Member Info for Silverblade

Maven took over from Amati as the AIM VCT Investment Manager on May 1st. On that date they renamed the fund Maven Renovar VCT. So the 'new' holding is what was previously under Amati AIM VCT. Even stranger......Amati had been selling - and were down from a 6.23% holding to 5.38% (so they only actually sold a couple of million shares not the bucket load which was being discussed here as the reason for the share price catastrophe). The new Maven VCT holding is now 5.7% - so it appears Amati were actually buying recently - taking their holding from 13m to 13.8m shares prior to their removal. It will be very interesting to see if Maven are part of any future equity fundraise - the timing of which must be pretty soon given cash position runs out end of June. SB

I guess that’s what happens when you go from a £1b valuation to £20m - people think the story is over. It’s quite frustrating to see the daily trading at these levels especially with such a large price spread. Let’s hope for another positive bit of news over coming weeks. SB

Not the greatest week for Gravis managed funds - GABI had further asset write-downs as well - but others in the sector didn't do much better. One point to note in relation to investment managers is the increasing pressure to base their management fee on current market cap - not the prevailing NAV. INPP, TRIG have both conceded the point to some extent and receive the fee based on a hybrid. Gravis (Phillip Kent) dismissed this outright - but pressure may come from shareholders given the market direction. TRIG have also provided a continuation vote option if shares trade at a 10% discount - that's where GABI landed and is currently being wound up - but is having to crystalize losses in its loan book as problem assets come to the market and expose various issues. The worry is this may be replicated at GCP hence the sector leading NAV discount. SB

I watched that interview at the time Dartron - Philip came across well - if not ultra conservative but some would say that's a good thing. His points are valid - although the market was generally assuming the £50m capital return was a special dividend rather than buybacks which have been an epic fail albeit that's a wider sector issue. If they can pay off RCF and achieve their £50m programme - the savings in interest payments on the RCF and reduced dividend payments should allow for some degree of inflation uplift in the dividend imo - if not its back to our friend inflation impacting on the return every year. I am not a SEQI holder so no help there I'm afraid - although debt is preferable to the mixed bag here (which is trying to be addressed by the current asset sales programme). I hold INPP which was traditionally a debt fund but now has numerous corporate investments which appear to be valued way below book. SB

There were two points in your original post Therosy dealing with dividends and capital preservation. Not sure where you get your numbers from - but from the company's latest published Annual Report in 2024 "The Company's total shareholder return was 28.4% for the year (30 September 2023: -25.2%) and 101.8% since its IPO in 2010". As for your point on my understanding of inflation - if you invested £100 in 2010 and you still have £100 - that £100 is actually worth £66 due to the erosional effects of inflation over the last 15 years. SB

Feedback appreciated both; I'm not in the business of trolling my investment holdings - just disappointed at the ongoing issues effecting GCP and the wider infra sector and how some positivity can be returned. My fear is further revaluations will occur at the point assets are sold - I guess that's your point ToD. Be careful what we wish for; however the company has a choice and perhaps the delayed asset sales reflects what is happening in the market at the moment. That said - there is ongoing corporate activity which does show an appetite for investments. I get your point on hedging TheTrotsky - but lets remember GCP has 60%+ of its portfolio in long term green economy renewables which should put it in stronger position in relation to future pricing - but I accept in the real world its just a minnow. Disappointing end to the day - drifting back to its 70p, 10% yield position (another reason why shareholders should be looking for some aspect of inflation increase on dividend). SB

Free wine!!! If only I had known.....looks like some big players taking a position today......lol. Just have to hope the wheels are now turning in the right direction and we see some more doctor groups being signed up soon....or the wine taps will have to stop....SB

Valid points all. Taking each one on its own merits:

ToD - yes the RCF is coming down - but let's not forget the target as outlined in 2023 was to release £150 million (c. 15% of the portfolio) from disposals or refinancings, to materially reduce leverage and return at least £50 million to shareholders before the end of the calendar year 2024. So I would have expected the RCF to be gone by now - there is still interest being paid on outstanding sum.

Therosy - are you saying the board have delivered their strategy? Frozen dividends in a high inflation environment and annual erosion of real capital value (£1 in 2010 would be worth £1.50 in todays money) isn't quite what is implied by their website position I suggest.

