Member Info for Muck165

IMO, if we are to hit an agreed longstop then the latest date for the GM would be the day before. And that's tight (and this year I think 4/5 is a bank holiday anyway).

Whatever, 14 days clear notice is required and so we cannot now have the GM before the current longstop on 5 May (assuming Vast rely on RNS as the notice mechanism, which I am sure they will). So another deadline missed.

We may still get the AD in April, but I think it more likely that next news will be on the 5/5 with more excuses for the delay and lack of diamond sales, a new longstop, and hopefully confirmation of debt extension.

Or we may just get told the deal is dead. That doesn't bear thinking about because I cannot see how Vast can survive . The RTO is the last hurrah.

"Good"! Its bloody marvelous!

There is a huge bidder for stock in the market willing to take at least 5.5% of the company.

https://x.com/TeletubbyOnX/status/2046516543857545377

Difficult to buy at the moment but can sell significant volume…

By Feb 2025 DH had already sold Athlos and significantly streamlined and scaled down the GDM business. The focus was entirely CIQ - that’s what the raise was for, and that was what Peyman invested for.

He’s not a stupid guy, so the very fact he invested almost half the amount raised itself indicates the potential he saw in the tech, even then.

Where it gets a little more intriguing is whether there might have been another reason he invested, linked to his other interests in media, focussed on Mexico, and with an eye on an event hosted in Mexico and set to spike demand for both CIQ and those other interests.

Who knows - that’s the bit that’s conjecture.

TBH Napalm, it’s the Peyman connection that may be a stretch, albeit not outside the realms of possibility.

What is absolutely certain though is that the World Cup will create a significant spike in CTV ad spend, and by the looks of everything CIQ will be launching straight into it.

Yep. Looks like another Longstop missed.

Wonder how creative AP will be this time when/if he tells us why!

Thing is, the only thing that's going to affect price now is the AD and Placing Terms, so he doesn't need to give us fluff.

For once, the truth would be nice.

Feb 25!

And just for reference....

Outside of DH, we issued £392m shares when raising in Feb 05. That raise came with 1:1 warrants at 0.09 but with the freebies if exercised at 0.12.

Farzad Peyman took 160m of those shares, or about 40%.

So I am just going to throw this out there. Its pure conjecture and hypothetical, without any evidence. But its interesting nonetheless I think.

The World Cup is set to significantly increase CTV ad demand. That must be good for CIQ whatever.

But I think real value would come from any targeting signal company that can match media content with live match events in real time.

Currently I can't see evidence that CIQ does that. It hasn't said either way, although it has said it is always working on enriching signals. But I certainly think it has the structure and engineering ability to do it. But for it to do it, it would need some kind of live feed match data.

Farzad Peyman is the third largest shareholder in Gfinity. He's a NED and major shareholder in GANA, previously Mobile Streams, as well as the CEO of NYCE International. GANA recently established a content and distribution collaboration with a Mexican football league designed to expand the league's media presence and deepen fan engagement across digital and broadcast channels. So it strikes me that Farzad may well have ready access to live data through this, or through the live sports gambling contacts he has. And, of course, the WC is co hosted in Mexico.

As I say, its all blue sky conjecture and probably a rabbit hole. But for Farzad to even invest in Gfin was interesting, as was the fact that a few moths ago Connected IQ, which very rarely posts on linkedin, put out this referencing poor context in a live sports event.

https://www.linkedin.com/posts/connected-iq_fans-blast-itv-for-showing-mid-match-adverts-activity-7425513273862672384-LoQ7?utm_source=share&utm_medium=member_desktop&rcm=ACoAAEuI5eIBooawepY_Ubn_CKcFOzTXAaBN1HA

Thought it was a bit odd at the time....but maybe not.

The point is simple.

DH said buying the option is important. He also said he’s been looking at buying other businesses

But he cannot realistically do either unless the SP rises substantially from here

And I didn’t see anything but calm confidence when he spoke about it.

Well the first slug of warrants, exercisable at 0.09, lapse in August.

And they’re the important ones, because if they’re exercised after a 5 day sustained VWAP of 0.12 then free warrants exercisable at 0.2 are granted.

So if warrants is the plan, DH has until August to get us to a level warrant holders would be happy to exercise at.

We’ve done all the building out. We are apparently in demand, had umpteen discussions, pilots and tests. Commercial news on that basis alone must be imminent, but more so if the warrants are to come into play.

And just a few other points before I give it a rest!

DH was appointed in August 2023. He has not been paid since. His incentive wholly aligns with ours.

In that time DH has transformed GFIN into a lean operating machine. It has extremely low burn, plenty of cash, and its only real remaining operating business (GDM) is, we were told in the podcast, profitable and growing at 20% a month.#

So anything that comes from CIQ, Yentra and beyond will be building on extremely solid foundations and driven by a hugely competent and experienced CEO. And as I say, I think that will be significant and high margin.

We had the dot.com boom and the advent of the internet.

That gave rise to a foundational and fundamental change in advertising method.

But now we are living in an AI privacy first cookieless world. More and more people are searching using AI, rather than browsing the web or visiting sites. The open web is dying as an advertising platform.

So we move on to the next foundational and fundamental shift - CTV - by far and away the strongest growing ad market there is.

But just like agencies needed cookies to target web advertising, they need targeting for CTV. That comes from signals, including (and perhaps most importantly) contextual signals.

