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Btw Nanonano you're right about IIs. The activists we know about, then most of the few remaining here (below the reporting threshold) will have mandates that preclude them from holding privately owned companies. Just like us, they won't have signed up to all the limitations that come with being forced to own an illiquid instrument with limited reporting. A very different prospect from owning a transparent, regulated and freely tradeable plc.

What has become clear is that the company were relying on retail inertia, together with board's own limited shares, and hapless suckers like TW.

Keep digging Terry. You've been on here donkey's years now. Countless posters will have been and gone in that time you've been fighting these battles. Now you're resorting to AI to construct even more arguments. Don't you trust your own thoughts?

After all this time on here, pretty much 7 days a week, if begs the question.

What, if anything, do you think you've achieved?

Consultancy fees £519,000

Kingbridge Capital bought for its "cryptocurrency custody infrastructure and brokerage relationships" then immediately written down to zero.

If you're wondering where the money's going.

Surprised this trades at NAV. Should be lower. Factor in the listing costs, risk of dilution, options gifted to management, and what price do you put on the Trevor Brown discount? Nobody makes money buying his rag tag basket of stocks.

As for Paraytec, absolute vapourware, forget it.

Chair has a very good track record before joining this, but even he got 25% of votes cast against at last AGM, so let's see. Realistically, none of them can be unseated without consent until the winter - barring a wildcard like EGM called in meantime - so he has time to demonstrate a commitment to delivering shareholder value. But if he does not want to run a publicly traded company, as this failed delist would imply, he may well walk regardless. Before then, Liam Gray at a minimum looks very vulnerable - and highly expendable.

The incumbents have unquestionably overseen a shocker here. You know they f cked up when the company trades at a significant discount to the cash it has in the bank. It needs to be reiterated, you never see this. Market confidence nuked. Might as well have Ronald McDonald as CEO. We'd probably rocket.

Needs a properly independent NED appointed at a minimum, pronto. If they have the audacity to all still be in same positions without some big changes come AGM time, they will struggle to get the numbers. Quote me on that.

Retail shareholders dominated the register here - before failed delist AND after.

The largest shareholder is an activist with a history of campaigning against the company.

Last AGM most of the resoltions failed to get more than 75% of votes cast.

This is a company with a significant base of disgruntled shareholders.

Directors hold few shares between them.

The numbers were always against them. They badly miscalculated and lost. This stays as a plc. The end.

This guy is such a patsy.

Demeaning himself by endorsing such a self-evidently capital destructive exercise.

Shocker for bunsenburner here.

You just know when someone is cross ramping a stock to multiple other different boards, it's going to be a howler. So it proves again. No decent company needs it. Next time you see that guy ramping, run a mile in the opposite direction.

Good letter cheers.

Such a no brainer to move to Aim and work to find find any other cost savings, pronto. Absolutely no need to be frittering away cash on likes of Sodali and Edison. Imagine what failed delist exercise itself cost, with all the needless broker fees and legal advice. The vote going against them will thankfully be a wake up call. They'll be forced to listen to feedback and actually engage with retail shareholders. They have no choice. Collectively we hold more share than anyone.

Absurdly low market cap here

The way they used this legal mechanism to plug at the last possible moment without revealing the actual breakdown of votes is disgraceful. Undoubtedly it is that that has led to uncertainty we are seeing amongst those who haven't been following this story. Not helped by brokers not updating next to the stock either. The whole process has been terribly mishandled.

The bottom line is the result itself and saving grace being the stark reminder the board have had about their fiduciary duties to shareholders.

"The Board will continue to explore further options and engage in further constructive engagement and dialogue with shareholders."

Big volumes here, 2%+ of shares in issue ditched this morning.

Whoever our seller is, couldn't be doing it in a much more destructive way, offloading that amount in one morning rather than drip feeding in an orderly manner. Implies an panicky amateur to me, but without a TR-1 who knows. Either way, with £10m+ cash in the bank, selling shares when market cap half that looks insane in my view

Btw that's not a cue for perma bear to tell us why he thinks the opco is doomed, again. We got that message the first 100 times.

If I were Liam Gray I'd be tidying up my CV at this point.

Judgement in Panthera case will be while after December hearing. From here, you'll be looking at around a year for final decision.

More pressing as far as LCM goes they have a deadline of Tuesday next week to come to arrangement with creditors over covenant waiver. Without that, this will have come to the end of the road.

"Perhaps you'd care to lay out where you think they can save money, stockscapital?"

I can hardly keep up with all your posts here. Do us a favour and give others a moment to respond before you keep repeating the same bear case again and again. There are countless the company can cut costs. The cash going out the door relative to commercial prospects is massively out of balance. When they are claiming listing costs at £700k, you know they're p*ssing cash up the wall. That alone can be halved. They simply cannot keep spending cash until it gets to zero with being able to a deliver tangible return. This is what the market is signalling to them very loudly.

Disagree. That's status quo without any cost savings, but misses the dynamics have changed now the board have had a grenade chucked at them by shareholders. We also still have wildcard Milkwood yet to (publicly at least) declare their hand.

Worth repeating.

We have this totally absurd situation where market cap has been reduced to a fraction of cash. You never see tangible NAV discount to market cap like this in a company without any debt or distress. Board have an obligation to come back to market with a plan now this is staying listed, and pronto.

I've asked them a couple of things, vanilla routine enquiries.. radio silence. Anyone suprised?

Let's be real, they were never going to win any awards for investor relations.

Share suspension would have made a catastrophic decision even worse.

RE Pickett would be ironic if he only selling because of prospect of delist that has now gone. Only he will know his motive but if that wasn't reason, he couldn't have timed it much worse.

Https://www.businessday.co.za/companies/2026-06-22-harmony-gold-records-15th-death-in-18-months/

Sickening.

Along with the ownership dispute over Lexington's JV, can't see this improving chances of permit being granted.