Member Info for shandypants2

Sorry, should have added that in terms of timescales, once a formal offer is made the takeover process usually takes about 6 months. Based on the £60 takeover price i suspect we will get to within 5% of this almost immediately and then a small discount to factor in the time lag - maybe £57 or £58

The 1 month DD timeframe ends on the 11th June. So as of that date EQT need to make a formal offer or walk away.

However, it is possible that an extension is granted. This is quite common, and is usually for a further month. However, if a shorter extension is granted, say 2 weeks, that's a very positive sign IMHO.

Having said that EQT have been after Intertek for a while and this is their 4th or so bid, so i don't see them walking away. Yes, the price is a decent premium, but at 12 x EBITDA not excessive.

Hopefully, it will be formalised this week. A decent tick up today is hopefully a good sign

356m just re-reading the RNS i got the tender slightly wrong. Of course if £70m is returned at 140p that will result in exactly 50m shares being cancelled.

The current market valuation of TRU is £126m so deducting the £70m leaves a £56m company.

If we assume Oxygen is conservatively worth £26m (very conservative valuation - probably nearer £40m now ) and Satago is zero (again mega conservative, but it is still loss making, then the extra valuation is cash.

Tru will receive £112m for Playstack, and it returning £70m to shareholders via the tender, so that leaves £42m. It had £12m at 31/12/25 but spent £6m in buybacks in early 2026, so let's assume cash is still at c £6m.

After Playstack money comes in cash will be nearer £50m in total so the SP is looking quite cheap IMHO.

If say cash and Oxygen had a total value of say £80m with 44m shares left that's 180p a share.

Yes, now c12% uplift if you are prepared to wait c 6 months. I suspect when the deal gets confirmed next week, and i'm confident that it will, the SP should tick up maybe 5% to close the gap to nearer a 5% premium.

Definitely some money to be made here for those with a little patience

As a tender offer i suspect every shareholder will be offered the opportunity to sell a % (based on 94m shares and £70m being returned about 75%) at a fixed price of 140p.

If not everyone takes up their full allocation you may be able to sell a higher % at this price.

What's left is a smaller company valued at c £50m with over £40m in cash. Satago currently probably has limited value but Oxygen is probably worth £30m to £40m

Stan aren't you bored of posting this - you've done so almost every day over the last year. No one's happy with the state of the post merger company, and the lies we were told , but let it go.

Artemis has now increased it stake to over 5% (presumably it was less than 3% before) and of course Janus Henderson Group went from 5 to 10% a couple of weeks ago.

Maybe they know something we don't.

I think you are just looking at 2026 in isolation. The last 3 years have been excellent - growing revenues, profit and cash. The balance sheet is also very strong. In 2025 i think rev was £68m and PBT over £6m.

A lot of the business is one off contracts (although a lot of these are from existing customers), especially in hospitality/casinos which is their biggest market.

Obviously they are trying to pivot to recurring contracts where software licences and maintenance etc will provide more recurring revenues. 2026 will see some additional expense, hence the lower EBITDA figure quoted, and also 2025 had a big one off contract (for £12m) which isn't being repeated in 2026.

Valuations? Who knows. I though 10x PE last year , so £50m looked quite reasonable and we are at almost half this now.

Maybe 8 x EBITDA - so c£30m for 2026 numbers.

We also have cash - let's say £10m. If you take the EV you could potentially add this on.

IMHO this is quite cheaply valued, but any negativity always hits on SP quite hard, so WTFDIK.

As with most recent SNX updates some positives and negatives, with the market immediately focusing on the negatives and a c15% drop, which seems a bit excessive.

The positives - trading inline with expectations for the 1st 5 months of the year and a big hopsitality contract.

The negatives - as perhaps expected, energy is delaying contract signing and YE 26 will be H2 weighted - usually the revenue mix is quite steady throughout the year.

Reading between the lines there may be a revenue miss in 2026, but the decision is being pushed down the line in the hope the energy contracts materialise in H2. Hopefully things will pick up, but contract delays are always a risk for a smallish company.

Still a bargain under £2 for investor with a 2 to 3 year timeframe.

I've never been his biggest fan, but when a senior Director leaves with immediate effect that says something has clearly gone on in the background.

After a few difficult years the company does finally seem to be on the right path, so the timing is a little strange.

I suspect he'll get 6 months salary as his notice period so that will cost c£200k and he also has over 20 million shares so suspect these will be offloaded over the next few years, especially if there is a decent rise

I like the serial disappointer comment - very true.

After the problems in 2024 and the 'forced' sale of EMD we were told in 2025 that legacy issues were in the past and we would be profitable and cashflow positive. Yet 2025 targets were not met (despite being told in mid Nov they were on track) and then the revenue recognition change, despite this being reviewed and significantly changed only 12 months before.

I have to say i have limited faith in the CEO - he's well paid and yet has been in charge during all the issues in 2023 and 2024 and even got a £285k bonus for selling EMD, at which point we were told this was value creating for shareholders, yet in the 2024 accounts it showed a £4m loss for this transaction!

Incidentally we were also told EMD could generate £8m to £10m in additional contingent consideration - spoiler, EAAS received zero extra.

