Member Info for sandgrounded

Gizmo, wrong end of the stick.

I was talking about bids can be unfair but still passed.

Didn’t mean to imply Cyan was a distressed company.

Inthetin, I will try to find the post I was referring to.

I have to stop posting now. Doctor’s appointment in half an hour!

If people think it’s unfair, they will vote against it.

How many times have you seen distressed companies bought for pennies?

Chuffed, someone on the other BB, thought it could be Esyasoft doing the buying. They indicated that Esyasoft as the bidder for Cyan, didn’t have to report any holdings as per Takeover rules.

I’m not 100 percent sure who it was and don’t want to name someone in case I am wrong!

The takeover Panel will ensure the Takeover Code is followed.

They will not involve themselves in the merit of the bid.

Inthetin,

Add my 500k to your list of disgruntled shareholders seeking an egm to replace the board in its entirety.

Anyone know how much a forensic accountant would cost?

One of the proposals could be to allow said person to examine the books to ensure nothing untoward has gone on!

Tony, getting the 5% may be easy. Getting ten times that amount to force through any proposals may be harder!

Thanks.

Colour,

What percentage of voting is required at an egm, to get a proposal passed?

I don’t know if it’s 75% of those voting or a straight 50% + 1.

Whatever the figure, that may be difficult to achieve. I therefore hope that there is sufficient opposition to the BOD, to embarrass them into quitting.

In the meantime, We should hear something this afternoon about the bidding process. Good luck all holders.

The fact we are coming to the last day of the extension, seems to me that an offer may not be coming tomorrow.

As someone said earlier, the due diligence should have been completed by now and if so, a decision to proceed or withdraw would have been made. It makes no sense to leave it longer if all the information is in.

So will they be seeking a further extension ?

Thanks Gizmo. I didn’t know that.

We now have new technology, which is supposedly cheaper to build and install. Has a patent been applied for?

We let someone else manufacture our product a few years back and Lo and behold they miraculously built one of their own.

If that had been patented, our sp may have been in the pounds and not pence!

Do you need 5% of the shareholding for a derivative claim?

I thought the 5% was to seek an egm to remove the board of directors.

Apologies Gizmo. Not quite sure what you mean.

I was advising Inthetin to wait rather than commit to spending money he may not need to.

Inthetin,

Once we know what is happening after Tuesday, I will say whether I commit my 500k shares to the cause.

We may get an improved offer, or they may withdraw.

What we need is a FIRM offer, to allow other potential buyers to make a bid.

Let’s hope for some good news on Monday or Tuesday!

From the rns on 31/3/26

“ Pursuant to Rule 2.5 of the Code, Esyasoft reserves the right to vary the form and/or mix of the offer consideration and vary the transaction structure. Esyasoft also reserves the right to make an offer for CyanConnode on less favourable terms than those described in this announcement: (i) with the agreement or recommendation of the Board; (ii) if a third party announces a firm intention to make an offer for CyanConnode which, at that date, is of a value less than the value of the Revised Proposal; or (iii) in the event of an announcement by CyanConnode of a Rule 9 waiver transaction, pursuant to Appendix 1 of the Code or a reverse takeover (as defined in the Code)”

Esyasoft can reduce their offer. Will it be 8p?

As Gizmo said, “ it isn’t worth as much to them since the new measures came in.

Whatever the reason, the sp started to move as you say, which took my interest.

Tony, I haven’t seen the sp that low, so you must have topped up early in the companies life.

My first foray was much higher, when I thought the company was going places. lol.

It was the flurry of trades, that got me interested again. I had sold at a loss but bought 5 times more a few weeks later.

At 10.44p I will have made up my losses and be a few thousand up.

I will not vote for that figure in an EGM, though. There are many shareholders who will have lost a lot if that goes through.

Good luck.

Tony,

Wasn’t the sp rising because of possible insider trading, betting on a takeover bid?

We need a formal bid from Esyasoft.

Maybe then things may become clearer.

Tony. That would be great.

However Cyan have said they are minded to accept 10.44 from Esyasoft. So could any other bidder justify to whoever that they would pay ten times that amount?

This is what is confusing to me.

Cyan have set the bar very low.

I think another bidder would have to offer multiples of 10.44 to avoid Esyasoft taking a blocking position when converting the loans, but in my opinion can’t justify doing so.