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Just to clarify, I haven’t described any of my posts as advertising. I’m a private holder posting my read of the RNSs and reports. If it comes across as positive, that’s simply because the numbers and portfolio progress look compelling to me.

One way to view TEK now is through future cash events, not just paper NAV. The board’s stated aim is clear: grow net assets, then return material capital from exits via special dividends.

Guident – first monetisation lever (illustrative only)

If Guident lists cleanly and TEK later crystallises, say, c.$20m of value while retaining a strategic stake, that could translate (after costs) into meaningful cash at TEK level. Even a partial return of that capital could both:

deliver cash back to shareholders, and

help rerate the shares as the remaining stake becomes live and market‑priced.

MicroSalt – scale then optional sell‑down

MicroSalt is already guiding to around $7m revenue in 2026 and $15m+ in 2027 on existing projections. As that scales, TEK can either let its stake compound or gradually realise value through small sell‑downs – again feeding capital back to shareholders while still retaining upside.

Everything else is optional upside

Lucyd, GenIP and any future spin‑outs simply layer additional value on top.

Why this matters

One decent Guident outcome alone could move TEK into genuine cash‑return territory and start to tighten the discount to NAV. Add MicroSalt delivering on its numbers and TEK starts to look less like a “cheap VC fund” and more like a cash‑returning IP compounding vehicle – exactly the rerate the board has been talking about.

I said just over 3 years ago this was always a 5‑year+ investment. It now feels like the start of the monetisation phase, not the end of the build.

Strip away the noise and TEK now looks like a focused portfolio of listed, revenue‑generating assets, with two clear drivers.

MicroSalt (SALT) – the growth engine

2025 revenues up 287% YoY to c.$2.1m, ahead of expectations

Guiding to ~$7m in 2026 and $15m+ in 2027 from existing projections

Patented low‑sodium salt already adopted by a global food, soft‑drink and snack giant, with rollout expanding internationally

MicroSalt alone is starting to justify a large chunk of TEK’s NAV if it keeps hitting these numbers.

Guident – the valuation catalyst

Exposure to autonomous vehicle safety and remote monitoring

TEK stake valued at c.$22.9m (June 2025) ahead of the planned US IPO

Targeting recurring revenues from fleet monitoring and tele‑operation

A successful IPO here doesn’t just lift NAV – it opens the door to capital recycling and potential special dividends.

Lucyd & GenIP – extra listed upside

Lucyd (Nasdaq): smart glasses, safety products, growing retail and optometry partnerships

GenIP (AIM): AI‑driven IP analytics for universities, expanding internationally

These are not concepts – they are operating, listed businesses.

Big picture

TEK now reports record net assets of c.$77.4m and NAV of ~26p, with lower central costs and a stated intention to return capital from material exits.

This is a maturing IP group where just one or two monetisation events could force the market to rerate the shares very quickly if delivery continues. 🧐🎯

(IPO - sec backlog clearance should be well underway now. That latest FWP filing, now brings us to near completion.

I'll likely post more on the next rd of filings, to save repeating the same information already posted)

Onwards and upwards 🎯

MicroSalt JDA - Why This Matters for Monetisation (and TEK)

This four-year Joint Development Agreement with a tier -1 global food group isn’t about immediate revenue - it’s about locking in future monetisation.

JDAs like this typically lead to:

• New product lines formulated around MicroSalt’s tech

• High switching costs once adopted

• Follow-on commercial supply agreements at scale

That’s when volumes, margins and valuation step up.

For Tekcapital, this is important because:

• MicroSalt is already listed

• Revenue momentum is building

• A deeper strategic relationship increases the likelihood of either

– sustained dividend flow upstream, or

– a partial/full monetisation event over time

This is how TEK transitions from funding growth to recycling capital back to shareholders - not via hype, but via embedded, long-term partnerships converting into cash-generating supply.

Quiet progress now, monetisation later. That’s the model.

Weathergeek... Exactly this – when TEK’s stake in just one portfolio company (SALT) is now worth c.£24m against a £26m market cap, the implied value for Guident, Lucyd and GenIP combined is basically noise on the quote screen.

Guident hasn’t even listed yet, Lucyd is already on Nasdaq, and GenIP is on AIM – all with real businesses behind them. If/when Guident gets over the line and MicroSalt keeps delivering against its growth targets, the current pricing starts to look utterly unsustainable.

Pedro61... Thanks for the kind words. The more you look at the H1 numbers and what the portfolio companies are actually doing – especially MicroSalt and Guident – the harder it is to justify TEK trading on this kind of discount. Patience really does feel like it will be well rewarded here.

