Member Info for Vascular

Hi Moonparty,

That’s sort of my point. Over an extended period of time the sp should respond to whatever the market is willing to pay …but here, these past weeks ( seems forever) there seems to be a block at exactly 10p or under to buy, I do not remember even just one trade buying at over 10 p for ages…of course with a limit of 10p to buy, automatically sets a price of under to sell at….just feel that it’s not a normal market when the SP is blocked from rising above 10p.

Begs the question of why do this….and all I can think of is that a third party or several has an arrangement to take shares at under 10p….like a say, I am no expert but you can’t argue that the SP is stuck at 10p or under at present even with the news laden period approaching fast…..which might also explain the slow steady accumulation if there is one.

It’s as if the SP is unable to even go over 10p even for a few trades …..it’s either being controlled or Scancell investors who are buying are ALL sticking to the same game plan of buying at 10p or under rule.

I know which one is more likely.

It is in in my very limited experience as if the parameters of the buys and sells are fixed to allow for some pre arranged share transfers …..could a third party be taking shares off larger holders at a set price rather than buying on the open market , or having to wait to join in any future placings and all what that would entail including the confidentiality.

I am probably very wrong about this but how else do you explain the rigidity of the share price….from memory not once breaking 10p even by a smidgen for several weeks, I think.

Hi Lt,

Thanks for reminding me about the RNS, dated 1st August 2024 confirming that CC were looking at various funding options, involving various parties and key partners for a strategic investment into its subsidiary, CyanConnode Pvt.

Its been Fourteen months since this RNS and as you have shown these transactions can take much longer - so we wait to see if anything at all materialises.

It does pound to me that CC are in control here, with no forced take-over etc ..which i do find strange at this low sp and with CC apparently on the cusp again of greater things in India and increasing number of other countries ...

Can I ask you do you feel that the outcome here at CC is already set and decided and its just a matter of time that either the large shareholders relinquish their shares to a third party who will take control of CC, or at very least build a significant share holding as a means of protecting their position .

I noticed that CC used the phrase " significant stake" in their RNS response to the rumours but in press releases from several outlets they stated

"to acquire a majority stake in its Indian operations, said two people in the know of the developments".

https://ae.marketscreener.com/quote/stock/CYANCONNODE-HOLDINGS-PLC-38066072/news/IntelliSmart-Reportedly-Plans-to-Buy-Majority-Stake-in-CyanConnode-s-India-Ops-47541330/

Its all academic now as its either not going to happen, or it may but is total radio silence ....I wonder if this has anything to do with a few select investors adding to their shareholding.

The link above also stated

"The transaction would be a secondary majority sale along with primary equity raise, they added."

My limited understanding is from sites such as the one below is that a third party will approach existing large shareholders to purchase shares so to build a stake at an agreed price without having to build a stake on the market or join in a funding round. That's fine, as long as he price is not 6p :) !

https://dealstructuring.com/what-is-a-secondary-sale/

Lastly,

Do you think that the leaked info regarding a strategic investor that resulted a response from CC on 1st August 24, resulted in the Proposed Placing and Subscription, including a Strategic Investment of £3 million, to raise approximately £5 million from Axia Investments Limited on the 9th Sept 24 ?

If so, then no CC partners responded to the discussions as far as we can see, today.

a few things on my mind that you, or anyone else may be able to shine some light on.

GL Vas

“ Eskom smart electricity meters are coming to South African households whether we like it or not. The parliamentary portfolio committee on electricity and energy heard this week that the nationwide rollout was gathering pace. Eskom’s Dr. Bhugwandin told parliament that a three-phase plan for smart electricity meters was underway.”

https://www.thesouthafrican.com/lifestyle/eskom-smart-electricity-meters-free-basic-service-2025/#

“ she indicated that Eskom was likely to launch its own commercial process given that it intended replacing 6.2-million meters with smart meters by 2029.”

https://www.engineeringnews.co.za/article/new-smart-meter-led-strategy-unveiled-to-tackle-load-reduction-scourge-2025-09-25

Advertising job in Goa, Today.

“ Manager - Project

Esyasoft Technologies Private Limited

Goa City - 8 hours ago

“ We are seeking a highly skilled and experienced Project Manager to lead and oversee the execution of an AMISP (Advanced Metering Infrastructure Service Provider) project”

Anyone interested!

https://in.jobsora.com/job-42217628729?source=1

Many Thanks for the info LT.

Ill read it later

Cheers Vas

I do sometimes wonder what these investors with large holdings in CC know, that we may not be privy too....what if they are aware that a third party may be interested in buying large holdings in shares in CC. instead of having to purchase CC shares on the market with all that entails.

It was just over a year ago now, when a news article was published / leaked ( was posted here) that IntelliSmart was to acquire a stake in CC.

