Member Info for Muck165

Part 1

I don’t think the next CIQ news we hear will be an agency deal - I think it will be details of a platform stack tie up with Pubx.ai, possibly announced at the same time as a first campaign using that stack. Hear me out.

0M was bought outright by RK on 11/3/24, just six months after it was incorporated. Andrew Mole, who founded Pubx in 2020 was appointed the sole 0M Director a couple of weeks later. At that point Mole had no working interest in anything other than Pubx, and neither RK, DH, or Hugo Drayton had any interest in Pubx.

During 2024 a few things happened. RK bought a 12% stake in Pubx, DH a 2.5% stake and in November GFIN announced the MOU with 0M to licence and option CIQ.

On 30/1/25 Mole was given 12.5% of 0M by RK. You can only assume that gift was made in recognition of work completed by Mole for 0M since he joined in March 24 and, personally, I suspect that will have been for the development and then subsequent licence of CIQ, which was announced just a few days after Mole got his stock.

So by Feb 25 we have Mole interested in 0M and Pubx, DH interested in GFIN and Pubx, RK with significant interest in Pubx, GFIN, and 0M, and a formal agreement between 0M and GFIN that could benefit them both. It’s worth noting here that during 2025 RK increased his holding in Pubx by 50%, to become the second largest shareholder after Mole, and Hugo Drayton (our Chairman) also became a Pubx shareholder.

But where does Pubx fit in? Why would our Board all invest in it, and why would its founder be running 0M?

For me, the answer lies in how CIQ and Pubx compliment each other. That’s for Part 2.

MM fun and games going on here. Trying to spook potential sellers when the reality is very different.

Thanks. Im loaded up but there’s a cheap opportunity there for someone!

There appears to be a small pocket of stock available at 0.052, despite the quoted spread. You want a lot, you’re paying 0.057. You want very little, you’re paying 0.057. But if you want a few hundred quids worth you can get it at 0.052.

You can sell reasonable size at 0.052

So the sole trade we saw today could be a buy or a sell, even though it was at 0.052.

Weird.

Https://www.londonstockexchange.com/news-article/VAST/update-on-proposed-acquisition/17526748

Debt extension discussions remain ongoing.

Blames the war for diamond sale delays, and exploring Antwerp as an alternative.

Says “ subject to completion of the associated Placing, the Company expects to be in a position to publish an Admission Document in April 2026.”. So, it would appear the AD publication is contingent on a raise first.

Getting heads round all the industry jargon is a bit of a headbanger, but this is the way I understand it (as best as I can set it out)

CIQ is a contextual intelligence tool for CTV and online video. It gets access to large volumes of content through its integration with IRIS.TV. CIQ analyses that content at a highly granular level, tagging moments with signals like happy, sad, angry, sporty, or whatever is relevant.

CTV and video content have ad slots—think of the ones we see in YouTube videos. SSPs like Magnite and PubMatic package those slots into sellable inventory. If a campaign brief doesn’t care about context, the SSP will sell the slots scattergun-style. But if the brief wants ads targeted to a specific audience or shown during certain emotional moments, the SSP can include CIQ’s contextual signals to meet that goal. That's a service they want to offer, and why they partner with firms like CIQ.

With PubMatic, this process is becoming more and more agentic: an AI agent uses natural language (via an LLM) to interpret a campaign brief—e.g., “I’m selling dancing shoes; I want to target 20–30-year-olds at happy moments in content they’re watching.” The Pubmatic agent then curates the right inventory and offers slots enhanced with CIQ signals to match the brief automatically. We then get a slice of the Pubmatic revenue relating to that campaign.

We aren't the only data partner. Pubmatic have loads, all doing different things, and certainly not all contextual.

But there are other contextual partners. Whether the Pubmatic chooses CIQ over another as part of this agentic curation process will depend on the brief and whether we are the best solution to match it. That might be because of the quality or type of our signals, or it might be based on cost. Or a mix.

Where things get really interesting is if we get white labelled by a major agency or agencies. In short, white-labeling shifts CIQ from being just a directly monetised, branded signal in SSP curated offerings, to a licensed technology powering an agency’s own contextual offering, potentially providing steadier revenue but less brand recognition. You get a major agency representing hundreds of brands then this becomes hugely valuable for us.

Thats how I understand it all anyway, but happy to be put right!!

Just realised I used $ in the thread title, but it’s £.

Beginning to wonder what the BoD has to do to generate retail interest here! These contracts validate all the decisions made over the last few years and, on their own, represent 56% of total FY25 revenue and will likely be ~40% of FY26.

