Member Info for Adastra

Excellent find

Think you just have to accept the tree shakes as par for the course with aim. The evolving focus here seems sound. I think the current interest in maritime from interested parties has been the result of value hunting by bigger contractors wanting visible and solid income stream. Thats put the division and the whole group on the table in my view. Having assembled a viable standalone group excluding maritime he can now look at crystallisable value. He's post retirement and being leant on by the Instos who have a combined holding of 50% plus. As long as a sensible package appears then I think anything is possible short term with a good profit in sight at this level.

Short-sighted PI's selling to chase smoke and mirrors rising AIM stocks offering debt and hope! Crazy..... note that the Instos holding significant positions are sitting on their hands and awaiting developments on the impending sale of maritime. They will be party to discussions involving value crystallization and will be looking at all the options on the table. Their holdings, individually or combined, means that they can directly influence outcome. It is in their interests to get a good deal. I'm happy to buy more into the dip and sit tight as patience required now is short term and benefits should be considerable.

The current dip is overdone given the update and pending sale of maritime. The £50m MCap is woefully undervaluing a sum of the parts imo and I expect this to quickly reverse. The market is myopic on TP at present.

Agreed. It's not just the individual capabilities of the group once maritime is divested, rather the scope and competencies of the remainder. I am increasingly excited by the crossover of skills between ALS, Polaris, Westek, Sapienza and Osprey. Alone they are competent entities but together they are formidable. The citting-edge projects into which two or more are having input is becoming transformational. Working with, and alongside key players like Thales shows the rapidly increasing value of the remaining group once maritime is sold. Do the research, look at the potential rewards from overlap projects and perhaps you will see the value of underlying assets that would interest numerous parties.

The fact that the maritime business is being divested under the guidance of advisers means that they will restrict the level of information contained in this RNS. It is as functional and direct as possible with no over-promising. To be quite honest it looks as if this has been issued as an 'expected' t/u at this time of year but that background developments are at an interesting juncture. I certainly see another RNS very soon giving details of current maritime/group. It would not be unreasonable to expect interest by several suitors for the maritime unit plus additional enquiries for the divested unit. Phil Cartmel has spent a decade building TP, is over state retirement age, and is probably happy to crystallise value here. Several instos hold decent percentages at prices considerably higher than current level and could be pursuaded to follow suit. There should be a fair amount of interest here given exposure to the growth industries. 10p+ on news?

Those are chunky buys at slightly different prices being listed here and LSE.......interesting..

https://vimeo.com/415894044
Osprey is proud to be part of the team supporting Highlands and Islands Enterprise (HIE) in the development of a £17.3 million satellite launch spaceport at the A’Mhoine peninsula in Sutherland. Osprey is privileged to be part of such a unique and exciting venture and will support HIE in developing the airspace solution for the spaceport. The first launch from the Sutherland site could be as early as 2022 and the spaceport will host up to 12 launches per year once fully operational. The project will include a launch operation and control centre, launch site integration facility, single launch pad, antenna park and associated site infrastructure.

https://youtu.be/1Pl0wU7GDn8

A good push up on L2 should see this rise above 7 and onward. Looking good from here awaiting good news on bids.

With a total of 6 nstitutional investors holding over 60% of stock this could develop very quickly should a predator appear. M&G hold the largest amount at 18.78% and any approach to them would certainly provoke a steep appreciation in share price.......interesting...

It would appear that the buyer of 100k, 150k and 200k packages is still very active mopping up smaller sale parcels. Will be a very interesting progress here as bids come in for marine and, fare I say, the TP group as a whole. The recent RNS will certain have focused the attention of bigger players who are already intrinsically involved with TP on a variety of projects. Bring it on....

Its not just maritime that the market is asleep on Turnkey, when you look at the other divisions......govt engagement is massive.
https://ospreycsl.co.uk/news-events/

Thanks for that doc Turnkey, and the reasoned value deduction. On that basis alone I would add my own observation that I would expect a bidding escalation when the BoD see initial shots. This could and indeed should see a significant escalation in price from here once the 10% penny traders are gone. Super value at this point.

There will be a few Tier 1 (And T2) contractors concentrating on TP operations today. Yesterday's RNS has certainly pushed the group clearly above the horizon and has served as a wake up call to institutions and those companies involved in government procurement. The marine division is a valuable asset with significant involvement of bigger players. It should get increasingly interesting as more expressions of interest come onto the table. It must be an asset that several wish to pursue due to their intrinsic presence in this field. Let play begin.

This just hit the radar of the instos. The bigger defence contractors also won't want to be caught sleeping here. BAe in particular...and Bab...

Phil Cartmel sold off the loss making heavy engineering having achieved critical mass in all other areas of the group with considerable overlaps. A lot of investors complained about his salary. Having achieved this assembly of complementary businesses, if you also subtract his remuneration on a total bid, looks excellent value at £100m the package.

Yep, I highlighted the 100,150 and 200k buyer multiple times as he mopped up shares from late November. It would not surprise me to learn that a position has been taken here by interested party or competitor. Yep, I do think several blue chips will be valuing the business here as either marine or as a whole. Yep, I expect an opportunistic opening bid for the whole group, why not, makes sense to have all the IP here under a T1 umbrella. Given the exposure to high growth high value sectors and progress on many fronts - £30-50k marine or £100k outright.

And don't forget that this could elicit a bid for TP group as a whole......minimum £100m upwards?

I would expect a value between £30m and the £50m total MCap of TP for marine putting it on a p/e of 5-10. Having said that, with the solid earnings stream going forward and contracts that would be very valuable to T1 players like Bab****, BAe, Thales, Qinetiq, Thyssen etc expect a fair view bidders to emerge. All these have top security clearance to bid for this high barrier to entry bespoke division.