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One thing that stood out to me is that management aren’t presenting this as a new idea. The CEO explicitly states this transaction is the culmination of a strategy announced to shareholders three years ago to build London’s first digital merchant bank. Stanford, Blubird and NJC appear to be the final pieces of a plan that’s been developing for years rather than a reaction to the latest market trend

Nick Cowan’s background is exceptional also

• Former Global Head of Equities at ING Barings

• Responsible for operations spanning 43 countries and 40 stock exchange memberships

• Managed businesses employing around 2,500 people

• Founder and CEO of the Gibraltar Stock Exchange

• Led one of the first regulated exchanges to actively embrace digital assets and blockchain infrastructure

• Former CEO of Valereum, a company focused on bringing traditional finance and digital assets together

As part of the acquisition plan, the company is appointing Stanford Capital Founder Patrick Claridge as an executive director of Marechale, effective June 24.

Before founding Stanford Capital, Claridge was chief executive of investment banking firm Northland Capital Partners and of Merchant Securities, which was then sold to Johannesburg-based lender Sanlam Ltd.

We’re talking about someone here with 45+ years in capital markets!

• Former CEO of Merchant Securities

• Grew wealth management assets to around £800m

• Oversaw the sale of Merchant Securities to Sanlam

• Former CEO of Northland Capital Partners

• Former CEO of E*TRADE UK following the acquisition of TIR Securities

• Founder of Stanford Capital

Now he’s bringing Stanford into Marechale along with its corporate finance and institutional investor network.

Would people with this sort of track record and reputation attach themselves to a £2.6m AIM company if they didn’t see something much bigger being built?

For me, the combination of Claridge, Blubird’s tokenisation platform, NJC’s asset management capability is what makes this story so interesting.

The technology gets the headlines but the people executing it are what will determine the outcome.

Institutions, family offices and HNW investors

Look forward to seeing who they are when the TR1s are announced

RNS

Had been totally missed by the mass market

NO ONE opens these titles

“ Posting of Circular and Notice of General Meeting”

Unless you’re already in

Ground floor?

Beyond the Stanford & NJC acquisitions, the real story is Blubird

Blubird is arguably the most exciting part of the entire Marechale transaction and appears to be the technology engine behind the group’s digital merchant banking ambitions.

What is Blubird?

• Institutional-grade real-world asset (RWA) tokenisation platform

• Supports 23 blockchain networks

• Revenue-generating SaaS business

• Provides tokenisation, smart contracts, registry management and compliance infrastructure

• Designed to tokenise assets such as real estate, private equity, funds and other financial instruments

Key metrics disclosed

• $32bn+ of assets already processed through the registry

• 20+ projects currently in the pipeline

• $2.4m+ invested in platform development

• Recurring licence and royalty-based revenue model

• Typical royalty fees of 0.5%–2% per transaction

Why it matters

Rather than simply advising on digital assets, Marechale will own the underlying technology platform.

That means potential revenue from:

• Platform licensing

• Registry fees

• Transaction royalties

• Smart contract deployment

• Compliance services

• Tokenisation mandates

Why the acquisition looks interesting

Marechale is acquiring Blubird for just:

• 23.7m shares

• Equivalent to approximately £415,000

For a platform claiming:

• $32bn+ processed assets

• Existing revenues

• Global pipeline

• Multi-chain infrastructure

many investors will likely view that valuation as surprisingly low.

How it fits the strategy

Stanford brings:

➡️ Corporate clients

Blubird provides:

➡️ Tokenisation technology

NJC adds:

➡️ Asset management capability

Together, Marechale is attempting to create a full-service digital merchant bank covering fundraising, tokenisation, technology licensing and investment management under one listed vehicle.

Bottom line

Stanford may bring the deals. NJC may bring the capital management. But Blubird looks like the piece with the greatest scalability and potential upside if tokenisation continues to move into mainstream financial markets.

2. NJC Capital

This is the asset management arm.

