Member Info for PMason

SamiRZ – “Actually on that note, I've just realised.. that is probably why BOD took wages in shares.. it means they have many millions [probably into billions] to vote any new "share allocation" through at an EGM”

The board said they took wages in shares to conserve cash. I believe them. Using those same shares to vote through more shares is meaningless. They can vote through whatever they like. The live issue is can they raise any more money from the markets. Any new issues are bought up first by the MM who then offload them to retailer investors. If either of these processes cannot complete, then there are no further share issues and the company goes bust. A placing at 0.002p would net them £300k if the MM can shift the stock but that would breach the terms and conditions of warrants. The 15 billion shares are set aside for the warrant holders exercisable at 0.004p over the next 12 months from the date of the last two placings.

Skid35 – “Remember DL shouting about his other patent that would be needed by every telco”

No, I don’t for I wasn’t around then. The latest and most important patent was granted in November 2025. Six months is more than enough time for the semiconductor/Telco to sign on the dotted line for the IP patent was filed back in June 2022 and they’ve been trialling it ever since. Therefore, if there is no definitive contract announcement by the end of May 2026, I will concede defeat and accept the company has nothing of any commercial value.

Skid35 – “if you actually have valuable IP and tech the market needs in this space it really does sell.”

Yes, it does sell but to sell en masse to the point of commercial profit you need patent protection or your products/services are copied and sold by anybody anywhere. The more so in an area like software. ENET filed its most important patent in June 2022 and was granted patent protection in November 2025. Nothing could have moved before then.

HftC – “Your comments about nominal value being totally meaningless are wrong as companies can't raise at a price below nominal value, so it has to have some meaning”

All companies registered in the UK and listed on the London Stock Exchange must have a nominal value. Only companies registered overseas and listed on the London Stock Exchange can have shares of no-par value. Take Pershing Square Holdings, the shares trade at 4372p and the company has a market cap of £8 billion. The shares are of no-par value (NPV).

https://www.lse.co.uk/rns/PSH/transaction-in-own-shares-e0jx46o00axdi4u.html

“RNS 17/03/2026 - London, 16 March 2026. Pershing Square Holdings, Ltd. today announced that it has purchased, through PSH agent, Jefferies International Limited the following number of PSH Public Shares of no-par value (ISIN Code: GG00BPFJTF46).”

The no-par value is meaningless to people who understand what’s going on here. ENET is an overseas registered company. What is of paramount importance is any NEW contracts it has signed with NEW customers.

ExMS – “They can in theory just keep issuing as long as they have the headroom.”

Not true. They can only issue shares if MM are confident, they can pass the stock onto retail investors. Many companies go but whilst still having the authority to issue millions of shares.

ExMS – “They lose in the order of £200k per month “

Do you know what their cost base is now?

RNS 02/02/2026 – “David Levi, Chief Executive Officer, commented: "Following a challenging two-year period, during which we refocused the business around our core IP and significantly reduced our cost base, we believe the Company is now better positioned for recovery and growth.”

ExMS – “Don't forget the assigned zero nominal value of the shares”

Totally meaningless. It’s how much a company can raise not the nominal value that’s important. The lower the share price the more shares that must be issued to raise the same amount of money. All AIM companies want high share prices. They only settle for low share prices to attract retail investors who think by holding zillions and zillions of shares will make them millionaires when the stock hits 1p.

Hftc – “Where do we all see the bottom? Can't be far off now?”

Told you before in the absence of game changing news the bottom is below whatever price you paid. That’s how the AIM market normally extracts your money. You can never really get it back due to the constant issuance of discount shares. However a placing is restricted here due to the company’s obligation to the warrant holders. That’s not to say one can’t take place, but it really isn’t in the interest of the company to place the 15 billion at 0.002p netting £300k instead 0.004p or above netting £600k unless the alternative is administration.

ETH – “Lubethon on the way.”

Two placings occurred in Feb 2026. Both at 0.004p with attached warrants at the same price for a 12-month period. There is also an accelerated clause for the warrants at 0.006p. An EGM took place on 18/03/2026 giving authority for 15 billion shares to be issued to satisfy the warrants exercisable at 0.004p. This is why I believe despite the cratering share price there is no further placings at a discount to 0.004p being worked. In the absence of any lack of commercial news regarding contracts with new customers traders are simply moving on. Market players are also up to their usual tricks to encourage holders to sell at a huge loss. If there is placing lower than 0.004p then this is a clear indication they have no other contracts to look forward to and there is an argument the February RNS statements regarding the warrants were deliberately misleading. Commercially the company has no interest in placing in the 2s instead of the 4s or 6s unless it’s to temporarily stave of administration. For now, I have still given them the benefit of the doubt.

Skid35 - Young traders who are new to this game look at the motives and behaviour of directors. As an experienced investor you should be past that stage by now and be looking at the technicalities. Can what the company is offering lead to commercialisation and a change in the company’s fortunes. $20k per month is £147k per year in wages. That is at the very bottom end for CEOs of public listed companies. I’m not excusing any past behaviour, but directors’ motives are all the same, grow the company whilst paying myself as much as I can.

