Member Info for Muck165

Book is hugely sensitive. Again today we had what looked like a biggish sell that didnt move the book, but the a number of smaller trades that pushed the bid and offer up time.

And, at 15.45 we definitely had a new market maker (or LSE participant) join the book, positioning almost like an observer at the bottom of the bid and top of the offer. They are coded CSTE on ADVFN L2 - anyone know for sure who they are?

*of Yentra.

My view, RK is the puppet master and has had a long term plan here since 2023. It’s what attracted DH to take on a CEO role without pay in an industry he had no experience of, why Mole became the 0M Director due £250k if we exercise the CIQ option, why DH, HD have taken stakes in Pubx, and why RK took and then materially added to a large stake in Pubx.

I think CIQ is an integral part of the Pubx marketplace. I think the major agency discussions, pilots and tests since May last year have been about that marketplace, and not just CIQ in isolation. No doubt that involved refinement of the solution over the testing period, but I think we reached the point in late 25 early 26 where it was fully ready and those agencies were happy. That’s why in a single month (Feb) we hired, Pubx markedly increased hiring, we put out a new website, Pubx launched an overhauled site to describe the marketplace, our BoD awarded themselves options, CIQ posted that “ Connected IQ's agent for context in CTV is ready and in market”, and why Mole started doing webinars on capturing value in an agentic world.

So, I think in Feb we saw a soft launch of the marketplace to coincide with when agencies informally approved it. I think the fanfare will come when agencies have signed on the dotted line, no doubt with details of initial test campaign results. And I think that is imminent and, whatever, will come by July this year at the absolute latest.

Why? Because the vast majority of warrants expire in August and I think it more likely than not that warrant expiry dates were linked to an anticipated strategic and valuable milestone. It’s notable also that the warrant sweeteners we gave reduced with each raise, suggesting that likelihood of success was becoming more certain as time passed. I also think it’s interesting that BoD options awarded in Feb were immediately vesting - that smacks of an imminent anticipated event rather than an attempt to incentivise and retain Directors over time.

I know this is all just my reading of the tea leaves, but I’ve gone very deep in here because I’m confident and because I think the revenue potential of our being integral to a new Agentic marketplace offering complete ease of use and with an industry trusted player in Pubx , combined with our CTV focus, Magnite, Pubmatic partnerships and Iris integration, is in the multi millions. And I think that any incremental revenue from where we currently sit will be done at very high margins given our low cost base.

All just my views so ignore as you will! But I”m staying aboard a train, driven by RK, that I think departed years ago on a route with clearly plan stops/milestones, taking on board sticky inside investors as it went, and which is about to reach its destination in the sunshine and give me 0.12 in the very short term with potential to go much much further beyond that as the marketplace and CIQ mature.

And that all completely ignores the significant potential o

Oh, and perhaps worth mentioning that question Mole was answering when he disclosed the CIQ partnership was about how quickly AdCP would get adopted into CTV and online digital, and if you listen to Triscari, during the minute or so before Mole comes on, he’s clear that adoption in CTV will be accelerated because that’s where all the ad money is going at the moment.

We are in the right market with the right partners, and now (at least I think) the intelligence layer of the first fully AgenticOS advertising marketplace anywhere.

It is laziness on my part Napalm.

But then I think the chances it’s not us are unbelievably remote.

DH calls it CIQ in posts, tweets and abbreviates it to IQ RNS. AM is a Director. Significant cross shareholdings and interest. And the bit in the webinar where Mole named “CIQ” was all about CTV and AdCp adoption.

I really don’t think you should have any concern Napalm. I have zero. Absolutely none.

No problem re the sleuthing - tbh I just glad everything I’ve said about Pubx / CIQ partnership over months, looks correct.

And as I say, people should just go through the Pubx website. Maybe ask Chatgbt how Pubx and CIQ compliment each other, or ask how a collaboration fits with industry trajectory and growth.

Im excited.

I’ve been banging on about a partnership between CIQ and Pubx for ages, but not sure people believed me.

Well, the Pubx CEO and sole 0M Director, Andrew Mole, confirmed it at 48.45 in this February 26 podcast.

