Member Info for Silverblade

Thanks for posting this PC - I have not seen the Panmure note - but was aware something must be kicking around given the general downturn the sector took again this week. The main issue with funds is they just get battered from all sides - this latest RPI/CPI consolidation - which all funds have clarified in terms of potential NAV impacts - just follows on from the bond yield v risk adjusted dividend available from funds. Yields of 8-10% are now pretty common in the sector - and with interest rates on a general downward trend makes pricing even more bizarre. And as you point out - who would be a buyer of assets given the current uncertainty - although where assets have been recycled by funds they are much closer to NAV than the market priced discounts. I hold GCP and INPP in addition to TRIG. SB

I'm not so sure about funds having access to information PI's don't - remember there was a WRAP offer the same time with the same prospectus. I get that inside info plays a role - but the primary reason Harwood (via NAS and Oryx) made their investment is the fact they have been throwing money into Renx since it was spun out of ekf 5 years ago and as a major existing shareholder if they were seen to stop it would make fund raising from others more difficult imo. The fund raise - which we were clearly told at the time of the last fundraise would not be required - was undertaken on the back of the tempus announcement and the clearly stated 3 year revenue predictions. Now we have been advised that 'Engaging with large healthcare systems presents inherent challenges, particularly due to lengthy implementation and approval processes' and the AGM avoids any update on the $8.4m 2026 target revenue - which would require an almost 200% growth from 2025's $3m. Add to that the exec chairman - who has been in post less than a year and made a number of bullish statements on his appointment - is moving into a non exec role prior to the January 2026 trading update being released. I am an investor here - and have been for many years - but despite $200m of investment into getting the test ready and approved for the market - it is proving very difficult to gain any commercial traction and with significant overheads and minimal revenue cash burn is still very high and in all likelihood will require future fund raising to ensure the company remains a going concern. all imo. SB

Read my earlier post cevodynia. Renx FD resigned in 2024 - take from that what you will - interim in place since then. SB

Let's not put our hopes on the CE approval.....its not going to have any impact here in the short term. The only way to change the current direction of travel is to sell tests and create revenue - simple. Yet with 45 members of staff that seems to be beyond the current team. The timing of the 9.5p rights issue, tempus partnership and the subsequent revenue guidance updates are starting to look like another smoke screen here imo. SB

The FD did not make any purchase cevodynia - it was an investment made by two funds where Christopher Mills is a director (he also serves on the board at Renx). Notably the CEO chose not to participate in the fund raising either - that said he was well taken care off in the form of stock options during the year. SB

Spot on unhooked. To put things into context - TRIGs assets are now being priced £1b less than its NAV. £1b........and the HICL merger proposal has done significant damage to investor confidence in those assets. Infrared should be replaced asap. SB

In the short term only the likelihood of more condescending posts from yourself cevodniya. SB

It’s always the same here - it will be alright one day…..todays statement is akin to a warning 2026 targets will be missed imo. Confirmation to come next month. SB

In the last 6 months ekf has spent in the region of £4.5m purchasing 18.3m of its own shares - 30% of that to the account of Harwood. Would have equated to a 1pps dividend. Still no news on fermentation contracts 2 years after an over budget project delivery, a limp LTIP issued to CEO with ridiculously low vesting targets, and a company valuation reflecting zero confidence in achieving meaningful growth. Trying to find a reason to remain invested here - is there any prospect of a recovery or do we just accept shareholders are bystanders to this level of bad management. SB

Expect an RNS in the morning ahead of the AGM tomorrow morning. Anyone's bets as to what comes out - given we are almost 6 months into FY 2026 it would be reasonable to expect some type of a trading update - i.e. in line with expectations towards the $8.4m target or sales slower than anticipated. Interesting that SP Angel (Nomad and Broker to Renx) today released a healthcare research note specifically attempting to provide some quantum on the recent Tempus deal. I can't this being unconnected to the AGM tomorrow. The scale of the opportunity is massive - a 1% penetration of the tempus healthcare network (5000 member institutions) with each organisation purchasing 1000 tests a year (20 patients a week) adds 50,000 annual tests - $47.5m. Although this research is 'independent' it would seem reasonable to assume Renx were made aware of the content prior to its publication given SP Angels role for Renx. SB

