Member Info for SlowLearner

Good morning Kam - nice post, it is a beautiful day indeed and whilst I don’t agree with your opinion on MAST I wish you all the best

Good morning Maid - can I ask you don’t personalise your comments or aim insults in my direction. I have an opinion that is different to yours and that is all. I am sorry if you are nursing losses on MAST and my posting is not aiming to benefit me or to cause you issues but only to protect PI’s who see the advertising and get duped into losing money. Please will you give me your view on the two RNS and the total number of warrants that could be exercised?

Investor86 please look up the founder/sole employee Josh Bartch on LinkedIn and you will see MavDB is Puerto Rico based not USA.

The advertising was placed from the Cayman Islands.

Sorry typo .. 31.77m shares not 37.7m shares in issue … Inadvertently diluted everyone by 20%… unlike the imminent > 1000% … sorry

Ps Welcome back PP

Tbhatt - I agree there is chance to make money on a volatile stock like MAST but I hate PI’s being robbed of their savings, pensions and hard earned cash by a “Wolf of Wall Street “ style penny stock fraud. For anyone new to MavDB and their modus operandi to recap:

MAST and MET1 show very similar patterns (and there are other questionable fundraises such as Satsuma Tech) involving a Puerto Rico based advisory firm MavDB with seemingly one employee

• Existing shareholders get wiped out by the fundraise (including a consolidation before the fundraise)

• A highly discounted fundraise keeps the business afloat (prepaid warrants over c.10x shares in issue with twice as many more from further cash warrants)

• Investors intro’d by MavDB invest £5m gross less £2m fees to MavDB (ie only up to £3m net to the company allowing for other fees)

• Mysterious advertising appears that the company knows nothing about (paid for from Cayman Islands) and the share price spikes to way above the warrant issue price (up to 50x)

• The number of warrants is huge and once issued represent >90% of shares

• The investors sell down their prepaid warrants at inflated sp and if possible additional cash warrants, making huge profits on £3-5m at risk from initial investment

• Potentially they made £50m from MET1 (virtually all pre-paid and cash warrants were issued)

Hence, with only c.37.7m MAST shares currently in issue and 110 million prepaid warrants & potentially 245million cash warrants to be issued at 4p it is very hard to see how the advertorials for MAST on Times Tribune or Morning Herald (promising huge returns) are anything other than misleading / fraudulent. As seen with MET1, when the adverts stop, the share price returns to near the warrant price and it’s down to management to use the funds raised to drive the business from its much more realistic sp, and PI’s are left to nurse huge losses.

I've tried to not respond to individual posts and just present the facts from the various RNS (the fundraise with MavDB's £2m fee, the dubious advertising and the warrants) but I have to respond to that last post from Maid. To mix it up and let's try a quiz/humour:

Maid - please read the RNS of 17th September and 7th October (long after the share consolidation) and tell me what 111 million (block listing for prepaid warrants at 4p) added to 245m (block listing for cash warrants at 4p) equals? (Clue: the consolidation was before the warrant issue)

Stevey80 - aka the Golden One - I look up the table at you in awe, I was hoping to at least make the podium and am gutted to be in the relegation places ... is your secret that you actually know what you are talking about?

RunningNorth - multi-choice question: Is the reason ii aren't allowing buys (A) they can't find any despite being a well know trading house supporting millions of trades across 17 global markets (B) because they believe, based on MET1 & other similar raises/advertising, that the MavDB fundraise and dubious advertising are potentially fraudulent and hence not allowing their clients to buy them and thereby avoiding any liability themselves?

Savs - as a smart chap, if you were the FCA investigating MAST and you wanted to know who was funding the advertising, would you look into who was being paid to ramp the share on chat boards ... same pay master?

PuzzledPete - we miss you, holiday or have you finally cried yourself to oblivion with some of the posts on here?

I don’t know whether to be pleased I am on a list of people that can read RNS or disappointed I am second to bottom.

