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Started: BodRuncie, 7 Apr 2022 12:06
Last post: BodRuncie, 7 Apr 2022 12:06
A re-branding for ULS and a change of name.
Smoove is probably easier to market than ULS technology (a la Belvoir!), but I feel silly saying it. I'm sure it won't stop Kestrel from continuing to accumulate.
Is a change of ticker coming?
Started: BodRuncie, 10 Feb 2022 08:16
Last post: BodRuncie, 29 Mar 2022 00:20
Another RNS, after hours this time: 8,000 more shares for the Kestrel Krew.
Continuing to up their stakes at these relatively low levels.
I hope he's not paying for all these shares out of a salary from ULS!
The world maybe ending but aint nobody going to stop Oli's quest to reorganise the house buying process!
Another 5,400 shares today.
They seem keen to buy and hold, but not to raise the share price, so they will buy up whatever is available, whether it's large or small quantities.
and another 33,000 shares for Kestrel. 74% held by Trusts . Where are they finding all these shares to buy without significantly raising the SP, because this stock is pretty tightly held?
Started: BodRuncie, 6 Jan 2022 01:07
Last post: oogleflugal, 4 Feb 2022 10:21
Another great alliance with independent comparison site Moneyfacts. This is right up Fogstrups street as comparison sites are his background. Kestrel still nibbling away adding stock this week. Flurry of activity in the housing market but there is a shortage of hoses for sale hence the problems for estate agents and in particular Purple bricks. I would guess there will be some consolidation and a few bankruptcies with interests rates likely to rise . Quite where this leaves ULS I'm not sure but they have now established themselves as a key disrupter in this sector. There will be plenty of remortgaging going on this year if not actual hose sales. With a great cash position and further streamlining this market I expect their headway to continue. Gl
Yeah, the upside to no-one knowing about ULS is that it doesn't get shafted in the panic-driven sell-off!
ULS is one of the best performing shares in my pf by virtue of remaining the same as last week :)
o good . Nobody seems to know we exist apart from Kestrel!
So Kestrel, in which Mr Scott has a 'legal entitlement ' increase their holding to use over 29% level with Mr Scott's personal holding. Are they just soaking up what ever comes to market? Never seen the likes of this kind of buying before. I suppose at the some stage they expect the penny to drop and like CNIC they will see some kind of infection point when the cash conversion kicks in. I can't imagine there is much more to spend on R&D, but possible acquisition maybe? They still have a lot of cash sitting around
Its quite extraordinary that all 4 of those stocks I mentioned have seen big gains this week. All in technology which is supposed to be out of favour. Even Cnic had a very strong sell off but now recovering strongly. Uls have a new CFO who looks a good replacement. Hope the momentum keeps going. GL
Started: oogleflugal, 12 Nov 2021 11:55
Last post: oogleflugal, 21 Dec 2021 15:11
I can see this being a very attractive acquisition for Rightmove if the tech proves successful and gains a bit more recognition. Would kill off the opposition stone dead. Obviously Kestrel have a controlling interest here, so they can name their price which would be at lest double the current sp I would have thought especially with half the market cap in cash, so maybe more.
That's 4 purchases now in December alone from Oliver Scott et al.
Nearly 100,000 more shares at full market price!
At last. I wondered what on earth Ollie has been doing but today he or Kestrel have taken another 12,000 shares.
Completely agree, we're here before the herd, focus on the product pipeline and future revenue opportunities. Well done to those reading this thread and researching the company, next 12-24 months should be exciting seeing them grow.
Yes, a good update. Exactly what I wanted to see.
This is an emerging market, and I want ULS to spend now to expand and develop its product and get it into as many niches as they can. I want to see them putting that £23m in the bank to sensible use. It's a land grab, and ULS have a good product and a great management team.
ULS still under the radar of PIs, but it will come if the business continues to progress.
Started: oogleflugal, 27 Oct 2021 09:21
Last post: oogleflugal, 28 Oct 2021 09:34
Foxtons estate agents report strong trading in London and interestingly a strong recovery in mortgage broking. We are obviously still well under the radar but very similar in that respect to CNIC (I also hold) who are also under steward ship from Kestral holdings. We may not have the growth yet but no debt which is even more important in current climate. Also we have very high institutional holdings. Think we will see a similar rise in time.
