Member Info for Dartron

Johncut - why am I getting de ja vu from last week ? I see your other name in the chat. Im up a good 15% there. I book mark your names and follow you x

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20p is still cheap IMO, and that is why you are seeing the buying. Proposition is de risked with recent financing, Gresham on board + plus modest director buys. I would be happy to see a base around 25p to 30p, before we get some news, so we can then do 25% from there! The right news, could see 40 or 50p.

Sale of asset / Debt reduction? Solid trading update - especially from Atech.

Interesting that Redcentric are also exiting data centres, and focussing on services.

(Alliance News) - Redcentric PLC on Wednesday said it is focused on recurring revenue and managing costs in the new financial year, as it said the successful sale of its Data Centre business will result in a "material return of capital to shareholders". During the financial year, Redcentric sought to separate its Managed Service Provider and Data Centre business units, and it currently is in advanced negotiations regarding the potential sale of the DC unit.

If that was Iomart, they could really get the debt down / margin up, you would think.

I took a look at Robbies trades on his website, I am familiar with him and admire what he has done. I did wonder how he arrives at exit prices - easy wins? He got a good entry here, so could of already sold. He seems quite discretionary (which is fair enough). Think he says he has 5000 shares? that not much in the scheme of things.

IMO, this is a classic shake out, there is no volume on these red days. LUCE is already cheap at 6.2 Ev/EBit (if FY results come in). There is a short here that needs to be closed from Saba, plus Blackrock are up to some tricks - see TR1.

I increased my holding in my pension recently, its one of my largest small caps now, I chose to do this to back the CEO, and strategy of the business. I think there is a lot of upside on offer, but its over years not weeks. I do also have a trade on the go, but even that I will run for a month or 2.

They recently refinanced their RCF, so it runs to June 2028. There is no comparison to Regional REIT, they did a raise to pay a bond that was due. I agree Paul, if there is a problem, I would rather they fess up, and cut the div if need be. At least then, they could be better rated as an investment. Unlikely to be a general election for at least 2 and a bit years (unfortunately), plus NESF have over seas assets. I added to my holding today.

I am in AIRE, where they had to refinance debt, I bought some on weakness, after refinance, yes the div got cut by about 10%, but share price rose well above my purchase. In that case, they are talking about increasing dividend for the next year. That is what would happen here, a cut, which would allow them to grow the div again. They could cut the yield at todays price down to 8%, I think price would rise if company was on a stable footing.

That said, we shouldn't just assume there is a problem, it could just be a fund selling due to recent exit from F250. Look over at BSIF, and you will sea local council pension funds are buying there. Again there is appetite, they just need to make the investment case a bit less uncertain.

Not really, a big part on investing and trading is managing your expectations. I will continue to hold and look to increase when sentiment turns.

After some years investing, you realise that timescales that you thought would be months, turn out to be years. I am still surprised that after the Pirtek acquisition, the company has only gone backwards. Pirtek was acquired in April 2023, using a placing at 180p:

The £200 million Consideration (excluding the Adjustment Payment) represents a multiple of 13.6x Pirtek Europe's Adjusted EBITDA for the unaudited prorated year to 31 December 2022. ... A total of 51,036,291 Placing Shares have been conditionally placed in the Placing at an issue price of 180 pence per share for £91,865,323.80.

Since then a wave of selling from directors, CFO leaving after less than 12 months, to be replaced eventually by the interim CFO, who goes on to sell shares! His recent sale at £1.26 doesn't instil confidence going forward, and although king pin Hemsley as bought in the market, he has bought less than the CFO sold (understandably, as he doesn't need the shares, being a 11% holder).

We are getting used to the pattern now.. directors sell.. results are poor, share price drops more. I am getting fed up with the performance being blamed on geo-political uncertainty, when the company offers services like unblocking drains and fixing hydraulic hoses. Surely these businesses should mostly be defensive.

I have always thought that this company will be taken private at some point, and perhaps broken back up again. Debt coming down, forward forecasts not that impressive. Anyone who bought in that placing is now 30% down and frankly a bag holder. It may well leave the market for less than £1.80, judging by how shrewd the board are at trading this stock. Its a hold for me, I wont be adding, exit b/e would be a result. I have held since the pirtek acq. 2.5 years now.