In any case Maid, I will make no personal insults despite your comments in our direction. I merely point out to you and anyone being duped by the dubious advertising: there are a vast number of warrants to be exercised (ie new shares to be issued) and shareholders will get swamped (your claim the warrants were consolidated in May or July is not true). Facts are below :

RNS of 17th September included applying for block listing for 116m shares for the majority of the pre-paid warrants

RNS of 7th October included applying for block listing for 245m shares for the majority of the cash warrants

Both of these would give the opportunity to issue shares but doesn’t mean the warrants were exercised that day!!

There are only 31.77m in issue so the vast majority of the warrants (another 361m of the total 375m) are still to be exercised

If you look at my posting history you will see (1) I have always said the share price will fluctuate on its way down and people will day trade to a profit (2) but the share price will drop towards 4p unless the FCA intervene (3) I have never insulted anyone who says the sp will go up so please don’t insult me

My motivation is I don’t want PI’s who get duped by the advertising to lose their money

I have not shorted the company - no broker will allow you to short the company for the same reason that many platforms (such as ii) don’t allow investors to buy MAST shares - ie the professionals have long realised the MavDB organised fundraise & paid adverting is borderline fraudulent (like we saw at MET1 and others)

Please everyone do your own research

For balance: any new PI’s to this board being enticed in by the mysterious paid for advertising that the company itself has said to ignore.

- there are 110m more prepaid warrants to be issued at 4p

- there are up to 245m further cash warrants that could be issued at 4p

Despite the sp (over the last 2 days trading) making back a fraction of its drop, there remains the reality of an impending 75-90% dilution

Please tread carefully

Nb for those on this board asking why i post - its because I don’t want to see PI’s being defrauded by whoever is funding the advertising (nb I do not believe that is the company)

NB clearly if, as Peel Hunt claim, on the 21st they were alerting crossing the 10% threshold on 20th then you would hope they knew how many shares they had on 20th at close even if they sold more on 21st

I fear the answer is in the facts of the RNS again:

- In total there are 125 pre-paid warrants and up to 250m cash warrants all at 4p (none have been repriced)

- few of the pre-paid warrants have yet been exercised (c.15m) and very few of the cash warrants (c.5m)

- they can only sell down their new shares as quickly as people are willing to buy (encouraged by the paid advertising) without pushing the sp straight to 4p

- they appear to have been slowed in exercising vs the speed of the MET1 process potentially by the number of people rumbling the MavDB funding scheme

- clearly if the warrant holders could exercise they would at share prices from 16p to 200p

- however the fundraise terms mean they can't hold more than 3% of shares each hence slowing their ability to exercise the warrants if they can't sell

- Peel Hunt are a Broker not an investor hence they could (conjecture not RNS fact) have bought the warrant holders shares at a discount to sell on and thereby allowing the warrant holders to exercise more warrants (back up to their 3%) ... we will find out if more warrants are exercised in upcoming RNS

- If that is what Peel Hunt are doing then they sold down and went through 10% today but didn't know how many shares they held for an RNS issued at 4.30pm as this would have been written and loaded earlier in the afternoon before they had continued selling up to the close.

Before I get attacked by the rampers or the derampers please can I point out:

1. I don't post often and it's never personal so please don't attack me but feel free to challenge my logic with reasoned argument

2. There remains 100 to 350m warrant shares to be issued at 4p and therefore unless we have a series of the most transformational RNS in the history of the stock market, a 90% dilution is going to wipe out the share price

3. Hence, if you are being paid to ramp please examine your conscience, if you met people in person would you try to con them out of their savings and pensions (and if I was the FCA trying to find out who is funding the bogus advertising, the first place I would look is who is paying the rampers)

Maid - in response to your comments on warrants, pre/post consolidation and needing to be repriced.