Led by Nick Cowan

Background:

Former Global Head of Trading at ING Barings

Former Global Head of Equities at ING Barings

Founder and former CEO of the Gibraltar Stock Exchange

What NJC does:

Systematic trading strategy

Long/short global markets

Focus on liquid equities and indices

Performance-fee based model

The fund reportedly:

Is Gibraltar based

Has monthly liquidity

Charges a 30% performance fee

Why it matters:

Adds a completely new revenue stream

Potentially allows Marechale to launch structured products

Creates asset-management income rather than relying solely on advisory fees

Stanford Capital Partners

This is probably the most immediately revenue-generating acquisition.

What they do:

UK corporate finance and stockbroking business

Focus on AIM and Aquis companies

ECM (Equity Capital Markets) fundraising

Corporate advisory services

Track record claimed:

Over £500m raised

Fundraises ranging from £10m to £50m

Institutional investor network

Why it matters:

Gives Marechale an FCA-regulated capital markets operation

Provides deal flow for Blubird’s tokenisation platform

Creates recurring advisory and fundraising fees

The key person is Patrick Claridge

His CV includes:

CEO of Merchant Securities

CEO of Northland Capital

CEO of E*TRADE UK

Arguably one of the strongest aspects of the entire transaction.

Quick Overview

• Transformational deal to create what management describes as one of the UK’s first listed digital merchant banks

• Acquiring:

Stanford Capital (corporate finance & broking)

Blubird Global (tokenisation platform)

NJC Capital (asset management)

• £1.06m fundraising completed with institutions, family offices and HNW investors

• Blubird claims:

$32bn+ assets processed on registry

23 blockchain networks supported

20+ projects in pipeline

Revenue-generating SaaS model

• Enlarged group targeting revenue from:

Corporate finance fees

Capital markets fundraising

Tokenisation & SaaS royalties

Asset management fees

Equity stakes and warrants

• Board states acquisitions are expected to be significantly earnings enhancing this financial year

• Current market cap pre-deal: ~£2.6m

• Implied enlarged market cap at issue price: ~£4.5m

Capital Structure

• Current shares: 119.4m

• New shares issued: 137.8m

• Enlarged shares: 257.3m

Float

• Estimated effective tradable float after lock-ins: ~140m–150m shares

• Roughly 55–60% of enlarged share capital

Key Bull Points

✅ Digital assets and tokenisation exposure

✅ Revenue-generating technology platform acquired

✅ Experienced City finance team joining board

✅ Institutional backing through fundraising

✅ Multiple revenue streams under one group

The latest RNS specifically mentioned securing work with a NASDAQ-listed clinical-stage biotechnology company” involving Phase 1 & 2 clinical data analysis, first in human dose selection and ongoing programme support. Take a look at the latest release from Bicycle Therapeutics and the overlap is pretty striking ...

https://investors.bicycletherapeutics.com/news-releases/news-release-details/bicycle-therapeutics-reports-recent-business-progress-and-6

https://investors.bicycletherapeutics.com/news-releases/news-release-details/bicycle-therapeutics-present-initial-duravelo-2-data-2026-asco

The entire update revolves around identifying the “optimal dose” for zelenectide, balancing efficacy vs toxicity, reducing side effects like neuropathy and skin reactions, maintaining dose intensity and progressing through Phase 1 and randomised Phase 2 oncology trials.

That is exactly the area PYC operates in through PK/PD modelling biometrics & oncology data analysis. What makes it more interesting is this wouldn’t be a new relationship. PYC has previously disclosed work with Bicycle Therapeutics before, including oncology modelling collaborations and scientific publications linked to combination therapy optimisation. They’ve also historically worked with names like Merck KGaA, Astellas and Numab, so there is already a track record of supporting larger oncology programmes. Bicycle is a serious NASDAQ oncology company presenting at ASCO with hundreds of patients already treated across its zelenectide programme and multiple clinical assets in development, the data specifically highlighted comparable efficacy to standard of care, materially lower toxicity, regulatory alignment on optimal dosing & progression through laterstage trials

That kind of optimisation work is exactly where specialist modelling and clinical analytics companies like PYC fit into the development process.

Bicycle specifically says further randomised Phase 2 data is expected in 2H 2026, while PYC’s RNS references projects commencing imminently with revenue visibility running through to end 2027.

