Member Info for Silverblade

Pretty sure UBS still hold c.5% - once day its c.4.9%, next its c.5.1%.......client sells/buys pushing them up and below 5% AIM declaration threshold. SB

It is difficult to compare AGL to VRCI in simple number terms B_Positive. VRCI does not have any product revenue as such - that is currently the main issue here. It received milestone payments from thermo fisher for its pre-transplant assay (should deliver $5m in total in calendar year 2024 based on the original agreement ) with one further unquantified payment due together with ongoing royalties thereafter. Whilst it can sell its diagnostic tests - it cannot recognise the revenue until its Medicare LCD approval - that is the biggest risk here. It has 'carried' over revenue (c.$2.6m from memory) from 2024 into 2025 where it hopes it can be recognised post medicare. It does not burn cash to the same level as AGL, but its not breakeven yet. It will not have $5m milestone payments in 2025 to help it either. AGL has its FDA approval: VRCI does not have its Medicare. So again - different stages of commercialisation. VRCI has a lot going for it - but it needs approvals; a sales team capable of positioning the product; access to additional fund raising if required; and continue to develop partnerships with the transplant community. All imo. SB

Something of a familiar pattern here again today....at some point you do wonder if others are joining the amati leavers party - they only had 13m shares. Or its being actively traded due to the pretty wild % ups and down. Still not a peep from the company itself. Results likely in May. SB

Actually - based on current share price of £1.09 and 2025 dividend of 8.58pps - forward yield is currently 7.87%. More than 3% risk premium over current 10 year gilt for a 20 year old business with minimal risk portfolio. Markets have lost the plot. SB

Apologies shamusj - it was OBR not ONS.

https://obr.uk/docs/dlm_uploads/Presentation_slides_March_2025.pdf

SB

Will be very interesting to see what commentary is provided tomorrow on how INPP intends to navigate the current fiscal environment in relation to its ever growing NAV discount. From a first glance at ONS forecasts it would appear they are forecasting an increase in the 10 year gilt from 4.7% to 5.2% over the course of the current parliament i.e. up to 2029. If that transpires - and current risk adjusted yield returns remain at current levels - we would see a further deterioration in share price to deliver an 8%+ yield. Total madness - but that's what's been occurring over last 12 months. We now have an entire infrastructure fund sector who cannot invest in actual project activity because buying their own shares represents a higher return. Great if you are investing at these levels....not so great for longer term holders. SB

Thanks for sharing oogle. I'm not a huge fan of buybacks either but rather that than cash sitting on balance sheet. Grow earnings through growth imo - but in short term they could remove some cheap shares. I have no doubt Baines sees the potential at renx - he has a decent holding there and obvs added here yesterday as well. SB

250K trades x 2 look like a bed and isa to me - right time of year. Amati declared 5.38% on 14th January - they should have notified when they went below 5% and no need to report anything thereafter on AIM. SB

I guess I was looking for positives after so many disappointments here unhooked - I get where you are coming from. Agree on Baines - difficult to take him seriously telling shareholders they are not getting a dividend after he has received mega cash bonuses over the years. Todays RNS takes joint director holdings to 29.88% - so not much more wiggle room before they have to declare they are not going to act in concert with a 30% holding. Will be interesting to see the buyback programme extent - previous effort took out 9m shares using c. £4m cash and only took two weeks to conclude. Would be good to see a similar amount applied this time. And yes - quite a few of my questions were brought up! SB

