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Some special sit buyer is going to make a fortune from this price insensitive seller….Also it hints that there is no strategic buyer for the whole company because the first thing an Infineon or whoever would do is mop up the canaccord stock. For me, a good sale price for Taiwan and the debt free company to go it alone is the best outcome.

Tang is currently distracted by a row involving an FDA official who seems to have had a vendetta against him. Look up Aurinia, a canadian biotech where Tang is a large shareholder.

Yep, it’s tough here but that’s life as a micro cap investor. We and the company are utterly at the mercy of fund flows. River Global and M&G are recent buyers and the share register is really strong. I think the one problem we have is sustained selling pressure from Canaccord, who have been selling for discretionary clients in this name and other in AIM (surely at the trough). Once that overhang is cleared, life will suddenly become a lot more fun. A decent budget for growth and a cut in rates from the BofE would help,too.

This is an excellent company. The share price doesn’t capture the fact but it will. Eventually.

US activist investor, Kerrisdale, have a note out this afternoon giving reasons for their long in Aixtron, the German manufacturer of compound semi equipment. They argue that data centre demand for compound semis will take off in 2027/28 and that the market is missing a big trick by being overly focused on the short term downturn in EV chip demand. V bullish for IQE (who would be a typical buyer of Aixtron equipment).

I think this move is simply related to the removal of the Black estate overhang (Black died and his estate was liquidating assets, probably with a view to be done by month end October). The buyers of that stock still want more, i suspect. If/when we get incremental operational news, the stock will kick on higher again. The stock has been on its knees for years, still lots of execution risks but fair value is clearly a lot higher than here. I guess my message is : don’t get too cute / overthink the price paid if you like the technology.

Cummins have a next gen product hole that needs filling. See link. Someone else a few days ago reminded us that Ceres and Cummins worked on a data centre related project, aided by US govt funds, years ago. Pure speculation, but a Cummins/Ceres license agreement is an exciting scenario to ponder on….There’s a lot of pressure from shareholders on all the US power system providers to look like they’re in the only real game in town, AI data centres.

https://www.cummins.com/generators/data-centers

They are selling out. Black has died and his estate is liquidating assets. It’s providing very useful liquidity to allow others to access stock. It explains the muted price action, which has hopefully kept the day traders at bay for a while. All good here. A very encouraging story from a management team that really do seem to be world class.

All as expected for a fast growing company also seeking to maximise tax efficiency on profit.

An excellent update and to read it any other way is churlish.

Well done to the management team.

Worth reading the Anto RNS this morning. I’ll be voting for copper and share buybacks at JLP.

Massive trading volumes y’day. Overhang - Canaccord? - removed. Let’s see what happens next.

It’s on 1x core sales vs intuitive on 33x sales…something has got to give….finally.

Finally we’re moving up towards tangible NAV of 64p. We should trade well above that given the return on cap. Besides, 64p was the tangible NAV last year so it would still be an incredibly conservative level for the stock price to settle at given this year’s growth.

It’s a short squeeze. Agree.

Danny was asked q re going private. He was ambivalent. My sense is that they’re both going to go soon. The professional investors who own this stock are going to want a new, hungry leadership team for the next leg of this long journey….Danny and David have been excellent but their stewardship has been dogged by bad timing. Let’s get a younger team in, load them with options to make them greedy and see what they can do. I wish D & D well but they’ve run out of road/energy (I know David has already announced his departure).

Agree with all your comments. 20% is the topline growth rate that really starts to get investors and potential acquirers sitting up and taking notice. At that sort of growth rate, due to compounding, magical things start to happen on a 3-5 year forward view.

Relax. This morning’s RNS creates a liquidity event so sellers like canaccord can unload and buyers like M&G can load up. Getting rid of any overhang is the key to an aggressive move up towards a valuation that isn’t plain ridiculous.I’m more interested in any new holdings RNS. The share price will look after itself.

The shareholder register is top quality and I’m hanging my hat on that in absence of any news. Rod Snell etc are here for structural growth reasons. Just got to be even more patient than usual with this name.

If you don’t think this is a company with cyclical eps, why are you here at all? Whether it be defense spending, reshoring, LiDAR, underowned uk small caps….there are structural drivers there, too. Three times in the last 8 years the share price has moved in a way that implies a 5x from here minimum. That’s why smart investor like Lombard, Griffiths, etc are patiently waiting for better news. Sure, it has been tough and the CEO misstep was not helpful but this game is about risk reward and I’d suggest it skewed to upside here. I obviously can’t be more confident than that or else I’d be overstating / ramping. Let’s see over next 6 months.

With respect, I think you’re missing my point. Super cyclicals like semis move ahead of the powerful eps rebound so the professionals are forced to buy early or else the price / returns move away from them. Wait for the eps and it’s too late. All best.

Institutional investors will buy this super-cyclical when they think the last cut to eps is done. I suspect that moment is nowish. I’d expect the price to move materially over the next six months. GLA.