Obviously nobody can confirm the unnamed NASDAQ client is Bicycle unless disclosed, but based on previous history between the companies, the type of work referenced in the RNS and the language used in Bicycle’s latest release (Last week) it’s probably one of the more logical fits for who one of their latest contracts is with.

Also sounds like plenty more to come imminently

"Our broader pipeline remains strong and we’re excited about a number of additional opportunities that we hope to be able to announce soon”.

Seems like things are turning around here

True

SCD has delivered strong revenue growth over the last three years with sales growing from circa £2.4m (€2.8m) in the year ended 30 June 2023 to circa £6.7m (€7.7m) in FY25. In FY25 gross margins were 39% and SCD recorded a net profit of circa £0.8m (€0.9m).

A serious market for NCYT to make a huge impact

“The cost of treating someone who develops DPYD-toxicity can exceed $180,000, is traumatic and may not be successful. DPYD testing is done using a single tube of blood or a cheek swab, and results are generally available within 7 days”

With our product

• Yourgene Insight DPYD turnaround is only 4 hours

• 19 DPYD variants detected in a single workflow

• Simple blood or cheek swab sample

• Potential same day oncology screening

• Faster results could help avoid severe fluoropyrimidine toxicity

• Toxicity treatment can exceed $180,000 per patient

• Huge operational and cost-saving potential for hospitals

No brainer!!

Not looking for high fives 😂 Just pointing out that £274k is still a meaningful amount of money going into a small cap, especially one that 99% of this forum has spent years calling a failed company and a complete dog! Someone was clearly willing to take a fairly serious position very recently, which is at least worth acknowledging, on a forum that’s meant for discussions.

Why are you so angry?

Completely irrelevant that someone dropped quarter of a million into this? lol ok

A late trade has popped up from 19th at 16:39:51 paying 56.85 pence per share, taking 482,435 shares for a cool £274.26k

If you check the trades on ADVFN it was 54 v 54.8 at the end of the day.

Thoughts?

The newer Yourgene/Novacyt story is becoming less about COVID testing and what’s happened over the last few years with that and more about recurring oncology diagnostics, guideline driven pharmacogenomics, the NHS/EMA backed DPYD adoption and molecular workflow infrastructure.

Here’s what i find most interesting doing my research here on the history of Yourgene

2015 Thermo Fisher provided Yourgene / Premaitha with around £5m loan financing

2017 Thermo provided a further $5m funding facility and received warrants linked to the partnership

2018 Thermo supported the company again during Illumina litigation with £1.2m financing support

Feb 2018 Thermo’s warrant position increased to 95.7m warrants, equivalent to 21% potential fully diluted ownership

2019 Thermo exercised warrants and acquired a direct 9% equity stake in Yourgene Health. Thermo also retained additional warrants which could have taken ownership toward 17%

Strategic agreement included exclusive promotion of Yourgene NIPT products on Thermo’s Ion Torrent systems across Southeast Asia

Thermo agreed to write off £12.7m of debt owed by Yourgene. Yourgene used proceeds to repay a further £3.8m owed to Thermo. This relationship was far deeper than a normal distributor agreement as a lender, strategic investor, genomics ecosystem partner and sequencing workflow ally. Thermo effectively helped stabilise the company during its growth and litigation phase

Yourgene later expanded into the oncology diagnostics, DPYD pharmacogenomics, Ranger genomics instrumentation, and precision medicine workflows and then 2023 NVCYT acquired Yourgene.

Would love to know what a $180 Billion company saw in Yourgene to be involved as much as they were / are .

The latest news around the launch of insight DPYD is what I presumed most investors were now here for..

Ebola etc is also an opportunity based off the linkedin post yesterday from the commercial guy from Nova

NHS

115 hospitals across England refer patients for testing, with NHS Genomic Medicine Services (GMSs) processing approximately 3,100 samples every month, with 198 patients found to carry a single variant or 2 variants each month (up to November 2021).

Ensuring all patients who carry these variants are identified could reduce the toxic reactions among patients and widening the search for new variants could help ensure testing is effective for all communities.