Well, that's short selling for you. Possible deliberate spike, or possibly one fund buying back, now the others fill the gap back down. 50ma at 3.56p, likely a target. Doesn't mean it will rise from there. Ashtead is looking more and more like a short based on macro themes, therefore until the macro improves, im not expecting this to go anywhere. Was very tempted to sell what I had at £4 (loss). but didn't (fairly small holding). Glad im not loaded up here, dont see it going anywhere for months. 8 shorts is not a coincidence.

'Fat finger' trade to fill an order.

08-Oct-25 09:15:55 80.24 18,000 Sell* 88.60 89.80 14.44k O

08-Oct-25 09:15:55 80.24 -18,000 Unknown* 88.60 89.80 -14.44k O

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08-Oct-25 13:15:49 89.8125 90,000 Unknown* 89.60 90.60 80.83k O

08-Oct-25 14:06:04 89.90 25,000 Unknown* 89.60 90.20 22.48k O

I was not affected, I dont use stops.

Summary from ChatGPT, not fact checked everything but looks right to me.

• Investment policy:

o Primarily invests in UK solar energy assets (utility-scale).

o Can invest up to 10% of its Gross Asset Value (GAV) in assets outside the UK. But long-term, it does not intend to hold non-UK assets permanently.

o Also limited exposure to other renewable technologies (wind, storage) and UK solar development projects. Aggregate exposure to non-UK, wind/storage, etc., is capped (≤ 30% of GAV).

• Yield / Dividend:

o Dividend per share recent ~ 8.88p to 8.90p for the year ending June 2025.

• NAV vs Share Price Discount:

o Estimated NAV ~ 117.24-117.77p per share; current share price ~ 87.50-88p → discount of ~ -25.8%.

o 12-month average premium/discount ~ -23.4%.

• Other notes / risks:

o Debt / gearing: Total outstanding debt ~ £581 million; gearing ~ 45%, which is at upper end of preferred 35-45% range.

o Performance issues: Recent ambient irradiation below forecasts in certain periods; DNO/outage issues.

o Weather risk (wet months), equipment (inverters) replacement, regulatory / market discount risk.

I need to run the slide rule over this again. I hold BSIF and NESF, If I had cash I think I would add to BSIF, I like the JV's they are doing with GIIL, and I noticed this week that Yorkshire pension fund have taken a 4% stake in BSIF

https://www.lse.co.uk/rns/BSIF/holdings-in-company-kcaqr2thwd1o3uw.html

One key different is that NESF have exposure over seas, where as BSIF does not, but the JV allows growth IMO ?

Lyceum Solar is the JV: 25% owned by Bluefield Solar, and 75% by GLIL.

Assets in Phase 3: ~250 MW portfolio of solar & battery storage projects (including Mauxhall Farm etc.).

Financials & Payment: GLIL paying ~£38 million for its 75% stake in those assets. Some payment is up front (~£28m), some deferred (~£10m) based on milestones. Original partnership: The strategic partnership kicked off in December 2023, when they first acquired a 247 MW Lightsource bp portfolio together.

Ashtead Technology has done 10% this week - its last week on AIM. Dont see why we wont be over £3 before we leave AIM.

@shorters - I think avocet123 needs a reboot. He is hallucinating about Easy jet again, when he should be bashing digital id. He's probably had a stack overflow after looking in that Asos catalogue.

Volume over last 2 days should be enough to trigger a TR1, expect a fund has bought in. I see some largish trades even above 50p on my L2 system. That should negate any worries about funding, as usually funds conduct due diligence first.

Luceco is deliberately pivoting into the energy transition and becoming much more of a software / connected home business.

— Sync EV is the priority growth engine while CMD and D-Line provide margin & distribution lift.

Management guidance and call commentary paint a picture of accelerating low-carbon sales and concrete channel wins, while acknowledging near-term cash strain driven by investment and M&A.;

- Sync EV revenue guidance: Management commentary (Analyst call): Sync EV expected to turn over ~£18m in 2025.

- Hive channel win: Management commentary (Analyst call): Sync EV awarded to sell chargers into Hive’s ecosystem, with expected c. £2–3m sales in 2026 tied to this integration.

