Member Info for Silverblade

FYI - tender offer has been completed in my isa and trading accounts. Just under 90% of shares sold - higher than expected - suspect some of the II's have held onto their holdings for the final payout which has allowed PI's to sell much higher than the 67% on which the tender offer was based. SB

Good question Mickster - i assumed the shares would do the opposite of a bed and isa.....ie be sold from the ISA and moved into your trading account but with no ability to 'trade' them thereafter - but i don't know that for a fact. I have asked my broker (interactive investor) to clarify what happens and will clarify when I hear back. Has anyone received their tender allocation yet? SB

There’s certainly a need to clarify the position on funding either way - and our dual listing has led to a bear trap either side of the Atlantic and neither side wants to break rank!! Probably getting to the point where the market needs some reassurance - I thought the recent director purchases - small as they were - sent a positive message but clearly not. ATB. SB

Good point kitkat.

In other news - the GM was one of the shortest I've ever attended.....and confirmed the resolution to delist was passed.SB

Its certainly difficult to be a holder here and not be affected by the daily decline. Positive sentiment has evaporated - and small volumes of selling are having a completely disproportionate impact on company valuation i.e. on Friday I think there was several hundred thousand £ of share sales - and more than 10% of the market cap was wiped out - £30/£40m. Don't disagree about OIS and NAS - but OIS's holding in RENX has also taken a battering in the last six months. Just need to keep building the revenue model, monitor costs and hope FDA approval comes this year which is more of a psychological requirement now more than anything given the already agreed reimbursement test rate. SB

Photonic - there is an GM this afternoon which will likely confirm the company will be delisted from AIM in two weeks time. At that point - assuming it goes ahead - you will not be able to trade shares in what will be a private limited company. So you have a decision to make - sell your shares prior to 21st Feb at current market price - or leave your remaining holding in the business in the expectation there will be a final pay-out later this year when the company is formally wound up. The company has stated any final payment will be similar to the current NAV of 10.4p - but nothing is guaranteed and some investors would not be comfortable having their capital tied up in such a restricted manner. I tried to tender all my holding but don't know how much went through - but expect I will have a residual holding and I'm likely to leave it there until the final payout. Hope that helps. SB

I would not describe the RENX business itself as speculative - we have a proven and highly innovative diagnostic product with a huge potential market, first mover advantage and a highly respected leadership team ......however - our market value was always going to be subject to investor speculation as the company moves into the commercialisation of its product and demonstrates its financial viability. As noted previously - the company has itself stated this year will be one of achieving a number of key milestones - i don't think those statements would have been made lightly given the market reaction of failure to achieve. I expect the half year results in a months time will shed some light on progress and hopefully arrest the current price decline - which may also be impacted by worries on cash burn and the potential need to raise further funds from a share issue if revenue projections slip. SB

vig - does seem to be constant downward pressure at the moment - but on relatively light volume. Its possible people are just taking profits - its had a great rise in the last 2 years from 30p, and whilst we are at an 18 month low sellers who had held for a while will still be able to make a decent return in a choppy market. EFK normally reports end march so no worries there. Would be a good time to see some director support - although we are just heading into a closed period prior to the EOY results - which are both 'strong' and 'ahead of already upgraded market expectations'. Ones things for sure - diagnostic testing is a huge growth sector - and we are in the right place to develop in this space alongside the scaling of our contract manufacturing business. SB

Hi SS - perhaps not the ending we all saw here at one point - but I am sure we have all had poorer investments than our domains adventure despite the outcome. I have enjoyed our chats here - and always valued your opinions - I think we all tried to support each other when it hit the fan over the years. I tried to offload all my remaining holding - will find out tomorrow what the take up was - then decide what to do before we get delisted. I wouldn’t be surprised if the final final payout is 11p+. Thanks for the details - I will say hello at some point. ATB SB

