Member Info for Ruprecht

AI "Let’s be realistic about why Michael Trezise is swallowing up 100k blocks daily. It isn’t for a tiny arbitrage flip. This is a highly calculated corporate block play.Between Trezise (5.91%), Strickland, and Chell, this tight private group commands a massive 11.16% of the voting register.

(1) Here is the exact UK Takeover Code reality:Contractual Offer: Esyasoft needs a 90% squeeze-out. The Trezise bloc's 11.16% represents an automatic, mathematical VETO.

(2) Scheme of Arrangement: Needs 75% of voted shares. With typical AIM retail turnout at ~40%, this 11.16% absolute holding easily amplifies into a 27.9% voting bloc in the room. That is another instant veto (over 25%).Esyasoft cannot cleanly delist CYAN or push through a cheap deal without this group's approval.

With FY2026 revenue hitting over £20m, the £70m Goa contract kicking in, and the high-margin FG28 modules dropping in H1 FY2027, 10.44p is a cheekily low 1.87x revenue multiple. A fundamental re-rating puts fair value closer to 16.5p – 19.5p.Esyasoft’s parent company is IHC—a UAE giant with billions in quarterly profit. They have the cash. Trezise is forcing them to the table to pay up for the true value of the asset.Hold tight and don't sell yourself short.

I then asked "what would be an acceptable offer do you think?"

An acceptable exit valuation for a high-net-worth (HNW) investor block like Michael Trezise would likely fall between 16.5p and 19.5p per share. This price target values CyanConnode's entire share capital at roughly £59.2 million to £70.0 million, representing a 58% to 87% premium over Esyasoft's current 10.44p non-binding proposal.While the CyanConnode board has expressed a willingness to recommend the 10.44p offer, activist private blockholders holding veto power require a dramatically higher valuation based on three distinct fundamental metrics:1. Revenue Multiple RealignmentThe current 10.44p offer values the company at a mere 1.87x multiple on its projected FY2026 revenue of over £20 million. Pushing the acceptable price to the 16.5p–19.5p window re-rates CyanConnode to a 2.9x to 3.5x revenue multiple. This realignment is much more aligned with standard market valuations for UK-listed technology and smart-grid infrastructure peers.2. Pricing the AMISP Contract BacklogA premium must be placed on CyanConnode's structural shift from a low-margin hardware component distributor to a high-margin Advanced Metering Infrastructure Service Provider (AMISP).The Goa Factor: The massive £70 million Goa contract secures long-term, recurring Software-as-a-Service (SaaS) and head-end system management revenues.Captured Value: HNW blockholders will not surrender this guaranteed, high-margin revenue pipeline at a multi-year low valuation just as it hits an operational inflection point.3. Cost Mitigation via Next-Gen ModulesCyanConnode’s upcoming FG28 hardware modules are designed to significantly compress manufacturing and deployment costs starting in H1 FY2027. A higher offer price accounts for this impending margin expansion, which is entirely unpriced by Esyasoft’s current opportunistic bid.Would you like to analyze the historical premium averages for UK AIM-listed tech buyouts or map out the exact voting percentages needed for Trezise's bloc to trigger a formal rejection? Interesting—GLA Rups

0730 BEGINS "Michael Trezise's daily accumulation of CyanConnode shares is a tactical play for blocking power, negotiation leverage, and fundamental growth alignment, rather than a simple short-term arbitrage trade.As a high-net-worth investor holding a major 5.91% stake (over 21 million shares), Trezise is executing a sophisticated corporate chess game. This strategy unfolds against the backdrop of an active takeover period and an extended "Put Up or Shut Up" (PUSU) deadline of 23 June 2026 for UAE-based bidder Esyasoft Holding Ltd.The core strategic drivers for his continuous purchasing include the following mechanisms:1. Blocking Power and Takeover Code LeverageUnder the UK Takeover Code, specific holding thresholds dictate the success and structural terms of a buyout.The 90% Squeeze-Out Veto: If Esyasoft structures its bid as a contractual takeover offer, it mathematically requires 90% acceptance from independent shareholders to force a compulsory "squeeze-out" of remaining shares and de-list the company.The Power of the Collective Block: Trezise’s personal 5.91% stake, when aligned with a tight group of other large independent private investors (such as Jason Strickland and Dr. Paul Chell), brings their combined private block to 11.16% of the voting register.