Directors have a fiducial/regulatory duty to promote their companies. When a company goes into administration the administrators will investigate what reasonable steps the directors took to promote their company to secure financial support. If directors put in their RNS statements – “the posters on LSE Chat are correct, the company is worthless and will go bust when we’ve sucked every penny we can from retail shareholders” they can be disqualified and sent to prison. The more so if such behaviour leads to creditors being left unpaid. Try and focus on the technical aspects of the company.

On that basis the FCA would be looking into 97% of AIM companies. It’s just finding that 3% that was once telling a lifetime of lies but has had a stroke of luck.

ENET is yet to prove that its newly granted patent is the starting point of its long-awaited commercial turnaround. Until then all sorts of games are played with the share price so all who invest and hold lose money if the try to sell no matter what price they bought at. That’s the way of the AIM market.

I said the markets would try to kick this back to where it started. The many 166 and 172 trades play a role in setting the average buy or sell price. This is important to fleece spread betters. The sells at 330 million and 250 million are also part of the same plan. Two sets of people extract money from retail investors the companies via discount placings and the MM with shorts and automatic traders. All lead to a downward share price where a PI who invests £100 ends up with only £50 for no apparent reason. Where has his other £50 gone to if nothing has change. How is the stock down from 0.004p to 0.0024p in only a matter of weeks.

Today’s rise is just a technicality. MM that has been using the 15 billion shares to short down the stock are closing. The agreement between the US and Iran has also unnerved shorts everywhere. Normal business can resume by close of play and the stock is either down or unchanged. Its news on new contracts that will be the game change here, nothing else.

Latino – “We are talking Levy here, look at past history of this share..never missed a placing!”

He can only get away with this if the warrants have expired or he puts in place GMs to service any unexercised live warrants. He can’t use warrant shares for placings unless another planned GM is in place to replenish.

The GM allowed for the issuance of another 15 billion shares. However, as per the various RNS announcements they are to satisfy the warrant holders who can only exercise the warrants at 0.004p. If DL does a placing at 0.002p not only, will he raise 50% less money but he would also be in legal breach of the terms of the contract with the warrant holders that took part in the two placings. He would not be able to service the warrant calls if Nvidia, Apple and Microsoft all announced a bidding war for ENET. So technically a placing could occur under 0.004p but unlikely as it is fraught with legalistic difficulties.

C0hen – “Back at all time low. I’ve had a strategy with this share let it hit an all time low”

Nobody can have a strategy to buy at an all time low. If they did, they’d be millionaires or insider traders. The all time low is under whatever price you bought at. That’s how the market works. All you can do is buy and hope for news that turns your investment into a profit. There are no successful strategies on the AIM unless you are participating in discount placings that have already been forward sold at a higher price.

You can leave the employment of a business but still own it through the holding of its shares.

Fourseasons – “PMason, interesting post & factual re patent grant. what is your take on the potential here?”

My take on the potential here is that everything was in development stage and held back from official release until the patent was granted in November 2025. Back in 2012 DL sold his company Broadlight to Broadcom for $230 million.

https://en.wikipedia.org/wiki/BroadLight

“Acquisition by Broadcom - In April 2012 Broadcom Corporation acquired BroadLight for $230M in a cash transaction.”

There has been no official announcement of a joint venture with Broadcom, but I hazard a guess (only a guess mind you) that given the previous relationship DL had with them they are the semi-conductor provider ENET are working with.

https://www.broadcom.com/company/news/product-releases/64036 PALO ALTO, Calif., March 12, 2026

“Broadcom Showcases Industry-Leading Solutions for Scaling AI Infrastructure at OFC 2026. Spotlighting end-to-end AI infrastructure portfolio for gigawatt-scale clusters – spanning XPU, Ethernet, Optics, SerDes, DSP, and PCIe solutions“

“Broadcom is also collaborating with more than 30 partners to demonstrate a wide array of its industry-leading solutions across the show floor at OFC 2026.”

Having said all that skid35 could well be right and it’s still ploppity plop for ENET in a few months time, but at this price its worth the risk.

Skid35 – “You don't have to have a patent to be able to sell tech based on that IP”

That’s correct you don’t need a patent to sell anything. What the patent does is prevent others from stealing your market after you’ve done all the original investment in research and trials. The patent also prevents others from taking you to court for stealing their market share on the grounds of patent infringement. A patent is needed here because ENET ‘Longest Prefix Matching’ solves a technical solution which is the abandonment of TCAM.

RNS 19/11/2025 – “The Patent covers the implementation of a highly optimized method for routing using an LPM algorithm, designed to support hundreds of thousands of routes in few clock cycles, while eliminating the need for costly external components such as TCAM (Ternary Content Addressable Memory)”

I don’t want to get too technical, but TCAM plays a major role in network computing and in particular AI computing, but it is extremely power hungry. All the major networking companies are looking to improve TCAM power efficiency or abandon it altogether.