“we have a partner company in the CTV space who are going full throttle on this, and that’s CIQ”

Pubx have built a wholly AgenticOS advertising marketplace place. They say it’s the first, anywhere. For that to work, it needs an intelligence layer. I’ll eat my hat if CIQ isn’t it.

We overhauled the CIQ site in Feb. Pubx overhauled there’s in Feb, to effectively soft announce this marketplace. Podcasts were done in Feb. Pubx began to hugely expand hiring in Feb, having been hiring steadily for months. We hired into the sales teams in Feb. CIQ put out a LinkedIn post saying CIQ was now live and in market in Feb

There was no fanfare announcement about any of this. It has been a soft launch.

But it will be announced, and I suspect with details of first campaigns/partners.

And I think that will be soon, if not imminent.

If you haven’t already, look at Pubx. They are a well respected and heavily used company in the AdTech space.

https://www.youtube.com/watch?v=PiIltuK2hzM

Since it was founded, Pubx had a single focus - to help publishers maximise revenue through dynamic price flooring in auctions.

In February they completely overhauled their website. Take a look.

They now have a new offering - the world’s first truly fully agentic advertising marketplace with their own autonomous buying and selling agents. On its own, that’s just the machinery to make decisions. To make effective decisions it needs granular analysis of the content being bought/sold in order to properly value it and position it in campaigns.

It could get that from various providers. But come on, given all the links CIQ has with Pubx I can’t believe we’re not that partner.

That new offering from Pubx is huge, yet the website overhaul came without any announcement or fanfare. Nada. So for me they’re timing the announcement and, when it comes, we will be at its heart.

It was a major change of focus

Without CIQ, Pubx’s agents can automate processes, but they’re largely guessing or relying on basic rules. With CIQ, they can prioritise the right users, choose the most valuable impressions, and continuously adapt based on real performance signals.

So the dependency is straightforward: Pubx brings the agents, but they need CIQ to make those agents smart enough to deliver meaningful outcomes.

And the massive agentic pivot and hiring at Pubx.

The points I”m trying to make here are:

1 A guy like DH doesn’t just work on something he’s never done before, for free, unless there’s gold at the end of the journey. A guy like RK doesn’t invest as heavily as he has, across all parties, unless he thinks the same.

2. Absolutely everything points to there having been a plan in place to do all this from 2023 onwards.

3. Currently the only interest that DH has earned or been granted which is in the money is the 200m shares he bought in Sept 24, and he’s only up about £70k there. Not a lot for nearly 3 years work.

4. The recent “out of the blue” options award came at the same time as when the next stage of the golden journey started - the commercial stage. Potentially wonderful timing, and yes DJP, it would send a wonderful message to the market if he exercised them.

We are all at that point. I’m in for around 100m shares here at the moment, but am more than comfortable and really very excited. Im following the money - RK and DH. I truly think we are about to take a great slice of an utterly transforming and massively growing adtech AI/CTV ecosystem. And I think that slice will make our current MCAP look like chicken feed.

All just my views!

100%. Actually made me think about DH employment history, his history with RK, and his motivations here.

DH left uni in 1997 with a degree in Molecular Biology, and then embarked on a 25 year career in finance, investments, and insurance, including founding and selling his own company (Capstone). The point is that he’s evidently a savvy, clever and experienced businessman but also someone who, by the time he left Capstone, had ZERO education or experience in gaming or digital media. ZILCH. And yet he joined Gfinity in August 2023 accepting ZERO pay but with 271,922,393 options exercisable at 0.06p. You have to ask - why would such a chap do that and why would Gfinity (or I suspect RK) want him?

For me the answer lies with a plan/strategy, I suspect formed by RK around the same time, involving 0M (CIQ) and Pubx, about which I posted extensively on here a few days ago. In other words, DH accepted the Gfinity CEO position not because of gaming or digital media, but because of the huge potential in that plan/strategy. And like I say, I think this whole plan was hatched as far back as 2023.

Need to note here that DH bought 66,666,667 shares at 0.06p in the raise coinciding with his appointment. A month later he bought two more lots, 7,680,000 Ordinary Shares at an average price of 0.135p, and 7,000,000 Ordinary Shares at an average price of 0.1233p per Ordinary Share.

So, by Sept 2023 he had c82m shares (none of which are currently in profit), and 271m share options all of which are exercisable at a price higher than current. Remember, he also wasn’t getting paid.

