Member Info for Muck165

Perhaps. But the book swallowed it.

Interestingly, I was being offered 0.027 yesterday, but today it’s 0.0277. Might not seem much, but this is in the context of a book that, on the face of it, has more recent sell volume than buy volume.

And just as a bit of an aside, but sometimes you can glean things from who reacts to posts. So it really quite interesting to see that a chap called Colin Mcquade liked Halleys post today, because he’s the

Ex CTO of Yahoo Europe

Ex Managing Director of Sky TV and Digital Platforms

Ex CTO of AOL Europe

Ex MD, Head of Technology at Barclays International

Ex CTO of comparethemarket.com

Probably nothing, but he’s clearly a very big hitter and you do have to wonder why he’s even following DH.

And now one from Natie. The post itself is about why Sovereign AI is the future, but for me the interesting bit is the comment which very quickly followed from the top dog at the ESG institute.

“You are sooo right Ignatius... Many governance systems, reporting frameworks, and even business models were designed for a world of stable resources, predictable regulation, and linear supply chains. That world is fading. Climate risk, geopolitical shifts, and technology are forcing organisations to rethink how decisions are made, not just what decisions are made.

AI will certainly accelerate this shift, but the deeper question is cultural and strategic: are boards, executives, and institutions prepared to operate in systems that are more dynamic, uncertain, and interconnected than anything they were designed for?

At The ESG Institute, we see more and more organisations realising that resilience now depends on how quickly they can adapt their decision processes, not just their technologies.

Yes, the tools are changing fast… and the mindset and governance structures need to catch up just as quickly!“

We announced the collaboration with ESG in Sept. Maybe news is coming on that front. Remember Halley - “Yentra updates soon”.

https://www.linkedin.com/posts/natierau_ai-decisionmaking-datasovereignty-share-7429711045209784321-LWPA?utm_source=share&utm_medium=member_desktop&rcm=ACoAAEuI5eIBooawepY_Ubn_CKcFOzTXAaBN1HA

Another (quite strange) one from Halley this morning. Had to chuckle a little at his point 3. Interesting though to see him engaging on socials all of a sudden.

“18 months in as a public company CEO.

Here are 3 things I wish someone had told me:

1. Your calendar is a lie.

You'll plan strategic work. Then RNS announcements, investor calls, and compliance deadlines will eat 60% of your week. The CEO's real job is protecting the other 40% — that's where value gets created.

2. Small caps are lonely.

FTSE 250 CEOs have IR teams, advisory boards, and analyst coverage. AIM micro-caps? You're often the IR team, the strategy team, and the person fixing the website at midnight. The upside is you learn everything. The downside is you learn everything.

3. Transparency is a superpower.

Public markets punish surprises. I've found that overcommunicating — even when the news isn't perfect — builds more trust than polished silence ever could.

The biggest lesson? Being a CEO isn't about having answers. It's about making decisions with imperfect information and owning the outcome.

What's your biggest leadership lesson from the last year?”

https://www.linkedin.com/posts/david-halley-a1583520_18-months-in-as-a-public-company-ceo-here-share-7428940460154388480-4Utk?utm_source=share&utm_medium=member_desktop&rcm=ACoAAEuI5eIBooawepY_Ubn_CKcFOzTXAaBN1HA

And the admissions doc can’t be published until regulators are happy all disclosures are made, which from what I can see includes audited Gulf accounts, likely covering the last 3 years. Their filed accounts weren’t audited, so that means retrospective audits will be needed. Three hurdles there; 1) auditors need to be happy enough to sign them off; 2) regulators need to be satisfied with them; 3) time it takes to prepare them.

Halley just posted on LinkedIn. He doesn’t usually post, and less so about Yentra. Follows on from his tweet this week about “Yentra updates soon”, although “just launched” seems a stretch given it launched a while ago.

“ We just launched an AI consulting and engineering business.

Yentra.AI is our new venture — 51% owned by Gfinity, led by an incredible team under Ignatius Rautenbach.

