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Investor Bill,

I do hope your right.

In many ways PIs really do have it extremely hard investing with the limited info available. Its often based on snippets, chance, feelings , comments here etc where as the Board of the company understand the future lay of the land in very accurate detail and therefore just by definition have an advantage over us.

The fact is that the last SIGNIFICANT director buy in this company was

30-Nov-21 Buy Adam Denning 0.70 GBX 1,428,570 2,958,981

yes, there have been a few for a few thousand shares here and there ..but nothing larger than an average PI.

If FeebBack has the even the remotest chance of a UK or India gov backed contract for x millions then I imagine human behavior being what it is - there would have been some buying of shares by the BODs , especially at this price.

If the BODs are waiting for an even cheaper entry price then I say, do not buy here until they put their hands in their own pockets. and don't be fooled by a 10,000 purchase either.

I had high hoped for this company before giving up a year or so ago.

If the directors buy in with large holdings, then i may re think .

Have valued Cyan share price at over 50p for both worst and best case scenario !

https://www.alphaspread.com/security/lse/cyan/relative-valuation

Https://energy.economictimes.indiatimes.com/news/power/india-targets-250-million-smart-meters-by-2027-20-billion-opportunity-in-energy-management/114162408

Hi LT, I was going by his LinkedIn.

https://www.linkedin.com/in/graeme-milligan-71170412?originalSubdomain=uk

Evening LT and All,

Do not forget Dr. Graeme Milligan who is presently Executive Vice President Global Engineering !

"In his role as Global Head of Integration at CyanConnode, Graeme provided technical and planning support for the seamless integration of customers’ devices and software with CyanConnode’s Omni IoT platform. He worked extensively on the opportunities in Thailand (with both MEA and PEA) as well as on projects in India such as our initial project with MPWZ. "

Worked with MEA and PEA!

https://cyanconnode.com/team/dr-graeme-milligan/

Hi Volmer,

Either the market did not understand that INC were replacing what was initially to start with a 80 outlet rollout, with a very much larger rollout which should get us to 1200 outlets selling INS products much sooner or ,

The market is waiting for real evidence of this happening along with supportive positive revenues.

IMO, we are in a really good place because the crucial potential revenue data from the initial 350,000 units will be sometime shortly after delivery of the units to M ...and this initial data will move the sp , accordingly once investors realise that there is another 15000 outlets to go for in Asia and Europe , plus rest of world, plus new products ..

I am hoping INC turns out to be an unusual small company in the fact it becomes a cash cow...... and does not spend the next 5- 10 years diluting its investors ..before any hope of a profit. GL Vas

You have a point.

However, as an investor of iNC i take confidence in the fact that he thinks he can make a lot more money by hanging on to , and extending the warrants - than selling recently when the share price was in the 30s ..

The RNS was entitled rather positively as ..............."Skin + CELL Initial Launch Extended Across Europe" - so yes this RNS is only about Europe and we have to wait to hear more about Asia.

The RNS then goes on to give us an update on a change in their strategy, which will extend the rollout from initially what was to be 60 outlets to Marionnauds full complement of European shops which is 1200 !

This is a highly significant change to what we had previously been informed and so had to be put into an RNS.

This is all about INC extending their outlets in Europe in a more cohesive and faster manner than originally stated, with the company stating "This re-affirms management's projected revenues for the financial year to exceed £10 million and for Incanthera to achieve profitability."

The fact that maybe the first delivery of units is delayed by a week or so as it was originally destined for Austria only, but now could be heading for anywhere in Europe e.g France.

I see nothing negative in this RNS , just a change in strategy in how they best intend to tackle Europe .

Marionnaud are experts at this , its there bread and butter so we should be in safe hands.

Hi Chrisdp.

In the March 24 RNS INC stated

"Commercial Update Highlights:

· First order will generate revenue to Incanthera of c. £2m and has doubled in size from Marionnaud's initial order for Skin + CELL products, from original 25,000 units* to 50,000 units: *One unit being one bottle of product i.e. face cream, hand cream etc.

o Strong demand from customers anticipated by Marionnaud's management.

o Enlarged order is being manufactured and on track for delivery to Marionnaud in Switzerland and Austria during Q2 2024.

I think we should hear about this initial delivery to Marionnaud and payment for the initial 50,000 units (worth £2 m) in October with updates on the progress of the other 300,000 units being manufactured presently, these numbers seem large but are small fry compared to what the Swiss manufacturers .will need to be confident in rolling out in timely manner in a year or so

If they manage to supply 1200 shops before the Xmas mayhem starts then to sell 350,000 units by end of March 2025 and with 1200 shops on board across Europe. Each shop would need to sell approx 60 units per month / 15 per week from November 24 to end of March 25 - bearing in mind that there are five products for sale , so that's 12 units a month for each product line per shop / 3 units per week of each.

A very conservative amount IMO.

Just how fast can they deploy the products into the 1200 shops in Europe must have been discussed and achievable, or else they would not have announced the upgrade and be so confident in hitting the their own end of year revenue targets.

Todays RNS entitled " Skin + CELL Initial Launch Extended Across Europe! "

stated "The timing of this broader product launch is currently in discussion with Marionnaud and AS Watson Group and the Company will update the market further about this in October", so my guess is we will hear something before Incanthera's AGM which will be held at 11:00 am on Thursday , 17 October 2024 , and will include a Q&A with Investors .

