Member Info for Muck165

Here's another, probably highly irrelevant (and wrong) observation, but 0M Technologies was supposed to file its confirmation statement with Companies House by 13 Feb, but it hasn't. I think its most likely an oversight or admin delay, but its unusual for Keith, Mole, or Halley to miss this so its tweaking my interest.

I only raise it (somewhat tentatively) because the confirmation statement will tell us if there has been any change to the shareholdings at 0M, and the biggest reason that might happen is if GFIN has exercised its option and is in the process of buying out the company, something it only became entitled to do on 6 Feb (the day we saw a marked uptick in volume and price.). Strictly speaking none of this changes when the confirmation statement should have been filed, but in my experience, delays do happen if a transaction is imminent or in process

Like I say, I am probably barking up the wrong tree here and seeing things that aren't there. It is a little odd though, and if GFIN have exercised the option then two questions come to mind;

1) where are they getting the money from!

2) why - I can only think they would do it if they had very solid commercial grounds.

Please ignore entirely at your pleasure!!

OK thanks Hugop - I have sent Susie the question.

FWIW I think the MM’s are slowly filling a large buy order. Large delayed prints, bid stepping up slowly. It’s all very controlled.

A couple of weeks ago price rose and has since stayed above the 20 DMA for the first time since September.

Todays tick up takes us above the 50DMA.

I am no chartist and am not even sure how much TA can be trusted with small thinly traded stocks. But it does seem to me that these indicators, along with a real uptick in volume, are suggesting the tide may be turning here.

If a Director has inside info then, at least as far as I am aware, they can't buy stock until the info is made public. Insider trading and prison!

But can they award themselves immediately vesting options with a fixed exercise price, particularly if the award is shown to be part of a regular remuneration cycle to incentivise Directors (who are otherwise unpaid), everything is overseen by NED's, and where the exercise price is significantly above prevailing price? Would that still be insider trading?

I keep pressing on this because I think its important, and may explain at least part of the RTO delay (especially given Hugops note that part of the delays owe to complexities in valuations).

We last renewed the licence for 5 years on 29 October 2020, and had an RNS the week before confirming that renewal. That kind of timing is what you would expect if there aren't any issues. This time around we are 4 months post the deadline without news. That suggests an issue beyond the 3rd party "admin delay" which Vast re claiming. My bet is that it relates to ongoing litigation in Romania between Vast and the competent Mining Authority, a ruling on which was supposed to be given yesterday but which has now been delayed until 5 March 2026.

The point is this: Valuations are key to any RTO terms. Manaila is significant to our valuation. Lose the Licence, we lose that value, which would worsen the RTO terms and potentially cause the whole thing to fall over.

The irony is that, as least in my mind, the legal dispute likely centers on the financial viability of Sinarom or Vast being able to restart the mine. It might be able to do that (and so get the licence) if the RTO proceeds, but the RTO may only proceed if the licence is granted first. Chicken and egg stuff.

Have to caveat all this and say that I can't be certain about what the Notice was and so, for balance, should say I might be barking up the wrong tree here. But I don't think I am.

Just a final question for anyone who was there - was there any mention of whether or not the Manaila licence has been renewed? We're now nearly 4 months on from when it should have been.

Thanks for taking the time to reply Hugop, especially in such a balanced way.

Apart from anything, there can only have been one reason he was in Dubai I think.

Thanks Hugop.

Can I ask what made you positive? Did they say what their cash position is, or what’s going on with the diamonds, or what, specifically, is slowing the rate of RTO progress?

Thanks again.

Interesting to see the ongoing comment conversation between Halley and someone else following his tweet.

For anyone interested, another from Natie about Evolve today. And just for info, but in an earlier post he also confirmed that our TTRO partnership also includes his other firm, Koneqt.

https://www.linkedin.com/posts/natierau_sovereignai-evolve-agenticai-share-7431663273156014080-elXt?utm_source=share&utm_medium=member_desktop&rcm=ACoAAEuI5eIBooawepY_Ubn_CKcFOzTXAaBN1HA

Some decent buys this morning - someone is confident.