The thesis is simple: the AI talent and data infrastructure we've built has applications far beyond our industry.

Companies across sectors are asking the same question: 'How do we deploy AI that actually works, not just AI that looks good in a pitch deck?'

Yentra.AI is our answer.

We're focused on sovereign AI solutions — helping organisations keep their data and IP under their control while leveraging cutting-edge models.

In a world where everyone's worried about their data training someone else's LLM, data sovereignty isn't a compliance box. It's a competitive moat.

Excited to share more as this grows.”

https://www.linkedin.com/posts/david-halley-a1583520_we-just-launched-an-ai-consulting-and-engineering-share-7428940159070461952-kAvg?utm_source=share&utm_medium=member_desktop&rcm=ACoAAEuI5eIBooawepY_Ubn_CKcFOzTXAaBN1HA

Just for awareness, but Upton also became a shareholder in Pubx last year, joining Halley and Keith.

Interesting to see the shift in market dynamics with major traditional agencies like WPP and Dentsu struggling as the market moves to AI.

https://www.campaignlive.com/article/dentsu-reports-record-loss-ahead-ceo-transition-suspends-dividends/1948415

https://www.theguardian.com/media/2026/feb/13/uk-ad-agencies-biggest-annual-exodus-of-staff-ai-threatens-industry

Out with the old and in with the new. Gfinity could be riding a wave here.

All conjecture, but I am staying put and adding at these prices.

Well, I think there’s been a wider plan since Halley came on board, and that the next six months will be pivotal in that plan before a host of warrants expire, including a slug of his.

It’s a very hot sector

Halley makes nothing unless it succeeds. He has fingers in all the pies.

Keith has fingers in all the pies. He’s the one weaving the web.

Mole has fingers in at least 2 pies, possibly 3.

I’m almost certain we’re building, or have built a vertically integrated tech stack with Pubx.

The year ends of 0M and Pubx have been aligned with Gfinity.

Pubx has been growing significantly, and is the #5 download analytics adapter on Prebid globally

Prebid has just taken over ownership of the AdCp AI sales agent, which both we and Pubx have been helping to build.

I am beginning to seriously wonder if an RTO with Pubx is on the cards.

Ok, so I was cheeky and replied to the tweet with

“ @thedavidhalley - noted for a long while the various strong links (shareholdings, directorships, social media interactions) between #gfin and http://Pubx.ai, both of which are all over agentic advertising at the moment. Collaborating??

DH didn’t reply, but he liked the tweet. Nothing concrete there, but for me that’s the strongest indication yet that Pubx and gfin/CIQ are working together. And if you haven’t seen it, Pubx are all over Agentic advertising at the moment with Mole posting about it, webcasting about it, recruiting for it, and even the Pubx site has very recently been refreshed to reflect it.

Yesterday DH was asked on Twitter if he intended to update the market. He replied;

“Sorry for radio silence, i brought in my own commercial people to Connected IQ in dec/jan. They are now starting to get traction. Digital Media continues on. Yentra - updates soon. Will do a market update when appropriate. Agentic processes in advertising will be huge - we have built signals and sales agents already”.

He’s not wrong. A simple search shows the real buzz surrounding Agentic marketing/advertising with new standards protocols like AdCP allowing AI agents at different points in the buy chain speak to each other in a common language. Everyone seems to be talking about it and, as he says, we’ve already built the signals and agents so we’re at the vanguard of the opportunity.

We just need to see the results.

https://x.com/TheDavidHalley/status/2021932100031545511

Just a couple of observations…

To hit a 31/3 longstop I’d imagine the latest GM date would be 30/3. To get that, the GM would have to be announced by 9 March.

Failing any late changes to its accounting periods, Gulf has to file its accounts by 31/3. So even if we don’t get an admission doc before then, we should be able to see the numbers. I’d imagine they’d be full audited accounts not just micro filings given the RTO requirements.

