Member Info for Muck165

Perhaps a small thing, but I notice that Iris.tv has updated the partners section on its site to include us.

https://www.iris.tv/our-partners/

We weren’t on there when I last checked, a few weeks ago I think.

As I’ve said previously, being an Iris partner means they, as well as us, are selling CIQ services, and embeds us into a platform that’s already trusted by, and provides all KPI’s for, its customers.

It also positions us alongside THE major players in the space - just look at the other partners.

I asked AI how easy it is to be accepted for Iris integration, and how big a deal it is for CIQ - this is what it said;

“Because of the way the IRIS_ID works, only a select group of partners are allowed to supply contextual, brand-safety, and video-intelligence data into the ecosystem. These partners’ data becomes available to DSPs, SSPs, publishers, and advertisers. To become a data partner, a company typically needs to:

1) Provide unique or high-quality video-level data signals

– IRIS.TV already works with industry leaders like GumGum, Comscore, and Silverpush.

– A new partner must bring distinct, accurate, or higher-fidelity video intelligence.

2) Meet technical & compliance requirements

– Ability to process video files and return signals at scale

– Consistent taxonomies (IAB content categories, brand safety/suitability levels, etc.)

– Low error rates and high coverage

3) Integrate into the IRIS_ID infrastructure

– Partners need to align their metadata or contextual signals to the universal video ID system.

– This usually requires engineering resources and ongoing data validation.

4) Satisfy privacy, security, and reliability standards

IRIS.TV is used in major broadcast and CTV environments, so partners must meet enterprise-grade requirements.

Conclusion: It is not “easy” to become an IRIS.TV data partner. Approval requires technical depth, high data quality, and demonstrable value.”

So, we’ve been told CIQ is a quality offering, but the Irish integration validates that.

And on how big a deal it is for us, AI said..

“ A startup becoming an IRIS.TV data partner is roughly equivalent to a startup being accepted into an elite interoperability layer or exchange in the industry. It’s a sign that they have serious technical capability,

meet quality standards, and are producing differentiated data IRIS.TV believes buyers will actually use.”

I think the value of this integration is lost on the market. Apart from anything else, it means Irish think we offer a quality and differentiated service that allows us to compete with much much bigger players.

Apologies for the long post!!

Perhaps not Disco - but if we’ve received it and then paid creditors, as I think we should have done, then I would have expected that repayment to have been announced, just like they have in the past.

And on the money front I’d welcome people’s views.

We can’t raise below nominal. But if the SP spiked allowing a raise, then does the current authority granted at the last AGM even remain valid or has it lapsed?

That authority said it would expire at the conclusion of the next AGM. We haven’t had an AGM since, so on one reading the authority won’t have lapsed. But we should have had another AGM, by law, by 31/10 (as forfeiter kindly pointed out), and so on another reading the authority lapsed on 1 Nov. If that weren’t the case then Directors could retain authorities simply by not holding AGM’s.

It’s notable here, I think, that the last raise was done just before 31/10.

@asi - you will I’m sure know more than me on this, but my understanding is that “cleavage stones” aren’t “cleavage waste” resulting from the cutting of other stones, but rather stones that have natural internal planes of weakness, often containing imperfections, inclusions, or shapes that make direct sawing or laser cutting inefficient.

So, at least in my view, the 695.5 carats we had at tender were, as the RNS said, cleavage stones and not cleavage waste.

As I say, I do think it likely AP intends some of the stones to be cut and polished, and that says to me they might hold real value potential. But the £2.7m raise only referred to primary beneficiation, and the last raise said nothing about using proceeds for further beneficiation. So if he’s going to do it, where is the money coming from?

Sure, we just realised $1.09m, but we’ve not even had confirmation of receipt and, let’s face it, that money is supposed to be used to pay down debt.

And even if we are to cut and polish, any proceeds are I think some way a way ygiven we have to go through that process and then find buyers.

Well, I’m kind of with you @JurysOut., although still a bit confused.

On the one hand AP has only ever talked (in interviews and RNS) about primary beneficiation (cleaning, sorting etc), not secondary beneficiation (cutting/polishing). Indeed, even the RNS being cited only talks about a cleaning process, and in the July interview AP repeatedly talks about primary beneficiation. Additionally, if we have been cutting and polishing then my bet is that the parcel would have reduced by more than just “~2% boiling loss”, but we’ve been given no indication of that yet.

On the other hand though, there are the published pictures of some cut diamonds, and comment from AP right at the end of the July interview about who to work with on further beneficiation. Additionally, there is strong suggestion that those stones not tendered would improve in value through more work.

So for me, everything currently points to the likelihood that Vast a looking to get at least some of the remaining stones cut and polished - how far down that road we are I don’t know. Certainly no RNS about it.

But if that’s the case then I doubt we’d be selling cut and polished stones in tender auctions. So the whole process would take time and money, both of which are in pretty short supply.

I think the RNS are Spreadex is interesting…

They are a spread betting company.

As I understand it, companies like this hedge client exposure to avoid taking directional risk. So If it’s clients are long, Spreadex is naturally short (because they take the other side of the bet).

To neutralise that short exposure, Spreadex will buy real shares, giving them a long hedge.

So to me this new disclosed long position by Spreadex strongly implies its own clients are going long and they are looking to hedge their own natural short exposure.

I’ve had a few more today.

Sorry - on that basis I suppose so.

But it’s a stretch I think.

I’d say South African means from South Africa (the country).