I will no doubt live to regret this.....but I thought the investor meeting presentation this afternoon went a lot better than the results RNS this morning. I had a number of concerns/questions prepared - and most were picked up in the actual presentation which in itself was reassuring. Strategic plan has been 8 moths in the making. I thought the new CEO came across well and clearly knows the market. Diabetes products slowdown not as terminal as I thought. Company will grow this year after years of decline - nothing stellar - but its a start. Aiming for £20m+ cash end of year. Capable of dealing with US tariff issues with more than 50% of business already US based. Enzyme sales team now in place - although still needs leadership appointment and likely further sales role - noted parties outside US interested in capacity to manufacture on US soil. Looking to consolidate and expand market leading positions in hematology and HB where both products have high barriers to entry. Stretch business growth targets in place. Bit sticky around lack of dividend and not entirely sure why they need to maintain a £10m cash balance for audit purposes - going concern accounting issue. Share buyback imminent - would not be surprised to see this announced in coming days. It is hard not to look in the rear view mirror at the multiple self inflicted car crashes but given I have elected to remain a shareholder I'm looking to find reasons not to throw the towel in and today has helped. SB

Not sure what to make of todays updates really. Financial results were as previously communicated. New CEO was previously chief product officer for previous 10 years - so he is a Baines appointment - presume that means he was involved in the fermentation 'disappointment' decision making process. Looks like diabetes products are in full scale reverse - so where's the pipeline of new products rather than trying to squeeze more out of hematology (ok that might be a bit harsh). Still no traction in fermentation so lets hire a commercial director - why on earth has this not been done yet - it should have been done prior to the plant being built as part of the business planning and still no one accountable for this major investment. No update on current trading - is this worrying? Is the company actually growing now or still in decline - also we don't have US tax credits to access this year. £14m cash and growing, £1m capital investment identified, limited talk of shareholder value and nothing being done to try and recoup the significant losses that most shareholders will be sitting on. Buy hey - peeps are buying today so what do I know...…! SB

Cheeky wee 1m trade end of day - looks like a buy. Surprised there hasn’t been a more positive reaction to last weeks results/presentation - but I guess it’s been a brutal few years to be invested here and its still all talk until the numbers start to be delivered. Good effort if you make the meetings next week oogle - too far for me to travel for a spritzer with JB. SB

Well at least one account got the benefit of last weeks shenanigans. I think the only way to play the current sector malaise is to have holdings in a number of stocks - its just too hard to call which will rerate first or be taken out in a PE deal. Maybe 8-10% dividend yields are the new norm - just leaves a whole load of asset value written off which cant be healthy. Hopefully we will get an update soon on the supported living sales amongst others which will allow all debt to be paid off and buy backs at scale to progress. SB

Good trading ToD. Still hugely undervalued. SB

Did ekf actually finish blue today........maybe there is hope after all.....! SB

Christ almighty how many shares does Amati have left!!! Lets hope no one else joins in.....SB

I think at this time of year selling here is to be expected - crystallising capital losses to be used against gains elsewhere....perhaps! My position here remains grim - despite averaging down I still need 40p+ just to breakeven - market cap of £130m needed. I don't think that is unachievable in next 12-18 months - but clearly will require the team to deliver on their revenue and cost reduction targets. SB

I imagine the BoD are mindful of the NAV discount oldbut and how vulnerable that puts them in the current M+A market. Perhaps that is an outcome they would consider - if not there needs to be a bigger plan than current buyback programme extension. That said - markets can change very quickly and as more and more infrastructure funds get picked off you would think those remaining would be more sought after. SB

Good summary oogle. Baines isn't a natural presenter - but I think he realises the potential here hence his 'reinvolvement' - and his focus on data/output performance measurement to drive the commercialisation phase makes a lot of sense for a company with limited resources. I think you are referring to James McCullough in your comments - and yes he has been the driving force to get the company to where it is today in approvals, reimbursements, insurance. Fergus Fleming is the clinical expert - without these guys there is simply no end product. I think we will get some news in coming weeks and months on doctor uptake, pharma partnerships - but will have to wait until mid year for a full year trading update. Elsewhere - Niox has received an indicative 81p offer - goes to show what value can be attributed to small cap, growing healthcare companies with a market leading product. SB

Looks like a pretty serious approach from a European investor with a healthy track record. Will be interesting to see if the sale process can flush out any further interest. Purchase price in the region of £350m is nudging 25 x 2024 ebitda. Small holding for me but has done well since Ian J took the helm. SB