Unfortunately the answer is in the various RNS released to date:

- there are only 31.77m shares in issue to date (i.e. the vast majority of warrants have not yet been exercised)

- there are another c.110m pre-paid warrants to be exercised at 4p (from fundraise after the consolidation therefore will not be repriced)

- these pre-paid warrants are for the £3m net cash (of £2m fees paid to MavDB from the £5m gross) that the company has received

- there are 245.2m cash warrants still to be exercised at 4p - by implication only 4.8m cash warrants have therefore been exercised (of the 250m issued) netting the company £192k (of the potential £10m if all 250m warrants are exercised)

- hence there will be another 110m shares in issue at least from pre-paid warrants and possibly 355m more if all the cash warrants are exercised (to be expected as the company has applied for a block listing for all 245.2m)

Hence the company has only raised £3.2m to date. I agree - the company may boost it's bank balance by up to another £10m but that requires 355m more shares and inevitably all existing shareholders being swamped. Personally I can not see the FCA allowing the advertising to continue hence am not sure the share price will be propped up (above 4p) long enough for all the warrants to be worth exercising. As per MET1, if the warrants are all issued they will have a chance to grow the company with the cash raised (and with >390m shares in issue) but if the price hits 4p then it will be capped there for the foreseeable future as the warrant holders exercise and sell as soon as the price goes over 4p.

Hi Fai Mai,

Various of the platforms have blocked buying MAST shares whilst the FCA review questionable activity on MAST (following similar fundraise on MET1). The history/detail is in this chat board chain but I want to avoid getting caught up in the mud slinging that goes on so I will not repeat (you can also look at my posting history on both shares). If you have been drawn in by the paid for adverts please note the company has distanced themselves from them.

The only update I would flag today is that the RNS had buried at the bottom (below some of the company boiler plate) that it was applying for a blocking listing for the up to 245m shares from the cash warrants at 4p from the recent fundraise. This is on top of the 110m applied for for the rest of the pre-paid warrants at 4p. Ie up to 355m shares will be issued (at less than 10% of the current share price) diluting the current 32m shares to less than 10% of the company. As such the paid for advertising for MAST (by an unknown 3rd party but probably the warrant holders) is at best highly misleading. People will make money day trading the share whilst the advertising continues but once 355m shares are issued at 4p then the share price will almost certainly follow the trajectory MET1 took to just above the warrant price (2p for them).

To finish on a positive note .... ProfitJock if you are reading this, thank-you.

Hilarious ... thanks PP ... I misread your first message!!

I read it as "for SL& others who agree with PJ" .... rather than " for SL and others who agree with SL"

Hi PP,

I'm not on LSE much so may have missed the dialogue that explains this ... but wanted to check what you mean by your first line: "For Slow Learner and others who agree with him" ... who is the "Him" you refer to?

I think you know but others may not that I do not agree with Profit Jock and have politely asked him to examine his conscience about why he is posting/ramping with hundreds of millions of warrants outstanding.

Thanks, SL

RichUK,

I would endorse what AmateurInvestor … answers in RNS of the fundraise (and best if we all refrain from giving advice merely our analysis of the facts).

Only other complicating factors on MAST are

(1) whilst the paid for adverts are in place and between tranches of warrants being exercised&sold there is always a chance share price goes up from new investors seeing the ads outweighing people exiting having researched the share or decided to take a profit (eg bounce from £1 to £1.50)

(2) the FCA intervenes

Unless the share price drops below 4p then you would expect >100m more pre-paid warrants and >200m cash warrants …. Hence IMO (but DYOR) charts don’t apply and it’s a day traders dream on a likely glide path to 4-8p

Longfell - I, Puzzled Pete and many others agree with you.

Profit Jock:

Publicly available info from RNS is clear: MAST shareholders are imminently going to get swamped by hundreds of millions of warrants at 4p unless the FCA intervenes or the share price crashes

MAST and MET1 show very similar patterns (and there are other questionable fundraises such as Satsuma Tech) involving a Puerto Rico based advisory firm MavDB with seemingly one employee

• Existing shareholders get wiped out by the fundraise (inc. a consolidation before the fundraise)

• A highly discounted fundraise keeps the business afloat (prepaid warrants over c.10x shares in issue with twice as many more from further cash warrants)

• Investors intro’d by MavDB invest £5m gross less £2m fees to MavDB (ie up to £3m net allowing for other fees)

