Member Info for sandgrounded

I don’t think the previous point was advertised in the original loan rns!

Seems odd!

RNS12/2/26

“The CLN may also be redeemed at the option of the lender or failing which converted at the option of CyanConnode upon a Bona Fide Offer for the majority of the outstanding shares in, or substantially all of the business and assets of, CyanConnode being received. A "Bona Fide Offer" means any offer in writing by a person who is not an affiliate of any holder of equity securities in CyanConnode setting forth a specific purchase price, the form of consideration to be offered and a closing date of no more than 120 days from the date of such offer.”

Posted a second time as the first seems to have disappeared

Hi Jake. Isn’t there more with regards to an unsolicited bid by a third party?

Apologies. Trying to do a search on my phone is proving difficult!!!!

The Esyasoft open position is dated 5/3/26. I thought there was a later one.

Hi Tony. I’m not sure of the full wording regarding the loans. . I will have to look at the rns on the 31st March (?).

At the moment none of the loans have been repaid, so you would expect Esyasoft to redeem all of them.

You are correct in assuming the higher the bid, the less shares would be converted from the loan.

As I say, I am a bit confused by what is going on here. Has a third party been sniffing around hoping to make a low bid? If so has Esyasoft and the Cyan BOD come up with this strategy to deter them or make them bid much higher?

Or is it a cheeky bid by Esyasoft, using the threat of redeeming the loans to thwart any other low bids coming in?

We have a week to see who blinks first.

Esyasoft have not yet made a formal offer.

As such, (as I see it), if a bid comes on from a third party, Esyasoft have the right to convert the loans into equity, which at the current price would give them somewhere in the region of 30% of Cyan. That would block any effective takeover bid.

Is the actions of Esyasoft in not putting a binding offer in, deliberate to stop others bidding?

Is the decision of the Cyan BOD to say they are minded to accept 10.44p a share designed to keep the share price down, so that no one will bid for the reason above?

Does the Cyan BOD want the company taken over?

A third party would have to bid much higher to dilute a potential holding from Esyasoft if they converted.

At 40p a share., if Esyasoft converted their £15 million loans to equity that would equate to approximately 37.5 million shares, which is about 10% of our company.

Can’t figure out what is going on here!

From memory, I think the first two loans had an element of some of the funds going towards running costs.

It will be in the relevant news messages.

The extension rns was timed at 15.02 hours.

From the rns dated 3/3/26 ………..

“Accordingly, the Board has requested, and the Takeover Panel has consented to, an extension to the date by which Esyasoft is required either to announce a firm intention to make an offer for the Company in accordance with Rule 2.7 of the Code, or to announce that it does not intend to make an offer, in which case the announcement would be treated as a statement to which Rule 2.8 of the Code applies. Such announcement must now be made by not later than 5.00 p.m. (London time) on 31 March 2026. This deadline can be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code.”

Premier Milton selling at 7.6p when the board have recommended they would be willing to accept the offer of 10.44p.

What do they know or more to the point what have they been told?

Exactly.

If they extend on the hope that Esyasoft may or may not make an improved offer, we are in the same position as before.

If a firm bid is made, then we either accept it or we wait to see if other companies decide to make a counter bid.

We can’t continue with the uncertainty of “we may make a bid” scenario.

The deadline is 5pm on Tuesday and I hope that the company don’t ask for another extension unless a firm offer is made.

Good luck all holders.

I keep checking the bid/ offer and this morning I couldn’t get a quote to sell 100k in shares.

Does the market feel that we won’t get an offer?

We need a large shareholder to call an EGM, with a proposal to vote off the current Board of Directors. I’m sure they would receive a good percentage of the shareholders voting in favour.

Reported for spamming across multiple boards.

It would be good to get an offer around 25p, but realistically I think 17p may be the offer. That will leave many shareholders out of pocket, I’m afraid to say.

We also can’t discount that Esyasoft will not put any offer forward.

Will we get some info before the weekend to chew on or have to wait till Tuesday some time?

Tony, if you look at the rns dated 18th December 2025. (the half yearly report) and scroll down quite a way, you will see a map of India and all the deployments made by Cyan in the different regions.

Harley, we have to give it up till 5pm on Tuesday to see if anyone blinks first.

I think I would like to see an extension to the takeover period as that COULD indicate talks taking place and a much improved offer. Speculation as to how much an improved offer could spur the sp to a much higher figure.

Let’s hope for news before the AGM next week.