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Vascular and Ovefiend1981... Harry did mention some "very good news" from Ukraine and also about something from CESC....but these were snippets with no opportunities to explore deeper. I got the sense that both Genus and L&T are very eager to take the our modules...the word "hungry" was put up on a slide on the Omnimesh demo. So could mean pent up demand.

Hi LTI, I don't know if you stayed till the end of the demo when someone was raising the security concerns re the website in India being accessed through an unsecure portal and not https ? I don't know whether that chap was trying to show his knowledge / whether it was a relevant issue given GCHQ have already vetted and cleared our tech ? Are you able to comment further as to how that discussion ended ? TIA

Hi Vascular, Re Licensing... JC mentioned 5 definite (serious interest) and 1 more (maybe) in terms of the white label options for Omnimesh....I got the sense that discussions with one/more may be at a fairly advanced state ?

My apologies LTI - my son was desperate to get back for the game and we left in a rush ! It was good to see you again and glad that you had a safe journey back too ! It was good to see John Stamp in action - the BoD were like school kids in front of the Head Master ! Hopefully we will catch up next time and Pedro and Cole will be able to attend as well.

Re Resolution 2 - which related to the re-election of SS was withdrawn. A comment from the back of the room (? Stamp) went along the lines of not a moment too soon or words to that effect...followed by some nervous laughter from JC and an uncomfortable looking BoD panel. So something has gone off that we are not privy to.

Most welcome Overfiend1981 and many others for your kind thanks - most welcome and I am sure that most would do likewise if they attended an AGM ! A shareholder raised the issue of cash /revenue and the issue of whether a fund raise was needed or not as he felt that 2 press releases contradicted each other as whether a fund raise was needed or not (not sure which ones though). JC looked towards the back of the room (NOMAD presumably) and alluded to the fact that they can't make forward looking statements. The £1m revenue between Jan and now was put up on the only slide presented £1.4m tax credit to be received this week was also put up on the same slide JC mentioned £5.2m cash at the moment He then talked about the licensing options and possible revenue from that, securing working capital from banks and also the possibility of a fund raise through equity. I got the impression that the equity dilution was the least preferred option and also that a cash call was not imminent. It was a busy meeting with various interruptions - JC looked flustered and looked like he wanted it over and done with asap. He was badgering Gareth and Martin who were doing the Omnimesh demo to get it over with. John Stamp made himself comfortable in a chair and it was clear he called the shots. Probably knowing that he is the funding backstop and cannot be ignored. He appears to be a no nonsense businessman who does not suffer fools gladly - I guess some of the BoD would have got the hairdryer treatment in private. So I'm sorry that there was nothing more that I can recall, that would elaborate this point.

Attended AGM and delighted to meet LTI again. Also met a few other private investors and also notifiable threshold share holders David Powell and John Stamp (Thailand). John Stamp came across as a no-nonsense hard nosed businessman who used the size of his holdings and his maturity in age to call a spade, a spade. Told BoD to get off their bums ! Also made clear his displeasure at the AGM with asking for polls on various resolutions (the relevance of these were lost on me). David Powell from Cardiff only invested to take advantage of EIS and not happy with his investment. Key points from memory (happy to stand corrected) – info from AGM and discussion with BoD. Revenue expected to be £10m this year of which 1m has come in between Jan and now. We have about £5.2m now. Funding if needed, could be from working capital arrangements with banks, licencing fees for Omnimesh, equity placement. UK SMETS2 revenue expected from Q4 this year though some revenue already coming in. Possible increase in not spot revenues (currently projected at 10% of UK with £26m) to uplift to 28% or 35% of UK being notspots – could be substantial increase in revenues. £3.60 per not spot is would seem. Hardware already delivered to the UK Govt. (as I understood it). £1.4m tax credit due by the end of the week commencing 18 June 2018 from HMRC. Licensing “white label” discussions for Omnimesh being had with 5 definite, possibly 6 customers. $4-6m per licence upfront + royalty per meter being discussed. NIK did not take delivery of 100k smart unit modules in Dec 2017 leaving a shortfall of £2m in revenue apparently due to their tax situation. They have put up a new manufacturing plant in Czech Republic. NIK still making noises about wanting to take delivery, but not holding our breath. Some developments may move things forward in the near future. Modules made for NIK now being re-deployed in India. CESC due to go live in the near future and RNS will be issued when it happens. Also launch of a new product (improved Omnimesh) may be towards the end of this month. Genus and L&T in India – no payment issues and roll out in India gathering momentum. Saudi Arabia, Indonesia, Ghana and Phillipines being new territories. Iran – series of unfortunate events – Power Minister died, security clearance took over 6 months. Not likely to be affected by US sanctions as devices have less than 10% US components. Revenues will be routed through Indian subsidiary. A lot of Site Acceptance Tests stuck at Level 2 in quite a few countries. Cost savings: 5-6 former VPs of Connode not willing to take on roles internationally and therefore dismissed. Harry and John taking on this work.Also John and Harry taking a pay cut to reflect size of the business and dismal performance. Details being finalised. Reduced payments may be in shares instead of cash to save the latter. Also there was

Hi LTI ! Glad to hear that you are attending and look forward to meeting you as well. Should be an interesting day and I think that JC and the team will make a good effort as they have heard from several of us over the last few months !

