Member Info for Muck165

Well, there clearly wasn't much stock available under 0.5, hence the price uptick.. I only have a very small amount of cash left but for that I am being asked to pay the full offer of 0.55 for more stock. Might be different for larger volume (anyone?) but if its not then it would suggest the book is thin on supply.

They were confident of news in Q1 and personally this is a Board that I have a lot of faith in. If we do get the contracts we expect then it won't be their size that matters (albeit I am expecting around $1-2m per contract), it will be the validation of the product and the foundation of the platform we are building.

Well, I've had another nibble today. Is it just me, or has another market maker started quoting on the book?

Seems a somewhat odd thing to do - how can they make money on a stock that's hardly trading (unless of course they are expecting a trading uptick).

Might be wrong, but it looks to me like the newly positioned MM is Cannacord, our joint corporate broker. If it is, might they know something?

Or I could just be imagining things.

Https://www.thesun.co.uk/tech/38576872/britain-biggest-stockbroker-website-down-users-unable-check-pensions/

“ The firm added that all customers’ money and personal data are safe as there are no signs of a cyber attack.”

Part of the Pubmatic agentic offering is autonomous curation of ad campaign offerings. That includes optimisation tools like CIQ. It’s becoming more important as things move rapidly to fully agentic campaign solutions.

So, if CIQ demonstrates value it should be automatically included in curated deals prepared by Pubmatic for agencies. No need for manual selection or even human awareness.

That supercharges CIQ scale, and with it improved revenue and margins.

Whether this proves true depends on how good CIQ is. If it’s good, it’ll get selected by the Pubmatic agents. If not, it won’t.

We’ve been told it’s “market leading”. Might be fluff, might be true. Who knows. But what I am sure about is that we will be cost effective. That’s attractive in itself for any agency wanting most bang for its buck.

But on the horizon is the potential for increased use of Pubmatic by agencies wanting to benefit from the new agentic world, and consequently scaled automated use of CIQ in curated Pubmatic deals.

I am excited by the potential here.

A nice thought to mull on...

The Pubmatic platform is going all in on Agentic. Its the future. Its customers are agencies.

We have done pilots and tests, recruited into the sales team, and been in advanced discussions with agencies for months. That will all be the evaluation phase.

What if those agencies wanted us, but through the Pubmatic platform.

That would explain the latest partnership, It would also mean major agencies liked us.

Pure conjecture I know, but there are really only two reasons why Pubmatic partner into their platform. Because they want to be able to offer a solution, or because their customers are demanding it.

I mentioned that Pubmatic were the first to do a fully agentic ad campaign last year - well they announced results on Tuesday.

“the test delivered an 82% reduction in supply chain costs (particularly demand-side platform, or DSP, tech fees) translating into a higher proportion of working media made available for the campaign’s budget. Those savings led to a 40% lift in impressions delivered and a 30% fall in cost-per-thousand (CPM) rates.”

This really is the future. Pubmatic are driving it. We just partnered with them.

https://digiday.com/media-buying/butler-tills-first-agentic-media-buying-tests-cut-media-and-supply-chain-costs/

Bit surprised not to see an RNS this morning tbh.

Then again, DG does have a penchant for announcing intraday!

Last two years the interims have come on 19/3.

The point here, at least I think, is that partnering with major industry players isn’t an easy thing to do. Pubmatic is a platform. To get on it, you have to demonstrate technical capability as well as added value over and above what’s already on offer through that platform.

We partner with Magnite and now Pubmatic, and are integrated into Iris.tv. We are being taken seriously as a player in the market and becoming embedded in the market infrastructure.

And in case people were unaware, the whole industry is rapidly moving towards fully agentic ad buying (that’s what AdCP is all about) and Pubmatic were the first SSP to run a fully agentic ad campaign late last year. They are also the driving force behind AdCp.

PubMatic are a very well known industry player and very very much at the forefront of agentic advertising and the Ad Context Protocol. This is absolutely fantastic news.

Thanks for posting Gubbie

A particular thing to note with this, I think, is the high visibility of revenue for FY27 and the FY27 year end cash projection of £3.2m. In other words, there should be zero chance of a raise for the next 15 months unless its for significant further expansion or acquisition.

Why not indeed.

Seriously hoping we’ve moved beyond “advanced discussions” on CIQ now, and news must be due on Yentra given it announced first collaborations 6 months ago.

