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They could possibly sell again if they were party to Higginson's mates rates placing

Yes agree, it's a strange one. Can see a wave of selling coming up now with the share count nearly doubling, hopefully the 'distressed' seller didn't take any. Making the large sells from a week or two back look rather suspicious right now. 🤔

Burning through £700k + £525k debt in less than 5 months, not a good look. And on top of that all CEO has to say is that they flogged a bunch of £8.99 headphones (which are still available on Peeko's homepage) - says it all really...

Good interview. Says closing of the NAV should be a relatively easy win. At 28% of NAV at the moment so 1-1.5p more like it at ~56-84% of NAV.

And if we see discount close on Sure Ventures too then our NAV will rise too

Big volumes again today, 3rd highest in 3 years

🤦‍♂️ Bringo I warned you:

"Big money is changing hands, the weak hands have been thoroughly shaken out, and buyers are aggressively absorbing everything available."

This went down from 1.75 to 0.5 on no news from a distressed seller, and that was after funding was secured. Gap fill back up to 1.5, weekly RSI still low at 32, this is only just getting started

This share is heading to filll the gap to 1.5p. To reiterate:

This share has suffered a completely unwarranted drop, but the tide is turning. Because the free float is so restricted, any sustained buying pressure is going to move this share very quickly.

Ticking up

That's 82% discount to NAV (excluding cash)

Mindflair's final results show a company that has successfully transformed its balance sheet and is now completely self-funding its AI investment strategy without diluting shareholders. The business is in its strongest operational position for years—completely debt-free after paying off all loan notes, and cash generation has been stellar. This has been driven by the £2.6m Getvisibility disposal and a post-period €600k cash inflow from CameraMatics’ massive €49m funding round. With a pipeline of 25+ rapidly scaling AI, cybersecurity, and edge-computing investments aggressively expanding across global markets (including partnerships with Nvidia, Lime, BigCommerce, and the RAF), the operational reality is entirely disconnected from a depressed 0.50p share price.

THE MATHEMATICAL BREAKDOWN (HOW THE MARKET IS MISPRICING US)

The RNS states that the total Net Asset Value (NAV) stands at £9,412,000, which gives an official NAV of 1.80p per share based on the 526 million shares in issue.

With the current share price at 0.50p, we can calculate the exact discount to NAV, as well as the true valuation of the tech portfolio when you include all current cash buffers.

THE RAW DISCOUNT TO NAV

Audited NAV per share: 1.80p

Current Share Price: 0.50p

Total Discount to NAV calculation: (1 - (0.50p / 1.80p)) x 100 = 72.2% DISCOUNT

You are buying the company's total assets for less than 28p on the pound. The RNS itself explicitly highlights this massive 72% discount.

NAV EXCLUDING CASH (YEAR-END CASH + €600K CAMERAMATICS INFLOW)

To see how much total liquidity backing we have, we combine the year-end cash balance (£610,000) with the post-period €600,000 realization from CameraMatics (worth roughly £500,000). This gives total cash resources of £1,110,000.

Total Shares in Issue: 526 million

Combined Cash per share: £1,110,000 / 526m shares = 0.211p per share.

NAV Excluding Cash: 1.80p (Total NAV) - 0.211p (Total Cash) = 1.589p per share.

THE TRUE DISCOUNT TO THE INVESTMENT PORTFOLIO (EX-CASH)

To find the true discount on just the tech investments, we subtract the 0.211p cash from the 0.50p market share price. This means the market is putting an implied price of just 0.289p (rounded to 0.29p) on the tech portfolio.

Implied Price for Tech Assets: 0.29p

True Value of Tech Assets (Ex-Cash NAV): 1.589p

True Discount to Ex-Cash NAV calculation: (0.29p / 1.589p) x 100 = 18.25% RESIDUAL COST (Which means a staggering 81.75% DISCOUNT to the underlying asset value!)

Summary: The market capitalization currently sits at a tiny £2.63m, yet they hold over £1.1m in total cash resources and have zero debt. When you strip away the cash, you are buying a top-tier AI portfolio booked at 1.59p for a mere 0.29p. An 81.7% discount on the actual technology investments is a total market anomaly. The value here is undeniable.

Looking forward to results, should highlight the massive discount to NAV here and the solid balance sheet post realisation

Following up on my last post (11 Jun 2026 15:22), the price action over the last two weeks has given us some incredibly telling data. If you’ve been sitting on the sidelines, the risk/reward here has become absurdly asymmetric.

Here is exactly why I believe the bottom is in, and why this is coiled like a spring:

1. The Insane Volume Divergence 📊

Look at the sheer mechanics of the recent trading sessions since we hit a Share Price (SP) low of 0.47p on 16/06:

The Fall: It took roughly 120m in volume to smash the SP down -3.23p (from 3.7p all the way to 0.47p).

The Recovery: In just the last 9 trading sessions, the SP has recovered 0.28p (rising from 0.47p to 0.75p) on a massive ~155m in volume.

Think about that: We have seen over 12 months' worth of trading volume packed into just the last 9 trading sessions. Big money is changing hands, the weak hands have been thoroughly shaken out, and buyers are aggressively absorbing everything available.

2. Nano-Cap Valuation

At 0.75p, the market cap now sits at a paltry £3 million. For a business with actual operations, this valuation is completely divorced from reality and represents a total market overreaction.

3. The Free Float is Tiny (Squeeze Potential) 🧮

When you break down the shareholder register, the math shows just how tightly held this stock actually is:

Directors hold: 14.9%

Institutional Investors hold: 41% – 48%

Free Float (Private Investors/Other) leaves roughly: 37% – 44%

To emphasise, this equates to just 161 million to 191 million shares left in the actual liquid free float. Considering we just traded 155m shares in 9 days, the available liquidity is practically dried up.

