Member Info for Pearls

If there's no funny games, they should be issued in the middle of next week.

Those on here imagining that the VAT refund will be used to improve THG’s finances are likely to be in for a shock. I’m absolutely sure MM will allocate some of it, probably a good chunk, to Ingenuity. His argument will be that Ingenuity was instrumental in creating the sales etc years ago and so it deserves part of the refund.

That way shares in Ingenuity will keep on growing at our cost.

Sorry if this isn’t what you’re looking to hear, but you are dealing with a master accounting expert with MM and there’s no way he’s going to miss this opportunity.

Incorrect Russ311 - actually IBM issued an announcement about the new Symphony deal in May, it just seemed to take a full month for CRTA to issue their RNS.

Seems a bit like turkeys voting for Xmas given we just have no idea on the Q2 figures.

I'll be delaying my votes until the Q2 figures are out.

Does everyone else agree?

SK / the Board need to make the full case for the money, Q1 results indicated NO MORE money was required. What's changed?

Manifesto, must agree with you on this. We had an excellent Q1 accompanied by the headline that the company was trading in the black for the quarter for the first time, and expected to be cashflow breakeven for the year. Then we had the IBM OEM RNS stating that business with IBM was going to increase - logically then that must lead to cashflow moving increasingly into the positive sphere. So why the need for a rights issue, and absolutely agree with you here - why the need to request it PRIOR to the Q2 figures?

On top of this, we now have SK positioning the company into the Agentic AI field. Why? What AI deals has it actually done? What makes it think it is in such a position?

A spade is a spade and apologies if I am stating it rather basically, but what on earth is going on here? Can anyone explain?

Nusyns, do we have any idea what proportion of IBM operations use Symphony? Is Big Replicate used in 10% of IBM transactions? 20% ? 30%? Does anyone know?

Manifesto, I do think CRTA has put itself in an unnecessarily stupid position issue. Why did they not wait a couple of weeks until after the Q2 results had been published?

Now everyone is going to wait to see those Q2 results and if they are not good, then the shares will drop, probably BELOW the rights price meaning no-one will take up their rights. What is the point of that? I was a buyer a while ago when the shares dipped sub 15p and picked up quite a few. I am not saying for definite that this is going to happen again, but management here still have to prove they are doing the right thing and that they can pull in the deals. The sheer lack of any new deals is surely concerning to anyone. You cannot make out that your technology is groundbreaking yet fail to sell it to a single new customer???

Equally, we need to see the company move properly into the black. Investors need to see that deals are being done and that turnover is mounting up. To hold a rights issue before publishing the Q2 results seems very risky to me, especially as the Q2 results are due so soon.

The Board must know approximately how Q2 went, one can only hope there's no nasty surprises in store and that trading validates the need for the rights.

It seems to me this was an unnecessary mis-step unless the Board knew the Q2 results were going to be decent.

Well, we will find out next week........in the meantime, those taking up the rights will be reconsidering things if the price drops below 15p........

Manifesto, the post by Nusyns is certainly well written and very technical at a level well beyond most on here. His statement:

"Apache Iceberg addresses AI-ready open data formats. Data lineage and immutable audit trails address governance and compliance. The unified control plane addresses enterprise data management across hybrid environments. Continuous data movement with near-zero downtime helps keep AI working from current operational data rather than static snapshots."

indicates someone with high understanding of what IBM are now offering and getting. It could certainly be an insider within CRTA.

Either way though, you have to admit that it provides an unexpectedly useful explanation of what the actual difference now is between the original IBM Symphony offering, and the much improved one. If IBM's operations take off strongly as a result, and they have the firepower to really sell this, it could be a mega win win for CRTA. AI is all the rage now, and as I write this I see that Microsoft are struggling with the increasing use of AI - their shares had the worst month in years in June 2026. If IBM's peers see Symphony No.2 is boosting IBM, I imagine they will quickly be knocking on CRTA's door to get them to integrate it into their systems too.

Early days currently and we are all awaiting the dust to settle from the recent rights, and for the Q2 results to come in. But this company is repositioning itself very strongly in the Agentic AI field - investors will be watching and will buy in if things start to clearly improve. At 16p, it is all to play for, the shares are at the starting level still. This will change.

Nusyns, do you agree with my view that CRTA has become a play on IBM shares? The two have become related so increase in IBM shares should be reflected in CRTA shares?

Nusyns, that was an excellent post - thank you

I must admit, given that the Q2 results are due in the week commencing 6th July, I cannot see the rights getting much support if Q2 is as bad as it was last year. That is a real risk management are running now and it seems again a bit odd as to how this whole thing has been done and handled. I see even in the second RNS today, they cannot even get the website correct. An earlier RNS advised that only 15,333,333 new shares were going to be issued - that was wrong as well. All points to a bargain basement arrangement, it seems.

I see in today's second RNS:

"Shareholders are requested to vote as soon as possible and, in any event, to be valid so as to be received by the Registrar, MUFG Corporate Markets, by not later than 11.00 a.m. on 22 July 2026."

Fair enough. Let's see the Q2 results and see if CRTA really does need to carry out this rights issue. I want to see signs of growth that are worth supporting not a Q2 like in 2025.