Of course , nothing happened following that - but that does not mean this is the end of it.

https://www.marketscreener.com/quote/stock/CYANCONNODE-HOLDINGS-PLC-38066072/news/IntelliSmart-Reportedly-Plans-to-Buy-Majority-Stake-in-CyanConnode-s-India-Ops-47541330/

I do not know how this works , but as IntelliSmart wished to purchase a majority streak in Cyan PVT ( Indian subsidiary) would they still need to build a holding in Cyanconnode UK or could they agree a price independently with CC and just buy the Indian subsidiary outright?

I am guessing but if IntelliSmart did make a move on Cyan UK , then buying directly from major share holders such as MJ Trelize and others would be a fast way of garnering shares and to arrange a fixed price .

If MJ Trelize and other significant share holders are not in the know, then they are just at the mercy of the stock market and CCs BODs to make this company a success....but imo , no individual share holder keeps purchasing these amounts of shares ( of there own money) without a very good story attached, and the promise of a very happy ending for them. Just thinking aloud, again. GL Vas

thanks again lt.

this out today

https://www.***************************/cyanconnode-strong-first-half-sets-up-promising-outlook-zeus-capital/4121222382

the last but one paragraph at the end mentions a recent research note by bob liao, cfa.

anyone read it or have access ?

Ok. Thanks LT.

So the £70 Goa contract was included as part of the £180m announced in trading update in April.

The contract order book for Trading Update in April was £180 m

Which in Octobers trading Update was approx. = £157

So reasons for reduction includes:

- 9% for currency fluctuations = £16m ( (9% of £180m)

- Possible installations of modules = £7m during this period

GL Vas

Sorry,

Thanks Tony.

I thought the trading statement was limited to the accounts for the year ended 31 March 2025 ("FY25"), which were released on 28th April 25.

It does actually state the following at the top of the April Trading Statement

"provides a trading update for the financial year ended 31 March 2025 ("FY25")."

GL Vas

Sorry, yesterdays Trading update stated order book remains robust at approximately £157 million (inc. $70m Goa contract)

"This landmark contract for c.£70 million (at constant currency), awarded in April 2025 by the Government of Goa, materially strengthened the Group's contracted order book, which remains robust at approximately £157 million at current exchange rates"

Morning All,

Just an observation that i hope one of you may be able to explain.

In the April 25 Trading Statement the contracted order book was £180 m. The approx. £70 m order from Goa was announced 14th April, so not included in this Trading Statement - so it stands at £180m

In yesterday trading statement ( putting aside currency fluctuations) the contracted order book remains at 180m .

This £180m would now include the approx £70m Goa contract so why isn't the Sept. contracted order book much higher ?

I may have made a very obvious mistake but Putting aside fluctuations in currency ( which do some damage) i would expect something in the region of £250m order book, for India incl Goa.

I understand that a percentage of the April order book would have been supplied to customers in this time frame which would reduce the book - but the Goa contract should outweigh this substantially.

GL Vas

Hi LT and Tony,

Thanks' for the REC empanelment list, there have been nine new company's added since DigiSmart ..only two supplying RF.

Regarding Genus .

J.K. Agarwal stated in August 25 that "Genus Power expects that the mega 3-crore smart meter tender in Tamil Nadu to be finalized in the next 3-4 months. The previous tender was rescinded and it came up for re-bidding. Incidentally, Genus has bid for all the six packages of this tender."

Genus obviously expect to win a number of these six.

We also know that in the recent CC Final Results 25 presentation document only two months ago.

https://cyanconnode.com/wp-content/uploads/2025/08/CyanConnode-Corporate-presentation-Jul-2025-for-web.pdf

Cyan have identified Genus as the meter partner for Tangedco, Tamil Nadu on page 26 !

Under case studies Cyan give Tamil Nadu very good coverage as an opportunity - i do not think they would do this unless they expect a result.

So my money is on Genus winning a good slice of the Tamuil Nadu tender, and Cyan being awarded a good slice of the meters that will be required.

Not to mention the Skoch award form TamilNadu to Cyan a while ago.

"TANGEDCO smart metering project, wins prestigious SKOCH gold award for digital transformation

in smart metering project that is powered by CyanConnode"

https://cyanconnode.com/wp-content/uploads/2024/09/09.08.24-Press-release-CCI-20-Lakh-and-SKOCH-award.pdf

Morning Tony.

Yes, along with Schneider, Polaris, HPL, Bcits and others .

I found this page which mentions a few of the bigger names.

https://wirepas.com/smart-meter-connectivity-for-india/

I guess it all comes down to which consortium you belong too.

I made a few dummy buys this morning and on IG, at 9.15 - I could buy over 100k shares for 6.5p, and just now at 9.50 am could do same for 6.4p, so most trades today so far at buys , except as always the large on is a sell. !

Hopefully, todays update will put a floor on the sp until further news. GL Vas

Thanks LT.

I have read here that the FG23L is the low cost version.

“Silicon Labs EFR32FG23L, or FG23L for short, is an ultra-low power, Sub-GHz wireless Arm Cortex-M33 SoC, which the company claims offers the best price/performance ratio for Sub-GHz IoT applications such as home and industrial automation, key fobs, and smart city sensor nodes.