TheTrotsky - perhaps my wording was a bit offhand - however the specific revaluation of the PFI/PPP portfolio refers to market conditions for that asset class which does not concur with transactions elsewhere in the sector which are achieving NAV values (either asset specific or corporate level activity); RPI/CPI has been falling for some time; and given the variations in electricity price movements I would have expected a more robust hedging policy to be in place to mitigate such movements.

SB

I'm no fan of the constant erosion of NAV - its certainly a means of closing the NAV discount - but mazars playing around with discount rates and ongoing electricity price issues - seriously 15 years since launch and NAV is back to price at launch. No update on disposal programme either. Good yield - but not a lot else to cheer about. SB

I’m guessing one of UBS’s client accounts likes to trade around the margins - tripping the +/- 5% threshold - either that or they just like to wind you up oogle!! SB

Coincides with Amati Global Investors - where he was/is CEO - being replaced as Investment Manager to Amati AIM VCT. Unlike most of the shareholders in Amati AIM VCT he probably did OK out of his exit......SB

I can only assume the trading RNS was sanctioned by the BOD in full knowledge of the upcoming Medicare approval and is therefore an attempt to increase major shareholders interests over PI holdings via a closed rights issue with a reduced market cap. Nothing else makes sense imo. The CEO has been manipulated into making a Q1 calendar statement when nothing like this has been made before. It’s all completely bizarre but at its core leads to a heavy dilution for PIs - and that’s best case scenario. Could have been handled so much better. SB

And just like that down below 5% they go again. Well done on your vrci escape. I'm surprised the CEO still has a job after Mondays announcement - what on earth was going on to release that nonsense and expect anything other than a bloodbath - which makes me pretty suspicious its all a set up. I guess we will know in next 8 weeks. Sadly I'm still in pretty heavy there - same here - and ekf. I need one to come good to bail out the other two. I was rather hoping Renx would have started to pick up after a positive update/presentation - but market conditions and general lack of interest continue to play their negative roles. Still need to get plenty more physicians on board asap if next years target is to be achieved. SB

Interestingly Verici Dx's CEO is also a non exec at Lunglife AI who made the following statement in November 2024:

" As at the end of October 2024, the Company had a cash balance of $1.77m. The Company has continued to maintain a disciplined approach to costs and, as a result, reiterates that the current cash runway is expected to extend into Q2 2025."

In February 2025 - Lunglife AI notified the market it was cancelling its listing on AIM citing lack of interest in a fundraising. James McCullough (Renx CEO) had already resigned from the board. Lunglife was also progressing medicare coverage with MolDx.

Today from Verici " The Company has continued to demonstrate a highly disciplined approach to cost control...bla bla before conducting an equity financing to continue its current commercial testing trajectory."

There are too many similarities, personnel, statements, issues not to be seriously concerned about the situation here. Verici CEO also has the time for another biosciences commercial role apparently. You might Verici would be a priority but the more you look into how these company's operate the murkier it gets. SB

If I had anything left to invest, which I don't, I would say today's price is a great opportunity. Unfortunately all I see in increasing figure in red in my p/f.......caused by someone in orange......SB

Look who popped up with a 5%+ holding again! Fellow kidney test stablemate vrci running on fumes - a massacre within wider market carnage - could be the end of that story. SB

Ironically we were all blaming Amati's selling for the recent declines - and yes it doesn't help - but on a further review todays RNS is pretty shocking and ultimately it is all remaining shareholders who will bear the brunt of the current situation. No revenue flowing into company in the second half of 2024. Total deferred Tutiva sales revenue of $900k in 2024 (334 test sales). Cash runway into 2026 appears to have evaporated. Cost cutting now being implemented from previous fund raising which was focused on growth and commercialisation. Major risk as to whether company can continue post June - if no medicare sign off by then - what next? And even so - fund raising in current market for a loss making business = spectacular dilution. And investors wonder why the highly remunerated CEO is not a shareholder. SB

Cant sell anything here - understandable I guess. They say hide bad news on a bad day….SB

The timing of this is very poor imo. I know we all wanted an update - but jeez this is pretty grim for shareholders. Whatever happened to the cash runway into 2026? Equity raise pending. No revenue in H2. Whopping loss, running out of money. Some sales headway - but market will not like this. SB

Its the same as the 3% FTSE declaration unhooked - once you fall below the reporting threshold, you don't need to report what you still (or don't) hold....means you can still be a relatively large shareholder, you just don't need to declare it. I agree it does look a bit bizarre when you see it reported that way. SB