Member Info for Muck165

Set up in March

https://find-and-update.company-information.service.gov.uk/company/16348449

For info

https://yentra.ai/#

Cheers Teraferma. I asked that exact question at the last IMC meeting, but was told they would not divulge.

Harrods’ this time - https://www.bbc.co.uk/news/articles/c62x4zxe418o

Following on from Co-op and M&S

You’ve got a pretty good record reading the book/charts here Terferma , so what’s your take?

AP said in the interview that the stones were sorted a number of times with the. MMCZ, and that a value was arrived at for export purposes. So he has a fair idea of value.

He also said he is of the strong belief value would be enough to pay the Alpha and Mercuria.debts, and then some. That view must have been informed to some extent by the agreed export value.

By my reckoning we owe them around $10.5m

So for AP to have said what he has, it seems to me that (having now seen and sorted the parcel for export value purposes) he must think the gross value is at least somewhere around the $14m mark (to allow for the 20% or so of costs)

That seems to me to be the best starting point given what we’ve been told. Of course he has also said decisions need to be made about how best to prepare and sell the stones to maximise value, so we could be looking at more.

Tennyson, the other broker, gave this view at the beginning of the month

In a market update this morning, UK-listed cybersecurity specialist, Narf Industries plc (NARF LN) said it was “accelerating strategic growth” by leveraging advancements in Agentic AI and LLM infrastructure which allow the company to integrate AI and its Social Cyber solution “far faster and at less cost than originally projected and without reliance on outside partner investments”. As a result, management said that the company was in a position to launch its Social Cyber product “this summer”, which will provide the foundation for building a scalable SaaS-based Software Supply Chain Security platform that targets the growing threat of compromised open-source software (OSS). The faster than expected progress on commercialisation and AI integration also means the company’s go-to-market strategy is now shifting towards cybersecurity partners with direct market access. The launch of this commercial product is anchored in the research work the company has done for Defense Advanced Research Project Agency (DARPA) on its Social Cyber program, which now totals almost US$4 million of funding and which is scheduled to complete the final phase of development in June 2025, culminating in the delivery of a solution “ready for release and broader deployment across both government and commercial markets”. The company’s DARPA-funded research has been shown to be uniquely effective in countering a new generation of cyber threats to the global OSS supply chain, such as the high-profile “backdoor” attack through the XZ Utils application running on the Linux kernel. We continue to expect the company’s commercialisation initiatives to lead to a material contribution from SaaS revenues over the next three years.

I’ve now had a look and can see they have terminated coverage. They say it is “due to a re-allocation of our analyst resources.”

Thanks for sharing Hunky - can I ask how you became aware of this?

It does seem odd given that only a month ago they were saying the 6.8m contract served as strong validation of Narf capabilities. From what I can see there might be a host of reasons why they might do it, including potential involvement in M&A activity. What’s your view?

For me the point isn't whether we're involved, or even work with energy agencies.

The point is that events like this (assuming it is caused by a cyber attack), focus the mind on how utterly reliant society is on tech and what can happen if it goes wrong. If anything we are becoming more reliant on tech / AI.

Take self driving cars - just imagine if they could be hacked.

As I understand it, Social Cyber is effectively an AI agent imbued with the expertise of our staff and embedded in systems through the development cycle, such that it can identify and patch risks in real time, 24/7.

In some respects its really similar to Darktrace. Have a look at that if you want to see the potential in this space!

Looks like Cyber is a really possibility....

https://breakingthenews.net/Article/Spain-probing-possible-cyberattack-amid-blackout/63992149

Just some observations but from what I have read

Early Marange recoveries did yield a higher percentage of gem quality stones, and so the 27% AP cites does not sound unreasonable to me.

If I recall, the stones in the parcel weren't just stones ACR recovered itself, but also stones we bought from the locals. I can't imagine we would buy industrial.

I am not one prone to believing AP given his history. But funnily I do believe what he has said about the parcel(s).

What they might be worth is anyone's guess, but AP would be stupid to suggest its enough to cover all debt and then some unless that were the case.

Only question for me right now is whether Vast need cash badly enough to be unable to wait for the auction sale.

Me neither

I see Spain is suffering from a nationwide power outage. If the cause was infrastructure it would surely be easy to identify. So is it a cyber attack? Would highlight security firms if it is.....

https://www.bbc.co.uk/news/live/c9wpq8xrvd9t

Monster trade for nearly 150m shares printed at 0.5275,. I'm guessing that was a sell from yesterday and what contributed to the SP being held back? Jones selling? Whatever, I thought it was an encouraging vid from AP today.

Currently our main work is coming from US Advanced Research Project Agencies. As far as I can see there are just 4.

DARPA (Defence) - 2024 budget of $4.122 bn. Trump requested budget for 2025 - $4.369bn.

ARPA-H (Health) - 2024 budget of $2.5bn (up from $1.5bn in 2023)

ARPA - E (Energy) - 2024 budget of $475m

IARPA (Intelligence) 2024 budget of 500m.

Now, these budgets cover a whole host of things beyond cyber security. But nevertheless, they show we are playing in a pool swimming with about $8bn of cash, run by an Administration committed to protecting US citizens from all sorts of threats.

And of course that’s just the US. We will soon also be launching Social Cyber, a purely commercial social engineering security solution and for that we are engaging with top tier strategic partners of which news could come any time.

They are as rare as hens teeth - and valuable.

Worth remembering the options plan put in place in 2023 to help retain them.

Exercise price of 1p (double where we are now)

At least 50% dependent on targeted revenue uplifts for 23 + 24. The 24 targets weren’t met, so the options didn’t vest.

Fully vested, all options/warrants would represent 25% of current share issue.

So, the staff have plenty of incentive to increase revenue (and so get the options) and to at least double the SP (to make them worth something).

Don’t see any issue at all. Consolidation - why? Buyout, possibly, but only to our advantage.

I’ve thought about where the value is here, and it is without doubt in our people and their expertise.

But that expertise is now being codified into product - Cyber Security. That solidifies value in the company, not just its people.

For me, this is by far and away the best tech/ai opportunity on AIM.

Don’t know!

AI stocks have gotten a lot of attention recently with some astonishing price movement, but Narf seems the best bet to me.

It already has a product, not just the idea of one

It has a c2 year tech advantage on competitors

It’s IP is effectively govt funded.

It’s in a highly niche but critical area

Cyber threats to government and corporates are real and rising.

The CEO has put his money where his mouth is.

No silly warrants or options or debt

Current level of awards are “minuscule” when compared to the market (according to the last accounts), so plenty of scope to grow.

Clear expertise and reputation

I could go on….

Just been looking through the accounts here.

As an observation, it looks to me that we employ around 16/17 people, but their AVERAGE salary is somewhere between $175k - $200k each. That seems pretty high to me, and perhaps points to the level of talent we have. “Codifying” that brain power/expertise into a AI drivencommercial software solution seems pretty valuable to me.

I see from the last two sets of accounts that after Bassi, our second largest shareholder is Banque Heritage (holding nearly 10%), but they don’t appear as a major shareholder on the Narf site, and I can’t see any TR1’s relating to them. Does anyone here know why they appear in the accounts but nowhere else?

I’m no Chartist but we do seem to have strong support at 0.4 and continue to remain above a rising 50DMA, a bullish signal. That said the largish late reported trade yesterday, which looks like a sell, is a bit disconcerting.

Overall we seem to be range trading until news. But we are a “priesthood” of nerds which I think needs a partner to properly commercialise social cyber. If we are to do that by the summer, details of a JV could come any time.