Member Info for Dartron

Gingy, you should stick to carrying bricks, and leave the investing in them to us.

Interesting...Deutsche Bank cuts Advanced Medical Solutions to 'hold' (buy) - price target 275 pence

im totally out now. AMS was a share I could have held for the long term. Hey-ho, time to find another AMS.

Safaniya made

The annualised return (IRR/CAGR, assuming no additional purchases or dividends) is:

(7.3

285)

1/25

−1≈15.8% per year

So his return is approximately 15.8% p.a. before dividends.

That's an outstanding result over a quarter of a century. And if the company paid meaningful dividends along the way, his true IRR would be even higher—potentially comfortably into the 16–17%+ range depending on the dividend stream and whether those dividends were reinvested.

A 39× capital gain is the sort of investment that can quietly make a portfolio over the long run.

Partners Group Private Equity Cut to Underperform From Hold by Jefferies

pro's probably saw the broker note yesterday.

Thanks Kendall, at AMS one bidder walked (PE) possibly because there was another bidder HB Fuller. So that could be the case at Gama.

I am still in Gama and SPI, might look at IPO as another target.

Well done all. What a nice surprise it didn't go to the deadline.

I am thinking a similar train of thought. I hate partners group, but the yield is now near to 10%. Mind you, that strategy was the wrong idea on trusts like NESF, where I just ended up digging a bigger hole. I think id need some material change before buying.

Example of the trouble is, we are not getting the full story, they talk about a realisation.. but no IRR quoted.

Distribution activity remained robust during the month, with PGPE Ltd receiving a total of EUR 23.9 million, driven primarily by proceeds from the sale of Clario, a US-based health tech company ???????????????

Worth a read

https://citywire.com/investment-trust-insider/news/investors-question-if-partners-groups-underperforming-pe-trust-should-survive/

I hope it winds up, but im not voting to go into the exit pool. They have structured that vote in a deliberate to deter people. An activist is the only hope, with AVI here, maybe someone else joins in.

Its a tough set of results to break down. Revenue up, underlying profit slight beat. But looks bad due to the £50.3m of non-underlying costs, consisting predominantly of £8.3m of bridge remedial costs, £12.6m Modular Solution closure related costs and £22.2m of non-cash impairment of goodwill and investments. Was expecting a drop TBH, but outlook seems ok, and hopefully impairments are behind them now.

HOLD.

If you read the Picton results recently, it sounds like many share holders are not happy. I wonder if there is an outside chance of a better bid coming (from somewhere) or even rejection. I was dismissive of this to begin with, but it is a vote that needs 75% to pass. I am holding Picton and SREI.

Matthew Norris, manager of the Gravis UK Listed Property fund, also questioned how much of the future rental upside to Picton’s portfolio shareholders were being asked to share with the acquirers “on the current terms”.

Picton reckons that its £37mn rent roll, if adjusted for market rates, could be 50 per cent higher than it is currently.

It is also expected to be implemented as a scheme of arrangement, and not as a contractual offer. This means that, of those shareholders who vote, both a majority of individual shareholders and three-quarters of economic voting rights must approve. For Picton’s buyers, every vote could count.

Interesting little development. Achilles (Chris Mills) owns a stake here, and I have heard him say that they will roll their investment over in tot he acquiring party (in the context of NAS north American smaller companies, but Achilies would be more suited to owning Spire private). Anyway, AIC appointed a NED today, interesting prior experience..

Mr Cooper was also a founder and member of the management board of Wichford PLC, a publicly listed property company quoted initially on AIM and later on the Main Market of the London Stock Exchange. During his tenure on the board, the company acquired approximately £1 billion of government-leased UK property before becoming the subject of a reverse takeover by Redefine.

I think they are insincere, doing the bare minimum they can get away with. They waited until the AGM to do this, and then its a small %. They should put their money where their mouth is, and offer a full wind up / exit for any holder. I already noted, the buy back didn't buy enough shares in the allotted time. Why not. And this comment about the AGM is very arrogant (they refer to it as dissent later on), and im not really sure what they are actually getting at..

In relation to Resolutions 5 and 9, concerning the re-elections of Peter McKellar and Gerhard Roggemann as Directors, the Board acknowledges the level of votes cast against and withheld on these resolutions. The Board recognises that this may reflect shareholder views in relation to ethnic diversity among Board members and Board independence respectively

Obviously not an investors chronical reader then. They actually published an article this week about Ibstock - How to profit from London’s most-shorted stock. Ibstock (IBST) currently finds itself in that unenviable position. Investors have disclosed short positions that combined amount to 19 per cent of its share capital...

I wont give away paid for content, but they do theorise about a few catalysts for a long position.

Luceco Target Started at 320p by Jefferies

Jun 11, 2026, 09:06 GMT+1

Yep, it is a shame that he is retiring. Some of my own investment thesis was an investment in JH himself. But Luceco must be bigger than one person, it has a management team, issuing strong trading updates and all stake holders still hold meaningful amounts of stock.

I said before id like to see Luceco receive a bid. If JH is stepping down, this actually makes an acquisition more appealing. I bought more today.

Didnt see your reply Damien. Another disappointing month - In April, PGPE Ltd's NAV declined by 2.5%.

Isnt the problem with PE that its not easy to quickly realise all holdings..

I wont be buying any more, those other names you mention are better companies.

I will vote against Partners if I get a chance.

As at 31 March 2026, the Group's unaudited Net Asset Value (NAV) was £67.9 million, or 84.4p per share.

Glenstone are bidding 70p per share, representing a c.17% discount to the last reported NAV.

Possible outcomes:

Under 50% – Offer fails. This is essentially the status quo, albeit with a more frustrated and potentially more activist Glenstone.

50% to 75% – Glenstone gains control of the company and can control the board, but cannot unilaterally pass special resolutions such as a delisting or voluntary wind-up.

75% to 90% – Glenstone can generally pass special resolutions, including potentially a delisting or managed realisation/wind-up.

Over 90% – Glenstone can generally use the statutory squeeze-out provisions to compulsorily acquire the remaining shares.

Current support

Concert party: 26.36%

Hawksmoor letter of intent: 6.17%

Total support indicated so far: c.32.5%

Therefore Glenstone requires a further 42.5% of the register to reach the important 75% threshold.

Remaining shareholders = 67.5%

Therefore, of the remaining shareholders, Glenstone needs:

25.9% support to reach 50%

63.0% support to reach 75%

In other words, Glenstone needs almost two-thirds of the remaining register to support the offer in order to obtain the level of control required for major corporate actions.

Personally, I struggle to see two-thirds of shareholders accepting 70p when the last reported NAV was 84.4p per share.

I would say to Glenstone, if you really want it, come back with a better offer and we can consider it. But selling at the 6 month low is not appealing.

If they genuinely thought AIRE was a disaster:

why increase the bid from 66.5p to 70p?

why seek full control?

why commit more capital?

They're not running away from the assets. They're trying to own more of them.

Yeah, a breakdown of the SETS auction would be really interesting today.

Wouldnt want to be short here.

Discussions and due diligence are ongoing between the Company and Toscafund. To allow further time for these discussions to continue to take place and to provide additional time for Toscafund to complete its due diligence and for definitive transaction documentation to be agreed, the Board of Spire Healthcare has requested, and the Panel on Takeovers and Mergers (the "Takeover Panel") has consented to, an extension to the PUSU Deadline.