I’d add, Manaila has been on care and maintenance since December 2018, so for over 7 years the mine has not made use of the exploitation licence it was granted. Add into that that Sinarom is in a reorganisation plan itself and Vast, its parent, is in financial distress, and you really do have to wonder why the competent mining authority would grant the extension. They want the mine mined, not just to sit there idle ad infinitum.

Vast have said that “ in line with historical precedent the Group expects the licence to be extended shortly”. Maybe it will be. But I absolutely don’t think it’s a given and the longer we don’t get news on what Vast are saying is simple admin delay, the more I become concerned.

As stated in the accounts, Sinarom owes Vast over $13m. It doesn’t get the licence, that’s wiped from our BS. Ouch.

Yep.

Sinarom (Vast subsid) was granted the licence years ago. The final results, published 31 October, said;

“ The Company has submitted its application for the extension of Manaila exploitation licence prior to its expiry date of 29 October 2025. The extension has yet to be formally approved and in line with historical precedent the Group expects the licence to be extended shortly. The financial statements do not include any adjustment that would result if the Group were to not receive an extension to the licence. The carrying value of property, plant and equipment at 30 April 2025 in the Group’s consolidated financial statements was US$3.341 million (2024 – US$3.173 million).”

and

“ The financial statements do not include any adjustment to the Company’s intercompany loan to SMG that would result if SMG were to not receive an extension to the licence. The carrying value of loans to SMG at 30 April 2025 was US$13.387 million (2024 – US$13.233 million).”

Im not saying the licence hasn’t been renewed, or that it won’t be. All I’m saying is we’ve had no confirmation it has been, and I know from Romanian Court records that in 2025 Sinarom unsuccessfully tried to suspend a “notice” it had from the local mining authority, and is now appealing it on the merits. You don’t do that if the notice isn’t adverse.

The text you cite is, Im afraid, standard blurb that’s been used in plenty of RNS here, and doesn’t confirm the renewal.

So why not just sell them and repay the debt, rather than fart about month by month trying to get extensions?

Some observations…

What are we going to do for money for until 31 March?

Interesting that debt extension was agreed subject only to continued progress on the RTO. No mention of being subject to “continued progress on selling diamonds”. Seems really clear to me that the placing is where creditors think their money is coming from, not the diamonds.

Nothing in that RNS said the deal has been delayed to encompass the diamond sale. Indeed, it gave no update whatsoever on how those sales are coming.

This quarter we’re supposed to get the reorganisation plan Court approved for BP, and we still haven’t heard if the Manaila licence has been renewed. If either BP or Manaila fall over then the Vast balance sheet is going to take a massive hit as significant inter company loans get wiped.

We limp on for a few more weeks.

Timing of that RNS this morning is cute. No doubt in my mind they were waiting for the proxy votes to come in before any extensions could be agreed. Little doubt in my mind that at least r3solutions 8 and 9 will have passed.,

Well, FWIW I still very much think there’s a broader strategy at play behind the scenes here and I would not be at all surprised to get announcements concerning Pubx.ai in the future, perhaps even with them reversing in to us. The intertwined relationships are just too hard to ignore and we could easily be building towards an integrated media intelligence stack offering a performance advertising + engagement intelligence platform.

Well, the Explanatory Notes in the AGM Notice say the headroom being requested in Resolution 8 is “ principally to provide comfort to the Company’s creditors.” I do wonder how they might react if it’s not passed and, indeed, whether or not they’re decision to offer any more extensions is linked to the vote result.

I’d be very surprised if we don’t get the AGM voting results on Thursday afternoon, or Friday at the latest.

We can’t hit the Longstop - all we need to know is whether it’s been extended and, if so, until when. Sounds easy enough, so why haven’t they told us. Same with the debt extension.

Absent any announcement you have to assume no extensions have been agreed, or at best negotiations are ongoing. But in truth, if all parties were happy to extend then you wouldn’t expect those to go on for as long as they seem to be.