Following his appointment DH quickly began to strip Gfinity back to its bear bones. Athlos, a loss making company, was sold to a company he owned at the time (Tourbillon - although notably RK became a 50/50 shareholder with him just a month later through his company, Charles St International), the Gfinity balance sheet was fixed through painful adjustments, and headcount and costs were slashed. In short, Gfinity became a lean focussed beast, all in preparation for an entirely new strategy, which became CIQ (and I think Pubx).

In Sept 24 DH bought another 200m shares at 0.015p (£30k). This coincided with a further £120k investment from RK, and a comment that “The Board intends to explore new business opportunities to develop and expand the Company's core focus beyond the provision of digital media content”. In other words, CIQ. And if they didn’t already know exactly what they planned to do given the CIQ/PUBX history (all on the other PUBX thread) at that point, I’ll eat my hat! As if by magic, the CIQ opportunity was announced just 6/7 weeks later.

The rest is more modern history that we’re all familiar with but from a DH perspective, the only pertinent thing is the “out of the blue” 200m options award he got exercisable at 0.0475, coinciding roughly with when CIQ posted it was “in market”, the overhaul of the CIQ, GFIN and Pubx websites, the CIQ sales hi

Caveat - we don’t need cash for operations

But, we could raise to exercise the 0M option. Personally I think that would be fantastic because we’d only do it if prospects for CIQ merited it, and we’d get to retain 100% of high margin revenue.

All I know is “April”.

Just listened to Hands Proactive interview. I’d kind of assumed the OTC listing was designed to attract US investment, but he seemed to be indicating it was instead to facilitate demand he already has from the Wisconsin biotech community. New demand against a fixed number of shares in issue might do something for the price.

I think that’s about fair Hightower.

First targets are to get above the 200 DMA at about 0.057 and then resistance at 0.06. Do that then we’re aiming at 0.09 pretty quickly, and that’s where warrants can be exercised. But for those to get real value by further free warrants we have to reach 0.12 and stay there for 5 consecutive days.

For my money the real float here is 20-30%. You have RK and the board, but then you also have all the other sticky holders Im sure subscribed through the raises. And I hold a substantial chunk, and am not going anywhere.

So for me, news will propel us sharp and fast. We shouldn’t be tempered by any raise because we don’t need cash, and cash would likely get replenished through warrant exercises.

We are poised for news attacking two massive markets from which we only need a miniscule piece of the pie, and given our very low cost base and software product, any incremental revenue should come with very high margins.

Just my views.

Big 23,500,000 trade today. Looked like a sell but didn’t move the book, so reckon it’s been worked and has been hanging over us.

By contrast I put another £1250 in and it firmed up the bid immediately.

Have faith…I tell myself

Ignore - just seen it has been. Sorry Gubbie!

Https://www.abingdonhealth.com/nhs-10-year-transformation-with-rapid-testing/

Sorry if already posted..

Interesting to see this from Upfront this morning.

https://www.linkedin.com/posts/upfrontdiagnostics_strokeinnovation-rapiddiagnostics-medtech-activity-7445364458681643008-pWXS?utm_source=share&utm_medium=member_desktop&rcm=ACoAAEuI5eIBooawepY_Ubn_CKcFOzTXAaBN1HA

Can’t immediately find more details and no time now…will look later.

Forgot to add this, the Pubx post a couple of months ago announcing their new MD of commercial, to which both DH and Drayton reacted.

https://www.linkedin.com/posts/pubxai_mediaagencies-demandside-programmatic-activity-7432386474031034368-gW0U?utm_source=share&utm_medium=member_desktop&rcm=ACoAAEuI5eIBooawepY_Ubn_CKcFOzTXAaBN1HA

MD of Commercial. They’ve never had one. Why do they need one now 🤔😎

Part 4

I think we are close. Over the past few months we’ve seen CIQ hire, Pubx hire massively recruit, and both companies overhaul their websites at the same time to focus on the new agentic world. Pubx, in particular now includes commentary on including contextual signals within its agentic stack.

And throughout the last 18 months there has been constant cross reaction to social media posts not just by DH and AM, but by staff working across Pubx and GFIN. Perhaps the most interesting one of late was this announcement in Feb, to which both Halley and Drayton responded.

