Member Info for Dartron

Sounds more like Wickes are struggling than good news for Wincanton. Doubt the margins are attractive.

Must be due some more disappointment soon?

Looks like sells to me. So the share price rally was odd I thought.

Yes agree HD. I knew that but mis typed it. My point is that they are substantial.

I think its a good day to buy small caps. I must be paranoid, I think everything is being shorted currently.
Spread bet costs increasing, FTSE at record high, makes sense to me, get the shorts in to load up on all of these great stocks. Managed to dump a few of mine and buy back cheaper. Still waiting to buy some others. All good fun.

Never looked at INCE, and only spent 5 minutes so this might not be fully accurate but:
INCE global offices, in China & Singapore during covid.
Reliant upon Shipping, and hit by Ukraine war.
Couple of placings 21/22 ** This was the time to leave.
Disposals of subsidiaries
Cost rationalisation
Suspension.

I dont think Knights is even comparable.
Sole UK offices, benefiting from a small amount over seas work.
Currently the largest UK law firm.
5 years of growing revenue. Last 4 prior years growing earnings, hence the climb to over £3.
No talk of money troubles. £73M curr assets vs £30M curr liabilities + 40M debt.

If this is going to do an INCE, I would bail at the first sign of it, but so far I have not seen any indications that there are problems. Await the trading update and see. Note whole sector down currently, Look at BEG, DWF, FRP etc all dropped.
Its not a sexy sector, but I think it will be steady over the years. Cant avoid needing legal unfortunately.
Yes as said over on INCE, keep a very close eye on them, you cant trust a lawyer.

I think the crux of what is being discussed is that the bears here are expecting an easy ride of FCF at a dirt cheap price, and complaining and shorting because its not here right now. Where as the longs here are saying it will come, but this is an investment and the rewards are further down the line. Like all investments it carries risk.

I liked his presentations, but to me it just seems that he has given it 2.5 years, cant improve the company, if anything its about to hit another rough patch, so he's off. I guess anything would seem a better offer in that situation. The company has had long enough to make this a success and the fact they cant is very telling. Doesn't matter how good the manager is if his hands are tied by lack of funds and opportunities, it wont matter who is next IMO Jolly.

I honestly think the issue is very basic here, costs too high (mainly staff), sales too low.
Probably other similar products (its only DDOS prevention, not rocket science). Lack of funds allowing growth i.e. developing other products. Company is stuck too much in the hardware sector, which the Chinese will dominate (even the sw ip on the hardware - again its only DDOS protection). They don't really have a moat do they. Its just a box you buy once in 5 years. Yes there is a little bit of SaaS, but the market for that must be tiny. Seems many stocks are now using bad news to exit AIM on the cheap. A few more poor updates and perhaps take private for £10M. Its not out of the realms of possibility is it. Throw in a huge discount placing to allow anyone connected to average down before selling out. Look at YGEN.

Corero was born in 2007, having already been on aim as Mondas I could only go back as far as 2004.
https://www.lse.co.uk/rns/CNS/change-of-name-mod2jz4dkofogph.html
Jens reversed himself in to this sometime between 06 and 11 (my notes not great)
https://www.lse.co.uk/rns/CNS/disposal-fund-raising-and-directorate-change-2am9mae8ybuyz6i.html
In Feb 11, they purchased Top layer networks (that was the IP that all of this is founded on).
Loads of placings and loan notes etc. Koch invests around 2017:
https://www.lse.co.uk/rns/CNS/holdings-in-company-00e8963sc92wrxc.html
He got diluted twice in 2018 & once in 2019
So since 2012 they have had 11 years at this now, and not really breaking even let alone through.

Good luck all, but better investments (to serve PI's) out there.

Not going to happen here I think, CEO has given up. That was Koch selling BTW, he has held these for years.
Time for PI's to give up.

Short term, be good for share price, especially if being shorted. Long term, id rather he didn't buy any more.
Currently gives others a chance to have influence on a vote, etc. E.g if an offer came in.

David Beech 18,922,309 22.05%
Octopus Investments 14,023,727 16.34%
Columbia Threadneedle Investments 10,051,432 11.71%
Wasatch Advisors Inc 5,359,090 6.25%
Invesco 3,446,292 4.02%
BGF 3,325,120 3.87%

This story about selling an audio company to a Swedish buyer demonstrates that the model is valid, look at the team required to help complete the acquisition: As well as Dominic Travers the Knights team comprised Sam Steckler (corporate), Sarah Burke and Beth Hullah (employment) and David Nicholls (commercial property).

The second deal - The Knights project team was Dominic Travers, Sam Steckler and Peter Abel (corporate), Sarah Burke (employment) and David Nicholls (commercial property).

The third deal completed recently saw Knights advise the shareholders of high speed printed electronics manufacturer Flexotronix Limited. Knights’ team that advised on the sale included Dominic Travers, Sam Steckler, Sarah Burke (employment) and Guy Cartwright (commercial contracts).

Demonstrates that company is benefiting from M&A activity.