Seems to me neither Manaila nor BP have much (if any) value without current exploitation licences, so creditors last viable option of getting their money back (well Mercuria at least) is the diamonds or a successful RTO associated raise. They could accelerate the debt, but against what value?

I’m not going to dispute that Salistick has been very disappointing. Honestly, it just doesn’t work as well as urine tests and it seems clear that mums to be prefer accuracy over convenience.

But we’re not really in the product selling game - none of the products on the AST site are actually made by us. Our Vit D test, for example, is exactly the same Chinese test as the boots one, just under different branding. AST is nothing more than a shop window really.

We’re been much more of a CDMO business for years now. Sure, I hope we will take tests through that full development pathway and end up manufacturing in bulk. Better margins and a great revenue underpinning. We’re just not there yet, although we have plenty of irons in the fire with Upfront, Loop, 52N, FOFH, and the companion diagnostics we’ve been working on.

No problem Touk.

Good to get confirmation that Upfront, Loop and 52N are all still customers. On that front I've noticed that Loop have slowly been appointing distribution partners across Europe, and Upfront at least must surely soon be getting to the point of reg approval.

Bit disappointed to see a projected £1m full year loss for the year (given last year £12.6m rev was supposed to breakeven), but the £15m odd with £700k profit forecasts for next year hopefully show the tanker has turned.

And these companion diagnostics look really interesting, even if time period to manufacturing revenue is long. Being linked to potentially successful drugs brings opportunity.

Cavendish put this broker comment out today

“Abingdon Health (ABDX): BUY Significant commercial and operational progress Abingdon Health has reported 1H26 results for the 6-months to December 2025, noting revenues (including grant income) of £4.5m, up 44% YoY, driven by strong contract development and regulatory services revenues, which we believe validate the company’s strategy. Gross profit increased on stronger revenues and the adjusted EBITDA loss improved despite the company making investments to support and deliver future revenue growth. Management expects to deliver FY26 headline revenue of £12.6m (£12.2m reported plus £0.4m of grant income) and for 2H26 to deliver positive adjusted EBITDA and operating cash flow, a significant transition point for the company. The company closed the period with cash of £3.7m, following an equity placing of £3.2m (net) in the period. We reiterate our Buy rating and 19p target price, seeing the company’s integrated, end-to-end CDMO and regulatory service offering providing a strong foundation to deliver revenue growth, profitability and cash generation in the near-term.”

I think it’s a bit of a dud to be honest Gubbie.

Overall though, these are good results. We’ve expanded our service offerings, increased our geographic footprint and capacity into a major market, and are winning regular sizeable contracts as a result (and with what seems highly regarded customers). It’s great to see the CDMO offering doing well - manufacturing would be great. But that will come I think, and help generate the annuity underpin to revenue.

No mention of, or reassurance about the RTO or debt.

No mention of diamond sales

No update on whether or not the reorg plan will be approved, or even submitted for approval this quarter

Clear evidence we have no money, and haven’t for ages.

Nothing update on the Manaila licence.

It would seem we have no right to mine at BP given Vasts own comments to the press.

The current real value of Vast must be next to nothing I think.

It’s pretty much as expected I think Gubbie. We’re going in the right direction but it’s a bit of a shame that they’re forecasting a full year loss even with £12.6m revenue.

It’s also positive, I think, that we’re building out US manufacturing capability in response to demand - higher margins there. Equally, interesting to see business in Europe tick sharply up - would have expected that to be US movement.

On the downside, product sales are falling so Boots isn’t working out quite liked we’d hoped, and no mention of Salistick.

Lastly, it will be interesting to know how much FOFH owe us and how their fund raising is going. We’ve sunk a lot into that venture…

Can’t recall we were ever told the BP exploitation licence expired in Feb last year.

Part 3

Regarding the launch of the collective redundancy procedure, company representatives also justify the need for restructuring through earlier problems with work discipline:

“We encountered a phenomenon toward the end of last year, when we still had the license, whereby there were many sick leaves. At that time, when we saw that in a shift of 34–35 people we had 15–16 on sick leave, we created a map and filed several reports with the Bihor Health Insurance House, requesting a position and verification of those sick leaves. We saw that, in fact, while people were employed with us, they were also doing household activities or dealing with other issues at home and preferred to take sick leave. (…) But simply put, at this moment the owner can no longer keep so many employees. Over the course of a year, with maintenance, salaries, and electricity, we have expenses of 8 million lei. So 8 million lei. That is the situation.”