Worth noting here that last month I mooted a GFIN / Pubx collaboration on X. DH, who rarely if ever reacts to posts, liked that tweet. That feels like pretty solid confirmation to me. And it’s also interesting that over the last 12 months Pubx have added some pretty major people from the Adtech world onto its share register.

- The staff are there

- Websites have been overhauled to reflect product readiness.

- The Pubx stack, of which I think CIQ is a big part, directly addresses the new agentic AdTech world.

- CIQ is targeting huge markets in CTV and contextual targeting.

- All parties that have been involved for 2 years are primed to benefit, including the gfin warrant holders (which expire August), and in particular the GFIN board who awarded themselves options funnily enough at the same time new Pubx and CIQ sites were launched and everything pointed to products being ready to go.

All just my views, but all the clues are there.

Part 3

In terms of what might trigger an announcement, the most probable catalyst for me is not technical completion but commercial validation. This could take the form of a flagship campaign with a major agency, a measurable uplift in performance within CTV environments, or a formal agreement that allows one party’s technology to be embedded within the other’s offering. White-labelling is especially relevant here, because if CIQ is being deployed under another platform’s surface—potentially within PubX’s agentic workflows—then an announcement might coincide with that capability becoming client-facing at scale. Another likely trigger is narrative timing: both companies may be waiting until they can tell a clear, differentiated story about “agentic + contextual CTV” rather than contributing to generic AI noise.

For CIQ specifically, I think the revenue upside in this kind of arrangement could be significant because it addresses the biggest challenge facing new adtech products: activation at scale. On its own, CIQ must convince agencies and platforms to adopt and integrate its signals, which can be a slow and fragmented process. If those signals are instead embedded directly into an execution layer like PubX, they become part of the default decision-making process for campaigns rather than an optional add-on. That dramatically shortens the path from data to revenue. It also opens up multiple monetisation routes, such as licensing fees, usage-based pricing tied to media spend, or revenue share models linked to performance improvements. If PubX succeeds in scaling its agentic marketplace, CIQ effectively rides that distribution curve, turning what might have been a niche contextual product into a core component of an automated advertising stack.

Part 2

A partnership between Gfinity plc and PubX makes strong strategic sense because the two sit on opposite sides of the same emerging architecture in advertising.

CIQ is fundamentally a signal and intelligence layer, extracting meaning from video and CTV environments so that ads can be targeted based on context rather than identity.

PubX, by contrast, is building a decisioning and execution layer, where autonomous agents determine what inventory to buy, at what price, and for which objective.

On their own, each solves only part of the problem, but together, they form a more complete system in which high-quality contextual signals directly inform automated, agent-driven transactions. That alignment becomes even more important in CTV, where deterministic targeting is weak and contextual understanding becomes a primary driver of value.

The idea that a partnership is likely is reinforced by the synchronisation of their external behaviour. Both companies overhauling their websites at roughly the same time (Feb this year) toward more platform-oriented, AI-centric narratives suggests coordination at the level of positioning, not just product. CIQ’s engagement with major agencies since mid-2025 indicates it has been validating demand and refining commercial use cases, while its exploration of white-labelling points to an ambition to embed its technology into other platforms rather than operate purely as a standalone product.

That is exactly the kind of distribution strategy that would benefit from integration with a system like PubX. At the same time, PubX’s massive recent hiring into agentic infrastructure and its emphasis on interoperability and real-time decisioning suggests it is actively preparing to ingest external signals and operate within a broader ecosystem. Independently, these moves are logical; taken together, they look coordinated.

What makes it appear that they are close to “finished,” at least in terms of a first market-ready iteration, is the combination of product maturity signals on both sides. CIQ has moved beyond R&D into pilots, agency discussions, and now interface development, which implies the technology is stable enough for direct use and not just experimental deployment. The addition of a direct-use interface is particularly telling because it suggests they have standardised workflows and outputs—something that usually only happens once a product has been tested across multiple scenarios. Meanwhile, PubX’s focus has shifted from proving agentic concepts to scaling and productionising them, as seen in their engineering hires and platform messaging. After roughly 18 months of parallel progress, the limiting factor is unlikely to be whether the technology works, but rather how cleanly it integrates and how convincingly it can be packaged for buyers.

Cont in Part 3