And just as a reminder, but Mole owns 12.5% of 0M Tech, so stands to benefit to the tune of £250k if we exercise the CIQ option.

*lack of updates.

No problem Napalm.

Beyond conjecture I have no better understanding of what’s going on behind the scenes at the company than anyone else. But there are plenty of things here that, at least for me, are super encouraging.

1. Current price. Way too low given the potential in my book.

2. Current potential - more and more people are using AI to get what they want from the web, rather than visiting sites, which coupled with cookie restrictions makes web advertising less attractive. Equally people are moving in droves from linear to CTV and streaming. As Halley has often said, that makes CTV contextualised ad targeting a very hot market. And then you add in a new wave of agentic tools which massively increase scale and reduce friction and cost across the advertising buy chain, but for that to work you need standard protocols that allow all these agents to speak to each other in a common language. With CIQ and our involvement with AdCP, we really are at the Vanguard of all this. Then the conjecture, if we are working with Pubx then not only could we offer “market leading” contextualised targeting supported by Iris and Magnite, but we could provide a dynamic pricing solution that maximises revenue. That would be truly powerful.

3. The players. Always follow the money! Keith is the puppet master. He has significant value potential here, and has been steadily increasing his stake in Pubx (now owns c18% there, and is the second biggest holder after Mole). Equally, Halley isn’t in the game for fun - he wants a return, yet even now he’s fixing option incentives well above current price. For me the messaging is clear - they believe in what we have.

4. Yentra - again, this is targeting a highly lucrative space. Adopting AI using a very limited number of big cloud solutions cedes control and privacy to those providers, which could screw a business tied to them at the drop of a switch. It’s essentially the same supply chain problem we see with rare earths - it centralises power in a limited number of companies, a dangerous thing. Yentra is all about companies building and controlling their own sovereign AI solutions to match their needs and with cost control.

Of course there are unknowns and headwinds. We are told CIQ is market leading yet we have no sniff of commercial traction. That’s unnerving. Equally there is a real industry bun fight at the moment between AdCp and IAB Tech Lab, both of which are trying to shape new standardised protocols. I think of it as a bit like VHS v Betamax, for those that can remember. Both sides have big hitters, and it may be they can compliment each other. But we (and Pubx) have fallen squarely behind AdCP, which wouldn’t be great if it ends up being the Betamax in the argument.

Overall though, at this price, with this potential, and fully aligned as we are with the “players”, I’m pretty confident this could do very very well indeed, even though I’m just as frustrated by the general l

Can’t see there being any imminent raise at a discount to current price either. Would be daft for the Board to fix their own “incentive” option price just before a discounted raise!

So, if we do need cash soonish (likely) then it strikes me the Board are expecting to be able to raise at a much higher price, that cash needs can be met by an uptick in trading profits, or a combination of the two.

I’m very firmly of the view that more is going on here than we know.

But conjecture aside, the simple fact is these options are worthless unless price rises c55% from now and will cost Halley c£100k to exercise. His other 273m options are only in the money above 0.06, double current SP. His interests are squarely in line with ours, albeit I think it likely he also stands to benefit from holding a slice of Pubx, Yentra, and probably Athlos. But then my bet is that, at least indirectly, so will we.

And honestly, I’m actually encouraged by the marked increase in socials activity from Halley and Natie, coinciding as it has with when the CIQ option could be exercised and the recruitment activity.

Everything is pointing to something happening soon. But then we’ve been here before, haven’t we!

Well, now we know what RNS he’s spent time on. Options for himself.

Interesting piece from Natie this evening.

https://www.linkedin.com/posts/natierau_ai-sovereignai-enterpriseai-share-7430006616365699074-mrM2?utm_source=share&utm_medium=member_desktop&rcm=ACoAAEuI5eIBooawepY_Ubn_CKcFOzTXAaBN1HA

This is just confirmation of removal from an index. It has zero impact on Vast or us as far as I can see.