Just an observation, but this book has 11 market makers on it, well above normal for AIM stocks and weird given the thin trading. You’d think they’re their for a reason…

“with potential further scope beyond that period including appointment as legal manufacturer”

No wonder we’re building out our US manufacturing capability.

Wow.

Real proof of our foundation and positioning here!

https://www.londonstockexchange.com/news-article/ABDX/ps4-8m-contracts-awarded/17524686

True.

But then this is AP and Vast.

Should ask why all the metrics are moving up Chapel, especially when metrics for other SSPs and particularly DSPs are on the slide.

AdTech is changing and fast. Pubmatic have just embraced it much more quickly and have first mover advantage.

We’re well positioned for the ride.

Nope. Not even sure we will get news then.

Time is ticking here. Even if the Ad Doc is published next week, which I cant see it will be, we're looking at mid April for the GM. More realistically I suspect we'll either get stuck with another 4 - 6 week extension to deadlines and then we will be getting dangerously close to the normal 6 months before listing cancellation.

Gulf are supposed to file accounts with CH by 31/3 - be interested to see if they will. Doubt it TBH.

Looks like the BP re-organisation plan isn't going to be approved with the Court this quarter, as we were led to beleive.

Still no news on the Manaila licence.

Not a lot of positives that I can see.

Its neither good or bad Karl - the only decision the Court reached was that they weren't going to make a decision!

Ultimately I don't think the Court case is itself hugely relevant. But what it has shown us is that Vast hasn't paid staff for many months, is struggling to find the money to pay staff that are essential to keep the mine on care (ie those getting water out of it etc), that we apparently still have 101 people on the books (after the "dismissals") who it would seem are pure cost (if we pay them!), and that relationships with workers is in the gutter.

It just all begs the question - if Vast need money so desperately (which they clearly do) then why haven't they offered any other diamonds for tender since November? I know Dubai is a potentially difficult place to do business at the moment, but the war has only been going on for the last few weeks and its been 4 months since the last sale!

The ruling on the Court case brought by the miners union was handed down today. Translation of the Court record below.

“ Rejects the request for the issuance of an interim injunction (presidential ordinance) filed by the claimant SINDICATUL MINA BĂIȚA, against the defendant VAST BĂIȚA PLAI S.A., in insolvency proceedings through the judicial administrator TRUE IPURL, as inadmissible.

From what I can glean from ChatGBT, this basically means the Court refused to consider the merits of the case under the procedure in which it was brought. In other words, it wasn’t urgent enough.

And just to underscore the point

https://www.aktiencheck.de/analysen/Artikel-PubMatic_s_AI_Platform_Gains_Traction_with_Agency_Partners-19605035

FWIW, Pubmatic was trading at around $6.50 prior to their announcement. Following it they jumped to touch $9 before closing at $8.31 yesterday.

That’s the value Pubmatic investors place on the announcement.

Good to see us bounce today. Maybe people are starting to get it.

Through CIQ and Yentra we are targeting 2 massive growth markets. We only need a miniscule slice of either pie to make our current MCAP pitiful.

Re CIQ, the whole Adtech market is changing. In the industry it’s described as transformational. What used to be a complex buying process involving campaign briefs, DSPs, manual selections, opaque “taxes” is moving to an agentic process begun with a simple LLM campaign brief and thereafter wholly driven by agents that may well see the end of DSPs like The Trade Desk altogether. SSPs and publishers are gaining power and CIQ is not only squarely in the SSP side but partnered with two of its biggest players, one of which is THE player leading the charge. But that’s just the whole buying process - add in that we are targeting the burgeoning CTV and online video space and the only thing I can really see holding us back is whether CIQ cuts the mustard as a solution. Halley says it’s market leading excellent tech - as soon as that’s proven by actual agency spend then we’re off.

Then there’s Yentra. You really only have to read Naties LinkedIn posts to understand how AI is rapidly affecting business and how by simply relying on cloud based LLMs now, companies are just waiting to have the rug pulled from them, operationally or financially, by big tech runnings those LLMs in the future. And the pace of change is unbelievable. Again, we are in a superb space here. Natie seems wonderfully connected and any news whether relating to TTRO, ESG, or even Edlatam just validates our offering.

CIQ has been 2 years in the build, test, tweak stage. Yentra a year.

As I say, a miniscule amount of the addressable market from either is all we need.

Would be a bit weird to do that if news wasn’t coming first..,

The point here is that the Pubmatic agentic offering, of which we are part, has just opened itself up to a far larger customer base that, through the new interface, can use it with speed and ease.

Not appearing here yet, so

https://www.londonstockexchange.com/news-article/FCM/result-of-oversubscribed-wrap-retail-offer/17520464