Member Info for Muck165

That's my understanding....

If the GM is called Monday then it should be accompanied by the AD, and much will become a lot clearer.

If its not called Monday then the condition attaching to the last longstop extension deadline will not have been satisfied . So we should get something by close Monday either calling the GM and giving the AD, of confirming another longstop extension.

If there is another extension then I think the regulators will be looking far more closely at how realistic and close the RTO actually is. If they're happy then I suspect they'll allow suspension to continue. If they're not, well that would be de-listing.

So Monday is a key date for me.

What are you thinking?

Which is why I say it may well be nothing Napalm - could be any number of reasons for it.

But its interesting nonetheless because of the timing and because it would undoubtedly explain DH silence in the face of growing antagonism towards him. I've been badgering him for news across multiple channels, as I know a number of other large investors have, and yet he remains tight lipped.

Its just an observation and pure conjecture on my part. Nobody should take it as gospel!!

Another observation.

For the first time in its history Pubx changed its registered address from a Cotswolds village to the City on Weds.

May well be nothing.

BUT - with RK heavy in Pubx, 0M and Gfin, Mole the CEO of Pubx, 12.5% in 0M, and Halley CEO and heavy option holder in Gfin and invested in Pubx, the whole thing has felt like a pseudo group for a long while.

Pubx are private. They are backed by VC. VC always look for an exit after a few years, which is difficult with a private company.

Often wondered whether the pseudo nature of the group might be formalised in some way. This really is conjecture, but it would help explain the addrfess change and most certainly explain the persistent silence of DH given any transaction would absolutely be heavily confidential.

Keep an eye out for this interview with Mole dropping.

Might be nothing but might be revealing. Sure to come pre Cannes.

Thought the comment from the host was interesting

“Great to see you Andrew Mole. Cracking chat. You’re transforming the industry at PubX and we’re loving being part of the journey!”

Transforming the industry - powerful statement!

Been saying for a while that Pubx, an AI native company, is right at the frontier of transformational change in the AdTech world that’s been likened to the advent of programmatic, or even the open web itself.

https://www.linkedin.com/posts/christopher-pettit-b6598941_pubcast-agenticadvertising-ai-ugcPost-7469398435406856192-GFRg?utm_source=share&utm_medium=member_desktop&rcm=ACoAAEuI5eIBooawepY_Ubn_CKcFOzTXAaBN1HA

Thing is, I don't think continued suspension can go on forever without AIM regulation being very comfortable that everything is expected to go through in a much tighter timeframe. And they will be looking at it very closely now I think given the 6 months suspension is looming.

I think there is a notable thing in the post, which is that Harry says he is looking forward to meeting up with current demand and supply partners.

IN adtech, demand partners are agencies, buyers, and supply partners are publishers, content producers

So, one produces the content we enrich with CIQ contextual intelligence, and the other buys that enriched content.

Its clear CIQ has both in play.

I’ve tried DH and left a message. Not hopeful of a reply though - seems very keen to keep a lid on things.

I see CIQ is attending Cannes

https://www.linkedin.com/posts/harrycharalambous86_canneslions2026-ctv-programmatic-share-7470704505249247233-p80_/?utm_source=share&utm_medium=member_desktop&rcm=ACoAAEuI5eIBooawepY_Ubn_CKcFOzTXAaBN1HA

Then I’ll give it a go - thanks!

I’ve mentioned how Feb seemed to be a pivotal month for both CIQ and Pubx

Of course, that was also the same month DH awarded himself significant options, out of the blue not part of a routine cycle, exercisable at ~50% premium to the price at the time.

Maybe I’ll do just that Pompal.

Honestly, kind of figured that number was a “burner” otherwise he’d be open to calls every other day from disgruntled shareholders!

God, its so frustrating to be kept in an information vacuum, more so when you can see our CEO happily tweeting today about the state of UK schooling and other such like, and even more so when we know for a fact that there is so much he could be telling the market.

Doesn't change my view of the fundamentals or staggering opportunity here.

But I I do have to keep reminding myself of the little things.

Like DH hasn't been paid for nearly 3 years, taking options instead.

Or that the last set were granted in Feb at about a 50% premium to the prevailing SP.

Or that Feb seems to have been a pivotal month all round, with hiring at CIQ, heavy hiring starting at Pubx, site overhauls for both.

Lets face it, the Pubx marketplace will have had to have been built out and beta tested before Pubx would even have pasted it all over their new site. That will have involved pilots, tests, tweaking, the works, all probably during 2025 which, funnily enough, was exactly the same period over which DG was telling is about tests and pilots.

Would kind of make sense, wouldn't it, all those pilots and tests didn't just relate to CIQ, but to Pubx as well, culminating in Feb with a tested marketplace, embedding CIQ, and all the activity that followed.

The one I am not at all happy with is CIQ. To me, that one really doesn't look great.

Happy to Hightower - personally I think it looks very professional, makes crystal clear what it does, and I'm totally happy with it!

I suppose its just personal preference.

I'm pretty confident in everything I've said below, but if you want some conjecture then think on this.

The Pubx marketplace is entirely built around AI and agents.

