Member Info for Silverblade

Despite the view expressed by several contributors here we have heard nothing from the business on Q4 trading. Not unexpected - if there was anything to report on I would expect to hear later on in January. The issue looming very shortly relates to the required fund raising. In previous years the company has elected not to divulge FY trading until May. This is likely to be beyond the point at which the company runs out of cash. We should therefore be able to read the signals loud and clear - no trading update - then Q4 has not delivered the targeted sales and the fund raise will be brutal. If a positive Q4 trading update is issued then there should be a healthy price response despite the recognition funds will still be required. Remember last year the first fundraise was at 9p - then 0.5p after bewildering timing mismanagement by the company. All imo. SB

...well if the prognosis is kidney related oldbut i think we might be able to help out......lol. SB

New deals mean nothing without a credible commercial plan which has at its heart the means to create and service product demand in a timeous and profitable manner. Nothing to date has achieved that in any meaningful volume. SB

Dreadful year for investors. Trading update in January could hammer confidence further if company fails to deliver revenue targets. SB

2Phones - from the company itself: " With minimum gross proceeds from the Placing and Subscription of £5 million, the Company's cash runway will be extended to mid Q2 2026.". Hence my thinking spring will be the time to raise. And yes revenue is expected to increase (we will know by how much in a few weeks) - but annual expenses are c.$9m - so sales would need a dramatic (and unlikely) increase to negate the need for more funds. And you seem to agree that a placing is an option (imo the only likely one and the route the company has taken to date in all its efforts to secure more funding). So not sure what you were disagreeing with? SB

Same old nonsense B_Positive. Thermo are not involved in Tutivia. Stop spreading false information. SB

There will be a placing in early 2026 - probably March/April time. The placing will of course be determined by the prevailing share price at the time. And that in turn will reflect the numbers for FY 2025 - there is a lot of expectation here so lets see what the company has to say for itself hopefully with a trading update in January. SB

I'm not in the bah humbug territory yet Guitarsolo but the over commercialisation of xmas seems to be getting worse - not only the cost but the stress you can see etched in peoples faces as they rush towards the supermarket car parks! Always nice to see family though. You make a very good point on the INPP inflation linked dividend. GCP where I hold a chunk is the same as HICL - no dividend growth for years (it was actually cut at one point). The only upside is that the current yield on those shares is significantly higher than it was 2/3 years ago - so recent investors are getting a strong return - certainly now in relation to interest rates and bond yields. The other main difference is that the majority of us probably invested for the dividend income. The investment proposition is different now in that there is a higher prospect of capital growth in relation to the NAV discounts and inflation looks to be on a downward path (?) - so a blended return is probably a better way of looking at medium term returns in the sector generally. ATB SB

Couldn't agree more. Company was clear from the outset its was going to grow a business of scale through acquisitions - and probably surprised everyone with the CRH lime business purchase which was a game changer. Great to see a company setting out its objectives then delivering. Interest rates declining will also be helping its debt - which is still chunky and should remain a key focus for the next few years. SB

You too ian - lets see what the trading update brings next month....2025 should be the first year of positive growth since the covid boost; although some way to go if the £80m 5 year plan target is to be achieved! ATB SB

The jury is not only out Hawker....its leaving the courthouse! Its been another horror story in 2025 for the business which showed so much early promise. I have low expectations for the trading update in January - seems this is pretty common given the share price reaction. All time price low - makes the 9.5p raise a highlight from the management team - although the next raise could be very painful for shareholders if they cannot generate revenue and continue to burn cash. ATB to those who hold here - it continues to be a very difficult investment to justify. SB

I don't hold HICL blackfriars but track its progress against INPP, GCP and GABI where I have positions. I guess you are asking yourself the same questions most of us have......which is where is the safest long term infra fund which has both robust dividend coverage with the potential for capital growth! In that relation - HICL looks a decent play - unless you throw in the recent TRIG merger on/off issue which clearly shows the investment manager was far from reading the room - and that spooked a bit of confidence at the time and is taking some time to cool off. They appear to be doing a fair bit of work to rebalance their portfolio - increasing their interest in non PPP assets and projects with longer contract duration's - leading to a 32 year average project life which is pretty strong given the inflation link. GCP for instance has about 8 years assuming it can deliver its portfolio sales (the are going to ask shareholders early next year where they go next....); INPP much more in to the 30 year territory. They are also trying to derisk their PPP portfolio - they appear to carry lifecycle (maintenance) risk on a number of projects - including several large hospitals - and recent experience seems to indicate costly interventions which is driving them to reduce exposure. They do appear to be selling assets at NAV which reinforces the issue on why such a large discount. So - TRIG aside - they appear to be moving in a generally positive direction imo and holding as part of a balanced sector approach probably makes sense. I will have a deeper look and may join you as GABI is being wound up and I will have some funds to invest elsewhere. ATB, SB