That is CIQ.

But the CTV market is fragmented with different labelling protocols and process. That is what AdCp is trying to standardise, supported by major players in the game and joined by CIQ and PubX. Why is that important - because it facilitates agentic, autonomous curation and execution of campaign briefs, solutions, prices and deals.

That is what Pubx, with their new market place is doing. And for my money, CIQ is integral to that marketplace, notably providing signal intelligence to enable proper pricing of content.

The CTV ad market last year was $35bn and estimated to grow by nearly 15% CAGR. Just try and think about the infinitesimally small part of that market that CIQ would need to touch, through all of its routes to market (Pubmatic, Magnite, Direct User Interface, Pubx), its huge content inventory from Iris, and given its attractive low cost, to hit just £1m of revenue each year.

And then tell me that sub £3m MCAP is reasonable.

And then just remember that CIQ is just the first stone in the vertically integrated AI low cost high margin group that DH has a vision for, and for which he has already built our the AI infrastructure.

Again, this all wholly ignores the massive potential in Yentra.

I checked the warrant poisition.

We issued 3 sets during 2025.

If all three sets, along with the incentive warrants that came with the Feb raise, we exercised, the total raised would be £1.6-£1.7m

But for that to happen the incentive warrants would need to come into play at 0.2. I certainly don't think thats beyond the realms of possibility.

£1.6-£1.7m gets us an awfully long way to the £2m exercise price.

Sorry, I should of course add in something else here - the warrants.

There are 416m warrants exercisable at 0.09 but their real value comes if they are exercised after a sustained 0,12, because thats when warrant holders become entitled to free warrants. That in itself would bring in c£350k.

But then there is another slug of 215,000 exercisable at 0.15 expiring at the end of the year, and another c190,000 exercisable at 0.095.

These warrants were all granted to those participating in Company Arranged Subscriptions, ie insiders. DH has already talked about getting them in play, and personally I think thats been part of the plan all along.

All in those warrants, if exercised, would get us a fair way to the £2m.

FTM -- Agree!

VIK - Two ways, profit or a raise. But lets put that into some context.

The DH vision for Gfinity is crystal clear - for it to become a vertically integrated AI holding company. He has already told us he has built the AI engine and is comfortable he could slot 50 businesses into it, strip their operational cost almost entirely, and run those businesses off our AI stack with just 2-3 people.

But to buy any more businesses he needs capital. The strategy is simple - buy a business, build it out, generate revenue to buy the next ending up with a suite of operations run at high margin. The potential here is really blue sky.

Then to the nub of your question I think - is £2m going to come from a raise? Well it could - in fact I think its likely. But firstly, there is no way DH would exercise the £2m option and raise to cover it unless it represented value, and for my money that only comes if its generating, AT THE VERY LEAST, £1m of annual revenue coupled growth potential. Currently the whole business is turning over c£500k.

DH said buying the option was important. He's also looked at other businesses to buy. He simply can't do either unless CIQ has been successful enough to warrant his exercising the option. And that means he's expecting significant revenue from CIQ.

And to be frank, its no wonder given how wonderfully positioned CIQ is in terms of its cost, its market, and the positioning its built out over the last year with major partners at the cutting edge of the fundamental and transformative shift in the way the whole adtech market is changing. I encourage everyone just to spend an hour researching and you will quickly see what I mean.

The concern here for everyone, I'm sure, is that we have been told about discussions, major agencies, tests etc for nearly a year, but are yet to see tangible commercial results. Well, DH himself said quite openly that its been quiet on the news front as CIQ has been built out but that we've now reached a turning point with the scale of news and that market interactions will get ramped up.

These are all just my views, and I'd hate for anyone to be influenced by them. But to blow my own trumpet a little, I highlighted the potential Pubx link on here probably 18 months ago, and banged on about it periodically thereafter. That proved correct. I have researched the hell out of this business and truly believe that growth could be extraordinary, especially from what I consider a paltry current MCAP and with a low effective free float.

So much so that I currently hold over 110m shares, and even added a little more today.

I may be wrong, who knows. But ultimately I just don't think the market has put the time into really getting under the hood of what's on offer here.

Honestly, it sounds more like some would just prefer to stick their head in the sand.

I’ve been in Narf a long time and have been wholly positive about the board and the business. My views haven’t changed one iota about the Board. I just want to know how new tech might impact the business.

Narf might give a great explanation to say it doesn’t, which would be wonderful. It might even represent an opportunity, who knows.

But I want to keep my head out of the sand and know one way or the other.

Guys, I’m not saying it’s the end of Narf!!

But as an investor, I do want to know how something which sent shockwaves through the cybersecurity industry might impact the cybersecurity business I’ve invested in. And you should too.

Ok, I’ll just put the Elephant in the room out there.

Claude Mythos.

I’ve asked a specific question on it for the board to answer at the IMC today.

But this was the immediate impact on cyber stocks when it was first leaked, and then announced.

https://www.forbes.com/sites/jonmarkman/2026/04/14/how-claude-mythos-wiped-billions-out-of-cybersecurity-stocks/

I don’t know how this impacts Narf and particularly Uxai. Hence the IMC question.

https://www.forbes.com/sites/jonmarkman/2026/04/14/how-claude-mythos-wiped-billions-out-of-cybersecurity-stocks/