Member Info for Dartron

If Bytes keeps trading at a depressed multiple, don’t be shocked if:

PE starts sniffing. A South African consortium appears or SA institutions push the board for more aggressive capital returns.

This is quietly becoming a strategic asset for South African capital.

🇿🇦 1. Coronation – 24.17%

🇿🇦 2. Camissa – 5.08% ->>> New entry at number 2 this week

🧬 Parasitic lifecycle: finds a healthy host narrative (“cybersecurity”), latches on, and drains the capital until the story collapses.

🧫 Mutation: when the antibodies of investor scepticism kick in, it morphs — from mining, to infosec, to SaaS, to AI — whatever keeps the next placement alive.

🧠 Hosts immune response: a few brave shareholders realise what’s happening, but by then the dilution has already spread through the bloodstream.

And the real kicker is the irony that they literally sell virus protection while being one.

They would almost certainly be able to refinance on a longer maturity.

If that is how you are conducting your analyses.... But form my research, company was in real trouble, finance terms were not kind already. Im not so sure they would have been able to 'just refinance' given they made a loss in H1. You can view the sale as unlocking share holder value if you want, I see it as far more desperate, with regards imminent unpayable debt. We will see wont we, once DIS is sold and debt paid, what is left. Im not so optimistic as you, explains the lack of any rally today. Hey ho. I would rather be out than in currently.

There is 70m debt due in 11 months, then the rest in 27. It is true that they cant repay debt currently. It is also true that the sale is forced due to debt.

I dont think shareholders will benefit here, they sell DIS clear debts, and then its a zombie company paying listing fees and salaries, no one will invest in that.

All very inevitable so far. But can they pull off a sale? and then more importantly what is left, and is it worth being invested in going forward. I still cannot see how share holders are going to benefit here. Sell DIS, pay down debt, left with shrinking business in a listed company.

I was looking for an entry around 30p, then to hold for this RNS. Trade is over now. Boards hand was forced in to this by profit warning and no way of repaying debt. Lets hope there is a buyer, or we might still see 30p.

It would make far more sense to take this private, I believe John Hornby could do a lot more away from public markets, be a shame if it got snapped up even at £2. but I would be pleased for them. Otherwise, this has the potential to multibag IMO.

Frustrating market games this morning, spiked to 143 then back to 139 to buy, barely adding any price for the trading update.

Longspur have published research with a target of Low 206p, Central 222p, High 261p - 2026 should see FCF of 10%.

LUCE is already a large position for me, but if funds free up I will add at this price. At some point, these shares should rerate.

Straight Aim, from what you posted, USD 42 million of the term loan and USD 28 million of the revolving credit facility matures on 14 October 2026.

How is that not a problem? Where are they going to find 70M from?

Under the terms of the Sale Agreement, the Group will sell AMS to Dr. Zvi Marom, a non-executive director and significant shareholder of the Group, in exchange for his entire shareholding of 96,794,500 ordinary shares of NIS 0.01 each ("Ordinary Shares") in BATM, representing c. 22.2%

What an absolute SCAM. The man that founded BatM, has effectively separated the wheat from the chaff, by doing a paper deal where no money has changed hands. He has effectively de-listed the diagnostics business and left the other vultures to fight over the remaining scraps. Very telling that he saw the value in the diagnostic business and not the telco side. Crook is probably too kind a word.

If you really look at the latest results, all the info is there. I disagree about the 'profits' how ever you wish to measure them. I did double check before posting, and this is still over valued. Maybe it is you with the Hyperbole (great word btw). This needs to come down a lot more to be attractive for any new money.

· ROIC significantly ahead of cost of capital at 24.2%

Dont know how you are planning to liquidate it, to arrive at that figure. It sounds like it includes no intangibles, but it the intangibles that are providing the earnings growth and ROIC. EG if this was up for sale it would not sell at asset value alone, it would be on a multiple of earnings or profit. There are plenty of companies that I worry about debt, but not this one, as Rocket said this is what they should be doing.

On the basis we were unlikely to get NAV anyway, im not that bothered.

What is the best case scenario here?

I would be considering what the worst case here is. I'm sorry to say but I think little upside here, and probably dwarfed by the down side. The stock has caught my attention - I was invested - but im finding it hard to want to get involved at 114m mcap, or 185m Ev for a loss making company, which has had the rug pulled from underneath it, and had one chance to deploy the life raft and failed. I know you guys wont want to hear this. Actually looks fairly priced, or even a little rich for current market + track record + debt + business model.

How are they going to repay the debt? and when is it due? Are they just prolonging the inevitable now to draw a salary?

Its looking interesting at this price, though no funds to buy.

Ha ha, were following each other round the boards. Yes, was thinking that GLG really should consider just buying a few here, £2.20 way better than £2.50 that it was, or maybe the £3.50 it could end up. I would be surprised if there was zero interest for spire, so at some point we should see another spike, at least on some rumours. I would guess the budget could be holding things up now.

I was about to post thing. I cant wait to buy some under £3.

Reeves is totally incompetent, a liar and makes my skin crawl. I cant listen to her talk or the robot. The Tories are to blame - somewhat - (and to be clear I hate many of them as passionately) , but a lot of the current woes fall completely on her shoulders. The fact she wont acknowledge this and just insists on lying or crying her way out of it, shows you what a villain she really is. GBG tanked today on US tech rolling over, but she is to blame for everything else.

Lol at Senator. Reckon some shorts covering today.

The Company announces that, on 8 October 2025, it transferred 398,134 ordinary shares of 5 pence each ("Ordinary Shares") out of treasury to part settle earn out consideration obligations in respect of a completed corporate acquisition.

I think this is better than issuing more shares, in effect they are using cash to pay the earnout. No idea if the shares were bought 'under par' e.g. for 90p then valued at £1.00 on the day of the settlement.

I think BEG needs to conduct a buy back, where they cancel shares, there just seems too many, as the price cannot rise. Low institutional demand as well, which is strange. I really think 2026/7 we will see Rick Traynor get the ship in order so he can sell out and retire.