Having established that DPYD testing is widely used, we are looking at improving how laboratory and prescribing systems can better share genomic test results. We are also looking to understand how oncology teams are using the pharmacgoenomic test for DPD variation.

Who are we working with?

Regional Cancer Alliances (East Midlands and East of England)

NHS North West and NHS South East GMS Alliances (national project leads)

Next steps

One of these areas for improvement is in how results are provided and future work is looking at the structure and flow of pharmacogenomics tests results, aiming to deliver results to clinicians within prescribing systems.

Today, we celebrate the launch of Yourgene® Insight DPYD🎉

This is more than just a new assay - it’s a step forward in supporting safer, more informed treatment decisions through comprehensive DPYD testing.

Designed to deliver broader variant coverage, streamlined workflows, and rapid results, Yourgene® Insight DPYD was developed to help laboratories support precision medicine approaches that can ultimately improve patient safety and help reduce preventable treatment-related toxicity.

This launch reflects the incredible collaboration, innovation, and dedication of our global teams across Research & Development, Operations, PMO, Quality & Regulatory, and Commercial, all working towards a shared goal: delivering impactful molecular diagnostics that make a difference.

A huge thank you to everyone involved in bringing Yourgene® Insight DPYD to life - we’re proud to celebrate this achievement together!🎉

Learn more about Insight here: https://hubs.la/Q04h4TmQ0

#ProductLaunch #PrecisionMedicine #Pharmacogenomics #DPYD #MolecularDiagnostics #Oncology #Diagnostics #LifeSciences #pgx #DPD #personalisedmedicine

https://www.linkedin.com/posts/yourgene-health_productlaunch-precisionmedicine-pharmacogenomics-activity-7462470652864708608-qAlU?utm_source=share&utm_medium=member_ios&rcm=ACoAAAn35gQBSkiTYH0WWfUWsp4fmcd_f3rBtWc

Guys the 4 hour turnaround is actually one of the strongest commercial angles here.

Because when you compare it to a lot of real-world DPYD testing pathways globally, many are still taking 2 to 10 days, median of 6 days and sometimes a full week onwards depending on batching/logistics.

Source - https://www.cda-amc.ca/sites/default/files/pdf/htis/2025/RC1575-DPYD_Testing.pdf

oncology pathways are time sensitive. Patients often start chemotherapy quickly after consultation. So if a lab can run the test same day avoid batching delays and give oncologists results before treatment starts that becomes a major operational advantage.

The NHS literature specifically highlights that turnaround time is one of the biggest implementation barriers in DPYD testing.

The upgraded 19 variant assay is interesting because it tries to combine PCR speed, targeted simplicity and broader variant relevance without moving into full sequencing complexity.

commercially a smart move ensuring there is no delay in patients starting chemotherapy treatment.

Imagine bashing a business on an internet forum that’s trying to make the world a better place.

From the website update -

Introducing Yourgene® Insight DPYD

The Yourgene® Insight DPYD kit uses fluorescent ARMS (Amplification Refractory Mutation System) allele specific amplification technology, which detects point mutations, insertions or deletions in DNA, to deliver accurate, rapid detection of 19 key DPYD variants with a fast turnaround time of only 4 hours! For a full list variants see the table below.”

In a nut shell

Over 2 million cancer patients globally treated with fluoropyrimidines every year

• 10-20% can suffer severe or potentially fatal toxicity linked to DPD deficiency

• NCYT now expanded variant coverage from 6 to 19 variants

• Includes all 14 variants recommended in updated AMP/ACMG guidelines

• Same day turnaround for oncology workflows is a huge clinical advantage

• Ready to-use workflow keeps adoption friction low for labs

• Precision medicine / pharmacogenomics is a growing recurring diagnostics market

• DPYD testing already implemented across multiple healthcare systems globally

• RUO launch first with IVDR and wider regulatory approvals to follow

• Another example of postCOVID pipeline execution actually being delivered

• Oncology diagnostics typically command stickier and higher-quality recurring revenues

• Product launched on schedule exactly as management previously guided

• This is not a concept anymore. Commercial launch now live

• Yourgene acquisition continuing to show strategic value for NCYT

• Quietly becoming a much broader molecular diagnostics business than many still realise