Anyway, 'we are where we are' so going forward all EAAS has to do is hit its own targets for 2026. If it does even a conservative valuation will be 50% higher than the current SP.

Remember the generous BOD option award a few years ago has prices of 9p, 13p and i think 18p.

I suspect if 2026 goes to plan and 2027 is also positive they will look to sell the business in 2028. The CEO has over 20m shares so an offer of say 15p would generate a nice return for him if he fancies an early retirement.

Anyone use HL? I'm struggling to sell my shares as they've never sent me the details. Supposedly a corp action notice was sent out but for some reason it failed to update on my account.

I have chased them repeatedly and only yesterday they admitted the mistake, but haven't proposed a solution.

I just want my 17p and we can all move on

Yes a shame, the current SP is more than disappointing and you can see why there are interested parties.

Kendal - not sure why you are defending the Directors.

Despite an ageing population and high demands for hospital services (both NHS and private) 2025 showed YoY margins are down, PBT is much reduced (EBITDA can be a misleading measure IMHO), debts are up a bit and dividends are down.

Yes i think Spire is undervalued but there are reasons for the SP decline and they are strongly linked to the BOD(under) performance

Agree - £60 plus the divi seems fair value and is clearly the final offer (for now).

On a PE basis it's a decent mark up so the BOD will have difficulty arguing they can obtain more value for shareholders.

All looking good.

Funding secure, a big contract with the US army and now an award winner.

FDA approval hopefully in weeks now (should be before end of June 2026).

I can see this doing a minimum 50% uplift on FDA approval announcement.

Spectral AI a company focused on medical diagnostics for wound care, was announced as the winner of the "Small Business Innovator Award". The award was presented at the inaugural Texas Innovation Conference at Texas Christian University, recognizing the company's DeepView® System. This AI-driven tool utilizes multispectral imaging for burn wound

To support the tip a reasonable presentation yesterday on Investor Meets, however, as usual the good news was mixed with some less positive stuff.

I did get a couple of questions answered. I asked why EBITDA was so low in Q1 2026 and it appears the GB Energy contract is not on great terms. There is some logic here, we need to be in this space so made a competitive tender. However, with extended payment terms and also the need to take out a loan to cover this period this will eat into this small profit margin so makes one wonder if it is worth it.

CEO also stated no guarantee of extra contracts via this route, however, i suspect he is being deliberately conservative.

In terms of revenue recognition and EBITDA etc they were vague as to why they have changed this again after only amending it 12 months ago, however, the new approach is ultra conservative so does seem quite sensible.

I was a little concerned that cash year end is only expected to be c£2m - i thought it would track EBITDA , so clearly managing cash is still a concern and might impact any future GB Energy contracts which appear to be cash heavy upfront.

Having said that with Q1 2026 of £11m and with £12m already nailed on for Q2, H1 will be over 100% higher than the same time last year showing the potential of EAAS.

In terms of valuation - 8 x EBITDA is a good yardstick. If £4.5m is reported for 2026 (and CEO stated this was conservative) then this is c9p a share.

Stanley B - what are you smoking?

Firstly pubs have been struggling for years - young people don't drink like previous generations and covid has broken that link of YP going to pubs.

We've 'lost' about 15k pubs in the last 20 years so it's clearly not a new thing.

As for the debt, it's not the highest debt it's the highest COST to service the debt as interest rates are rising. This is predominantly due to the Iran conflict, however, there is nervousness in the city that Reeves might leave her role - because they actually rate her!

You only need to look at councils that Reform now run (Derbyshire and Kent etc) to see what a complete mess they are making of it, however, let's not let facts get in the way of a good rant.

https://www.bbc.co.uk/news/articles/c936qn69016o

Https://www.independent.co.uk/bulletin/news/ryanair-airport-alcohol-ban-michael-oleary-b2971317.html

funny comment considering they sell alcohol on their planes at that time.

Went to Krakow last week on a 6.45 am flight. Coffee at that time for me - the bloke to one side had 3 cans of stella at £6.50 each.

Whilst the current schools contract is near completion, this appears to be the first of a number of initiatives that will be rolled out over the next 5 or so years. I think Milliband mentioned yesterday that more public building would get solar etc .As we are now a GB Energy 'partner' i would expect EAAS to get further contracts, especially as this one seems to have been undertaken successfully.

There are c1,000 hospitals in the UK and over 30,000 schools so the initial plan for 200 and 200, see below, is the tip of the iceberg

Great British Energy (GBE) has made the transformation of public sector buildings a core component of its 2025–2030 strategic plan, utilizing a £255 million investment to install solar panels on around 200 NHS sites and 200 schools across England. This initiative is designed to lower energy costs for critical services and reinvest savings into front-line delivery.

The VAT exemption is clearly a positive but the impact won't be a 20% increase in margins, as many have stated.

Firstly, as we are expanding selling into retail we would have been charging VAT for these sales to H&B, Tesco etc. We can then offset the VAT received v's what we owe. Clearly we can't charge this going forward.

Also, the VAT challenge was only from last year, 2025, so some of our competitors stopped charging VAT at that point, whilst we took a more prudent approach. Therefore, i'm not convinced the impact will be as significant as some suggest. Happy to be proved wrong!