Member Info for Safety1

It all feels a bit fabricated here at the moment, difficult to gauge with so little information available.

Did the Herald / Crux funds ever provide an update on their holdings / complete exit? I don't remember seeing anything.

The Revised Proposal is subject to several pre-conditions, including the completion of satisfactory due diligence by Esyasoft, although Esyasoft reserves the right to waive such pre-conditions.

Why waive the right to undertaking due dilligence"? Maybe to rush the deal through. There's a few reasons I can think of that suit ES to move quickly.....but also a couple in relation to CC aswell.

Not much to say really.....absolutely terrible deal / derisory offer. Hard to comprehend the recommendation for acceptance from the Board without them providing significantly more information than they've already offered....and will offer for that matter.

Exciting times upon us. Although I'm thinking that an extension is the most likely scenario based on nothing predicts behaviour like behaviour & straight out of the Good Energy purchase playbook. Not long now as some might say !!

Also from the Goa minutes....

(b) .... whether the Government is aware that substantial technical and eligibility conditions relating to meter installation, software deployment, and system integration were introduced after the pre-bid meeting and several

months after tender publication, and whether such post-bid amendments, coupled with delayed withdrawal of blacklisting, restricted competition, resulting in participation of only two bidders in a project valued at over ₹467 crore, and whether any independent assessment of adequacy of competition, including recommendations of REC Ltd, was undertaken.

Yes, - Post bid Amendments were made to make the qualification criteria stringent in the tender to ensure better quality of the Advanced Metering Infrastructure Service Provider (AMISP)/Meters. Electricity Department has sought the opinion of REC Limited, the Nodal Agency

for RDSS Scheme for the State of Goa.

ANNEXURE A - The comparative chart of the rates derived for various other DISCOMS are mentioned below in L1 Bidder / PMPM

1 Intellismart Infrastructure Pvt.

PVVNL

121.13

2 Genus Power Infra Ltd.

Mizoram PD

163.17

3 Genus Power Infra Ltd.

TSECL

113.98

4 Genus Power Infra Ltd. PuVVNL

(Gorakhpur & Basti)

115.60

5 Genus Power Infra Ltd.

PED Mizoram

144.58

6 Genus Power Infra Ltd.

HPSEB South

123.64

7 Genus Power Infra Ltd.

UPCL, Garhwal

135.15

8 Adani Transmission Ltd.

UPCL, Kumaon

137.54

9 Adani Transmission Ltd.

APCPDCL

137.18

10 Adani Transmission

APSPDCL

146.47

11 Adani Transmission

APEPDCL

136.71

12 Montecarlo Limited

MSEDCL - NSC - 10

123.66

13 NCC MSEDCL -

NSC -09

123.66

14 Genus Power Infra Ltd. MSEDCL - NSC - 11

123.66

15 Adani Transmission Ltd.

MSEDCL - NSC - 05

123.66

16 Digismart Netwroks Private

GOA - PD

117.50

Goa Legislative Assembly meeting minutes Jan 2026

Question...(c) whether the Government has conducted any reasonability analysis, cost benchmarking, or comparative assessment of the rates quoted and accepted from M/s DigiSmart Network Pvt. Ltd vis-à-vis smart metering projects implemented in other States, and if so, the details thereof, and if not, the reasons for proceeding with

acceptance of rates involving

significant public expenditure;

Yes, Electricity Department has conducted comparative assessment of the rates quoted

and accepted from M/s Digismart Network Pvt Ltd.

Details are as per Annexure -A.

Comparative smart rates derived for various other discoms are mentioned below...

The 5 ongoing TN tenders are ikely to be Digismart Amisp targets...

I mentioned this from the Genus Power Q3 earnings update last...

"The company (Genus) faces delays in tender finalizations, particularly in Tamil Nadu, due to upcoming elections".

According to local news, the Assembly elections are slated to take place "before 10th May".

Beyond ABB & Siemens: 3 under-the-radar Indian giants dominating the Rs 90,000 Cr national grid shift

Cyanconnode

Smart meter rollout begins to shape earnings across India’s power supply chain

18th February 2026.

A couple of mentions on India, especially in relation to the TN amisp tender in there report which I suspect is particularly relevant to CC.

"The company faces delays in tender finalizations, particularly in Tamil Nadu, due to upcoming elections".

"Karnataka and Telangana have not yet opted for the RDSS scheme, potentially limiting immediate market opportunities"

A positive start to the Goa Project. Presumably it'll lead to increased income coming into Digismart / CC each month?

It's possibly beneficial to CC to request an extension to any takeover / bid talks to allow the project to successfully progress for another month or two.

Times of India - 19th Feb 2026

Panaji - Goa

Power department may start installing smart meters for pvt consumers in a month

An extension is not out of the question but a contrairian view might conclude that ES would like to get a deal done sooner rather than later for the very fact that the longer it's delayed, then Digismart could possibly land an Amisp contract. That could / would significantly alter fair equitable value of the company. Admittedly, a lot of if and buts.

India’s smart meter drive powers digital energy growth.

Quite why they are posting this information at this time is strange.

In terms of the debt / loans, a significant proportion is being used as down payment for Amisp tenders. If Cyan were to be unsuccessful in any or all, then these monies will be returned to the company, thus reducing the debt. Presumably this scenario is being considered as a potential by the company.

Likewise, in August 2025,

CWD Limited announced the receipt of a major purchase order worth ₹5.10 crore (£4m+) from CyanConnode Private Limited. The order pertains to the supply of Cellular Network Interface Cards (NICs), further strengthening the collaboration between the two companies in Goa. I presume that the ES loan monies funded the order.

I also presume that we have £4m of tangible assets included somewhere on our books to reflect this purchase ?

As expected, the table shows the same details as the 4th Feb RNS.

Other RNS states....As a consequence of this announcement, an 'Offer Period' has now commenced in respect of the Company, in accordance with the rules of the Code. The attention of the Company's shareholders is drawn to the disclosure requirements of Rule 8 of the Code, which are summarised below.

Details from the Disclosure Table on the Take Over Panels own website...

OFFEREE: CyanConnode Holdings plc

Offer period commenced: 13:30 03-Feb-2026

2p ordinary

ISIN: GB00BF93WP34

NSI: 359,035,103

OFFEROR: Esyasoft Holding Ltd

Offeror identified: 13:30 03-Feb-2026

Rule 2.6 deadline: 17:00 03-Mar-2026

Disclosure of dealings and positions in this offeror is not required

Only the rest of today & all tomorrow for declarations. Intrigued to see what's going to be divulged.