Yield now 11%. On the day interest rates hit 3.75%. Bizarro. SB

OK Dustyslay - I'll bite - here we go - my 'whining' response to your 'research' based points where real world numbers are available.

1. " Your SP is now up 9% today at $4.05 and has an M/Cap of $17 million plus.". Wrong. Renx market cap is £28m; or $37.5m

2. " Each Quarter ive seen the sales had only risen, but doubled almost 6 months to 6 months.". Wrong. Q1 2025 $520K; Q2 2025 $780k; Q3 2025 $950k; Q4 2025 $750K. (Note the quarterly decline).

3. " a decline in total annual revenue in FY24 compared to FY23". Wrong. 2023 Revenue $2.3m. 2024 $3.0m (missed its own $3.2m guidance).

4. " 2024 wouldn't have been a great year as they hadn't gone to market". Wrong. See point above which clearly indicates trading in prior years.

The point on debt looks accurate.

SB

Dustyslay - there are minimum bid price requirements in relation to US listing exchanges - this was one of the reasons for the new ADS split.

Where did you note that sales have doubled each quarter? That is simply not the case. You also mention debt - of which there is none. You are correct I did purchase at higher prices - but so did every single PI and II here. All have lost significant sums of money. We all saw the the medium term opportunity here - however the current management team are showing a complete lack of momentum in growing the business. Yes this is still a new company but investors continue to be fed nonsense with never ending partnerships which don't deliver; revenue predictions which don't deliver; cost cutting which doesn't materialise; pay and stock options for the team which are excessive; cash burn that fritters away funds like there was no tomorrow. My input is negative because I expect better. Yet I remain invested against my better judgement. SB

ADS split on OTC has now gone through - 1 UK £ share is now equivalent to 25 US $ OTC shares. Market reaction to this alongside the warnings in the AGM statement predictable. Short interest has increased significantly - this could get very messy, very quickly. SB

We will find out next month how much progress all the partnerships announcements are making on testing revenue. My fear is they will be nowhere near their H1 target. There are lots of institutional investors here besides UBS - they presumably are taking the gamble that eventually there will be a pick up in sales. No point in having an FDA approved product with the agreed reimbursement if there is no commercial market to sell into - and that has been the case so far. It has already been clarified by the company that CE is not of any importance to them in the short term - with a limited sales force the US market needs to show progress or it will start to become very difficult to secure additional funds imo. SB

Dustyslay - Renalytix is a UK headquartered business listed on the UK's AIM. Its 'dual listing' on the US OTC market was forced on the business after its market cap and share price meant it no longer compiled with Nasdaq listing rules. Daily trading in the US is virtually non-existent - its hardly of interest in the UK either. I assume the recent stock split was forced on the business in similar terms to the Nasdaq issue. To say share price drift occurs given the virtual elimination of shareholder equity here in the last three years does not come close to explaining the lack of commercial progress which should have been undertaken alongside the FDA approval process. I don't disagree the current market valuation is pitiful - but that value reflects the ongoing problems the business has in convincing the medical community their test should be used more widely and the confusing updates the team provide in relation to progress. SB

B_Positive - FYI Thermo Fisher are not currently involved in Tutivia - so they are not involved in any roll out. Despite claims here to the contrary there has been no trading update - so we await evidence that Q4 delivers the level of sales anticipated by the CEO on achieving the 2025 Tutivia revenue target - which as you note would be a significant increase on 2024 sales. SB

10p would equate to a market cap of £45m - c.5% of the peak company valuation of c.£1b. If the company achieves anywhere near its 3 year revenue targets - then the valuation will be significantly in excess of where are today - but commercial progress is essential and that remains the primary equity risk here. SB