I won't be surprised if Anil Daulani attends in person or joins the AGM in on a Skype/video call ?

Good morning fulcrum111...look forward to meeting you at the AGM :)

Good morning Dwall and all :) Maybe I was being too pessimistic with the SP being driven down relentlessly - no, it is not my current view. I have re-read the RNS over the last several months and feel that this maybe the nadir of the SP. Things will look up once we have clarity around the mode, timing and quantum of funding needed to be raised. I worry about a low ball takeover bid by either the heavily invested big player from Thailand or from one of our big partners like L&T or L+G. I shy away from averaging down, as it has never worked out for me before. But maybe this time Martingale needs to be tried as the story and prospects look very promising. The tech is fab, however getting someone to pay for it seems to be the hurdle at this point. But we are hearing of some trickling revenue and the UK SMIP is rolling out. The countries that we have focussed our efforts on so far, have their own unique climates of politics, bureaucracy and approach to deadlines/targets/deals. These factors are not easy to deal with. I may be alone in saying that I believe that JC is trying very hard to deliver and he has laid a strong foundation for delivery and implementation and this will come to fruition in due course. Let's see if there are new messages / RNS coming out over the next few weeks and we are in the H2 of 2018. BTW, are you attending tomorrow ? Good luck all :)

Hi Guys, Any one making the effort to get to the AGM - 1430hrs start on Monday, 18 June 2018 at Merlin Place, Milton Road,Cambridge CB4 0DP ? I am hoping to be there....

L&T in India and L+G more globally are massive beasts....so there maybe still some bite left in the old dog CYAN in terms of our tech offerings and partnerships with these two. One of these could easily buy us out with spare change...that's the danger at this ridiculous share price. I hope that they will offer us some soft credit...I am sure that JC would have approached them already.

From the Landis + Gyr website https://www.landisgyr.com/about/ A Global Industry Leader For more than 120 years, Landis+Gyr has been an industry leader in energy management solutions. Using our advanced metering infrastructure and other cutting-edge smart grid technologies, we’ve helped utility companies all over the globe improve their operations, protect their assets, lower their operating costs and provide better customer service. With a focus on quality, reliability, and innovation Landis+Gyr’s portfolio of products and services can help you do the same and modernize your smart grid for the future.

At current revenue levels even $180k is about 10% of annual revenue - many companies would consider that material and therefore reportable and/or NOMADS could have advised them to do so. Every little helps....I think it is L+G being referred to...

Kitchen sinking before the AGM it looks like. I didn't expect SS to be resigning though the £500k had to come from somewhere....he seemed to a very decent guy and maybe walked to save the company and his investment. If that was indeed the case,all the more evidence that he is a gentleman of integrity and decency. Clearly the commercial side of the business is yet to find tangible momentum whilst so much potential remains for the tech side of the business. It is now close to a binary situation - all or bust. I hope to be able to attend...anyone else from here going ?

Agree LTI - looks like we maybe close to overcoming inertia in India and let's hope the trickle of orders turn into a deluge of revenue !

Good morning LTI, 2cvguy and all :) You are right we are not able to work out the � size of the deal - but I reckon we would be talking about �15-18 per meter (given forex fluctuations in �/$ and Rupee) - which could include initial hardware and an annual software licence. So follow on years, the revenue profile could/would be different. To further complicate matters, I suspect various utilities/customers will have their own little quirks in the financial accounting side of things. So a more informed post from those who have more of an idea, would be most welcome !

Usually CC mention which utility or area they are supplying to - in this case they haven't. The vagueness of the end customer information makes me wonder if this is our first success as a "white label" product ? Good for us any way - any revenue hitting our bank account in the next couple of months is better than none :)

New order from L&T for a further 5,000 smart meters in India CyanConnode, the world leader in narrowband radio mesh networks, announces receipt of a purchase order from Larsen & Toubro (L&T) for a 5,000 unit smart metering deployment for a new customer in India. The significance of this purchase order from L&T, for CyanConnode's Advanced Metering Infrastructure ("AMI") solution, is that it is the first phase of a 20,000 unit project for a new customer. L&T require the first 4,000 units within the next month. CyanConnode will provide communications hardware and software for the implementation of its narrowband RF mesh AMI solution for 5,000 smart meters. As one of the largest meter manufacturers to the Indian utility sector, L&T is already providing smart meters, enabled by CyanConnode's AMI technology, to Tata Power in Mumbai. This order brings the total units ordered by L&T to 31,735. Last week CyanConnode announced receipt of a $3.2m order from L&T, its largest order to date from this strategic partner, further strengthening the relationship with L&T. These recent orders also demonstrate the suitability of CyanConnode's proven technology for the Indian market as well as the growing demand for its range of products. John Cronin, CyanConnode Executive Chairman, commented: "We are pleased to announce an order, for a new customer, from our strategic partner, L&T. The order not only validates the strength of our partnership with L&T but also the potential opportunity offered by the smart metering market in India."