Member Info for Pharmhall

According to the latest prospectus (18 Dec), on the basis that Guident raises $15.0m at the middle price ($4.50), TEK will own 5,755,822 shares or 59.2% of the enlarged share capital (9,718,016). What will not change is TEK shareholding, but the % goes up or down dependent on the Placing price, as does the value of its shareholding. Fingers crossed it will be at the upper end of the pricing range.

Hi JL & RM...as promised some thoughts for the interims. Given the statements about delayed revenue recognition, and a "For Sale" sign on the non-core businesses, I think these numbers are really difficult to call. However, I always believe that it is important to have something to compare with the actual results when they come out, even if they turn out to be wrong! At least its more than its broker puts out!

Core to my assumptions are: 8% underlying sales growth in Defence & Security, -15% in Forgings, and -10% in Petrol Station Structures. However, I do all my Defence numbers in US$, as I think that is how they are priced in contracts, so this reduces the 8% CER growth to 3.5% on a reported basis. As seen historically, I think admin costs will be about the same (-£7.5m) as 2H'25, but this would be down compared with an artificially high figure in 1H'25.

Taking all that together, Group Sales forecast at £54.0m (£54.72) (it would be £55.6m at constant currency), COGS -£2.7m (-£2.1m), SG&A -£7.5m (-£9.23m) with small currency benefit. Assuming zero gains/losses on derivatives, this gives a PBT of £8.85m (£8.77m) and EPS of 39.25p (39.67p) due to higher tax rate. With some business investments and after paying final dividend, I see net cash at £23.5m (£27.4m at 31 March), but this depends so much on its 2025 year-end receivables being paid.

I hope that you find this useful. I accept that it is a bit of a punt, but I do have a spreadsheet going back 8 years, so it does have some underlying thought going into it. I also think that management might be trying to have some accompanying M&A news that makes these numbers largely irrelevant. As always, Good Luck!

Got back in (1070p) ahead of results in December, too early. But put money where mouth was last Friday and topped up ay 871p. Wow what a change over a few days and its ex-div 5.8p today.

I'll get my MSI forecasts up on site shortly

Thanks RM50...must say its been a cracking start to year and those six stocks I mentioned on 1 Jan are all flying, and I am now back in profit in 4/6 of them...giving me 12.4% rise in whole portfolio...lets hope it continues.

Also, I put my money where my mouth was last Friday and topped-up CHRT at 871p...today its 1071p (I got in in Dec at 1070...too early) and its ex-div 5.8p today....happy days!

JL... While I concur with all your reasoning and think that you may well be right, I am heavily influenced by a wife who is a hepatologist, two children who only drink beer or wine (absolutely no spirits) and Gen Z which is drinking virtually no alcohol at all. Also, my wife would never forgive me for investing in Diageo!!

RM...I am already in TEK for all the reasons you mention. I keep my eye on the Edgar database for any new filings on Guident and would expect some action early in 2026. US market is very keen on driverless transport so should be well received.

JL, RM et al.....I usually force myself to have a look at the portfolio over this new year break and decide if I need to make any changes. I re-assess my losers to decide if there is something fundamentally wrong, or if it was simply just my poor timing. Anyway, overall, after a generally good outcome in 2025, there is not much revision required at this stage.

For 2026, I have basically the same approach as for 2025. I am long Defence, Banks, Mining, Tech (US; but careful with stock selection), and service providers (e.g. COST, KIER, MTO) for the main part (75%) of my portfolio, all of which have done really well in 2025. I think Defence stocks will fall slightly (15-20%) in the event of a successful peace accord in Russia/Ukraine, but this will be taken as a buying opportunity for the long-term, as I think they are all relatively cheap anyway.

For my punts (25% of portfolio), I am running with (along with several others) these top six preferences: SAVE, AT., CYAN, SCE, THG, RCFX all of which I think will do well (I look for at least 50% upside). As always, this is my personal opinion and not a recommendation, but I do undertake quite a lot of research; and for disclosure, I am invested in all of them and currently losing small amounts in four of the six (too early as usual!). My high-risk wild card is INBS.US (see post), but this is dependent on FDA approval.

Happy investing for 2026.

INBS is a strange little company that few people will be aware of it. Its technology originated in Norwich/Cambridge (UK), it is managed out of Australia, and it is listed in the US. INBS has a rapid point-of-care test to detect alcohol and drugs based on a simple fingerprint (sweat) sample. IMHO every transport company (delivery drivers, truck drivers, taxi providers, pilots etc) , and for that matter, surgeons , should be using this simple test every day to make sure that their drivers and pilots are not under the influence. It is CE marked, but most of current sales are derived from the UK. Performance in 2025 has been really poor because, as with all developing companies, INBS needed working capital injections. But the real hit came when the FDA decided that it needed more data in order to be able to approve its 510(k) submission, so approval was delayed to 2026 (hopefully). With 450 accounts across 24 countries, cartridge sales are now rising sharply and new readers are sold as more accounts are added. But the real opportunity is in the US, so FDA approval is key.

To show the potential, yesterday the company announced a partnership with a specialist global medical device producer (Syrma Johari MedTech) to increase capacity four-fold and at a much reduced manufacturing cost. While good news, I was surprised that the share price rose 200% by mid-afternoon and came off a little when it announced a $10m Private Placement, but still ended day up 135%. Just imagine what would happen with FDA approval. Admittedly, this is a high-risk punt, but rewards could be substantial in 2026.

https://investors.ibs.inc/news/news-details/2025/Intelligent-Bio-Solutions-Announces-New-Manufacturing-Partnership-to-Strengthen-Global-Production-Capability-and-Increase-Margins/default.aspx

For transparency, I loved the technology, but got in far too early. Yesterdays move gets me back to within $0.5 of breakeven.

