Member Info for Dartron

I think Gresham need to be the largest holder to win votes and over ride the founder, when they choose to sell this. They have control now. I would say a major change to the investment case post August 2025 - ✅ loans refinanced, ✅ SEC in the drivers seat.

That's why I'm invested, but people should make their own decisions and not trust everything written on these boards - some people have agendas.

Already in the NAV

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Achilles (the trust) held 10,000,000 Urban Logistics (SHED) shares (≈2.15% of the company) and gave an irrevocable undertaking to support LondonMetric’s deal. Under the recommended deal terms Achilles’ 10m shares converted into a package worth about £15.03 million (≈150.27 pence per SHED share).

My own estimate:

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Cost: 10,000,000 × 135p = £13,500,000

cash Cash: 42.8p × 11m = £4.71m

Value of LondonMetric shares received

On completion (August 2025), LMP shares were ~210p.

So 6.17m × 210p = £12.95m.

Total received = £4.71m + £12.95m = £17.66m

Gross upside £17.66m Gain: £4.16m (+31%)

Arriving in September NAV

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own estimate of price from TR1

10 July – 2m shares

Price: 224p

Cost: 2,000,000 × 224p = £4.48m

1 August – +4m shares

Price: 210p (earnings-day drop)

Cost: 4,000,000 × 210p = £8.40m

Total Achilles position

Shares: 6,000,000

Total cost: £12.88m

Blended entry = 214.7p/share

- Current stake worth £15M at £2.50 per share. (15% increase)

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Not sure what exposure they had to PRS REIT deal, but PRS REIT share price also up in September.

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Adjusting for spire, I get a NAV of 110p. NAV could be negatively affected if new positions are being taken, not sure what if any PRS REIT adds.

Should see in a few days.

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welcome any corrections or additions. I am a holder here.

Yes the price caught me off guard a bit today. I read the RNS this morning and thought it wasn't really going to move. Peel hunt have £4.35, but I think it needs a few days of consolidation after that move - hopefully a short closing. 4.5p Dividend in 2 weeks, so worth hanging around for IMO.

There it is, blows Senator1 bear case out of the window. The founder Angus MacSween has bought shares. He already has a lot of shares, doesnt really need the money, so £20k is good enough for a nod to keep the faith.

Regards the nonsense that S1 was posting earlier - I offer the following CORRECTION to his post.

There he goes again, exaggerating the facts. Gresham went from 19% to 29% from July 31st to 8th August. See TR1. The price during that time has been in the region of 23p. so 10% of company bought at 23p. They probably took the stock from Lombard, so the buy is as much about liquidity as it is catching the bottom. There is no way Gresham are going to dump this stock in the market. They have taken control from the founder, and will be able to find a buyer for these businesses - that is the bear case. The bull case is that they work with the company and help them restructure and get a far better exit. We should be encouraged that Gresham felt 23p represented good value - this was after the refinancing, which I imagine would have been a necessity in order to invest more. So being right up to date with news, 23p was a good price.

I mentioned before, Gresham talked about Ricardo and getting a b/e exit - due to having bought at higher prices. It shows they can work there way out of these situations, and that they dont just give up. What appealed to me, was that although Gresham did not make money on Ricardo, a PI who bought between February and May could have achieved a 64% exit on the day of the offer. I know a lot were short there too, and im sure there were similar postings and ramblings from the bears, but common sense will tell you there are buyers for established businesses that are easy to fix.

Total confusion. The thread I replied on has been deleted, was it too bullish for the shorts?

Avocet you said below in this thread : regarding ASOS, "obviously, clothing is very different from airliner travel sales..." Are you sure you know what GB Group does mate? its not party dresses, and its not holidays. Its Identity, as in digital ID cards.. y'know.

Good job GBG are not in the business of 'Heels and Party dresses'. Perhaps send some investors over, since GBG confirms that trading in the year-to-date has been in line with the Board's expectations. Taken together with the current sales pipeline for the remainder of the year, the Board is confident that GBG will deliver on its full year revenue outlook, which is consistent with current market expectations.

If digital ID gets any legs, even a rumour could see this gap up 40%.