Here is another story this time about planning permission:

https://www.knightsplc.com/knights-news/2023/knights-helps-lincoln-city-f-c-get-planning-permission-for-1-8m-stadium-revamp/

Or this one about helping fellow AIM company Journeo

https://www.knightsplc.com/knights-news/2023/knights-advises-journeo-on-capital-raising-and-8-7m-acquisition-of-igl-limited/

Have to say the Knights news feed shows the company has been busy, all of this happened in 2023.

I am still certain this is short. We have had quite a big fall now! Cant see them getting it back to the 70p level, but lets see.
Where the share price goes after the short closes is all going to depend on the trading update. 40p SP would be some major disaster, not yet factored in, at 40p it would be mcap of 35M with 10M PPE assets, plus 35M debt. Saying something like that could happen is as valid as saying that the share price could also jump to £1.20 (40p the other way). Ironically the word fundamental was used as justification, but on the current known fundamentals broker consensus low end is 77p not 40p.
The 8 analysts offering 12 month price targets for Knights Group Holdings PLC have a median target of 179.00, with a high estimate of 405.00 and a low estimate of 75.00. The median estimate represents a 132.47% increase from the last price of 77.00.

Meanwhile looks like Knights has been doing ok.. (there is plenty on the website if any one thinks this is now cheap to buy in). I Think this could be a good pick under 80p.

https://www.knightsplc.com/knights-news/2023/knights-advises-bam-boom-cloud-on-sale-to-us-tech-firm/
https://www.knightsplc.com/knights-news/2023/knights-south-coast-team-advise-on-three-high-profile-deals/
https://www.knightsplc.com/knights-news/2023/knights-advises-on-3m-deal-to-take-nrc-waste-water-solutions-back-into-founder-s-ownership/

I took a quote for some more this morning, I was offered 3.5p so I would say we have seen some good buying today. Wish I had taken the quote now!

Does this need to be on AIM? Maybe they should take it private, I cant see why they need access to capital.

Yeah I dont think he meant you. Some posts today from inactive accounts etc. Seen it all before.
Glad its working out for you here and elsewhere.

Clever people ask questions. It was a holding RNS increased to about 9%, see below.

https://www.lse.co.uk/rns/CMH/holdings-in-company-vq5mmg6mfyf2d5t.html

Could just be for a fund. 5% of I3E for the yield.

JPMorgan Global Growth & Income (JGGI) invests in long-term structural winners, although in these uncertain times, managers Helge Skibeli, Tim Woodhouse and James Cook are looking to balance the portfolio via a mix of defensive and quality stocks. The trust’s strong performance track record continues. It has outperformed its benchmark, and its peers, over the short and longer term, thanks to the managers’ stock selection skills. JGGI also continues to deliver competitive and rising dividends, funded from a mix of portfolio income and reserves. Recent decisions by the boards of Scottish Investment Trust (SCIN) and JPMorgan Elect (JPE) to merge with JGGI attest to the relative attractiveness of the trust’s investment offering, while also greatly increasing assets under management (AUM) and liquidity, and reducing ongoing charges.

Interesting chat guys. "I don’t see the business case for an amalgam of these practices succeeding in an unbelievably competitive market." Look at the purchase of the last one -
In its unaudited accounts for the year ended 30 April 2022, Meade King reported revenue of £2.7m and a corporatised PBT margin of circa 5%. Following full integration and realisation of synergies, the Board expects it to contribute a PBT margin of circa 17%, which, combined with a typical level of revenue churn post-acquisition, means the acquisition is expected to be immediately earnings enhancing.

The purchase cost was for a total consideration of £2.1m. Looking on companies house, the revenue for 2020 and 2019 were both 2.5M. (Cant see any later income statements).

I have been burnt with a couple of amalgamators, and I agree in many cases it isnt a good business. However the difference here is the focus is much tighter. E.g Shearwater group is a collection of cyber companies, but they are all different. TPX has just spectacularly dropped due to poor integration of random 'digital' companies. But these guys all do the same thing. It is why if you walk in to Bristol office and ask for a specialist in aviation law, they can help as they have a guy somewhere else. This seems more expansion than amalgamation. Regarding Mr Beech, he certainly has money to buy more stock, being worth about £60 Million.

It is a tail of 2 halves. The core POC business sounds to be doing very well. The delay in the fermentation facility would be ok, if it were the only problem. The other 2 issues are the most concerning, an unprofitable Laboratory and a contract manufacturing facility which sounds over staffed and under used. I wonder if the purchase of the laboratory was a good idea? If only they had just stuck to core business, this would be booming. Clearly seems that many poor decisions were made (and problems ignored) of the last 24 months. Not sure if I will remain invested, frankly I dont think they deserve my investment, but I must do what is best for me, and that might be sticking around a bit longer to get a better exit.
I have the feeling this will be a stitch up - either way the business goes, good or bad.

directors talk interviews in the stars.

https://www.***************************/marlowe-plc-57.9-potential-upside-indicated-by-berenberg-bank/4121093465

Bear in mind JP have a CFD as well, usually to used to go short and create liquidity, when loading up. JP are masters of liquidity, look at what they did at GGP.
I am pleased as it means they must concur with the investment thesis we share on this board.