- Market share claim: Management commentary (Analyst call): Luceco reports ~8% share of new-install cloud-connected residential vehicle charging in the UK

- Product launches & IP: Management referenced a recent product launch and patent activity (Linc patent referenced on the call) supporting product differentiation.

- Manufacturing / margin advantage: Manufacturing of Sync EV chargers occurs in Luceco’s own factory in China (built c.2007/2008), enabling better margin control vs competitors reliant on outsourced supply.

- Low-carbon progress: Management reiterated £83m revenue from low-carbon product categories in 2024, and £42m in H1 2025 — demonstrating rapid first-half momentum.

- M&A; capacity: Management signalled long-term M&A; firepower, noting commentary that the group could spend up to £100m on M&A; by 2030, focused on energy transition and distribution expansion.

- D-Line: Management expects D-Line profitability to double within two years post-acquisition through integration and cost optimisation.

- CMD: Management identifies cost savings and synergies expected from CMD integration - explicit synergy targets discussed on the call.

- Tariffs & manufacturing shifts: Management discussed tariff weakness in Mexico affecting factory; also explained selective moves from China to Vietnam to reduce tariff exposure and preserve margin.

- Bull case: Sync EV growth (£18m 2025 ramp + Hive channel), accelerating low-carbon revenue (H1 traction), and M&A-led; margin upside (D-Line, CMD) could materially re-rate the business as a consolidated energy-transition supplier.

-Founder still owns 18%. Founder from M&A background.

- Upside from short positions to close

I am not talking about the 30% in treasury - voting shares are 43.2M. I am talking about the 17% of the voting shares that Gresham have. (not SEC).

So Gresham already own 17% of SEC. SEC is run by Gresham employees, so if the public fund wound up, they could sell their winners & some holdings and pay off the other 83%, I think it would make total sense to take equity rather than cash for Greshams 17% since they have the team who can unlock value. If you or the market doesn't believe in them, that's fine, but I think that they believe in themselves. Also as you know - very few trusts trade at a premium or even par. That's one of the features of investment trusts / closed end structure. Therefore institutions would expect some discount - although as you know, city trades around par. Those funds holding SEC are looking for NAV appreciation, but the question is over what time period. I think they would be silly to exit entirely now, as small caps and UK trusts are making a come back. I expect more NAV appreciation if they continue to hold.

Also to put it in context, if the SEC NAV is 180M, and City hold 11% that's £19.8M. City's own NAV is 2.6B, so are they sat there stressing over less than 1% of their pot? It calculates at 0.7%, pretty insignificant either way for them. Look at hoe Saba have been fended off on other trusts, easy to buy off activists and continue CQN, MTU, you know the list.

Right, I have work to do!

You would be better off keeping quiet. Its like to you want to go over in detail why these things are not problems..

They would have -at least- 12 months to sell the exit pool as they have stated. That is how these things work, I have been in a few wind ups my self. If they got over £100M of the nav looking for an exit, then they would withdraw the tender and do something else - this would buy more time.

- So it is just fact that they are in the drivers seat for at least 12 months, there is no getting away from that.

How do you know that Gresham wouldn't take some of the holdings for them selves, and continue to run SEC as a private entity. They are effectively owed 17% of the book. They have a team of about 40 people. They might even be ale to attract some capital and take most of the fund for themselves.

- I think they would likely be a buyer of underlying holdings if the public fund was wound up. We know they dont want it would up.

I personally dont see City and 1607 voting for a full exit, they are fund mangers not reckless idiots. Their trimming in the summer is just fund management, your looking a this like the small time player that you are. You are not running City, 1607 or SEC, your just some bear on a forum, who wants people to sell their shares. why should people listen to you? and before you start, I am replying to YOU. I have already stated people should make their own decisions, buy, sell, hold I don't care. I am not here pumping the stock, im happy not to post, but I will correct your inaccuracies.

Why has the NED purchased shares - he must know better than anyone what the prospects are.

Why is the share price rising ?

How much more do you need 🤣

Jefferies:

‘We think the majority of the technical overhang has now cleared,’ he said. ‘This leaves the shares trading on an 8% free cashflow yield in December 2028. We believe this looks too low for a quasi-recurring revenue business, which is cash backed and poised to finally reaccelerate growth.’