Thanks - didn't see the Singer note - broker notes don't seem to get updated here. Price is at an 18 month low - should move up towards actual results expected late March 22. Unless the market knows something we don't - like an acquisition and fundraise. Good timing on your move into cash last week! I note you were also in SXX - not a particularly pleasant investment experience for me - just didn't see that outcome coming and still gets me that the government did not provide more support to help unlock the debt package. SB

Agreed - does appear a disappointing reaction to a good update. Another issue may be the perception that the covid trading side of the business may not be as strong moving forward and as such growth will focus on core business which has performed well with a 13% increase but that's perhaps less than the market expected - albeit ahead of previous projections. That said - the business does refer to diversification into non-covid testing and the ADL purchase will build on that capacity. As you say - don't see any specific risk here other than people moving into cash and the global market issues. Don't think we will be at this price for too long. SB

OIG in particular has taken a bit of a dip recently - although some of their larger health sector holdings (CIR, EKF, RENX) have seen a bit of price volatility which will impact on NAV. As regards RENX - price performance will be driven by the company achieving its 2022 milestones - FDA approval being the most significant - but getting 20 health system partnerships on board (5 to date), developing current strategic partnerships with private sector, increasing Mount Sinai to 10,000 tests pa, developing the US government veterans contract and the associated GSA - all at the agreed reimbursement of $950 per test. IF these are achieved this year - we could be looking at multiples of the current share price. SB

or a liquidity event......which may be the best opportunity to reach that price this year. SB

Nice post Norrab - virtual friends, profit, fun and rollercoaster - that’s a good positive way to remember the time so have all spent here. Good luck too / maybe bump into you elsewhere!! SB

SS - really good to hear your crypto adventures are working out - its not a market for the faint hearted and as you note requires a high degree of diligence! mmx had the hallmarks of a sound and low risk investment but if we look back at the history of how it was run right back to Fred K, Anthony Van C, TH there are lots of warning signals over the years - i just don't think any of us thought there could be such continued mismanagement of such a relatively simple business model! Its not a total disaster either - we got the exit we were looking for but in the rush to do a deal our recent legacy hurt the sale price - but i've seen and been involved in a lot worse over the years. As you say - most have come out ok and have generally moved on. I think the quality of chat on this board is testament to those who contribute - and there have been some serious exchanges as were warranted as certain situations developed - but that's the point about having boards surely - reasoned debate to help inform investment decisions. More recently having the input of a major shareholder and leader in the domains space in SJL was extremely useful - although sometimes hearing the truth about what had occurred was difficult to stomach. Been a pleasure to converse with you - and the other long termers you noted - bakky and hucks included - and more recent investors. Now to find a 10 bagger :-D SB

Well done kitkat - that’s a pretty decent performance all things considered. Best of luck in the future. SB

I would not be surprised if there is some selling post the tender offer for those who do not wish capital tied up in a company with no liquidity aside from the end game - likely later this year. I suspect L&C and Lombard will remain buyers at the right price. SJL still has a decent slug as well. Hope your investments are doing well and nice to hear from you - even if it was for a pal - not many of the 10 year team remain! SB

….although - some holders - me included - managed to sell more than their entitlement at first tender so perhaps this might be repeated. SB

Based on the first tender take up - highly likely imo.....directors all taking up maximum allocation. SB

Greetings SS - good to hear from you. Given the declaration from the company there is no appetite for an RTO, the current tender offer at 10.4p looks decent in comparison to current share price - accepting there may still be a wee bit to be squeezed out once everything is done and dusted and the lights are turned off later this year - but the current tender price certainty appears attractive. Once the company is delisted in late February any residual holdings will be locked in without any ability to trade shares until a final pay-out - which as the company has noted will be similar to the current NAV give or take a bit of savings or increased costs to close down. Note previous comments on ISA holding issues posted in last few days. All assuming no one tries go buy the business but without an AIM listing not sure that has any value. The journey is coming to an end. ATB. SB