Hastings74, fully agree. IBM gets the business in and then gets CRTA automatically on the case. This represents 43% of CRTA's business currently, but I believe that figure is the one prior to the recent IBM OEM deal. In other words, IBM are now providing more business to CRTA. As mentioned before, am hoping to see this per the Q2 results which should reflect increased IBM deals.

Thought there would be a final RNS advising the uptake of the private investor part of the fundraising which ended over the weekend. Was it oversubscribed like the main part of the fundraising?

Also await the first of hopefully many AGENTIC AI RNS's stating new deals in this regard. It was news to all of us after all! Those Q2 results are certainly going to be interesting.

Russ311, surely you are misreading this? It's not that 43% of the pipeline is led by IBM. It is that 43% of Cirata's work is now IBM related. Therefore it is IBM that source and obtain those clients. Consequently, IBM are requiring Cirata's involvement more and more in their operations and per the recent IBM OEM RNS, I can only see that increasing. As mentioned before, this is fast becoming a play on IBM who themselves have recently announced a major chip breakthrough. That in turn will lead to more business for CRTA.

Jgjam, my last post regarding the various comments made by SK was lifted straight off the last RNS as issued on Cirata's own Investors homepage.

Good luck to CRTA if this is their new status but I see from everyone's comments that it is also news to everyone else!

How on earth is this possible?

According to SK:

"The opportunity is not insignificant. With 127 issued patents and 18 pending applications underpinning our technology, we believe we are well positioned to carve out a strong market position as the live data company for the Agentic AI era. The team has purpose-built our Data Orchestration platform, Cirata Symphony, for the Enterprise AI age with direct strategic customer input. By 2029, we believe some 70 per cent of enterprises will have deployed Agentic AI infrastructure - and we believe our products deliver the continuous, governed and always-on mobility of live data these use cases require.

"We are targeting this opportunity in-step with some of the largest names in enterprise technology, with approximately 43 per cent of our next four quarter pipeline co-sourced via our proud partnership with IBM. And our pipeline grew by approximately 40 per cent between January and April this year, including prospective marquee new logos, to stand at approximately $21m in annual contract value today."

As I read this, what I understand it to mean is that the movement of large amounts of data which also contain moving data, is akin to Agentic AI. In other words, 70% of all businesses will have, by 2029, a need to move large pools of data, also they will need move around and interpret their data. It's as though CRTA itself is applying Agentic AI to perform its operations. In turn, the outcome of using Symphony for example is like using Agentic AI as CRTA's programmes are so powerful that they act enough like Agentic AI to be deemed to be Agentic AI.

Clearly this evolution in CRTA's capabilities is what is now being marketed, and equally clearly, at this rights issue, the changing nature of CRTA was explained to potential shareholders / supporters, and their support was then forthcoming. In fact they applied in earnest for the new shares which would indicate it was news to them as well.

I hope we hear about this in the Q2 update as SK is now signalling very clearly a substantial evolution of the Company.

A couple of things if I may about the recent rights issue.

Firstly, SK mentions a $21m pipeline for this year and my take on this is that they needed the extra resources gained from the rights to have a reasonable chance of getting to that $21m. Since that represents roughly a 50% increase on last year's turnover, as commented before, there's a limit to what they can do with the current staffing level. Now extra staff can be brought in and they can do those deals. So we spend the money, and turnover should rise. Clearly this is to be seen.

Secondly, doesn't anyone think the structure of the rights is unusually cumbersome / odd? They've only raised £5m after all. Yet according to the recent update on the RNS:

"A total of 17,795,610 Placing Shares have been placed by Stifel Nicolaus Europe Limited ("Stifel") and Panmure Liberum Limited ("Panmure Liberum"), acting as joint bookrunners (the "Joint Bookrunners"), at a price of 15.0 pence per Placing Share (the "Issue Price") pursuant to the Placing, raising gross proceeds of approximately £2.7 million (c. $3.5 million) (the "Placing").

In addition, 16,359,739 new Subscription Shares have been subscribed for directly from the Company at the Issue Price by certain investors (including certain Directors and senior employees of the Company and certain persons resident in the US), raising gross proceeds of approximately £2.5 million (c. $3.2 million) (the "Subscription").

In addition to the Placing and the Subscription, the Company has launched a separate retail offer via the RetailBook Platform (the "Retail Offer") to raise up to approximately £0.38 million (c.$0.5 million), in order to provide new and existing retail investors with an opportunity to participate in the fundraising at the Issue Price."

So it is not even a proper rights issue! In fact the subscription section is especially interesting: Basically, although they had the choice to just make it a simple rights issue for £5m instead they chose the above three way issue. It seems odd.

OK it has apparently been heavily oversubscribed so there should be a rally afterwards, but the way the issuance of new shares has been done indicates the last period since Wandisco has been one of just walking on the spot. Now the company has decided to recapitalise itself as if it is a new issue.

It is all a bit odd in my view.

Peaky / diamond, thanks for filling us in on SK at Sage. I was not aware of how he was there and have only followed him here.

Lastly, with the next quarter's trading update due with the next fortnight, it will very clear, very soon, whether or not things are going to start adding up.

If CRTA only produce $100,000 turnover for Q2 2026 like they did for Q2 2025, then I think there will be a lot of questions to be asked!!!

However, genuinely, I do not expect this to be the case. I expect turnover to be sharply higher than this for Q2.

Not long to wait everyone, and I will certainly be buying more. This AGENTIC AI angle is really an interesting one and capable of easily being massive.