100% agree vig. Its just shambolic. Part of me wonders if they are looking to take the business private - the lack of shareholder accountability and consideration is frightening. Christopher Mills and Robert Naylor have their Achilles Investment Company looking at undervalued company's - surely this fits the bill. That said - shareholders would only get shafted in that eventuality anyway. We are stuck - Harwood would block any move and Baines seems happy to run a low growth, low margin operation out of Cardiff. SB

Would be unusual for a trading update pre-xmas imo although any kind of an update in relation to hitting revenue targets would assist progress here - the bar has been set very high by CEO. SB

Hopefully some level of trading update should come out at the AGM next week - and specifically where company is in relation to its 2026 revenue target of $8.4m. Warning signs there already. Then its H1 2026 report in February - then the following was also included in FY 2025 report - "We expect to announce additional complimentary strategic agreements in FY26 and intend to host a capital markets day in Q3-FY26 to outline our growth strategy and commercial priorities". SB

UBS least of our problems here. Share price collapsed in US trading on Friday. SB

Its not about deals. RENX has deals aplenty. In addition to having an unquantified collaboration with Tempus (so who knows if its a good deal or not), in the last two years they have signed agreements with Joslin Diabetes Centre (and associated pharma partner); Steno Diabetes Centre; US government GWAC programme; NGS (a Medicare contractor); numerous private insurance companies with tens of millions of insured patients; Vector Pharma in the middle east; Eversana; Veterans Administration - amongst others. All of these currently appear to be contributing zero (or minimum) revenue. Renx rely on 800 doctors to order a total of c.60 tests a week (or c.4 tests each a year) - that's where we are currently. Some early deals actually cost the business cash. Deals with no substance, back up or commerciality and fail to generate income to cover significant operational costs are the primary reason there is no confidence here. SB

Its just a reporting issue Marty as client funds are moved around within UBS. They will be sitting just below the 5% reporting threshold. They will be back over 5% soon enough. SB

The Tempus revenue forecast issue is another example of an open goal being missed....great initial news, fundraise shortly after which benefited from the share price uplift; then the forward guidance ($8.4m, $19m, $42m) saying it reflected positive revenue impact from Tempus; then an immediate retracement saying it was too early to predict Tempus impact. Makes you wonder what went on behind closed doors (Suspect the commercial arrangement between RENX and Tempus has not been finalised). Then an update in the Annual Report referring to the Capital Markets day in 2026 which provides time to accurately assess how the Tempus collaboration will actually work - there must be a cost to RENX for accessing the Tempus clinical network. SB

Some good points being made here - yes AIM is a disaster but let's not forget RENX has used it to raise north of £200m in funding; its ok to be negative on a stock whilst still holding and looking to the future; and the brutal truth is the business is pretty much priced to fail. Losses are unsustainable - and at some point institutional investors will stop believing managements story. But that point has not been reached yet. They missed 2025 revenue target. The key issue is where are they in 2026. $8.4m would show strong progress and provide the type of catalyst for a much more positive outlook. There is a worry that Baines is stepping down from his exec chairman role so soon after his appointment because targets are not being reached - but that's not clear yet. The AGM in early December is only two weeks away. A statement will no doubt accompany proceedings - which may include an update on how H1 2026 is faring. There is also a scheduled capital markets day next year (Q3 2026 Financial Year). SB

It’s not doom Marty - it’s reality. I’ve been here a lot longer than you and seen the shareholder value wiped out by lack of commercial progress. I still hold a reasonable position and you know as well as I do not to give out investment advice. SB

It will only move when they evidence increasing revenue and proper cost control. For the company to be trading where it is with revenue predictions of $8m, $19m, $40m etc tells us all we need to know - zero confidence im afraid. SB