MicroSalt is now an independent AIM‑listed company with its own board, so it has to issue its own RNSs for material news – that’s why today’s JDA is under SALT, not TEK.

Tekcapital is the majority shareholder, but it doesn’t run MicroSalt day‑to‑day, and AIM rules plus the Relationship Agreement are designed to keep it at arm’s length. TEK only RNSs when there is a direct, material effect on Tek itself (IPO, stake changes, related‑party deals, special dividend decisions, etc.).

The positive read‑across is still there: the stronger MicroSalt’s contracts and revenue outlook, the more valuable TEK’s stake becomes – it just doesn’t require a duplicate RNS every time.

A full rerate back toward the historical 35p levels is more of a marathon than a sprint. While the Guident IPO can act as a major near‑term catalyst to narrow the current c.60% discount, getting to the top of the chart likely requires the market to shift from viewing Tekcapital as a “VC fund” to a genuine “revenue generator.”

Tekcapital PLC (TEK) – The Two Stages of the Rerate

Phase 1: The “Valuation Catch‑up” (Weeks/Months)

The Guident IPO provides proper price discovery. Right now, the market does not fully price in the stated NAV; once Guident is trading on Nasdaq, that value becomes visible and independently validated. That alone could justify the share price moving closer to the current c.26p NAV (see MarketScreener TEK analysis for reference).

Phase 2: The “Monetisation Proof” (6–18 Months)

To push on toward 35p+, Tekcapital then has to show it can turn NAV into actual cash flow. Investors will want to see, for example:

Dividend distribution: management following through on using IPO proceeds to return capital to shareholders.

MicroSalt commercialisation: moving from “potential” to delivering on the 2026 revenue ambitions (e.g. $5m+ guideposts that have been discussed).

Exit strategy: evidence that GenIP and/or Lucyd can follow a similar path to Guident over time.

Why Monetisation Is the Game Changer

Historically, the market has “penalised” Tekcapital for having a high reported NAV but limited cash, leading to periodic dilutive placings. If a successful Guident IPO lets Tekcapital self‑fund operations and/or pay a dividend, that risk premium starts to fade. That is when the multiple can expand and the shares can trade at, or even above, NAV – as you see in other successful IP commercialisation names once they prove they can recycle assets into cash rather than just mark‑to‑model.

Patience is key 🗝️ The IPO timing is being driven more by regulatory and market mechanics than by any lack of progress on the underlying portfolio – but if the pieces fall into place, the rerate can happen faster than people expect once it finally starts.

One thing worth flagging on the Guident IPO is that it’s not just “our” deal that’s taking time – the SEC is digging out from a historic backlog after the last US government shutdown. During the closure, over 900 registration statements (including IPOs) were filed with CorpFin, and the SEC has since said it is working “expeditiously” to clear that backlog.

Tekcapital press and third‑party coverage have already suggested Guident was likely held up by that shutdown, alongside a swathe of other companies waiting to move through the system. So the delay looks more like a traffic jam at the regulator than a red flag on Guident itself.

​

The wild card now is macro politics: Trump is openly talking about the probability of another government shutdown as the next funding deadline approaches, which, if it materialises, would risk extending the backlog and pushing IPO calendars around again. None of that changes the underlying Guident story, but it does mean the exact timing of the listing sits partly in Washington’s hands rather than Tek’s.

Patience is key 🗝️ The IPO clock is being driven by the SEC’s backlog and Washington’s politics, not by any lack of progress at Guident – when the window finally opens, all this waiting will simply look like time spent loading the spring.

Another week passes and TEK continues to follow a structured reversal.

We tested higher resistance and then retraced back to key support - exactly what a healthy uptrend does.

As long as support holds, the next logical move is to reclaim 12/13/15/16p, whether that happens before or after the IPO.

The story is unfolding and the market is starting to price it in.

A clean break of resistance before the IPO would simply accelerate the re-rate, not define it.

The real catalyst is not today’s price, it’s what’s coming into view.🧐

The frustrating part of AIM is the (noise). The exciting part is the long-term payoff.

The market will eventually stop asking ‘if’ and start asking ‘how much’.

TEK is building a cash cow, the noise is just the background music.

Momentum will come from the IPO:

The IPO is the real trigger, because it forces the market to revalue TEK based on actual assets.

Volume will help the breakout,

But volume is what makes the breakout sustained, not just a one-day spike.

Without news, we have to expect pullbacks at every key resistance level.

When Guident lists:

TEK will no longer be “just a holding company”

the market will be forced to value TEK based on real, liquid assets

the NAV story becomes obvious and verifiable

👉 That alone can create the kind of momentum that breaks through resistance with pace, because it changes the market’s perception.

