Member Info for Pharmhall

Roger, Ox, frieends etc...see my posts on GANA. Amazing conference call this afternoon, well worth listening to on Investor Meet platform. IMHO you will do very well on this one. I picked up a few million at 0.17p while call was ongoing, I was so impressed.

GANA expects a re-rating of shares such that a share consolidation is not needed. Company was under big pressure to consolidate shares at time and RTO and management said NO. Management is very ambitious and aiming to extract as much value for shareholders...that will mean no consolidation needed.

Did anyone listen to the management call this afternoon? While CEO did not give too much away, he was very bullish. Company "...is in a great position..."; "...trading well..."; "...business performing well and above expectations as stated in recent RNS approved and released by NOMAD". Management and Gana founders focused and lock-in for the long-term and will not do anything dilutive. "100% expects to reach cashflow breakeven before coming back to shareholders for more working capital...business is really strong". Share price will eventually reflect reality. At some point it will re-rate or be taken over at a substantially higher valuation (he said £120-150m). "World Cup has turned out to be a turbo-charger for growth".

Sorry Nappers, I totally agree with Silverblade. RENX has a history of hitting the market with a discounted Placing shortly after the release of "positive news". For example: "...The most recent fundraise was for £7.1m/$9.5m, on 22 September 2025. It was undertaken successfully, at a share price of 9.5p, which had risen 84% to reach 10.75p (19 September) on the back of a bullish announcement (15 September) of the potentially transformative collaborative agreement with Tempus AI to accelerate the adoption of kidneyintelX.dkd....". On my basic calculation, I estimate the company current has about $0.7m gross cash at period close on 30 June, which will not satisfy auditor working capital sign-off of the accounts. Clinicians want to see positive clinical outcomes before using kidneyintelX.dkd, which is why RENX has struggled to get commercial traction. Today's RNS goes some way to provide that. However, a near-term fundraise is inevitable to provide much needed working capital IMHO.

Given the interim experience where results needed to be delayed by a month, I am assuming that the BoD got its act together and engaged auditors earlier than usual so that there will not be any delays for the full year. On that basis, I am expecting results on or around 30th June. I do not have access to Shore Caps recently commenced research, so am going blind as usual with my own assessments.

I am looking for 8% sales growth to £127m – it would be +11% to £130m on constant currency basis – Defence -2% to £81m (+3% CER); Petrol Stations +90% to £25m; and Forgings -9% to £12.5m. Gross margin 65.0% (vs 66.0%). EBIT £20.3m (including -£1.0m derivative loss), giving PBT of £21.5m (£20.05m) and EPS of 97.5p (90.0P) and DPS of 26.0p (23.0p).

Factors to consider: Timing of recognition of defence contracts is hugely unpredictable for an outsider. Petrol forecourts recovered 88% in 1H'26 to generate a sales figure greater than that for full-year 2025, so its anyone's guess for the FY. Net cash should be north of £43m (£35.5m at interims)

Anyway, as I usually say, at least this provides something to compare the actuals with when they are released.

As for the share price, I think so much will be dependent on the Defence performance, and whether the BoD has any non-core disposals up its sleeve. GLA

Third bullet point in RNS: "Subject to the terms of the Facility agreement, the Lender may elect to receive repayment of the outstanding principal amount of the Facility together with accrued interest through the issue of a new class of non-voting preference shares to be created by the Company, with such shares carrying preferential dividend and liquidation rights."

Clearly states principal amount plus accrued interest.

Yes, I saw that MWE has been quite strong recently and closed today at a 12-month high...well done and thank you. As I said about a month ago, even at these levels it is still cheap and pays a dividend, so I do not feel any urgency to sell. Another 6p and it becomes a 1x since your suggestion.

While I admit it is higher risk, it seems that the hot money is going into MPAL at the moment. The main thrust is that more and more people are getting their prescriptions on-line, and, in particular, for weight-loss drugs (GLP-1s) especially now they are moving to oral rather than injections. Seems MPAL has the licence to supply these in UK (RNS 12 June). A former colleague of mine, usually very in-tune with things, met the CEO last week and was very impressed. I have put a "first tranche" (difficult to trade in size) into two of my portfolios today with the shares having a modest re-trench after a good run. Good luck to all.

It must have been about 12 years ago. Wyllie was definitely still there.

Don't get me wrong, I still really like Costain, but have taken opportunity over last six months to take profits on 75% of my holding, but remaining 25% is still one of my larger holdings. I've done the same with MSI, but am looking for any weakness to add more. We will have to see what the next 10 days brings. Also, literally just top-sliced my Hardide (HDD). Again really like company for medium and long-term, but 9.3x my money since 4 June 2025 (1year)....I'll take that!!