• Mysterious advertising appears that the company knows nothing about (paid for from Cayman Islands) and the share price spikes to way above the warrant issue price (up to 50x)

• The number of warrants is huge and once issued represent >90% of shares

• The investors sell down their prepaid warrants at inflated sp and if possible additional cash warrants, making huge profits on £3-5m at risk from initial investment

• Potentially they made £50m from MET1 (virtually all pre-paid and cash warrants were issued)

Hence, with only c.30m MAST shares currently in issue and hundreds of millions of prepaid warrants & potentially cash warrants to be issued at 4p it is very hard to see how the advertorials for MAST on Times Tribune or Morning Herald (promising huge returns) are anything other than misleading / fraudulent. As seen with MET1, when the adverts stop, the share price returns to near the warrant price and it’s down to management to use the funds raised to drive the business from its much more realistic sp, and PI’s are left to nurse huge losses.

The FCA have been informed and if they want to find out who is funding the adverts then it has been suggested that they “talk” to people being paid to ramp the shares on boards like this as it’s likely to be the same entity funding both.

For the avoidance of doubt the above info has been taken from RNS hence if you report this post to LSE they will see this and not block it. Furthermore I would ask that if (and it’s only if) you are being paid to ramp please examine your conscience and whether you would try to con people out of their savings if you met them in the street. Private investors have lost £50m in MET1 .. that is a lot of pensions, savings and the like that have been hard earned and dubiously lost.

NB I am not trying to trash the share, I rarely post and am only trying to protect investors which you will see from my posting history on MAST and MET1

Typo - “PP” not “app”!!

DrVick … 24m shares in issue post share consolidation. But as part of fund raise company has just applied for block listing of 116m new shares (from prepaid warrants at 4p) … and there could be a lot more cash warrants than that at 4p within the terms of the financing.

Hence whether or not management know who is funding the adverts, the ads are clearly misleading to encourage people to pay £1-2 a share when they are about to be swamped (at 4p). The advisor MavDB introduced the warrant investors and received £2m fee on initial £5m raise … very similar structure on MET1 with MavDB. Have a look at what happened there.

Hence a few people have informed the FCA about the adverts and market manipulation. The FCA are hopefully looking into MavDB and the warrant investors. It’s not just PP that is concerned and the evidence is in the rns for both companies (you just have to look carefully as it’s often hidden at the bottom of more upbeat rns or in detailed prospectus)

DrVick … 24m shares in issue post share consolidation. But as part of fund raise company has just applied for block listing of 116m new shares (from prepaid warrants at 4p) … and there could be a lot more cash warrants than that at 4p within the terms of the financing.

Hence whether or not management know who is funding the adverts, the ads are clearly misleading to encourage people to pay £1-2 a share when they are about to be swamped (at 4p). The advisor MavDB introduced the warrant investors and received £2m fee on initial £5m raise … very similar structure on MET1 with MavDB. Have a look at what happened there.

Hence a few people have informed the FCA about the adverts and market manipulation. The FCA are hopefully looking into MavDB and the warrant investors. It’s not just app that is concerned and the evidence is in the rns for both companies (you just have to look carefully as it’s often hidden at the bottom of more upbeat rns or in detailed prospectus)

Indeed Paul and PP .. the number of investor warrants is clear ... Add in >20m options given to management (who are otherwise swamped) ... a few million more shares/warrants issues to get rid of the various loans outstanding when the refi was done & 7.5m for the broker and you could be looking > 400m shares if the "advertising/warrant holders" keep the share price above 4p and so exercise all the cash warrants (even at 5p they make a meaningful profit!!)

Difference to MET1 is if MavDB's "famous five" investors could sell their warrants at today's price, they would make £300m rather than the mere £50m they made on MET1.