Forcing a Higher Bid: Because this group controls more than 10% of the independent shares, Esyasoft cannot mathematically reach the 90% threshold to execute a clean delisting without their consent. By continuing to push his position higher, Trezise increases his personal leverage to demand that Esyasoft sweeten its current 10.44p per share offer.2. Capitalising on a Fundamental Valuation Mismatch. A sophisticated investor looks past the current market price (8.75p) and the cash bid (10.44p) if they believe the company's long-term commercial horizon is heavily undervalued:Explosive Revenue Growth: In its recent April 2026 trading update, CyanConnode announced it expects FY2026 revenue to surpass £20 million, a massive jump from £14.2 million in FY2025.Shift to High-Margin SaaS: The company is transitioning into a primary Advanced Metering Infrastructure Service Provider (AMISP), anchored by its massive £70 million Goa smart metering contract. This introduces high-margin, recurring Software-as-a-Service (SaaS) revenues through head-end system management, which traditional hardware-only valuations fail to capture. New Cost-Efficient Product The imminent launch of lower-cost hardware suites (like the FG28 module) in H1 FY2027 is expected to expand profit margins dramatically. Investors like Trezise see the current Esyasoft offer as highly opportunistic, attempting to buy out the company just as its long-term efforts in India and the APAC region begin generating substantial returns.3. Setting a Price Floor and Signaling Market Confidence By stepping into the open market to consistently swallow up 100,000-share blocks, Trezise acts as a strong institutional backstop. He signals confidance

Asking what would be a sensible valuation for HNW individual alignment?

To align the HNW individuals and break the 11.16% veto block, a reasonable offer would need to sit between 16.5p and 19.5p per share.This range values CyanConnode's entire share capital at approximately £59.2 million to £70.0 million, representing a premium of 58% to 87% over Esyasoft’s initial 10.44p non-binding proposal.🧮 Valuation Rationale for the HNW BlockPrivate investors holding blocking stakes typically reject low-ball offers when a company hits an operational inflection point. The 16.5p–19.5p range is justified by three critical financial metrics:Revenue Multiple Realignment: The current 10.44p offer values the company at just 1.87x FY2026 revenue (£20M+). Raising the offer to 16.5p–19.5p lifts the multiple to 2.9x–3.5x revenue. This aligns more closely with UK technology and smart-grid peers.The Goa AMISP Contract Premium: The £70 million Goa contract fundamentally shifts CyanConnode from a hardware distributor to a high-margin Advanced Metering Infrastructure Service Provider (AMISP). HNW individuals aware of this Software-as-a-Service (SaaS) transition will demand a price that factors in the incoming long-term, high-margin recurring software revenues.Deferred Revenue Capture: Management's deliberate deferral of H2 hardware shipments to launch lower-cost product suites in H1 creates a compressed spring of revenue for the current financial year. A reasonable offer must pay a premium for this visible, near-term growth pipeline.📊 Comparison of Takeover ProposalsThe table below contrasts the financial metrics of the current inadequate offer against the proposed sweet spot required to win over the HNW block.MetricEsyasoft's Current ProposalProposed HNW Alignment RangeOffer Price per Share10.44p16.5p – 19.5pImplied Equity Value£37.5 Million£59.2M – £70.0MFY2026 Revenue Multiple1.87x2.96x – 3.50xPremium over Current Offer0% (Baseline)58% – 87%HNW Veto RiskHigh (11.16% Block)Low (Triggers Profit-Taking)📈 Capital Allocation & Squeeze-Out MathOvercoming the 90% Hurdle: In a contractual takeover offer, Esyasoft must secure 90% approval from independent shareholders to activate the compulsory "squeeze-out" mechanism.Targeting Key Shareholders: To guarantee success, Esyasoft cannot just buy out the top line. It must win over Michael Trezise (5.91%) and Jason Strickland (2.67%).Pricing the Risk: At 10.44p, these investors face minimal upside relative to the £70M Goa pipeline. At 18p (the midpoint), this group secures immediate, de-risked liquidity at a valuation that properly respects CyanConnode's structural shift toward SaaS-like margins. Interesrting AI thoughts—GLA Rups

