Member Info for Theanalyzer

Since year end announcement we have received £5.1 million of cash from LEBC Holdings as deferred consideration and net cash of £7 million from XPT.

The LEBC receipt is good news as LEBC group was once one of BPM’s largest investments and oldest investments but was badly impacted by pensions misselling. BPM should be out of investment in a year’s time and available to reinvest cash or pay more dividends.

The only cloud on horizon for me is falling insurance rates which may translate into lower commissions for its investee companies.

Brian Marsh’s shareholding is an issue because at some stage it is likely be reduced as Brian is 85 and at £100 million that is a major chunk of change.

Should see a nice tick up in price today following today’s offer announcement.

The fact that annual recurring revenue has fallen in their portfolio companies isn’t exactly a positive.

Neither is the reduction in value of portfolio suggesting at best poor growth in value of those companies.

NAV per share has fallen further since year end.

Material uncertainty over going concern in accounts meaning further fund raises incoming.

NAV halved to just 1 pence. Subsequent share issues will have reduced NAV further.

Every single investment by Tern is now valued less than cost.

Administration costs now almost 15% of closing net assets.

BlueLaserBaron says"SYME could become the financial engine sitting behind the group."

LOL Supply has struggled to raise enough capital to run its own business let alone attract material funds to support material inventory monetisations.

So I was right that an update was due.

So AZ at Nuburu kicks the can down the road to save Supply where he is the CEO in a related party deal.

The independent directors of loss making and technically insolvent Supply were never going to say no to a loan extension when they have no cash and no alternatives but for some reason Harley thinks that is a positive affirmation.

Still supposedly negotiating to buy SFE in yet another related party deal but how will Supply pay for this deal shares in a suspended company aren’t that attractive.

Meanwhile AZ provides no update of when 31 December 2025 accounts will be signed, no business update and no details on current liquidity position of Supply.

No communication about progress on completion of overdue accounts.

Company running on fumes and due to repay $5.15 million plus accrued interest in around two weeks time as conversion into shares which needs shareholder approval which can’t happen in remaining time.

So either Nuburu extends repayment timetable again or Supply loses key assets and goes into administration.

Either way an update is likely in next two weeks.

It’s always a strong positive when management lay out their targets and then meet them on time and on budget.

The increased gold recovery will boost revenues and cashflow.

Demonstrates quality of asset and management team

PBX may report first profitable period when 2026 interims arrive.

q1 2026 was already reported as being profitable and news of new customers means further growth likely in 2nd half.

Until Ondo can provide better insight as to how it will sort out the cash burn issue I see it struggling to raise equity capital.

I think they need to publish some financial numbers to provide better clarity on the current financial position.

Strong results reflecting two profitable realisations and revaluation gains.

Nice profit for the year plus dividends equals 12.8% shareholder return which is a good performances

AJ Bell investor relations has accounts plus presentation

Tern directors should be trying to sell the company to a tech fund or larger tech investor and give investors a cash exit. The current approach of waiting for an exit from last big 3 investments is diluting shareholders due to endless cash calls to pay around 10% of net assets in administrative costs per annum.

Cowbridge

The £63 million share based payment isn’t a cash payment and there is a compensating credit in shareholders equity so there is no net cost to the financials.

It represents the notional value of the awards grant and takes into high value of shares at IPO. The actual value now shares have cratered will be much lower.

I still wouldn’t be buying WeCap shares at current price though

AZ can via Nuburu extend the loan repayment date beyond the end of June 2026 and kick the can down the road or if he exercise repayment request then Nuburu gets IP and assets of Supply and shareholders get nothing.

Nuburu might also change conversion price terms as they are above current trading price as are connected warrants.

Meanwhile Supply needs cash funding as simple maths shows that the Nuburu cash will have been used to pay down ongoing losses

A positive update with doubled financing facility at lower cost and included major major commodity group as a funder.

Amaroq keeps on making progress with many positive updates

Nuburu is controlled by AZ as is Supply @ Me Capital and Supply @ Me 3 is a related party of both Nuburu and Supply and Nuburu is trying to buy Tekne.

So the concept works on a small scale where all the parties are de facto related parties trying to prove a concept.

The initial advance is only €5.25 million on which Supply will earn revenue of at most 3% or €157,500 per annum before costs. Less than AZ’s £200,000 annual salary.

Harley green

Supply has 3 suspensions in its 6 year history. All were non voluntary.

A listed company can’t extend the UKLA filing deadlines for year end accounts of 4 months. It’s not like Companies House.

The older suspension for the failure to file 2nd interims due to a change of accounting year end also wasn’t voluntary. It was again required by the rules. Yes the FCA stated that the company requested the suspension but it’s like when Jarvis had a VREQ or Voluntary Requisition imposed on its ability to restrict its disposal of any assets - it says voluntary but in reality it isn’t, the FCA don’t want to be seen to be running the company and hence they use language that implies it’s the company choice but it isn’t.

Only the poorest quality main market companies get suspended for such failures. To be suspended 3 times in 6 years is quite some going.

Last year Supply was suspended for months awaiting receipt of Nuburu funding and didn’t publish 31 December 2024 accounts until mid Oct 2025.

I suspect Supply needs more cash again which is why accounts aren’t going to be signed off until it arrives.

Grim

Ondo already have a £6 million plus loan at 13% interest. So a CLM maybe but not conventional loan.