I agree, a good update from ULS, exactly what investors want at this stage of the business: low loss levels and high cash reserves. ULS have a chance to create a valuable moat for themselves here, and need an aggressive strategy of expansion and takeovers, and it is pleasing to see the new CEO is doing this. The confidence of fellow board members is seen in the sheer number of director-related purchases.
This is a growing market, one that will only get bigger in the future as more and more parts of the house buying/owning process goes digital.
The share price might seem unexciting at the moment, but this is because the herd have not arrived. This is the ideal situation for investors. It is a chance for patient PIs to buy into the growth story and watch it unfold.
Pretty decent trading. passed 60,000 contracts completed.Hopefully that will be considerably increase next year but a good start. Half the market cap is cash now and although making a slightly lower than expected loss revenue actually up 45% on last year. Still seeing a buoyant market and lots of remortgages. Excepting there is a skill and staff shortage they have still managed to engage high calibre staff. I can see why Oli has been stashing away shares like no tomorrow, whether the market gets it yet is another matter. This modernising an essential service and they seem to be well o course.
Started: Waydan, 15 Oct 2021 23:10
Last post: Waydan, 20 Oct 2021 14:58
I thought I was fully loaded until the share price just dropped then I bought 9000 more in 2 deals, probably go down as sells all my buying here has done
It is strange oogleflugal! Perhaps Olli is aware of some news that would stop him from buying because of insider trading rules
I can’t wait for an update I’m fully loaded now and just waiting patiently
Well spotted Waydan. Surprised there has been no RNS about it. Also Oli hasn't bought any more shares for three weeks. I mean whats going on? Should be update end of month better be bloody fantastic.
Interesting that we have now bought a small conveyancing company in Bolton (amity law) to use as a test bed to help build, pilot and evolve new digital products in a live environment. I see this as great news https://www.globallegalpost.com/news/listed-tech-startup-acquires-conveyancing-firm-to-test-products-1086081577
Started: oogleflugal, 29 Sep 2021 18:32
Last post: oogleflugal, 29 Sep 2021 18:32
Its quite complicated. Is Oli going for the half century of share purchases since March 2020?
Are they likely to go private? From what I can see Institutional holders apart from Kestrel (28.5%)hold about 54%. Oli now owns about a fish of the company outright, but has an interest in 18 million as a Client and non exec director. We are in pretty good company with the likes of River & Mercantile, Gresham House, Herald, Schroder's, etc. So I think they have enough interest to not let it go private. I make that about 92% held between them. This is pretty tightly held stock. When she blows ......
Started: oogleflugal, 17 Aug 2021 10:19
Last post: BodRuncie, 21 Sep 2021 11:44
The Pope's Catholic, bears defecate in the woods and Kestrel bought another chunk of ULS at full market price.
Market cooling off not a bad things, conveyencers complete for business, service matters. That's were next iteration of DigitalMove comes in. Hitting the market in the near future. Just patience needed.
Bod. Yes Mr Scott has made over 100 stock purchases since January 2020. He is cofounder 2009 and non exec director. I guess he also has something to do with CNIC through Kestrel which I also hold. Cnic has taken a while to take off but suddenly spurted about 35% in last few weeks, be good if that happens here, which I fully expect it too although I suspect todays fall was down to cooling house market. That won't stop people remortgaging etc. House transition is well overdue an overhaul. Made me laugh when somebody commented on lorry drivers being paid more than solicitors. Thats seems quite fair to me being far more productive and a much tougher job.
Oliver Scott
Non-executive Director
Oliver Scott is a partner of Kestrel Partners LLP, the Company’s largest shareholder, a business he co-founded in 2009 and which specialises in investing in smaller quoted technology companies. Prior to this, Oliver spent over 15 years advising smaller quoted and unquoted companies, latterly as a director of KBC Peel Hunt Corporate Finance.
Oliver has acted as Kestrel’s representative on various of its public and private investee companies and was previously a non-executive director of IQGeo Group plc and KBC Advanced Technologies plc prior to its takeover by Yokogawa.
You were a couple of hours early but, yes, the daily RNS of Kestrel purchases (two) has now been released.
