Member Info for Pharmhall

Of the £4.25m funds being raised, costs are a staggering 34%, leaving only net £2.8m to progress company. Will need to look in Circular at contracts to see who is getting all these fees.

Pretty good day...as I'm particularly long of defence stocks. Given political positioning and scheduled upcoming meetings, I do not see defence being out of the news for some time, so it looks set to keep up the positive momentum. Good luck to you all, particularly MSI shareholders.

When I wrote BPM yesterday, the other one I was toying with mentioning was ELIXIR (ELIX), but held back because it has had a little rally recently coupled with my earlier comment about my timing sometimes being off. Today, BPM has NOTt put out a trading update, but unexpectedly, ELIX has done so. It is excellent and I have posted comment on ELIX board: but here is statement

https://www.investegate.co.uk/announcement/rns/elixirr-international--elix/trading-update/8740536

ELIX has posted a strong FY treading update with sales above top of guidance range; EBITDA margin towards top of range giving £31m EBITDA; gross of £7.5m having paid off £45m credit facility cash. Expect a positive response today.

https://www.investegate.co.uk/announcement/rns/elixirr-international--elix/trading-update/8740536

JG50...Take a look at BP Marsh (BPM). Brian Marsh was a really "in-the-know" insurance broker and established BPM to support MGAs in the insurance world. It has made a few changes to its investments over past six months and I think the NAV has significantly increased. Shares have come back over 100p recently, which is the opportunity (I'm in just under 500p). Last year it issued a trading update for full year (FY end Jan) on 19th Feb, so this might be a tad late. However, irrespective of that I think BPM is a really good long-term riser.

RG50...glad to hear that you are doing well from my ideas...they tend to be good, but I sometimes stumble over timing. As the old motto goes, it never does any harm to lock in a profit. I am never short of an idea and will continue to drop a few into posts.

My comments on benefits to defence companies was not confined to the UK...and our companies do not deal only with UK govt. I think that Trump has issued a wake up call to all European governments and they will all have to increase spending to rearm. While none can afford it, they will have to rejig spending plans to improve security. I am a happy holder of my defence stocks.

Good article on defence in weekend FT...how greater spend and re-arming throughout Europe is essential...but of course the focus was on the large players. There would be significant benefits to the smaller players as well. With meeting in France today, defence is not going to move away from headlines for some time.

FYI...I have just emailed Shelley Ashcroft to ask if the "strategic priorities" review has been completed and when we might get an announcement...not holding out too much hope for an update; but I think only way to get better shareholder communication is to keep pressure on for updates.

Jam96p...the 146.6m shares were acquired through a series of six subscriptions over 8 years. I am fairly certain that it sold down much its holding each time before the next subscription came along. But Lanstead is laughing, in 2021 and 2022 subscriptions, it committed £3.2m, but it only ended up paying IMM £0.8m, and sold most of its holding on the way down. Laughing all the way to the bank.

Hi JL & RM...Having sold my SIPP holding at 1100p in the middle of last year, I always said that I would buy it back if it hit 900p...well true to my word, I've done just that. I have no idea why price has suddenly dropped today, but I have been opportunistic. The next potential news is the outcome of the "strategic review" first mentioned in interims in Dec....but who knows with MSI !

While Lanstead has been a long-term supporter providing necessary funding over the years, it is important to have all the facts. Since 2016, Lanstead has subscribed £11.92m for a total of 146.6m shares in IMM (excluding >2.0m shares given in lieu of fees), but its holding today is only 27.1m (6.5%), so is a constant seller of stock, driving down price. While the first arrangement in 2016 was +ve for IMM all subsequent arrangements have been costly. Out of the £11.92m invested, IMM has lost a net £3.9m (-33%) to date, with over 70% losses on three of last four rounds. Maybe it will be different this time around? The real winner from all these arrangements is Lanstead.

I really like ELIX and am a shareholder. The stock retrenched after a strong run, but has suddenly started moved up every day this week and currently has good momentum. Last year, it issued a trading statement in January, but not repeated so far in 2025. While searching for reasons for this upward trend, I found ELIX mentioned in this tech review from Hardman & Co:

https://hardmanandco.com/research/corporate-research/tech-sector-outlook/

In 1H'24, EAAS made operating losses of just under £5 m and its debtors and creditors together used up an additional £10m of working capital. Even with a better 2H'24, £15m will have been used up on working capita and I think that this would explain the difference. The exceptional is irrelevant as the £25m disposal proceeds was net of this figure.

Strong statement with very positive FY2025 outlook. Has cash, and is cash generative, even in traditionally weaker 1H. Looks to be trading on only 5.5x EPS forecast. Would benefit from Labour's energy strategy. Definitely one to tuck away for long term....and might even see some short-term uplift as more people hit on this excellent opportunity.

Sorry cobblers, only just picked up your question. You can get this information from stock exchange filings on: investegate.co.uk then put the ticker in the search box and look for nearest share/warrant issue for total voting rights

https://www.investegate.co.uk/company/MFAI?page=3

While I agree with you overall assessment about undervaluation, I think that you may have forgotten about the recent fund raise and debt for equity swap (RNS 24 Dec), both of which reduce the previously stated NPV per share . I think to 2.1p.

On 17 March 2021 there were 149,492,206 shares in issue. So 149.5m x £0.17 = £25.4m

Hope that helps

Today's news is great, but I have also been impressed by the TR1 announcements from major institutions following the recent fund raise. Also Spreadex no longer in the picture. All augurs well.

EXR has put out positive RNS today, highlighting its relationship with META. Stock is up ca.120%. SVV1 has a holding in EXR (unknown size, but below 3% as undeclared on EXR website), which further benefits MFAI NAV.

I, too, have been looking at impact of recent announcements on NAV. At 30th June 2024 the NAV was £7.49m, which includes an unknown contribution from SVV1, of which MFAI holds 19.1%. In July, SVV1 held a 7% stake in Landvault, which was acquired for $450m by Infinite Reality (IR) in an all-share deal, valuing the SVV1 stake at $31.5m. Also, the stated valuation of IR at that point in time was $5.1bn.

On 8 Jan, IR raised $3.0bn, at a pre-money valuation of $9.25bn, so SVV1's stake has increased to $57.1m, and Midflair's proportion is now worth $10.9m/£8.8m vs $6.1m/£4.7m in June, or +£4.1m. Add this to the £7.5m at 30 June = £11.6m, or 2.20p per share.

This assumes no uplift in anything else since June (unlikely), but does include the recent issue of shares for debt. Consequently, I am expecting positive news when we get the next NAV update.