RM & JL...Happy and prosperous New Year to you both.

After a strong (+39%) first nine months, I was taking a bit of a battering in Q4 until the last two weeks when some of my more speculative stocks recovered some lost ground...but then came yesterday! One of my punts, INBS (rapid fingerprint technology to assess for drug and alcohol (I will do separate post later on INBS.US site later today)), ended the day up 135% (having been +200% in early afternoon). Loving the Norwich/Cambridge-based technology, I got in far too early, but another $0.5 and I will be back to neutral. Phew. This has left me overall at +34% for the year, which is great, but could have been so much better if I had not got too greedy.

I will post some thoughts for 2026 a little later.

No...it is only a one-page flash note. Talks about continued financial improvement (as seen in 11 month RNS yesterday), the stability afforded by the two large shareholders (NIPCO and CEO), and the prospect of more M&A over and above the East African power projects during the next 24 months. Interestingly, no forecasts provided beyond 2025. Even if share price got half way to Cavendish's target, I would be elated.

For transparency, SAVE is one of my "shares for 2026" and every time the CEO has bought, so have I . Consequently, I have quite a decent exposure.

Hi Ox...I have a fairly broad US & UK portfolio, an element of which is for me to play with in the UK small cap space, where I think there are generally some really good opportunities each year, but you must be diligent and remain very active and opportunistic. Performance in 2025 has been really good, albeit I have given some back in 4Q, where exposure to MSI, SNX, BBSN, CYAN and GST (this was a 5x at one point, but I did not lock in profit, ouch !!) have hurt performance. In the small cap space, I have done really well in 2025 with SCE and SRT which both moved from quite big losses to massive gains, boosted by GGP, HDD, ELIX, AAZ, SVP and TKO to name a few.

For 2026, I remain very keen on defence stocks and will take opportunities as they arise in the event of a peace settlement being reached, as I really believe in them longer-term, and I remain positive on the mining companies. Also, I think that CYAN (big losses) and THG (just moved into small profit after big losses) are going to turn big winners in the coming year.

Obviously these are all my personal views and as I showed recently, I had terrible timing on CHRT (-17%), so it is always striking a balance. Happy investing for 2026.

JL...I remember it well. Announcing to the market that you are going to sell all your gold is a great way to guarantee getting the absolute bottom in the gold price! What a prat.

JL70 & RM50....you beat me to it. Just wishing you both well for Xmas and New Year. I have had a good year overall, albeit performance in 4Q has been poor until this week, when I have had some reasonable recovery. Just goes to show that you can't always get it right! Recent CHRT call has been a disaster (-16%) but at this 900p level, I would snap up for 2026.

Hopefully, we might meet up in 2026.

Lothbury, I did not recall seeing shares related to professional fees being 0.005p in the Admission document, as you have stated, so I have done a search of the whole document and "0.005p" gave me a zero return; £0.005 occurs 11 times in the document and 0.5p is stated as the Placing price on page 31. Which page did you see 0.005p?

Also, why would the BoD sell at, say 0.25-0.3p, having just agreed to subscribe for new shares ion the Subscription at 0.5p?

Gord-1...I do not believe so because, although most were at 0.15p, others were at 0.3p. Also, I think the BoD is looking to increase its shareholding in MOS, not decrease it, so far more likely to retain them.

I cant get my head around the share price, so thought I would look up the details of consideration, Placing & Subscription. Here is a summary of the key facts:

Consideration (£31.89m) for Estadio Gana 5,102m shares @ 0.625p (price set back in March)

Consideration ($3.875m) for Capital Media Sports 82.4m shares @0.75p

Placing to raise £0.965m gross done at 0.5p

Subscription (mostly directors and PDMRs) to raise £1.672m gross also at 0.5p. Plus Directors have exercised many old options and warrants at considerable cost to themselves (ca.£0.4m)

Fees: Beaumont Cornish 10m warrants at 0.5p, AlbR 2.32m @0.75p and Axis Cap 2.5m @0.5p

Warrants: Placee and Subscriber warrants 1-for-1 basis @0.75p

All the above Conditional on shareholder approval in early January.

As current share price, all the above is well out of the money. Plus there is a lock-in of 12 months on most of the above. Current share price just does not make sense [to me]. Hope this information helps.

Have been following MOS for well over a year and like what it is trying to do. It was disappointing, but understandable, that existing shareholders could not participate in the Placing, but fortunately SP has reverted to that price, or even just below. I take comfort from the fact that BoD have significant skin-in-the-game and last bought shares at 0.375-0.38p, so buying now puts us on the same footing as them. I expect to see quite a transformation in the financials in 2026 and will share my forecasts in January when the RTO is completed. We should also see some updated brokers forecasts around the same time. For transparency: I have topped up one holding and bought a new holding, both below 0.4p.

SYS, a company I like longer-term and for the high level of director/employee ownership, has just announced the acqn of Saxix Group for £2.0m (£1.25 now +£0.5m earn-out on future deliverables). Saxis "is a UK-based specialist provider of enterprise storage, data protection and hybrid infrastructure solutions, including NetApp technologies. The acqn is consistent with SysGroup's stated strategy of selectively enhancing its technical capability and broadening its end-to-end proposition, strengthening the Group's ability to support complex mid-market and regulated customers." Price looks reasonable, being 1.0x sales and 4.0x EV/EBITDA (assuming full earnout reached).