The Bottom Line:

To summarise, this share has suffered a completely unwarranted drop, but the tide is turning. Because the free float is so restricted, any sustained buying pressure is going to move this share very quickly.

A couple more decent buyers stepping in here could easily see this move to fill the gap at 1.5p in no time at all, followed by 3p on news. Get in before the liquidity dries up completely. 🚀

(cont.)

2. ADMIN COSTS & CASH RUNWAY

The historical admin costs look high on paper because they’ve been front-loaded to build a highly scalable operational platform.

The key here is that the unit economics have been completely fixed over the last few months. In the recent updates, product margin per item more than doubled to around £3.00, and they introduced a £3.99 delivery contribution on orders under £50. This means every single order is now profitable on a standalone basis.

Because the gross margins have vastly improved, they don't need a mountain of capital to keep the lights on—they just need further volume growth to cover the fixed central costs. With revenue growing fast, the trajectory is pointing heavily toward organically bridging the gap to net profitability rather than diluting shareholders with another raise soon.

3. WHO ARE THE CONCERT PARTY?

The concert party originally consisted of the major inside shareholders and founders (including Dominic Benton and John Alexander Glynne) who came together during the reverse takeover/acquisition structure when the company transitioned from Let's Explore Group. Because their combined holdings were so massive, a Rule 9 waiver was required so they didn't trigger a mandatory takeover bid. To put your mind at ease regarding future overhang or weird voting blocks: that formal concert party structure was recently dissolved.

The high insider ownership you noticed is now just pure management skin-in-the-game. At just a £3m market cap, they are heavily incentivized to get this share price back up to realistic levels.

Here is how I view it:

1. THE MOAT & USP (NOT JUST BOG-STANDARD LIQUIDATION)

If Peeko was just buying a pallet of random junk and trying to flip it on eBay, you’d be right—there’d be no moat. But the model is shifting toward something closer to an online Costco or "treasure hunt" concept, and the real USP comes down to execution:

- THE FULFILLMENT MOAT: Thanks to their THG Fulfil partnership, they can offer next-day delivery on orders placed up to 11 PM. Traditional discounters (like B&M or local high street clearout shops) can’t match that convenience, and small independent online sellers don't have the scale to secure those logistics.

- MULTI-CHANNEL REACH: They aren't just relying on their own website traffic. They are plugged heavily into massive marketplace algorithms (Amazon, TikTok Shop, eBay Live, Whatnot). The trading updates noted that their combination of price advantage + next-day delivery makes the algorithms push them to the top of search rankings. That digital visibility is very hard for competitors to replicate organically.

- THE "SURPLUS ASSETS" SOURCING EDGE

Major retailers have rigid supply chains. If a manufacturer overproduces, changes their packaging, misprints a label, or has a cancelled order, Amazon or Tesco won't touch it because it messes with their automated systems. Peeko specifically hunts for these inventory headaches. Because they take the stock big brands are desperate to clear, they buy it for pennies on the pound. That gives them a structural price advantage large retailers simply cannot match.

- THE "DOPAMINE HIT" BUYING BEHAVIOUR

On Amazon, you use the search bar, buy exactly what you need, and leave. It’s transactional. Peeko relies on discovery and urgency. Because their stock moves incredibly fast and changes daily, customers log in just to see "what’s on deal today." This creates a massive FOMO effect that drives much higher repeat visit rates and impulsive basket-building compared to traditional e-commerce.

- UNIFYING MULTIPLE CATEGORIES

By consolidating Discount Dragon and Boop Beauty into one single storefront, Peeko did something clever: they mixed everyday essentials with high-margin items like cosmetics, beauty products, and premium wellness supplements. A customer might come for the cheap bulk snacks, but they leave with a high-margin beauty box.

Thought [b] would make it bold, but you get the point

<b>Nice</b>

The Peeko e-commerce engine is quietly ramping up the gears.

Two very positive indicators I've picked up on over the last week:

[b]1. Aggressive Inventory Scaling[/b]

Inventory has surged [b]from around 330 items to 430 items in the past week[/b]. That is a ~30% expansion in product range in a matter of days. This shows the procurement team is successfully onboarding surplus stock from brand partners and expanding the variety that drives repeat customer visits.

[b]2. The Payday Promo Push[/b]

Peeko has launched a targeted [b]Payday Sale[/b]. This is exactly the kind of retail execution we need to see to capture maximum consumer spend right as monthly paychecks land. Paired with their Royal Mail next-day delivery model, it’s a strong push for a heavy volume weekend.

[b]3. Primed for Profitability[/b]

What makes this look incredibly positive right now is the underlying unit economics. As per the recent trading updates, management has already done the heavy lifting by doubling the product margins per item and transforming fulfillment. The fundamentals are now locked in. The group is designed to [b]start making profit once it has seen further volume growth[/b]. We are on the cusp of that tipping point.

[b]The Takeaway[/b]

An e-commerce business lives and dies by stock availability, execution, and margins. Seeing the product range expand alongside active sales promotions proves the infrastructure is built and scaling. Management isn't sitting on their hands—they are expanding the offering to drive the group directly into net profitability.

At a £3m market cap, the risk/reward is staggering. Everything is moving in the right direction. 📈🛒

He was probably also selling on 24/6, just waiting to release the TR1 so could work out the net shares sold + received on the day

Looking good on the daily.

RSI on the weekly still very low at 24 from lows of 18. See this rising over the next few weeks to fill the gap at 1.5p

Slater forward selling before his 24/6 shares landing