This AGM date was chosen, and could have easily been a week or to later.

My understanding is that they are working together here, M know INC's capacity to manufacture at any one stage, they can only manufacture a certain amount at any one time, depending on free cash and will place orders accordingly, all revenue will go back into manufacture - plus Tim stated that INC has arranged £5 and £10 m short term trade loans that will be supplementing their own revenue's to keep manufacturing growing at a pace to keep up with expansion - my understanding is its a rollout , expansion but with brakes so to keep within INCs manufacturing limits at any one time, which will grow as revenue's grow .

The bit about payment on delivery is straight from Tim's mouth in the Sunday Roast interview a few months ago.

I think todays news is very good. I can only see this leading to earlier and much bigger revenues arriving in INCs coffers as we have been informed by Tim that they pay on delivery only !

The first tranche could be to several hundred outlets , and then be promoted country instead of the 60 outlets in Austria.

This progress IMO and talk of new products with Watson can only be even more progress for the future. Plenty of positive news to fall in coming weeks and months IMO

Quote

"Although orders have been given out, the implementation is scheduled for the next three to five years. When we look at smart meters, the next five years are going to be of high growth"

Just thinking aloud but what if there are two pipelines of awards in India, and hence for Cyan as well ...the confirmed one, which we have knowledge of, public awards to AMISPS etc and another which contains orders won by partners of Cyan, which require Cyans solution but with installation dates a year or two ahead - so not yet officially awarded to Cyan - However, the potential numbers are recognised within Cyan at al and partners.

In theory at this time, Cyan may have a confirmed pipeline of 13 m units in India , but also have a so far unconfirmed partner win rate , over next five years of double this amount !

This may explain the behind the scenes goings on with Cyan, as partners jockey for position.

And may go some way in explaining why Cyan became an AMISP themselves.....

https://www.ndtvprofit.com/business/hpl-electric-eyes-25-revenue-growth-in-next-three-years-on-strong-smart-meter-business

Amazing that the first 100 outlets in the rollout could cover INCs annual expenses ! If each shop sold ten units a week

( out of the five individual products on sale) . At £35 gross per unit makes approx. 1.7 m revenue .over 50 weeks.....and that's just 100 outlets out of 16,000 plus shops in Europe and Asia !

Roll on the Rollout !

Interesting article .

No mention of INC, but demonstrates the opportunity available - especially taking market share form less proven / non proven skin brands .

https://www.bbc.com/future/article/20240306-what-can-you-absorb-through-your-skin

It was only two weeks ago when INC , in their Final Results RNS stated ..

" Incanthera's Skin + CELL skincare range of 5 products to be launched in Europe in September 2024, through AS Watson Group partner, Marionnaud, with further anticipated launch through AS Watson Asian store network soon after"

I think what you are referring too, and i am also looking forward too is the Launch day, the reveal day when they choose to begin the promotional campaign , i guess the training of M shop staff is presently being managed, i hope. GL VAS

Latest

https://www.axa.com/en/press/press-releases/axa-enters-into-an-exclusive-negotiation-to-sell-axa-investment-managers-to-bnp-paribas

Interesting comparison with Future Medicals Interim results today.

Until today, Future medical had not produced a profit - they have just published maiden profits of £1 million profit after tax . The share price has risen to the current price of 43p , now profit taking.

If you compare Futures Market Cap of £132m and shares in issue of 300 million to INCs Market Cap of £33m and with just 116 million shares in circulation then if INCs YE 2025 sale are north of Todays Future results - should be a very healthy share price .

If we are looking for some evidence that Cyan and Genus are continuing working together then we could maybe take some positives form this , dated August 2022

"More deployment

The installed base of smart prepaid meters in Bihar is set to grow in the coming years. Very recently, Genus Power Infrastructures won the mandate to install 10 lakh smart prepaid meter in Bihar, under the Revamped Distribution Sector Scheme (RDSS). Genus will be playing the role of an advance metering infrastructure service provider (AMISP) that would include end-to-end responsibility and not just supply of meters. Genus also placed an order on CyanConnode India for the supply of 1 million RF modules, related to this order."

https://www.tndindia.com/bihar-crosses-1-million-smart-meter-milestone/

Then in July 2024 , vi a Cyanconnode RNS titled :

Indian Subsidiary Achieves Key Milestones with Site Acceptance Tests and Project Go-Lives

"SBPDCL IntelliSmart and Genus Projects:

The South Bihar Power Distribution Company Limited (SBPDCL) IntelliSmart Project in Bihar has received the "Go Live" certificate, successfully completing SAT 1. Similarly, CyanConnode has successfully completed the 5th consecutive SAT for the Bihar Genus project.

://www.investegate.co.uk/announcement/rns/cyanconnode-holdings--cyan/indian-subsidiary-achieves-key-milestones/8314946

so for Cyan to achieve this they would need to be still working with Genus , and using Cyans communication technology. Right? :)

HI ITT,

Not to my knowledge.

They also mention that this past year they have developed there own HES and MDM ready for expanding there offering in gas and water meters. p 11 & 14

The question remains did they expand their offering using Cyans Technology in house , or on their own.

I assume if they used Cyan in house, they would describe the technology as their own.