You’re right. Significantly improved since I looked earlier this morning. Guess the lesson is just not to look at it so frequently.

Well, at the moment SN127 is earning 0% of the daily TAO emissions generated by the network. That’s terrible and concerning, with automatic de-registration becoming more of a distinct possibility unless things quickly improve. This is what Savant has to say;

“Astrid subnet (127) is definitely at risk of deregistration. Looking at the data, it's in a very precarious position.

The subnet is currently trading at just 0.0059 TAO per alpha token, which is down 51.6% over the past week. With the network limited to 128 subnets and new subnets waiting to register, the automated deregistration process would target the subnet with the lowest EMA (Exponential Moving Average) price among non-immune subnets.

Since Astrid has no immunity period protection (it would need to be registered for 4 months to get that), and with its price having collapsed so dramatically, it's exactly the type of underperforming subnet that the deregistration mechanism was designed to remove. The fact that it's earning 0% of emissions while consuming network resources makes it a prime candidate for removal when subnet slots are full.

The deregistration system activates whenever someone tries to register a new subnet and all 128 slots are occupied - it automatically prunes the lowest-value subnet to make room.”

Of course, and for balance, there may also be a few beauties in what’s left that attract significant value when cut.

Who knows. Well Vast certainly do, they just don’t tell us.

I’m working on the following…

The total parcel was 135,139.47

~2% of that is lost through boiling, reducing it to 132,436.68 carats.

We’ve sold 123,928.8 carats, leaving around 8,507 carats.

We are told they are “Gem Quality”. But we’ve already sold some “gem quality” for pittance. I’m assuming, though, that what remains is better than that - how much better is the question.

But then we get to the repeated cut and polishing references I see on here. I may be wrong (apologies if so) but I don’t recall anything from the company saying they are cutting and polishing? Certainly you might expect values to increase if that happens, but you would also expect to see significant carat loss I think. And if they are cutting and polishing then that will take time and money - the hoped for increase in value would need to offset the carat loss and those costs.

As we all know, and as Vast have clarified, there are not 135,139.47 carats left to be sold

There is no 31/10 deadline for the AGM - fully agree. Apologies, I wasn’t intending to legitimise scaremongering, just to say what I think the AGM requirements are.

Getting notice of the AGM is one imminent thing we should expect, and it will be interesting to see what business is proposed. Just to note that the last time we consolidated it was expressly to give comfort to creditors that we could raise if needed, and it may be the same is needed now to achieve an extension beyond 31/12. That would be particularly so, I think, if we haven’t paid them the $1.09m (no RNS in that respect yet - why not?).

To my mind at least, if the AGM doesn’t propose a consolidation then creditors, with their inside knowledge, likely feel comforted that the balance remaining to be sold is enough to cover what they’re owed within a reasonable timeframe. If a consolidation is proposed however, then it will likely be because creditors have insisted on it in order to grant a further extension, or because they don’t have confidence in what remains to be sold.

Not scaremongering - just my honest views.

And that would mean an AGM sometime between Xmas and new year! It’s almost like they don’t want people to attend…

It’s a fair question.

The articles stipulate that an AGM is held every year. So we’ve got to have one.

We haven’t had notice of one yet. I think the Companies Act requires 21 days clear notice unless the Articles provide for less (ours don’t).

So, given there’s not much time left this year, we should get a Notice of AGM RNS in the first half of next week I think.

I agree re market disclosures.

In note 14 to the accounts, published 31/10, Vast said; “Due to the unique nature of the parcel, and the absence of comparable recent transactions, it is currently not possible to reliably determine its replacement cost or fair value.”

That feels dubious to me.

For my money Vast likely had a good understanding of the diamond value (or at least those going to tender) by 21 October, when they announced the tender. By then I would have thought the tender house would have reviewed the stones, put them into lots, and set reserves. Indeed, after the sale Vast said values achieved were in line with expectations. This is possibly also the case for the untendered stones.

I’m not an accountant or an expert in the tender process, but if Vast did (as I strongly suspect) have a reasonably reliable expectation of value before the accounts were published, then should that value have been disclosed in the accounts (caveated as necessary)?

If they should have done, then why didn’t they.

Any thoughts on why SN27 is taking an absolute caning today? Price down 31.7% as I write

True. Strangely I’m normally a half glass full person, but unfortunately it’s difficult at Vast given the litany of seemingly promising RNS AP has put out over the years which have turned out to be far less than they seemed.

Any sentence which begins “AP said” should be taken with a massive pinch of salt in my view.

It is…

By my reckoning, AP has raised £14.2m since Feb 2023 when we were first told the Court had ordered the diamond release. That’s GBP. It would be $18-19m if it was USD, the same currency as diamond proceeds.

And then add in the increase in secured debt and you’re looking at closer to $20m.

And then add in the warrant exercise proceeds

And what do we have to show for it?

- Known diamond proceeds of just over $1m

- Anticipated proceeds of hopefully around $10m, but no guarantees there. Could be more, could be less.

- Mines that aren’t operating

- A Swiss investor…..really?

- Relationships in Taj that we hope might bear fruit. Potentially lucrative but nothing concrete yet really.

- AP made sure he got back the money he lent the company tout suite, and on the quiet.

- AP personally became a significant shareholder in Gulf (c20% if I recall). So he benefits far more from the Aprelevka tie up than Vast does.

Even if we do get $10m for the remains diamonds, it’s cost Vast shareholders more to get to that point and leaves us with a company that’s doing pretty much bugger all bar bleed cash.