Member Info for Newuncle

Recent Share Trades for Microsaic (MSYS)

Date Time Trade Prc Volume Buy/Sell Value

26-Jun-23 15:39:12 0.007 277,941,873

Clearly MSYS are looking to avoid trading while insolvent. With a cash burn of £100k per month they have said they will need to raise funds in Q3 (July-Sept). With such a low MCAP I doubt a placing will be possible so it looks like a CLIN type arrangement would be needed so they can draw down funds in exchange for an upfront fee (taken from the cash loaned) and then heavily discounted shares to make repayments. Seen it many times before elsewhere on AIM and there is an obvious reason why so many call it death spiral financing. eg MSYS could do a CLIN for say £300,00 less the up front fee (say 5-10%) and draw down cash each month in exchange for shares. Using the above £300k less fee say £30k = £270,00 lending facility, think of it as a credit card arrangement they can draw down say £50k per month for as long as it takes to use up the entire available cash loan. I will let others explain how CLINs work in reality.

Markets will not give MSYS any serious money with a huge discount. On the basis that could be say 50% below current prices that could another 10bn shares at £0.0005 to raise £500,000 before expenses.

10,000,000,000

£500,000

£0.00005

No doubt that msys could struggle on for 2023 with very limited cash resources and monthly cash burn of £100k per month that could give them another 6 months but clearly they cannot risk not raising monies well ahead of 6 months from here, hence today's confirmation they will need fresh capital in Q3. But having effectively bank rolled DVRG to the tune £1.4m why on earth would anyone feel comfortable giving them even more money now? Even if they did, the mcap of MSYS is now so small any fund raising would wipe out PIs.

Sol,

But MSYS have already stated today they will need to raise more funds in Q3.

From today's RNS:

In the event of no further reduction in the debtor balance owed to the Company by Deepverge, which seems likely given their announcement made today, Microsaic will need to raise further working capital during Q3, 2023.

R&D credits were reported as £0.5M in April, now it's £0.2M?

True, a sales pipeline just a list of potential opportunities that could be converted into real sales. Fact is that MSYS have not realised any of it to date and even if they do, the values will no doubt be small in real incomes ie they could be valued at £2M overall but delivery could be £xx per month over xx years.

How on earth can MSYS raise funds from here?

MSYS Shares in Issue 6,361,000,000

MSYS Market Cap £636,100

MSYS Share Price £0.00010

Funds needed to be raised in q3, ouch.

All over at dvrg now. Msys debt won't be repaid imo.

Company gave plenty of warnings of this, finished as a plc now. No doubt will thrive in private hands though.

GB,

You could at least try to answer my fair question ?

GB,

Phil hasn't sold any shares at all.

His holding was and still is 2,289,958 shares.

I have no idea whatsoever where you got the idea that he has sold single a single share from so please tell us?

From NSF today: Classic company leaving shareholders high and dry but it's business as usual for the Directors going forwards.

While the Alternative Transaction will secure the future of the Everyday Loans business and allow it to pursue its growth plans providing an invaluable service for its customers, it will unfortunately result in no recovery for NSF's shareholders. The Board expects the Alternative Transaction to be implemented by the end of June 2023 or in early July 2023.

In light of the above, independent non-executive director Niall Booker has decided not to stand for re-election as an independent non-e

The most likely outcome for Non-Standard Finance plc, as the ultimate parent company of the Group, is an orderly winddown following implementation of the Alternative Transaction. To facilitate this process, Non-Standard Finance plc intends to take steps to cancel the listing of its ordinary shares (the "Shares") on the standard segment of the Official List of the FCA and cancel the admission to trading of the Shares on the Main Market.

Jono Gillespie, Group Chief Executive, said:

"We are pleased that the Scheme has been sanctioned by the Court, which is a critical milestone in restoring the Everyday Loans business to financial health. While we are very disappointed that it has not been possible to carry out the equity raise as planned, we are grateful that - with support from our secured lenders - we prepared a fall-back transaction for this exact eventuality. We will now take steps to implement that fall-back transaction, which will allow the Group to grow and develop the Everyday Loans business, continue to provide much needed funding solutions for customers, and protect the position of the Group's employees."

I would assume that MSYS now has @£400k in cash left

MSYS declared they had £2.56M in cash at at 30 June 2023 and recently confirmed they had cash of £0.8 million as of 17 April 2023. There are tax credits of £0.5M due but no idea when?

Jun-22 £2,560,000

Apr-23 £800,000

Cash Out £1,760,000

Per Month £195,556

Nope

Yes different auditor

Saffery Champness LLP

Issue is not them, it's the new auditors over at DVRG, looks very likely they will not be able to sign off on DVRG's accounts which in turn most likely means neither can MSYS auditors due the massive £1.4m owed and whether DVRG can be signed off as a going concern. If DVRG are technically insolvent they cannot trade, shares get suspended etc etc.

Auto Samplers are ten a penny and very simple devices in reality, nothing very technical about them at all and certainly we know that Wales are not using DVRG MWG kit to sample their waste water and nor is anybody else.

2 Technical details

2.1 Sample collection

There are two modes of sample collection from water or wastewater. A grab sample is a snapshot of

virus load at a single point in time. It is usually taken at peak flow with the aim to increase the

likelihood of capturing the most representative measure of shed virus (i.e. flow volume representing

the point at which the majority of households have used the bathroom). Or an autosampler can be

used to collect regular samples over a set period (e.g. 24 hours) in preselected time windows

optimised for the location, or in proportion to flow. Samples can then either be kept separate to

provide a time series showing how concentrations change during the day or combined to provide a

composite sample. The latter may be pragmatic where concentrations are highly variable or

dependent on diurnal human behaviour, as is the case with wastewater.