u/quiet_after_panic

Everyone is talking about the dilution, but I think there are a few things worth considering.

Yes, issuing shares at a 53% discount is painful. Existing holders have every right to be frustrated. That's the reality of today's RNS.

What interests me more is what they're actually raising the money for.

Over the last six months they've been improving the business rather than chasing growth at any cost. Next-day delivery is now standard, they have an Excellent Trustpilot rating from more than 35,000 reviews, and management says they've improved the underlying economics.

The raise is being used to buy more inventory, increase marketing and strengthen working capital. That's quite different from raising cash just to keep the lights on.

Their model is simple. The more surplus stock they can source, the wider the product range becomes. More choice should lead to higher conversion rates and larger average basket values. If they can continue acquiring inventory at attractive prices, the additional working capital could make a noticeable difference.

The part I found most interesting wasn't the fundraising itself, it was the strategy update.

They're expanding into TikTok Live, WhatNot and eBay Live after early testing, and they're continuing to build a marketplace that allows manufacturers and wholesalers to sell surplus stock through Huddled. If that develops as planned, the business becomes more than just another online retailer.

Another thing worth mentioning is Martin Higginson putting £175k of his own money into the raise. Directors don't have to increase their exposure, so it's at least a sign that management believes the strategy is worth backing.

Execution is everything from here. The dilution has happened, so now they need to prove they can turn that cash into higher revenues and reach operational cash-flow positivity as they've guided.

At a market cap of around £2.6m, the market clearly isn't giving them much credit for delivering that. The next couple of trading updates will probably decide whether today's raise was the turning point or just another AIM placing.

Interested to hear both bull and bear cases.

ONDO just dropped a pretty chunky refinancing RNS and I’m trying to figure out whether the market is underestimating what actually happened here.
On the surface, it looks like another AIM fundraise. New shares, convertible loan notes, dilution. Usually that’s enough for most people to hit the sell button.
But digging deeper, the interesting part seems to be the HomeServe restructuring.

They’ve taken a loan that was heading towards 15-17% interest and pushed maturity out to 2030 while cutting the rate to 5%. Management says that reduces future repayment obligations by several million pounds and removes a huge amount of cash pressure over the next few years.

At the same time Nationwide has apparently confirmed plans for another 35,000 LeakBot units in H2 2026.

That’s the bit I’m focusing on.
If the product wasn’t working, why would one of their biggest customers continue increasing deployments?
The company also says around 37,400 units were deployed in the 90 days to May, with 19,000 of those in the US. That sounds like a business that has demand but needed balance sheet support.
The obvious bear case is dilution. Existing holders are taking a hit and the convertible loan notes could create future selling pressure.

The bull case is that ONDO has effectively bought itself several years to execute while US deployments continue to ramp.

Current market cap is only around £5.5m.
I’m not saying this is a bargain or a guaranteed winner. I’ve been burned by AIM plenty of times before.

But I’m struggling to reconcile a company valued at £5m with a major insurer increasing orders and a financing package that seems to remove a lot of near-term risk.

What am I missing

Genuine question. Interested to hear both bull and bear views.

Been reading through GENI's final results this morning and the reaction surprised me a bit.

Revenue was up 14% year-on-year to £3.1m and they now have more than 70 US institutions and clinics onboarded. The Thermo Fisher partnership also seems to be moving forward, which is probably the biggest commercial development they've announced in the last 12 months.

The FDA story is still alive as well. Management are guiding towards a new De Novo submission in Q3, with approval targeted by the end of the year.

What I find interesting is that most of the discussion seems focused on the losses and the historical dilution, while some of the commercial pieces appear to be moving in the right direction.

That said, it's not exactly risk-free.

They're still loss making, the going concern wording remains in the accounts, and everything probably comes back to whether they can turn growing adoption into meaningful revenue.

The February raise also means they aren't dealing with the same immediate cash pressure they had at the end of 2025.

My takeaway from the results wasn't "problem solved."

It was more:

"the commercial story looks stronger than it did six months ago."

Am I reading this wrong?

For anyone already following $ENI, what do you think is the bigger driver from here:

• FDA submission and approval?
• Thermo Fisher rollout?
• NHS adoption?
• Something else entirely?

$EXR has caught my attention again after the recent trading update, which seems to have sparked a small 42.9% move ( wide spread)
The numbers are still a long way off from their highs, with a 99.2% drawdown from the ATH.
Current price action is pulling back, which could be a sign of early building or just a dead cat bounce.
That doesn't mean recovery is starting, but it's worth noting the lack of sellers at these levels.
The key question is whether the fundamentals can drive a sustained move upwards.
If the numbers continue to improve, we might see a regime change.
If not, this stays a highly speculative play.
Anyone else watching this?

Noticed the stock dropped ~12–15% this morning after the “Grant of Share Options & PDMR Dealings” announcement.

From what I can see:
~83.8m new options granted at 1p
About 11% of existing share capital

Some older 3.7p options surrendered and replaced
Vesting over 24 months
I can understand why it spooked people. On a small AIM name, anything that looks like dilution tends to get punished quickly.

But unless I’m missing something, this isn’t new cash being raised or immediate dilution. It’s more of a reset of management incentives closer to the current share price.

Optics probably aren’t great, especially after recent placings, but structurally it doesn’t change the core question for me:

Can they turn regulatory progress and partnerships into meaningful revenue?
If that comes through, the option overhang won’t matter much.

If it doesn’t, the options won’t save it either.
Curious how others are reading it — governance red flag, or just typical AIM incentive reset?

Was going through a few smaller AIM tech names again and came across Engage XR (EXR).

They operate in the VR / immersive learning space, mainly focused on training and education modules. It’s niche, and it’s definitely not a hot sector right now, but the use case makes sense on paper – remote training, simulations, enterprise learning etc.

The share price has been heavily sold down over the last year and is sitting near the bottom of its range. For a while it was just sliding lower, but recently it seems to have stopped making new lows and is moving sideways.

A few things worth noting:

• Recent trading update was cautious, but no sudden collapse
• Interim results still show losses and tight cash management
• Focus appears to be on cost control and partnerships rather than expansion
• Very little retail chatter at the moment

So this isn’t a momentum play. If anything, it feels like one of those names that only becomes interesting once expectations are completely washed out.

On the other hand, the risks are obvious:

• Still loss-making
• Needs either meaningful contract wins or fresh capital
• No visible sign of a turnaround yet

For me this is firmly early watchlist territory. I’m not trying to predict a recovery, but I do prefer looking at these types of setups when they’re quiet rather than once they’ve already doubled on a headline.

If they land a decent-sized education contract or show narrowing losses, it could re-rate quickly. If not, it probably continues drifting.

Curious if anyone else has been following EXR, or if it’s completely off the radar here.