Absolutely @BeachRoad -- leave it with me. We'll also look to reconfigure things such that pending orders on delisted companies get automatically wiped.

So long Envirosuite.. You had some good potential but just never could execute. I hope the tech finds a better home with Ideagen

I gave up reading the release when there was no mention of NPAT or how the cash position has changed.

And WTF is a “93 day improvement in time to value”?

Disc: Not held. (Formerly held)

@mikebrisy The phrases these guys invent are painful. Perhaps you figured it out but that 93 days thing relates to an improved customer onboarding process, or handshake to cash time, something like that.

Mike

Does that mean you don’t feel the offer is legitimate?

@tN00b, no I don't have a view on the offer, other than it appears to be highly qualfied, conditional and non-binding.

I was just venting at the reporting. This far into reporting season, I am dizzy with the number of reports I have read, and I get grumpy when I read reports that could be interpreted as omitting standard and important measures of financial performance because they are perhaps less than favourable.

Why does it make be grumpy? Because to understand the report, I have to open the full accounts and dig around to see what's going on, which defeats the purpose of the summary report.

I used to be a holder of $EVS, and I keep half an eye on it to see how the business is developing.

Thanks Mike, you are a legend.

The qualified bidder, Ideagen, has arranged some call option deeds over 18% in Envirosuite over the last few days. The counterparties are a range of companies such as Perennial and Ellerston (6% stake). I don't fully understand the implications but presume it increases the odds of the deal going through, and Perplexity suggests it makes it harder for any potential counter bidders.

They've stitched these shares up so no one can really launch a competing proposal.

My take here would be that these shareholders are happy with parting ways at 10c and don't believe there's any reason to expect a higher offer and they also expect Ideagen to be forthcoming with a deal.

Interesting..

There's a potential ~20% arbitrage opportunity available given there's 2m shares on offer at 8.3c. Well, at least for anyone willing to gamble up to ~$166k on such a trade. Not for me, though. WHo really knows what's going on behind the scenes, and if the deal falls through shares will likely halve from here.

@mikebrisy I am late to the party to respond, but me too. I came away from that report facepalming -- so much so that I think management are duds and I wouldn't touch anything Jason is involved with again. Harsh? Perhaps. But fair in my view. I would genuinely love to see what happens to this business without a bail out (out of curiousity more than anything) but I would suggest they weren't sustainable and chances of survival were 0.

Envirosuite got it done at 9c - a 100% acquisition by Ideoagen. Major shareholder Perennial (15%) is onboard.

It will be interesting here to see what Hitachi does here. The wording of the subscription doc says, more or less, that if they match the offer they can vote against the competing offer. If Ideagen was unwilling to do a deal at 10c, perhaps Hitachi comes back with a higher bid.

I would take this bit here to suggest that Hitachi has not yet told the board what its intentions are.

Well, if I still held any shares, I’d be happy with this announcement...if only because it would force me out of a perennial “gunna” company.

The tech behind the industrial segment (originally built in-house back when the business was more of a consultancy) always appealed to me. It offered real value to customers and was the only part of the business to show consistent growth -- ARR grew from around $12m in 2020 to $26m in 2025, with strong retention and rising ARPU. It was a nice little operation with a lot of potential.

But then came the massive reverse takeover of an aviation business… followed by a distraction with a water start-up, CEO changes, overpromises, shifting metrics, restructures, and a chronic inability to live within their means.

Any one of those red flags should’ve been enough to get me out. Still, I was at least sensible (or lucky?) enough to sell down heavily when the share price got a bit silly a few years back, and I finally offloaded the last of my parcel earlier this year.

All told, it was a worthwhile relationship delivering a 23.4% CAGR for me from 2017 to 2025 (money-weighted). But I’m not exactly proud of it. If I were a better seller, the result could’ve been much better.

Here’s hoping IdeaGen can make the most of the IP.