It’s a cost-down version of the PSA Certified Level 3 FG23 SoC equipped with less memory (32KB vs 64KB) and storage (128KB vs 512KB), less advanced security features, no segment LCD interface, and fewer GPIOs. The new FG23L is only designed for proprietary protocols, while the FG23 supports Amazon Sidewalk, Wi-SUN, Wireless M-Bus (WM-Bus), and Wirepas.”

https://www.cnx-software.com/2025/09/12/silicon-labs-fg23l-low-cost-arm-cortex-m33-soc-targets-proprietary-sub-ghz-iot-applications/

Do you have any idea which company’s in India are giving Wirepas the smart meter orders? Who they are partnering with?

Thanks again GL vas

Evening All,

Wirepas are doing well with Silicon Labs FG23 chip in India - they have 10 million points deployed, and expect anther 5 million to be awarded in next several months!

https://www.youtube.com/watch?v=P8Rvs9FxU3k

So, they ( Wirepas and most probably many other solution providers in India) are waiting for what looks like a pick up in tender awards sometime between now and just after new year, it seems.

As an aside

I am no techy ( as you know,) , so out of my depth here - but something i have noticed is that Wirepas are doing well with Silicon Labs using the FG23 chip in India as demonstrated above. I can find no evidence that Wirepas are using Silicon labs the next generation chip, the FG25 soc chip that Cyan have been using since 2023 ( this chip seems to be better at long range).

It seems to me that the FG23 is now built with Wirepas and a few others solution in mind. This from Silicon Labs site

"Protocol Support

Proprietary

CONNECT

Wi-SUN

Sidewalk

WM-BUS

Wirepas"

https://www.silabs.com/wireless/proprietary/efr32fg23-sub-ghz-wireless-soc#

Meanwhile Cyan are using SLs FG25 soc, does anyone know what the difference is between these two SOCs - are they going for different markets, if so, which markets and why doesn't Cyan use both chips....is it about the range?

https://www.silabs.com/applications/case-studies/leveraging-fg25-and-wi-sun-for-smart-metering-in-india

I think most of us have been around for long enough, have seen it all - someone selling millions of shares just before news is not uncommon - and yes, sometimes there is a leak, but also sometimes its just some entity dumping a load of shares because they have been told too.

GL Vas

Wirepas upping their game !

"Finland-based large-scale mesh connectivity firm Wirepas has launched a business model for India’s massive smart metering rollout.

Called Wirepas Certified, the platform means utilities and AMI providers get a performance guarantee: if a meter doesn’t connect or meet the requirements, the service is free.......Users only pay service for meters that connect and perform on the pre-paid scheme (disconnect and reconnect) as defined in the SBD, removing risk and ensuring reliable rollouts...This commitment should make deployments faster, simpler and risk-free, setting a standard for accountability in smart metering.....This model shifts the risk away from utilities and service providers making large-scale AMI rollouts faster, simpler and more predictable".

“With more than ten million meters already connected with Wirepas in India, we know this market,” said Teppo Hemiä, CEO of Wirepas (wirepas.com"

Wirepas say that if a meter does not work as according to the SBD then its free to the utility , but surely they would fix it , as the utility will lose far more revenue from the unbilled electricity usage than from the free monthly cost of running a faulty meter !

They must mean that the meter will be free to the utility until it is fixed.

https://www.iotm2mcouncil.org/iot-library/news/smart-energy-news/wirepas-guarantees-smart-meter-connectivity-in-india/

Hi Rookie,

IG will not let me buy any shares under 50,000 - but will charge me 4.75 for 50,000 and 100,000 !

IMO it will not be long (as soon as further news is released - new distributors!, or new products! ) and the 4.75 p will be smashed.

From memory each S&C unit was costed at £10 to manufacture ( happy to be corrected) so if they are in a position of selling out of units then they would have already taken payment at time of purchase from their online shop so I think cash flow should not be a problem for existing offering .

I guess The funding of the anticapeted new lines will come either from sales of S&C units, a short term loan ( £5 million was in place last year, I think), or a fundraise …

Hi Volmer.

Thanks for your thoughts.

Even if the take up in sales is slower than their projected target of 100k units by end of year, March 26 …..say, just 40,000 units sold by year end. Then with post tax profits of approx. £2 million is pretty good at today's market cap of £4.5m …with plenty of growth to go for in 2026 and beyond.

I’m a firm believer in Higgins law. The law that states that 80% of business comes from 20% of customers, or sales staff or whatever. A business focussing on the top 20% of their regular customers ..should do well.

The rule is often used to point out that 80% of a company's revenue is generated by 20% of its customers.

In INCs case it may be focussing on their top 20% influencers or other sales channels who generate the 80 % of regular sales…the same with the five products in S&c range at present ..there will be one or two in range that outsell the others and will need replenishing much sooner….could be same geographically also, where certain countries out sell others five fold, for example….

GL vas

https://www.investopedia.com/terms/1/80-20-rule.asp#:~:text=The%2080%2D20%20rule%2C%20also,other%2080%25%20can%20be%20ignored.