Haven't had the bandwidth with work to dig into SATS but looks like similar share price pattern and MavDB appear on various docs

In conclusion ... and I cant believe the sp went up today so it could be that I am completely wrong:

1. Paul - you can track the number of shares in issue between 13m and 400m (125m prepaid and further 250m cash warrant exercises often hidden in RNS's with different titles) ... DYOR but if it was me, before you get swamped I would sell and report to FCA as best / only way of getting your money back

2. PP -& OakBloke - cant believe the FCA aren't investigating ... do we combine research and tell them?

3 Hopefully enough MAST shareholders have spotted this far earlier than MET1 and the warrant holders will not be able to complete the same wheeze

PP - it was MavDB again like MET1 that got the £2m fee - see page 52 of the funding prospectus (cleverly hidden vs MET1 who put it in the RNS) ... have copied below for ease of reference. Hence in effect acquiring the company for £3-5m and then making large profits when MavDB/ their investors sell off their up up to 375m warrants (priced at 4p). It appears at least some people have rumbled this earlier than on MET1 so they may not be able to get all 375m warrants away before the sp hits 4p.

From Page 52 of Funding Prospectus

20.2 Relationship Agreement

On or around the date of this Document, the Company and MavDB entered into the Relationship Agreement which

regulated the ongoing relationship between the Company and MavDB. The principal purpose of the Relationship

Agreement is to ensure that the Company is capable of carrying on its business independently of MavDB and that

transactions and relationships between MavDB and the Company are at arm’s length and on normal commercial terms.

Under the Relationship Agreement, MavDB has undertaken, for so long as it and its associates together are entitled to

exercise or control the exercise of the equivalent of 20 per cent. or more of the voting rights of the Ordinary Shares, the

parties shall procure that all transactions and relationships between the Company and MavDB or any of their associates

on the other are conducted at arm’s length and on normal commercial terms; and not to take certain actions, such as

the adoption or variation of the corporate governance regime and seek the cancellation of the admission to trading on

the Official List of the Ordinary Shares.

20.3 Subscription Agreement

The Company and the Directors entered into a subscription agreement with MavDB dated 23 May 2025, pursuant to

which MavDB being appointed as agents of the Company for the purpose of managing the Subscription. MavDB agreed

to use reasonable endeavours to procure the Subscribers. Pursuant to the Subscription Agreement, the Company and

the Directors gave certain warranties and indemnities to MavDB regarding, inter alia, the accuracy of the information in

this document.

Under the Subscription Agreement, the Company agreed to pay MavDB £2m, towards investor relation and consulting

services to be provided by MavDB.

Puzzled Pete - the advisors getting the £2m are the same as MET1's advisors MavDB .. more celvery buried in the prospectus than it was in MET1's RNS (MavDB looks like a single, wealthy individual based in Puerto Rico) ... PP you may have seen my post on MET1 a couple of weeks ago but for MAST Shareholders a quick summary comparison below:

- Share consol (40:1 even more extreme than MET1's at 10:1)

- £5m gross fund raise (via CLN and then prepaid Warrants at 4p) with £2m fee to MavDB (for 24months work!!) - so net £3m

- Investors also get twice the number of cash Warrants which can be exercised within 6 months at 4p

- Spurious advertorials which the company "knows nothing" about

Hence as per MET1:

1. Existing shareholders pre fundraise get wiped out

2. PI's get caught in the hype and lose a fortune (yesterday sp was 213p vs Warrants at 4p)

3. MavDB's investors make a fortune (or is it MavDB's apparent single founder/employee doing some/all the investing)

4. The company gets between £3m and £13m net (depending how quickly PI's rumble it and how many cash warrants the investors get away at 4p)

5. But management's equity/options get wiped out so how are the incentivised unless they have access to the warrants/MavDB's interests?

Thus just like MET1 once it settles (and at 63p MAST clearly hasn't got anywhere near the 4p warrants or even MET1's 100-150% premium to warrants ie 4-5p vs 2p warrants) it becomes:

- an interesting play for new investors (can management use the money raised wisely to invest in new projects)

- BUT a very tough day for the PI's holding shares that they paid up to 50x over the odds for and are hoping for a return to higher share price (despite the >10x number of shares)

I am very sorry for the PI's in MAST but this should go to 4-10p very quickly