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Hi Josey , I don't think we are really that far apart...only 12 pence based on today's price...I suppose the most probable low will be somewhere in the middle , but other scenarios are of course possible .

Anyone who has invested in this company since August 2009 has lost money ...directors remuneration and bonuses have sky rocketed ..talk about contempt ..despite this , the momentum in the share price is still downwards .

Just another sobering thought is that the company entered the stock market of 1st July 1988 with an opening share price of 80 pence ! Yes there have been dividends I appreciate that , but if someone had kept their money in the bank , they would have enjoyed compound interest for 35 years ...for a while in late 80s and early 90s interest rates were at 15%

Their share price is heading for 60p ..then I might buy

Josey , I don't mean to sound disingenuous, I share your investment style of investing in recovery shares . I buy to the sound of the sirens , and sell to the fanfare of the trumpets , because yes , the market over react to both good and bad news

In Synthomer's case we have already heard the sirens of the fire -engines , I will wait until I hear the separate noise of the ambulances before I invest .. maybe around 60p but it's down to judgement and I accept that I might miss out

Hi Josey...yes I hear what you say and it has merit

..here is my simple Janet and John analogy because it is as simple as the Janet and John books

Janet and John (directors ) are doing well , John works in the housebuilding industry , times are good and his bonuses are increasing. Janet runs her own business from the garage, which just gives them that little bit extra . They own a a 4 bed detached house in a peaceful suburb .. their children ( shareholders ) have no complaints , their pocket money keeps increasing and they go on nice holidays. Not content with this Janet and John decide to build an extension (Eastman's) to their 4 bed detached house , expensive yes, but hey they can borrow the money , backed by the equity they have in their house furthermore, they can let the extension out, and get even more income , which will increase the kids spending money even more .Their neighbours ( the markets ) can see the sense in what they are doing and are impressed ...

Suddenly a sense of boding appears from nowhere .. then Kwarteng and Truss produce a mini budget which turns everything on its head ..

Their mortgage rates sky rocket , they have a huge loan on the extension which isn't yet complete , Johns work in housebuilding ( rubber gloves ) nosedives and his overtime stops ( the economy ) and he is put on a 2 day week ...the banks start raising the issue of paying for the extension ..drastic steps are necessary ..they have to sell Janet's business , which didn't make much money anyway , and their poor children lose their pocket money ..the neighbours become less impressed ..Janet and John maintain everything is under control and try to convince their children that them losing their pocket money is actually a good thing ... neither they nor the neighbours share their optimism ..very simple analogy I know , but we are talking Janet and John ....

So in the final analysis , do you share their optimism ? Seems that you do and you might be right ...what do I know , I am just an accountant ....

Josey , as a qualified accountant for 40 years I compiled hundreds of companies financial statements and board presentations over those years and I can read a Balance sheet at 50 paces. We used to have a saying , turnover is for vanity a la Eastman acquisition , profits which are in decline are for sanity , but cash flow is the reality ...the reality is they are selling the family silver to pay for their mortgage repayments..but you believe what you like , that's fine ...

I mentioned on Friday that at least the share price handn't broken through the lows set last year ....well it did today ..if the stock market declines going into the Autumn, Synthomer share price will over react and drop like a stone ..I might buy back in then , and for the record I have never ever shorted a share or a fund or an index , because that's far too risky .. right now Synthomer is far too risky for me. . the reason is always the same ..male board directors with more balls than brains , try to grow turnover by making acquisitions that they can't afford financially . They then talk about downsizing back to their core activities...an admission of failure ..and stupidity

It's the very high levels of debt with interest rates rising is what is rightfully spooking the markets...I can see this share dropping to 60 pence personally , but form your own view , and to be fair it didn't break through the resistance level of 82 pence set nearly a year ago , which is a good sign for now at least

Careful moneyjack...When BP was under £2 and Shell under a tenner, the FTSE was at 5,000 , and ALL shares were at their lowest . That isn't the case this time because FTSE is now 75000's and falling...I think the housebuilders including Persimmon are going to fall with them ..the factor propping Persimmon up, was it's high dividends , those days are gone for now, and so I believe, are their prospects for an immediate recovery in their share price ..take a look at how Marshalls shares are doing, and Marshalls also relies on a healthy property sector , as always though DYOR but take a candid look at the bigger picture would be my advice .. but then what do I know .. I got caught out by Synthomer and Molten Ventures...

A poster going by the name of QuePassa posted a very insightful in my view , message on the AVDFN board about the pitfalls of investing in legal practices run as limited companies , rather than limited partnerships .

DYOR but his post inspired me to sell today even at a 12% loss...

