Member Info for Safety1

Fair equitable value was £91m - £96m a couple of years ago. I think it's dropped slightly since then, so the new figure minus the circa £16m of loans. This rationale is based on an adopted legal standard & its process driven.

Fair equitable value for me.

Just re-read the last Cyan presentation material from August 2025 which is on the website. The 2 near term opportunities identified were Azerbaijan & Dubai, presumably both through ES. Even if you discount these 2 opportunities now; & just consider everything else in the presentation then this "potential offer" is absolutely derisory and in no way reflects the value of the company.

Esyasoft still advertising vacancies in Goa. New jobs this week include vacancies for a Manager - Operations for AMISP operations in South Goa & Deputy Manager (NOMC) for oversight of smart meter field deployments and AMI operations.

Sorry...its SEPC not SPEC.

SPEC wins major smart meter contract in Punjab.

The approach also provides an opportunity for the company to update its significant shareholders page through the mandatory requirement for the presentation of TR1 forms for certain parties......

TR1 released by Doxia Partners, presumably on behalf of Axia. My recollection of our shareholders page on the website previously recorded Axia at 46, 707 039 shares - 13.009% of the company.

I think previous TR1 RNS releases relating to Axias holdings were notified by Doxia Partners on three occasions & Privium Fund Management on one occasion with the following totals...

12, 526 654 as Doxia Partners

13 014 267 as Doxia Partners

11, 094 098 as Doxia Partners

9,848 000 as Privium Fund Management UK

It appears to me that Axia have more, I think ?

There's a couple of other Youtube videos of the same press conference, one called "Smart power meters in Goa" produced by The Navind Times & which was also first streamed 5 days ago. It's slightly easier to make out what he's saying. I think he's referring to 20k distribution meters?

There's also a report in The Goan newspaper dated 6th Feb 2026 stating that Fernandez said that 1022 feeders have been fitted with meters, with work in progress for 9000 transformers & 5800 Government buildings.

Video looks to have been filmed outside one of the Joint Electricity Regulatory Meetings (Jerk) on either 5th or 6th Feb as the banner in the background is the same & which ties in with the release date of the video.

Short Youtube video called "7.5 lakhs smart meter coming to Goa' produced by The Voice of Goem & posted 5 days ago. Its a short commentary from Stephen Fernandez - Chief Electrical Engineer for the state.

A noisy video & difficult to make out what he's saying as he's standing in a busy street; but he appears to say that almost 20000 meters will be completed in the next 2 weeks. I think I heard that right ?

There's a further written report in the Times of India dated 5th Feb 2026...but which has no reference to quantity of installation.

The ES inital offer for Good Energy was also reported as being "unsolicited"....

Renewable energy supplier Good Energy has received an "unsolicited" takeover offer from an international firm.

In a regulatory announcement made on Monday, Good Energy announced that it received an unsolicited, non-binding offer for the entire issued and to be issued share capital of the company from Esyasoft Holding. Esyasoft is a Dubai-based smart grid technology firm, which utilises artificial intelligence (AI) technologies in a network of electric vehicle (EV) charging stations, metering systems, and software packages.

NED Lyndon Faulkners CV on the Cyan website also states amongst other things that his track record also includes executing numerous international corporate merger and acquisitions.

Maybe his experience will be helpful to JC......not sure what else he's brought to the company.

I've always found it a bit strange that Esyasoft lost out in the Goa smart meter tender.....but then end up as what appears to be the Prime Contractor for the winning consortium which includes Digismart (CC).

Esyasoft are still recruiting for jobs in Goa. They've posted a number of positions that are available within the last few days and which look to be related to the CC project.

I've also been a shareholder for a very long time (over 16 years). I've not corresponded with the company since the Simon Smith days. Suffice to say, I've written to the company this afternoon to express my opion about the potential offer.

This initial offer in no way reflects the value of the company.

CyanConnode

Smart metering moves to the heart of India’s power reforms

Astute Analytica Report

Dated 8th Jan 2026

Advanced Metering Infrastructure Market Projected to Reach US$ 78.28 Billion by 2035, Supported by Large-Scale Replacement Programs

A good read.

Posted 11th December 2025

Cyanconnode - India’s smart‑meter rollout reaches a new milestone