whose principle assets are not easily tradeable shares in another company.

Sums up the situation perfectly Lovable.

The company provided a trading update in late November last year, so maybe there's something coming along.