Another 33,000 shares at full market price. They clearly have confidence :)
No doubt Mr Scott will be making another purchase soon, its been a good few hours since the last one
Started: Alibro, 31 Aug 2021 19:36
Last post: Alibro, 31 Aug 2021 19:36
Nice!
Started: RedNinja, 12 Aug 2021 17:30
Last post: oogleflugal, 13 Aug 2021 12:20
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%.
Started: Scoobydoo321, 3 Aug 2021 11:47
Last post: oogleflugal, 9 Aug 2021 15:05
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
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.
Started: Up_up_and_away, 9 Aug 2021 08:33
Last post: oogleflugal, 9 Aug 2021 14:50
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
Started: Waydan, 3 Aug 2021 17:02
Last post: Waydan, 3 Aug 2021 17:02
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
Started: RedNinja, 27 Jul 2021 16:46
Last post: BodRuncie, 3 Aug 2021 13:33
Kestrel added again today. 15,000 shares at full market price, bringing their holding up to 28.05% of the company.
Clearly they see a decent rise in the share price from here otherwise they wouldn't continue to sink in so much money.
Non-exec director Mr Scott, who is a partner at Kestrel, must have inside knowledge that this is a business on the up and up, and is willing for Kestrel to continue to invest at these prices.
Don't get me started on the appalling service and outrageous charges of solicitors. Then they have the Law society to cover their useless arsees too. What I don't understand here is how come Kestrel keep buying multiple thousand of shares , while retail investors sell a few thousand and the sp has tanked 25%.
ULS Technology plc (LSE:ULS, "Company" or "ULS") received notification on 26 July 2021 from Kestrel Partners LLP ("Kestrel") that on the 22 July 2021 and 23 July 2021 it purchased for its discretionary clients, 120,653 ordinary shares of 0.4p each ("Shares") in the Company at an average price of £0.75863 per share. The notification also included the matters set out below.
Started: RedNinja, 30 Jul 2021 10:14
Last post: RedNinja, 30 Jul 2021 10:14
River and Mercantile Asset Management LLP Discresionary clients grab just under 5% of ULS
Started: MrG123, 27 Jul 2021 09:47
Last post: AimSurfer007, 28 Jul 2021 18:27
Once they turn on the revenue tap from DigitalMove, this should see reoccurring revenue and software business multiple value applied, way to cheap here but let's have patience and let them deliver. Eventually the market will acknowledge the new direction. It takes a while to completely transform their tech stack, but I just don't see anyone competing with them in this segment and scale.
Hi Aim. They have half their market cap in £24 million cash . They actually have total assets of £34.8 million. That vapes the business at under £14 million. I have just looked them up on Facebook to see some great testimonials from solicitors using digital move and as of yesterday in the last week it looks like number of transactions has gone from over 50,000 to over 53,000. Had a little top up myself!
The strategy around DigitalMove is completely ignored by the market, eventually it will get recognized, now is the time to buy when no one is talking about the stock. Patient holders here will get handsomely rewarded imo. What was it £1.6b market opportunity they are going after and building A grade software platform. Market might want revenue / adoption evidence but if you wait it will come imo. Those in the know are slowly accumulating. I.e. Kestrel and me :)
I don't think you can take a handful of reviews by inadequate serial moaners on trust pilot as having much significance. 'Richard' has written 7 reviews on various companies all scoring 1 star in his opinion. I used to supply a restaurant which got a review about how bad their toilets were. They were brand new and only open a couple of days. Never thought to bring a complaint or draw attention of a problem to the proprietor which most normal people would do. The food there was fantastic, no mention of that. Sadly closed now, although obviously not because of one stupid review.
Over 50k transactions and few bothered to give negative feedback which is mostly directed at the solicitors using the platform. Anyone wanting solid overview on the company and their roadmap I suggest investormeetcompany presentation.
Current software version is first iteration and provides digital starter packs. A lot more to come. There will always be those preferring paperwork and telephone calls but times change.
The platform will be A grade I believe once fully developed and the industry is in a serious need for it.
Last post: AimSurfer007, 26 Jul 2021 11:48
Looking at their recent hires ULS are completely transforming their technology stack. Moving onto cloud and micro services. This is to make them a lot more scalable and improve time to market iteration timelines.
I expect Econveyancer to grow this year. The major upside from DigitalMove is likely to be seen next year imo when they start monitising it.