AI answer:

Current and recent success stories (2024–2025)

In the last two years, an increase in companies moving from AIM to the Main Market has been observed, partly due to regulatory changes that have narrowed the burden gap between the two markets.

Gamma Communications: This tech firm completed its Main Market transition in May 2025 and had a valuation approaching £1 billion at the time of the move.

Johnson Service Group: The textile rental specialist announced its return to the Main Market in 2025. It had previously been listed on the Main Market but moved to AIM nearly 20 years ago to cut costs during a restructuring period.

Elixirr International: The consultancy firm successfully transitioned in July 2025.

Brooks Macdonald Group: This asset manager completed its move in March 2025.

Atalaya Mining and Alpha Group International: These companies completed their transfers during 2024 and have performed well.

Companies that have joined the FTSE 100

Several large, established companies in the FTSE 100 originally started their public life on the AIM market.

Entain: The gambling group, which was previously called GVC when on AIM, is now a FTSE 100 constituent.

Melrose Industries: This engineering company, known for acquiring and improving businesses, started on AIM before growing into a FTSE 100 stock.

Unite Group: The student accommodation provider successfully graduated from AIM to the Main Market and later joined the FTSE 100.

Hiscox Ltd: The insurance underwriter was one of the earliest companies to move from AIM to the Main Market in 1997. Over a long period, it has delivered significant returns to investors.

Companies that have joined the FTSE 250

Many firms have used AIM as a springboard to enter the FTSE 250, the index for the 250 largest companies outside of the FTSE 100.

Big Yellow Group: This self-storage operator joined AIM in 2000 and moved to the Main Market just two years later. Since its move, it has delivered robust returns.

Breedon Group: The building materials firm moved from AIM to the Main Market in 2023.

Domino's Pizza Group: The UK division of the pizza chain graduated from AIM to the Main Market in 2008 and is now a well-known FTSE 250 company.

Genus: This genetics specialist transitioned from AIM to the Main Market and has performed strongly.

Primary Health Properties: This investor in healthcare properties also made a successful move and is a constituent of the FTSE 250.

Notable acquisitions

Moving to the Main Market can significantly raise a company's profile, making it an attractive target for larger firms. Some of the most notable "successful" moves ended with the company being acquired for a large premium.

Booker: The wholesale retailer moved up in 2009 and was later acquired by Tesco for £3.7 billion in 2018.

Entertainment One: This company, which owned the rights to Peppa Pig, was acquired by Hasbro in 2019 for £3.3 billion.

Centamin: The gold miner, which moved up in 2009, was

The UK's new digital ID scheme (sounds like GBG could be one of several providers..)

The new scheme, sometimes referred to as the "BritCard," was recently announced by Prime Minister Keir Starmer.

Mandatory for employment: While not a traditional ID card that must be carried, the digital ID will be mandatory for all UK workers as a means of proving their right to work.

Purpose: The system is designed to combat illegal working and migration, reduce fraud, and streamline public and private services for citizens.

Free and digital: The digital ID will be free, stored on a user's phone in an app, and will include verifiable information like name, date of birth, and residency status.

🟢 Multiple providers: Individuals will be able to choose their identity provider from a list of certified companies, rather than having the government build a single, centralized database.

The UK's digital identity ecosystem is governed by the Digital Identity and Attributes Trust Framework (DIATF), managed by the Department for Science, Innovation and Technology (DSIT).

Certification: The framework sets the standards for certified digital identity service providers (IDSPs) like GB Group.

Trustmark: A new trust mark is being implemented to provide public assurance that a provider meets the government's standards.

Register: A new public register of certified digital identity and attribute services became publicly available in April 2025.

🟢 GB Group's role

GB Group has a long history of working with the UK government on digital identity services and is a certified provider for the new framework.

Government-certified provider: As an Identity Service Provider (IDSP), GBG is certified under the UK's Digital Identity and Attributes Trust Framework (DIATF). This allows its "GBG Identify" product to be used for digital identity verification for official purposes, including "Right to Work" and "Right to Rent" checks.

Previous involvement: GBG's involvement with UK government identity schemes dates back years, including its participation in the previous GOV.UK Verify service with its "CitizenSafe" product.