Patience and an understanding of key resistance, is key to unlocking value!

Today's Volume, so far we saw large prints go through inside the spread

• price repeatedly defended around support

• size absorbed without breakdown

That’s not distribution.

That’s liquidity being taken.

When genuine selling is in control, support doesn’t keep holding.

Pullbacks at resistance are normal in recoveries.

Volume here looks more like accumulation than panic :)

Price has pulled back to the lower support of the rising trendline, not broken it.

This looks like: • normal digestion after a long decline

• overhead resistance being worked through

• higher-low structure still intact

Key point: Recoveries don’t move in straight lines.

Each resistance zone creates pauses and pullbacks before the next leg.

So far, the trend remains constructive while support holds.

Expect resistance, pullbacks and consolidation on the way up.

That’s how genuine recoveries build.

Charts:

https://docs.google.com/document/d/12AXekfMiPgzH3NpokvrMCCTe8l0QNIoxjFLNspCK61w/edit?usp=drivesdk

TEK looks to be re-aligning with the uptrend after holding support.

The price action is now moving higher from a base, which is exactly what you want to see at the start of a new leg.

Macro sentiment also turned positive today after Trump confirmed he will not impose additional tariffs on the EU in February. That reduces risk aversion and helps support AIM growth names.

With the next round of TEK news approaching, the market is finally starting to price in the shift from “funding risk” to “portfolio monetisation”.

Let’s see if the trend continues - but the setup looks constructive.

The (TEK) portfolio is now at the stage where one or two monetisation events could transform TEK from a funding vehicle into a capital recycling "Cash Cow" machine.

🐄💰

Onwards and upwards 🎯

When I look at TEK now, I don’t see a collection of speculative projects anymore - I see a portfolio that is approaching self-sufficiency.

The key shift is that value no longer depends on constant capital raises. As the portfolio matures:

Guident provides the first real liquidity and valuation anchor

Lucyd is revenue-led and increasingly independent

MicroSalt / GenIP offer asymmetric upside with limited ongoing capital needs

Not everything needs to be a blockbuster. If even one or two holdings start returning cash, liquidity, or monetisable value back to TEK, the economics change materially.

At that point, TEK stops being viewed as a funder of risk and starts being viewed as a capital recycler - which is how holding companies become cash-generative over time.

That’s why I see the current phase less as speculation and more as the transition from incubation to harvest. Execution will decide the pace, but the structure is now in place.

Follow-up (on monetisation):

Just to clarify, when I talk about monetisation, I’m mainly referring to the existing portfolio, not some hypothetical future one.

Guident is the obvious first step - IPO execution, liquidity and potential cash back to TEK is real monetisation, not paper NAV. Beyond that, even partial outcomes elsewhere (Lucyd traction, licensing, minority stake sales, dividends upstream, etc.) would show that value can actually be realised.

Only after the market sees one clean monetisation does the idea of repeating the model start to matter. Until then, it’s about proving the current portfolio can convert into cash or liquid value.

That’s the difference between a recovery and a genuine re-rating.

For me, ~35p represents a full recovery valuation, not blue-sky optimism.

That level broadly reflects: • a completed multi-year technical reversal

• TEK trading closer to a sensible % of NAV

• the market re-rating TEK as a maturing portfolio, not a cash-hungry incubator

Going beyond 35p requires a different phase altogether.

What could drive value higher over time

1. Guident IPO execution (not just listing)

A clean IPO that holds valuation and proves liquidity changes TEK structurally - especially if the convertible is repaid or becomes a liquid, mark-to-market asset.

2. Portfolio independence becomes obvious

When Lucyd, MicroSalt, GenIP and Guident are clearly funding themselves, TEK stops being valued as a lifeline and starts being valued as a capital recycler.

3. Capital discipline is demonstrated

Even one sustained SP rise without a heavily discounted placing would reset sentiment more than any presentation ever could.

4. A second monetisation event

A sale, dividend upstream or partial exit from any portfolio company post-Guident would show the model is repeatable - not a one-off.

What could cap valuation

• Guident underwhelming post-IPO

• A return to deep discounted placings

• Prolonged delays causing narrative fatigue

Bottom line

35p is the recovery.

Above that requires execution, discipline and proof, not promises.

That’s why my approach is to manage risk into strength, reassess at key levels, and only hold longer if the structure and fundamentals continue to confirm

On Guident timing:

There’s been no evidence of any IPO delay beyond the temporary US market closure around the administration/holiday period. The S-1, multiple amendments and the FWP are already filed, which points to process progression rather than stalling. Until new information is released, anything else is speculation.