If it is using LLM's to power everything then its token costs are going to shoot up over time. Equally, it will be totally reliant on the LLM coding so any changes that coding could severely impact its business. Finally, a large part of its messaging is Trust, and Trust in wholly AI driven operations comes with guardrails and accountability.

Those are precisely the issues that Yentra deals with.

So, its possible I think that Yentra could in some way be involved behind the scenes with Pubx AI architecture. It would explain why Gfinity got 51% of Yentra when in reality it would appear it is doing very little for it compared to Techohara and Natie.

But that is pure conjecture without any evidential basis!!

For anyone new looking in, this is why we keep talking about Pubx

Robert Keith is the largest shareholder in Gfinity, largely through his Charles Street vehicle.

He bought 100% of 0M Technologies, the company that owns the CIQ IP, in March 2024.

A week later he appointed Andrew Mole, the founder and CEO of Pubx, to be the sole 0M Director. And that remains the case.

In November 24 Gfinity first announced it had signed an MOU with 0M regarding CIQ. Negotiation in that respect would have been been ongoing in the weeks/months before that.

On 31 January 2025 Mole received 12.5% of 0M stock, and just days later Gfinity formally acquired the CIQ licence and option.

At some time during 2024 RK bought a slug of Pubx. He then increased his holding in 2025 and now owns 17%. He is the second largest shareholder after Mole.

During this period DH also acquired a significant Pubx holding. Later, Upton also joined its share register.

The point is this - there are very heavy cross investment and oversight relations between Pubx,Gfin and 0M (CIQ), and those started well over 2 years ago, and RK, being heavily invested in all parties is the one pulling the strings.

There has never been a formal announcement confirming any partnership between Pubx and CIQ. But earlier this year Mole let it slip in a podcast, and now both he and David Halley have (this week) both associated themselves for the first time, and at the same time, with the CIQ linkedin page. That looks coordinated to me.

As per my previous, Pubx was already an established and respected player in the dynamic pricing space, but in Feb did a major pivot and "soft launched" its new fully agentic marketplace. In essence, that is a suite of AI agents on both the sell side and buy side that can autonomously curate, price and then execute a campaign brief. It is right at the frontier of where adtech is moving, and moving very heavily.

Like a human, AI agents are capable of making decisions. But if you ask either "should I take the left path or the right path", both will require information/intelligence about what lies down each path. Without that the agents are just decision making machinery, not decision makers.

That is where CIQ comes in. It provides the intelligence layer for CTV targeting. Sure, there are providers of other intelligence signals that I think will also be involved with Pubx, but given the history and personal involvements across all companies involved, my bet is that CIQ is embedded into the Pubx marketplace and is key to it working in the CTV space.

So when you look at how quickly Pubx is growing and the truly exceptional space they have pivoted to, the opportunity for CIQ becomes mouthwatering.

The CIQ/Pubs relationship will be disclosed, IMO, when RK wants it to be and likely when Pubx have full first campaign performance numbers.

They launched in Feb. So that will be close. And Cannes is coming up.

Fireworks are on the

Pubx used to offer a dynamic pricing offering to maximise revenue for publishers. That was their space, and they were well recognised as a leader in it.

But in Feb they overhauled their website to detail a new fully autonomous agentic campaign offering. That is a major pivot targeting a frontier space, yet it came without fanfare and the only other public thing you'll see from the about is a small blog on their site.

But since then they have been recruiting like crazy, and still are. In fact, 25% of all staff associated with Pubx on linkedin joined them since Feb including North American Presidents and EVP's, MD's for commercial demand, Senior Product Managers, Senior Engineers, Senior Data Scientists.

So they have massively expanded their staff base in very senior roles. That's costly. That shows belief. And my own view much of that may well have been funded by Robert Keith given a loan appearing on the last accounts - remember he has built his stake to 17% of that business.

We know we are partnered with Pubx. I've been saying it for well over a year now and so it was good to see Mole confirm it recently in an interview and now DH and Mole appearing like a couple om the CIQ site. But I think we are more than just partnered with them, - I think we are integral to their offering.

You don't do a major pivot without planning to tell the world. But that story is best sold with actual campaign results. That's what I think Pubx has been doing over the last 4 months and I think they are planning to announce in the next week or so, Pre Cannes. That will be the fanfare, and that will be when we get announcements here.

Its just my view. But alongside all of the other routes to market CIQ has fostered I am utterly convinced, as I have been for a long while, that we are part of a much bigger picture with Pubx, and given their hiring and the space theyre targeting, they could be huge.

And to cap it, they are backed by VC. They will want a capital event. It would not surprise me in the slightest if somehow we and Pubx came together ether through an acquisition or RTO to provide that liquidity, particularly given the heavy interconnections between Keith, Halley, and Mole, both at a cross investment and Directorial level.

All just my views. But I think anyone selling now is bonkers.

Auction started. Buyer back in wanting 2.5m at 1.45

I reckon the Court has reserved judgment. Unlikely to see anything today, and may not for a few more days , or possibly weeks. If that is the case, it would be nice to know from the Company.

Agreed. The most obvious answer is an ownership restructuring in readiness for RTO completion, for whatever reason. And there are any number of reasons that could be I think.

And there you have it - a large bidder came into the auction at 1.45