Here is their latest ULS description taken from their job posting.
"We are now going a step further with the development and the launch of the next phase of our customer focused online platform, DigitalMove – a centralised digital platform for everyone involved in the conveyancing process to communicate and collaborate, from future homeowners, conveyancers and lawyers to lenders and brokers. This home platform joins up the entire home buying and selling process right up to completion and beyond, making that process easier, quicker, safer and more transparent."
That's a game changer for the industry.
pretty dead market so if PI's need to sell not many buyers around. I guess Kesterel would have bought Octopus holding, so that wouldn't effect the sp much. Now Mcap worth over half in cash. I guess the wage bill is going up as the redesign the business. Would hope to see significant revenue update soon though. Just a question of hanging in there now and ignore sp till news.
Kestrel are still buying, they must be very confident in ULS. The more the price slides the more they are loading up.
Apparently Octopus fully sold out in recent weeks and days, probably fully exiting on results day and causing the drop. Not sure where their 2.7% went but holders in that fund appear to confirm they have divested ULS investment. They were in since IPO at 40p.
Amazing isn't it . A few thousand shares get sold after results confirm update and it tanks. Kestrel buy 99,000 shares for directors and it goes up 2p. Makes you wonder.
Started: oogleflugal, 12 Jul 2021 11:05
Last post: AimSurfer007, 14 Jul 2021 17:11
Presentation in case anyone missed it: https://youtu.be/H7J8OLbLUTY
Same happened with EQLS last week. There CFO increased holding the following day, let's see if management or board load up here. Volume definitely interesting. Potentially Octopus fully exiting.
Unfortunately it is normal. Same thing happened when Cohort released good results last week. Give it a couple of weeks and it should be back up.
Great buying opportunity.
Strange indeed, I wonder what people were expecting :) Used this opportunity to buy more.
Last post: AimSurfer007, 29 Jun 2021 19:03
Housing market on fire still.
LONDON, June 29 (Reuters) – British house prices jumped by the most in more than 16 years this month when they were 13.4% higher than in June last year and demand is expected to remain strong in the coming months, mortgage lender Nationwide said on Tuesday.
In monthly terms, house prices were 0.7% higher than in May as buyers rushed to take advantage of a tax break offered by finance minister Rishi Sunak.
Economists polled by Reuters had expected prices to rise by 13.7% in annual terms and by 0.7% from May.
"While the strength is partly due to base effects, with June last year unusually weak due to the first lockdown, the market continues to show significant momentum," Nationwide's chief economist Robert Gardner said.
The tax break, introduced last year as part of Sunak's emergency support for the economy during the pandemic, had originally been due to expire at the end of March.
But the first 500,000 pounds ($693,600) of any property purchase in England or Northern Ireland are now due to remain exempt until the end of June, and a 250,000 pound tax-free allowance will run until the end of September.
"Underlying demand is likely to remain solid in the near term as the economy unlocks," Gardner said.
"Consumer confidence has rebounded while borrowing costs remain low. This, combined with a lack of supply on the market, suggests further upward pressure on prices. But as we look toward the end of the year, the outlook is harder to foresee."
Some large trades gone through today, only a week to wait for results & plans for the future.
Exciting times.
Expanding sales team: https://www.financialreporter.co.uk/finance-news/uls-technology-expands-sales-team.html
Watching someone going through the process of house buying this last few months, they were introduced to the Digitalmove site & found it extremely helpful.
Housing market very busy still.
Started: AimSurfer007, 22 Jun 2021 13:17
Last post: gharri07, 23 Jun 2021 11:28
About 30mins in.
ULS mentioned and seems excited by the new CEO and his plans. https://youtu.be/Ppt16lTCZ9g
Started: AimSurfer007, 26 May 2021 17:07
Last post: oogleflugal, 28 May 2021 11:50
I think its going to take the market a while to understand the significance of the potential of ULS to radically shake up the uk house buying process. I bought some more this morning, unfortunately I couldn't stretch to 70,000 like another buyer did, although at a bit of a premium. There is high Institutional ownership, about 78% I think which will make this a little volatile both ways
Last post: AimSurfer007, 21 May 2021 22:05
Exactly those who adopt technical solutions and their associated benefits will increase their own case throughput and gain from such adoptions. Others will continue using fax machines and plod along but eventually will need to get smart or go out of business.
