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I decided to follow the board's example and add a little more this morning.
This share is in a great place right now: board member/fund accumulating frequently at full market price, in a growing sector, a dynamic CEO, and a quiet message board! The herd are not here yet :)
ULS technology
August 11 at 3:20 PM ·
While remortgaging is certainly not something to be taken lightly and it can require some paperwork in the beginning, the financial rewards that come with finding a more suitable deal can make the initial effort time well spent.
However, what if we told you we could make your experience paperless and still as secure? Have you heard about Digitalmove and their market-leading product, Rapid Remortgage?
its quite strategic stake building , 4000 shares, 15000, 7000 etc. Almost like just buying anything that becomes available rather than pushing the sp too high. Certainly seems houses will be in demand for sometime with Lloyds etc moving into the rental market. Development building steaming ahead to meet demand Record rise in Welsh house prices and the north also catching up, while interest rates seem set to continue low
I find it hard to believe that Mr Scott would let Kestrel keep investing if he wasn't certain of a higher share price in the future.
It's a lot of eggs in this basket for them.
I just added up the shares bought by Mr Scott since the beginning of July.
617939 at an average price of around 75p. so over £460k in less than two months.
Nobody can say he doesn't put his money where his mouth is.
@Oogle, you said "Shows how little interest there is in buying shares at the moment across the board."
lol, but ironically the board are the only ones interested in buying!
Share price forecast from Stockopedia: "Shares in ULS Technology are currently priced at 75p. At that level they are trading at 48.65% discount to the analyst consensus target price of 146.06"
Only matter of time - Take Over target
Way too cheap.
No wonder the directors and Kestrel keep racking up shares. Shows how little interest there is in buying shares at the moment across the board. Good trading results met with total indifference, slight poor or indifferent results and shares get hammered.
Still have 23 million cash in the bank and cash burn slows. The top end of the housing market has slowed, but plenty of first time buyers even though step duty holiday has ended.
You'll never believe who's bought more shares today!
Amazing isn't it. All this institutional and director buying and still the sp drops. Very weird
In for initial holding over 5%.
I see Scooby mentions Lloyds as a possible takeout candidate which is a perfectly reasonable possibility with the CEO 's banking history. Lloyds desperately need a legitimate area to gain market share and with curtailment of investment activities for banks ULS would make a perfect fit to cross sell mortgage, insurance through Halifax, Bank of Scotland and themselves
I bought 3 tranches this morning @ 74.6 , so Kestrel are not the only ones buying. Unfortunately not in their league. I was suggesting a share buyback rather a dividend with only 65 million share in circulation. Its just they have a lot of cash doing sweet FA. See River & Mercantile took a 4.9% holding end of last month possibly off Octopus I guess
The purchases are all relatively small, seems like they are the only ones purchasing here :) Cash better spent on product development. Too soon to be talking about dividend. Let them fully release their platform and start generating revenue from it. Then people will start getting excited.
Quite up-up. With my last house purchase I did a lot of the work myself, planning searches, alteration approvals etc, and finally got a very nice rebate on stamp duty because I discovered that buying two properties on the same plot entitles you to multiple purchase discount. My solicitor didn't believe it so agreed to repay half of his purchase fee too, which was quite something for a solicitor.
I can't understand how Kestrel are buying shares almost every other day and the sp still languiing. Shouldn't they be doing a share buyback for regular shareholders too with all that cash?
Great director addition to the ULS team. She'll bring a wealth of practitioner marketplace knowledge to the table and its seems some real proactive drive in this key area of the business. Looking forward to seeing the impact she's undoubtedly going to have over the coming year or so. Anyone who's suffered the conveyancing will appreciate the need for alround improvement- GLA
Last 5 years show same slight reduction of shares on Stockopedia.
i.e. No dilution.
Company has been generating FCF through its business + sale of conveyancing platform.
Impressive.
Saying that this is all obviously just their ambition, execution and delivery remains to be seen. But I think the upside is significant and they have the funding and team to deliver it. So worth keeping an eye on.
Agree there are many other smaller player's solving large number of issues that exist within conveyancing and the wider home move market. And agree the challenge is adoption and scale.
This is why I like DigitalMove, no one has successfully provided complete e2e customer focused solution where all stakeholders involved in the process can collaborate, manage cases and get access to solutions such as online ID verification or source of funds etc. And by default provide effective status notification to their clients. ULS are taking completely different angle and building an interface/platform for all stakeholders to feed into. They don't plan to rival Thirdfort, but potentially hook up their services into DigitalMove via revenue share agreement.
You say they will miss the boat but DigitalMove has already processed over 50k cases.
For all the large / medium size conveyancing firms out there. How do they become more efficient and offer better service to customers? would they sign deals with 10 different service providers to solve 10 different issues or sign up to DigitalMove and get it all in one place? That's where I think they are going with it. I don't think they need to be in a great rush. Develop A grade software platform at a competitive price point and then hit the market. They are in a better position to achieve scale than anyone else imo.
Lawyers are spoilt for choice when adopting this type of technology and are doing so in droves. Businesses like InCase, Minerva and Thirdfort are romping ahead. There are loads more on their way. People think the tech is the hard bit, it isnt. The hard bit is adoption and I dont see anyone in this market selling or pushing this product, and only a limited number of users. This is a massive risk for this business and a huge gamble. The CEO needs to do something quickly or they will have missed the boat in this market.
Don’t worry about all the selling because they’re not all sells, my last 3 buys have all shown as sell. Market makers are trying to get your shares don’t let them rob you blind
As stated, would not surprise me if Lloyds or equivalent - makes a move on ULS.
https://www.fstech.co.uk/fst/Lloyds_To_Buy_Embark_For_390m.php
Also, Lloyds are adopting Trufin's Satago platform and have been trialling it for the past 7-8 months.
As it stands, ULS is too cheap which makes it a ripe take over target.
That's just the first iteration, market either asleep or wants to see adoption evidence. It will come. In the meantime let them grow eConveyancer further and progress DigitalMove upgrade. Sector needs DigitalMove and it's coming.
"Compared to other professional services, the legal sector has historically been a slower adopter of technology... along with minimal time to explore the adoption of new technology and learn new tools.
Today, thankfully, the legal sector is catching up to other professional services sectors. However, the sector is still facing challenges that demand rapid attention and adaptation. Client expectations are changing as lawtech is providing a more enticing customer experience."
Our product DigitalMove allows your clients to digitally sign documents on their desktop, tablet, or smartphone device, & provide ID from the comfort of their own home.
The DigitalMove platform removes the need for email communication between stakeholders, leaving fewer opportunities for fraudsters to strike, with direct and secure communication for customers with their case owners, through their secure webchat facility.