I suggest you read it ...good luck to all

The elephant in the room is the currency ...Ukraines currency has nosedived ..causing rampant inflation and devaluation of Ukranian held assets

Hey wishi , you also said the same thing on regional REIT chat forum .. let's hope you are right on both of them as I am also invested in them both
By the way , have you checked out CSH ..also an REIT with 50% discounted share price against NAV , might also be worth a punt.. good luck all

Yes I think it will be cut by a minimum of 25% so it can be rebased sufficiently to allow annual increases to recommence , but from a lower baseline .
If you think about it REIT's are designed by default to have marginally diminishing annual returns for the simple reason that 90% ish of profits are being habitually redistributed on an annual basis , leaving little spare funding for expansion .
Take a look at all property REITs and their share prices have all reduced significantly over a 5 year period , even though the FTSE is close to it's all time high ..the decline didn't just set in with the advent of cost of living and interest rate increases , the gradual demise of value was already taking place before then
I treat REIT's as an annuity effectively , but if you can buy at a significant discount to NAV like CSH then some capital growth is possible you would think .
With this in mind , I am also invested in Triple Housing and Regional REIT

It's the high level of debt which is the risk here ..LTV over 50% and values still falling makes this a risky asset , there may have to be forced sales , only 2 years before new debt has to be secured is likely to result in forced sale of assets which will reduce dividend which is already unaffordable
Too much down side here for my liking although share price already at 12 month low looks very attractive , it could go lower ..we all know that ..Vacancy levels are too high . Discount on share price is less attractive than SOHO for example , which currently stands around 60% of NAV of property values which actually increased last year , and they only have 35% LTV..Downside there is also that occupancy which stood at nearly 100% last year , fell by 9% to 91% this year . .doesn't bode well for the future . Dividend yield at Soho though is still over 11%

There are reasons for the high yields and high discounts to valuations
Tread carefully folks and good luck .
On the face of it

Nicola Foulson apparently used the " n" word in the presence of a black head of PR named Deans at a dinner they attended , she was immediately pulled up on it by Ian Rosenblatt in front of 20 staff who were present

Ian Rosenblatt later picked up Deans for the use of anti Semitic comments and raised a grievance against him ..plus other things beside. ...all of this is currently being pursued legally in the courts .

Not a favourable backdrop to the share price or winning future business you might think .

Where you wish you " had " ** been bolder ..sorry about that ..

What I would add though , is that on any metric you care to use , then 38p is cheap , when you consider that on a cash basis at least , they have managed to remain profitable throughout , even despite the recent losses on Lionfish litigation cases, and they are still managing to maintain their repayments on the loan taken out to fund the acquisition of memery chrystal .

You just feel that it could reach a 50 pence share price on the blink of an eye , and a quick 25% return on the current share price , and that excludes dividends ..it also seems to have bottomed at this price , although having said that, I thought it had bottomed at 48p

I feel this is the kind of share though , where you wish you hadn't been bolder on your level of investment , when the share price re-sets to a more fundamental value ..at least that is what I think but as always DYOR..

This share looks remarkably cheap , however , I am concerned about their liquidity situation ..they have a £15 million roll over lending facility ..at 31 March 2022, they had only used up less than £5 million of this leaving a near £10 million headroom ..and invoking the comment , that they had significant headroom available , which they did
My understanding is that they have now used up £14 million of this roll over facility , meaning they only have £1 million left ..and thus only marginal headroom .. furthermore if you read the earlier pre close trading update it only comments about " CURRENTLY " operating within the funding facilities , no mention of the future
I think they might need the sale of Lionfish to boost their liquidity , albeit it is probably the right decision to dispose of this high risk part of the business .
I already hold a position in this at 41p and am considering upping this , but the liquidity situation is preventing me at the moment , until I get more clarity on it ..

What do other people think please ?

Shorters ?? What massive attack from where Paddy boy. I can't see them

The sirens are warning with Doc Martens..for me that's the signal to go it.
It's the kind of price that you can enter in at , in confidence that there will be an exit point where you have made money
The question is ..for how long can you hold your nerve ?

I think this is a basket case with another FTSE group of directors with more balls than brains making the biggest and most disastrous vanity purchase that I have ever come across
$1.7 billion of loans at annual interest cost of $170 million in an industry increasingly subject to regulatory scrutiny and public disdain , for a company that made a REAL loss last year spells obvious failure , sooner or later
Stealth raids may be beneficial yes , but that assumes perfect insight ..I was going to buy into this at such a large discount but after taking a cursory glance at the 3rd quarter update, laughed out loud , and kept my hard earned money in cash .
If you have any sense you will do the same
Yes this horse might come in as a 100 to 1 outsider , but it is 99 % certain to fail at the first fence ( meeting the $ 170 million interest cost on the loan
Avoid ..

You are absolutely right guitar solo..they have caused a greater loss to shareholder wealth over the past couple of years than even Bitcoin has ! Despite this , their presentations are filled with self congratulatory statements .. the fund managers don't hold them to account because it is not THEIR money which is being lost
The foray into pubs has to be one of the most crass investment decisions made by even the most mediocre of company management boards ..take a look at admin costs and remuneration packages ..we are all being taken for fools..
SD235 has the best strategy from here. Sell off the portfolio property by property and downside staff to just those required to sell the properties... and pay back shareholders the funds that remain , which should at least provide some comfort to the long term shareholders who misplaced their trust in a management board that should switch to renting out garage space ..

If I was you Paul , I would dump DLG ..
Look at Hargreaves Lansdowne website fundamentals for DLG
Annual profits , and net assets in decline , this is evidenced by the consistent erosion of their share price for a number of years . Despite this dividends keep rising ..it's unsustainable..classic value trap
Admiral better , all key fundamentals all rising
Conclusion ..Admiral is a growing company , DLG is in decline and the annual raising of dividends will only accelerate the speed at which it does