This industry definitely needs a major disruption and the new CEO knows it.
Aim I think the point Fogstrup realises and makes very well is reaching the pain point in terms of the speed of house transactions. He is well experienced in making relevant partnerships to improve the service of house buying and selling from his experience with meerkats.com. Estate agents get it, the Land registry get it, us the customers get it. The ones that need convincing are solicitors. I swear some still write with quills. House purchasing without hiccups used to take about 12 weeks which is pretty pathetic. Now it is taking 16 18 weeks which is scandalous. Many solicitors are refusing to speak to clients or estate agents and turning down business because they are so inefficient and refuse to change with the times. Once a few more of them realise speeding the process up means happier customers but mainly more money the others will have to follow or go out of business. I've actually had to assist solicitors in my last two house purchases about information I actually want and searches I don't want, need or ask for not to be done. In fact I lost the purchase on one house because of their inability to even use common sense. Most information is already there to access in digital form from planning offices to environmental searches and Land registry. It seems there are still too many solicitors that don't know how to access this information without writing series of letters which takes weeks and creates an unfathomable paper trail of utter confusion. So yes we need the pain of too much business for solicitors to handle to force them to change.
I disagree that we need a strong housing market. There are over 1m annual property transactions. Our existing market share is tiny. That's a lot of conveyancing activities that could be digitized and automated. In either bull or bear markets the conveyancing industry should be looking at efficiency savings.
https://www.youtube.com/watch?v=5YgXY1Y5Y2g. Fascinating interview with Fogstrup giving us some insight into his background and how that connects with developing the undoubtedly potential here especially wth the launch of a new app. As we know apps are or can be a real goldmine. It is early doors possibly and we are heavily reliant on continuing strong housing market. The potential however is massive for such a small company and as River Mercantile point out practically zilch for this priced and a third of market cap held fro great offload. I did sell down on the news as the shares hit a £1.00, not because I don't think the are worth it, but you kind of just know how the market is going to react 9 times out of 10. I hadn't actually seen this interview with the new CEO, so I am rapidly buying back on this weakness, although It my take the market some time to appreciate the potential here and for them to be able to demonstrate that worth in hard numbers. Definitely one to accumulate , just not sure how far it will drift.
Bought some today
Started: AimSurfer007, 4 May 2021 17:18
Last post: oogleflugal, 11 May 2021 08:36
Right on cue. 24 million in cash (0ver 30% of their market cap). Revenue up about 80% loss of .8 million. We had a chat with an estate agent yesterday who reported the most frenzied activity he had known in 30 years. Completions taking much longer and solicitors turning away conveyancing work and not taking calls from distressed buyers.
Would refer you to Essexexile's post a few posts back for user assessment. I think the fund manager hit the nails on the head. Great offload , tons of cash, early days for Digital Move of which nothing is priced in. Low market share, massive potential. Would expect rerate on update in housing boom market, but who knows , weird market at the moment a bit in doldrums.
Should get a trading update soon? Given significant increase in property transactions in H2 I expect well get a positive update and strong guidance on H1 2021 forecast.
Will be interesting to see if the need to process cases faster has led to increased adoption of DigitalMove amongst the conveyancing industry.
I'm also curious to see how the CEO communicates his vision for DigitalMove and what they have in the pipeline if revealed.
Do you have anyone on this board working in the conveyancing, or mortgage lending sector's? Would be keen to hear thoughts from the within on this Digital transformation.
Started: TaltBong, 1 May 2021 17:17
Last post: TaltBong, 1 May 2021 17:17
ULS briefly discussed on V O X Markets (Paul Hill interview with River & Mercantile Portfolio Manager, George Ensor) 51:35
https://youtu.be/wEtusObISCQ
Started: turnkey17, 4 Jan 2021 10:48
Last post: oogleflugal, 1 Apr 2021 12:30
Some decent buying today on no news. Glad to see it heading up again, actually not that glad this was one I was going to add more to the ISA. Be interesting if there is anything behind this sudden burst of enthusiasm
Added at 81.7p today.
ULS has a fair chunk of cash on the balance sheet and at this price seem pretty reasonable value.
a bit flat. Heres to a strong 2021!