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LG.

Just realised you are using the PATT royal "we" when discussing ENET ?

LG.

Anyone believing any 'plan' DL is 'working on' really need a to give their head a wobble.

Unfortunately with where he has taken the company to the position it is in now, he is not in control of events.

As a SaaS business brandshield has great visibility, and an easy worked out excel driven model with few variables.

ENET completely different kettle of fish, even if the SLT and BOD actually had a clue.

Just looking at a research note from my other main tech investment and how ENET stacks up, and where I thought ENET would be now two years ago. "Generated positive free cash flow.......costs are relatively fixed and corero is now OPERATIONALLY LEVERAGED....".

The difference between the ability between the two leadership teams to firstly set a strategy that doesn't change when you don't execute against it, and actual execution is stark.

Good numbers again this morning.

A little concerned on the growth in operating expenses - but unlike some of my other holdings I actually trust the BOD to make the rights calls both strategically and operationally.

Another Israeli AIM tech company seems to have upset shareholders today.

Although there are some great Israeli tech companies on nasdaq, with companies with BODs and SLTs such as these two they deserve the risk premium in the share price on AIM.

So software at virtually 100% margin, and getting other expensive sales forces to sell your product.

Will be on the call tomorrow, but expect to add to my holding.

This is being priced like a lot of the c*** on AIM requiring funding every two weeks. Really well run company, both operationally and strategically.

Dallo,

Hopefully this will cover some R&D costs.

Hopefully a substantial proportion of this is complete as I assume the main concern here is security, real lack of understanding of potential volume, price and when. ENET history shows this is still some way off.

Well, still waiting for BK "all opportunities will result in contracts" from earlier this year.

From the Chairman down just a bunch of amateurs.

Eth.

My first ever question was on capital allocation on the 2025 development, was this at the specific request of a customer or indications to them from a group of customers, no it was what they believed. Now seems like another product (like the ones PATT forgets about) with no tech superiority, no no brainer potential and no market.

At the same time the portfolio effect of having 10k units a year out of Indian would enable the p&l to be managed.

Unfortunately with CFO and particularly the chair being dumb bystanders no one was asking the not really difficult questions, we are aware now that the Chair didn't even understand the very, very basics.

Dallo. You were with me when DL stated by name two incredible names he said they were working with, as we know he also said any customer specific work was paid for therefore they "must" have had contracts.

Deluded, arrogant and naive - a terrible combination, unfortunately as we have found to our cost out a bare faced liar as well.

JB.

In a company such as enet ir is always an element of the cfo job, I think mr as good at ir as he was a cfo.

I think they have so much uncertainty keeping your head down might be seen as the best strategy, they don't need ir to get cash, they do need it to limit the excesses of dilution by getting the strike price higher.

LG,

The problem is that the management and board have zero credibility with shareholders and whatever the "market" means for a non entity such as ENET.

If a trading update contains words such as "trial" / "interest" / "traction" it is completely and utterly worthless penned from ENET.

History shows DL simply doesn't do planning that any normal company would perceive as planning- he just wings it without an understanding of risk and therefore without actions and mitigations backed by a chairman from nursery school, hence why the sudden and crashing realisation they were up to there necks in it.

Joe.

You cant really use the market cap number as its the number of shares in issue, rather than the number of shares we expect to be is issue.

Still a shockingly low number even with this.

Lack of an RNS is confusing. Even if they have agreed to postpone the decision a week or two, to me this is still an RNS as it is a change in contractual terms.

Mentioned in midas in the daily mail, usually the kiss of death as their track record is shocking bad - but they keep on reminding everyone of the 2% winners.

My next SIPP holding in the next month.

If any of you are investment trust investors this is a weekly listen.

Ben Rogoff this week (fund manager polar tech) talking about AI, key mention that the network due a massive upgrade to cope.

Unfortunately I am past thinking about strategy and anything past three months with ENET.

Follow brandshield on my watchlist, I have a couple of other SaaS cyber shares - by the way this is NOT a cyber play.

What does put me off is the large CEO general remuneration and salaries, these are so far out of whack compared to the market and the value they could add.

Did the same a a few months ago as I didn't have any dedicated invest ment trust in the sector, apart from arix. One just to tuck away for a few years and forget about it.

Listened to a very interesting pod with Katie Potts on in the last two weeks, she of Herald investment trust fame and ex enet shareholder.

80% of Herald holdings are profitable despite the focus on small / medium UK based tech.

As you say anyone needing cash is having problems, anyone needing cash who have not hit their own forecasts for years just forget it.

Persimmon.

As a qualified accountant, believe me this isn't even remotely "creative". What is does show is the ability to sign strong contracts with customers, in most instances a customer will provide an estimated timetable and if things slip the supplier is left holding stock.

The accounting treatment follows the contractual terms. I can't see where it say actual payment is on install ?

Agree with you on chartered accountants, most are pretty useless.

Dallo,

Yes - while I once had arrogant, naive and incompetent I now add dishonest.

If MR was a member of my accounting body my notification would be in to have him thrown out through a disciplinary hearing.

DL, I have very detailed notes on exactly what was said which I have shared to confirm with you, including the very, very clear "we are working with X and Y". Deluded, a fool, dishonest - all three ? Judging by the amount he has added from his own pocket certainly the first two.

The chair and one other non exec (the MTI non exec) have decent commercial front line tech CVs (the rest are form fillers) giving me comfort that they were providing the very basic governance and questioning were being observed, unfortunately from you notes on the AGM this has not and is still not the case.

At least you have a decent rugby team for the world cup !