My forecasts are done...I think that I will release them early next week.

That's not my experience. Even low level RNS with insignificant content (e.g. Notice of an AGM) will still be checked over. Today's content with that key sentence about trading would definitely need to be signed off.

JL...do you have an expectation for date of MSI results?

LOL....it reminds me of a Costain AGM I went to several years ago. I was always annoyed by the company stating: "...the company is trading in-line with the Board's expectations...". This tells you nothing! So at the meeting I made sure each Board member had a piece of paper and pen and asked them to write down what their expectations of sales growth and EPS was. The Chairman said that it was unfair, but I forced the point by saying "so the Board is expecting a 15% decline in sales is it?". Most of the pieces of paper were blank. I made my point and now the company provides us with consensus on its website. Without such face-to-face interaction the Board would probably still be getting away with these nonsense statements.

Take a look at my post on 8th May. Cash at 31 Dec plus the subsequent raises before today total £6.2m. The only known cost so far this year is the £100k loan to NYCE on 13 March. Company has taken on quite a few staff since completing the RTO in January plus marketing and advertising. This all costs money. Given it has had a small raise today would suggest that about £5.0m has been burnt in the first five months of 2026, or £1m pcm. Today's raise is just a top-up and suggests to me that good news is coming that will increase the sp and a further raise at a (hoped for) much higher level will be undertaken, or that management and NOMAD have visibility of increased cashflows from trading to provide the working capital for coming months. GANA will need to have 12 months working cap in order to get auditor sign-off of 2026 accounts (to end June), but, of course, it only needs to have these published prior to the 31 December deadline, but I do not feel that it will leave it to the last minute.

It is a regulatory requirement for all RNSs released by an AIM company. If it turns out to be false, the NOMAD is at risk of legal action against it. From experience, NOMADs are extremely cautious about signing off RNSs. ( I accept it still is not 100% foolproof, take for example the recent shenanigans at SkinBiotheraputics (SBTX)).

While I understand the negativity spouted by Lostmoney and Amtech, I feel that the fact that this is a totally different company to only six months ago is being ignored. Yes, I too, would love to see some numbers, but they can only be published when certain, and signed off by Beaumont Cornish (Nominated Adviser). Guidance at such an early stage in its development is pointless and dangerous, so we must all be patient.

IMHO, and as pointed out by AmyStake, the most relevant sentence in the RNS is: "Trading momentum has continued to build through the second quarter, with new registrations and wagering volumes (total betting) up significantly." This sentence has been verified and signed off by the Nomad. It is a sign that trading is improving.

I also believe that GANA would have liked to have raised more cash today, but only raised sufficient to cover immediate working capital needs to protect against dilution, with the aim of some upcoming positive announcements that boost the share price so that the next raise will be at much higher levels. Meanwhile, I take comfort in the fact that the Directors put up money again at this level when they are all well under water from the previous round at the RTO.

I am a firm holder of GANA, modestly out of the money, but I do like companies with growth potential and Directors with significant skin-in-the-game. We need to be patient until company can release the first set of numbers.

FYI: I picked up from CNBC today that there is a pending IPO of a driverless EV company in US. Didn't catch name as only saw very end of interview. Have tried to find company without success so far, but will keep trying. Does this help or hinder Guidant IPO?

Despite discount, unlikely to do share buy-backs. Does not have sufficient cash and needs what it does have to make/support its investments.

I expect greater attention regarding the merits of MFAI to become apparent with upcoming results. SURE usually issues its 1Q NAV and portfolio update on 19th June, and this is followed a week later (26th) by MFAI full year results (must publish by 30th otherwise shares suspended). With AI being very much in peoples minds, I am expecting the updates to be quite bullish. IMHO it is seriously undervalued on a significant discount to latest published NAV.

For transparency, I have been in MFAI just under a year (average 0.81p) and am currently underwater, but I do like what it is doing so am being patient with this one.

Ox...all true, but I bet it will take many months to get any money out of Ashman or the insurance companies.

Hi Ox...yes, I did notice that and nearly reworded my sentence. However, until now SBTX has always been careful to use the correct terminology. I am also vociferous in comments that companies should clearly split "revenues" into product sales, royalties and licensing income, with the latter two actually being stated under "Other operating income" and not "revenues". This is because they carry 100% margin and affect the gross margin and SG&A calculations if not separately identified. If the "small licensing income" is, in fact, a royalty stream from Croda, this should be clearly stated in the half-year report.