Esyasoft’s 10.44p non-binding proposal values CyanConnode’s entire share capital at approximately £37.5 million. This represents a valuation multiple of 1.87x against the recently announced FY2026 revenue update of £20+ million.A review of recent Form 8.3 regulatory disclosures indicates that high-net-worth (HNW) private investors are actively consolidating their positions, creating a structural barrier to a takeover at this valuation.🧱 Breakdown of the Declared Form 8.3 Private PositionsUnder the UK Takeover Code, any individual holding an interest of 1% or more must publicly disclose all transactions. The aggregate position of the independent private investors who have filed Form 8.3 disclosures stands as follows:Michael Trezise: 21,214,000 shares (5.91%) — Recent open-market accumulation.Jason Strickland: 9,609,598 shares (2.67%) — Position held via ordinary shares and 1,400,000 cash-settled derivatives (CFDs).Dr Paul Chell & Family: 5,716,516 shares (1.59%) — Long-term private equity block.David Gary Wall: 3,561,683 shares (0.99%) — Position maintained right at the regulatory reporting threshold.Total Combined Private Power: 11.16%📊 The Takeover Code Acceptance ThresholdsIf Esyasoft structures its bid as a contractual takeover offer, it requires 90% acceptance from independent shareholders to execute a compulsory "squeeze-out" mechanism and de-list the company.Because this combined private investor block controls 11.16% of the voting register, Esyasoft cannot mathematically cross the 90% threshold if these parties decline the offer. This 11.16% block represents an absolute legal veto over a full contractual acquisition, independent of the decisions made by institutional holders like Axia Investments (13.79%) or internal directors like William David Johns-Powell (5.47%).🚀 Fundamental Drivers: The £70M Goa AMISP ContractThe concentration of private capital at these price levels is directly linked to an operational pivot in CyanConnode’s business model:Transition to AMISP Status: The £70 Million Goa contract to deploy 750,000 smart meters marks the company's first major project as a primary Advanced Metering Infrastructure Service Provider.Margin Profile Shift: Unlike legacy contracts that relied primarily on hardware distribution, the AMISP framework allows CyanConnode to retain long-term software and head-end system (UHES) management. This introduces high-margin recurring Software-as-a-Service (SaaS) revenue lines.Revenue Trajectory: Financial updates confirm that revenue rose past £20 Million (up from £14.2M the prior year), driven by the commencement of the Goa software rollout in H2.Deferred Revenue Potential: Management explicitly stated that certain H2 hardware shipments were deliberately deferred to transition production over to their new, lower-cost product suites launching in H1. This sets up a concentrated period of deployment for the current financial year.🎯 Strategic OutlookAt 10.44p, the current offer values the entire company

Looking back, perhaps one of the clearest warning signs at CyanConnode was not the RNS flow or the projections — it was the absence of meaningful director buying over a prolonged period.

As private investors we often focus heavily on contracts, narratives and future potential, but director behaviour matters too. When a company continually talks about transformational opportunity, yet senior executives — particularly finance leadership — make little or no open-market share purchases over many years, it inevitably raises questions about conviction and alignment.

Not proof of anything sinister. Just a reminder that actions sometimes speak louder than presentations.

The consensus seems to be that we’re being "sold out," but a contrarian look at the register suggests a very different game is being played.

The Board's "unanimous" support for 10.44p is likely a legal necessity under the Takeover Code, not a reflection of value. They are "muzzled." They can’t shout about the NPV of the £180m order book or the Goa rollout without legal blowback. But they don't need to shout—the register is doing the talking for them.

While the "forced institutional sellers" (Miton) have cleared out, a "Fortress" has formed on the left flank. Look at the concentration: Trezise, Gough, Tyler, and Chari. These aren't passive trackers; they are sophisticated, concentrated holders. Add in the "Silent Kingmaker" Axia and the fact that David Johns-Powell is sitting on 19.6m shares, and you have a register that is now almost impossible to "squeeze" at a low-ball price.

The Contrarian Take: JC and the board have brought a UAE giant (IHC/Esyasoft) to the table and de-risked the company with that $20M debt. Now, they are sitting back. They know 10.44p doesn't clear the 75% hurdle of a Court Meeting when the "New Guard" holds the keys.

For a sovereign-backed entity like IHC, the jump to 20p is a rounding error to secure a friction-less purchase of world-class tech. 10.44p is the opening gambit; the real price discovery starts when the "Irrevocables" fail to appear.

Powder dry. En garde.

GLA Rups

No. Not on Aim. But side deals are common. Consultancy etc.

This particular property has been on and off the market for over 10 years. Fact.

Has anyone thought what we will do every day without CC to check. I’m already booking therapy. I guess with whatever proceeds come out of this we will need another high risk investment to keep us all going. Any suggestions. Lol. GLA Rups

Sorry if I've missed this, or indeed imagined it — was there not going to be a video Q & A on 28th. Thanks in advance. Happy New Year to both the newbies and the old Hardened Lifers on here. GLA — Rups

Https://www.linkedin.com/posts/cyanconnode-india_india-power-assam-activity-7409133330018861056-4k53/

Harley, my gut tells me Mon/Tue, with a positive EBIT and a new Zeus report. If so, we would expect some SP movement.

Just a guess —but we shall see of course.

GLA Rups

Hey, Vas—great to see you back. Some of us lifers still look in occasionally—glad your mended. Always really enjoyed you posts. Look forward to chatting again. We'll have a lifers party when it sells. LOL. Which I think will be next 12 months—and my monies on the middle east. Some good news, and big uplift in EBITDA should makes the multiples look interesting. (what will we do on Tuesday morning without the possibility of an RNS)

Best Rups

Notlob Mr Praline.

Hi Gizmo—LTI posted about this in 2023........Mr accumulator is chipping away in the background....someone maybe knows something...Best to all..Rups

Think forward Tony—this is big news. CC will benefit from the new /extended relationships with meter manufacturers, so that they can leverage for more HES/metre supplies TO THEM, in return for more metres/contracts/subs for the GOA project. A win win in so many ways. GLA Rups.

Correction £180m order book

Hi Mike. Very long runway, with multiple calls for cash and multiple dilutions have muddied the waters. Missed year end targets because of delayed shipments of meters, due to various geopolitical issues. FY2026—ends March 2026. Many are expecting this year will be the turning point into profit. Revenue growth is massive, and order book stands at around 80m. Currently all CC meters installed are reaching excellent 99.5% SLAs. And having been in India for the last 10 or so years—CC was part of the original group starting the whole concept of energy moderation through SM. There was a time maybe 5 years back, when it looked very doubtful that the world would see the benefits of RF mesh netwroks, and the trend was looking like it would all go cellular. Now that tide has very much turned and the leading thought players are behind RF, and CC has a very neat solution in Omnimesh. CC also Provides Head End software that is agnostic, and links well with billing software from some big players in that industry. At the moment India is flying and the possibility of a CC takeover/ float in India/ partial float/ are all on the cards over the next couple of years—and the CEO has been here to the tune of 600m many times before. MAny of us long-termers have seen many ups and downs, but this time it feels very different, and some real traction is developing in India and the ME. I think with 180m revenue expected over 10 years (most in the next three) the possibilites here are building exponentially. At the moment I would have said most of us would love to have an average of 9 pence! All IMHO. Best wishes to you and all—Rups

LOI to LOA—great news. The order book at around 180m GBP is looking very healthy. I imagine much frantic activity in India. I can imagine many scenarios from here on, that have huge potential—PE, Partial float India/ full float India/ Vertical integration takeover, the opportunities are endless, and JC has all the people around him, including his own sharp corporate vision, to see this one skywards. The potential for shareholder returns are enormous, as the business is focussed in a high growth, high energy geographic area of the world: this is not Starmerland.

As JC has already 600 + million GBP of exits in his bag, this could be his biggest yet. Let's get an update on shipments pcm and a bit of regular comms—would make the world of difference to those 'lifers' who are still underwater, but remaining patiently hopeful.