Great find, Rivaldo. It always pays to read reports from other fund managers. Consider that their average is probably closer to 1.15p than 95p.

We also have a dividend to look forward to of 2.9p

The final dividend will be paid on 6 November 2025 to shareholders on the register on 10 October 2025

Buying at 116 today yields 2.5% just off that 1 dividend.

Did you see that earlier Avocet? Janus Henderson, ignoring your wisdom. The have foolishly acquired another 1% equity and a long 0.5% CFD. Please pass your details on to them before they blow any more funds. 🤣

Step 1 - Special resolution must pass. I cannot see Gresham voting for this, so that is 17% against. only need another 8% 'no'.

- we have Schroders, Raymond James, + some retail enough to block this. (No one voted for Saba did they).

Step 2 - CLIG and 1607 have the choice to tender, since both work on arbitraging NAV, they will probably want to sell some. Both trimmed in the summer (allowing Gresham to increase). Unlikely that these value investors will want to trigger a fire sale, possible they take some exit, its looking like a circa 14% NAV upside today, but money is trapped for up to 12 months, NAV is not guaranteed (depends on market exits - listening to our bear, its going to terrible). So CLIG and 1607 would be silly to take the exit in full, is my take. I can see them perhaps trimming a bit, but NAV in 12 months time is pretty vague and a lot would depend on your macro view. Is it better to let SEC get some more exits, and build more NAV, even if the discount persists. They can run buy backs etc to appease. Interesting situation, but I dont see CLIG or 11607 voting for their own annihilation.

The record date has passed now, I was considering some SEC, but on the research, if I was a holder I really dont know what I would do. My gut feeling is that you would make more money in the investment pool providing it is big enough - that's the kicker.

Does it affect IOM, possibly. But SEC are not going to dump on the market, they will just sell this on, its literally what they do. Yes we can all speculate about SOTP, but why would SEC increase to 29.5% in August, and announce this tender in September if they didnt think they could make money here.

I am happy to hold, and I hope SEC is able to continue as it offers a unique offering among small caps. If any one has read this far, BOOK is also interesting that is SEC but for private companies. I like special sits. ;)

Perhaps other readers can see to take your writing with a pinch of salt, as its omitting some details to suit your narrative. Re your IOM knowledge - clearly wrong. Ill leave it at that, im not willing to share all of my research on a public forum.

https://www.theaic.co.uk/aic/news/industry-news/strategic-equity-capital-risks-windup-with-100-tender-offer

“The company’s portfolio will be realised in line with market conditions and the liquidity of the respective investments. Shareholders should therefore be aware that this means tendered shares may be held in escrow for up to 12 months or more,” Barlow said.

The directors and Gresham House, which has recently lifted its stake to 17%, would not sell their shares.

James Carthew, head of investment company research at QuotedData, questioned the performance figures used by SEC but said it was not the right time to exit a strategy that had rebounded around 26% since March.

From the tender RNS:

{if over £100m tender} the Board reserves the right to terminate the Tender Offer. In these circumstances, the Directors will instead put forward alternative proposals {buying more time I should think}.

Great to have some sensible debate on here, but a few things. Gresham do hold 29.5%, I dont know what the split is between SEC and the Microcap fund - im pretty sure they both hold some. IOM mcap = £20m. Gresham's holding worth £5.9m at mark to market. SEC NAV = £177,888,960 therefore IOM holding as a representation of the NAV would be 3.3%. (likely smaller if other Gresham funds hold). In an interview I listened to, the Gresham BOD are not tendering shares, so were not at total wind up stage. As you said there seems to be around 17% held by Gresham (Treasury shares?). They have a few good winners they can sell or sell down, to realise capital. I really don't think they will start with IOM - essentially a recent position. Flipping this the other way, from my analyses if we say the IOM EV is 120M, they could easily break IOM for more than current market price if they did want an exit. SEC have the skills and contacts to do that. It might mean that we get a lower but faster exit. I think the most unlikely outcome is SEC selling on the open market, that seems to go against everything they do. I agree this is a high risk / reward play, and its a difficult one to judge where the bottom is. Not helped by IOM themselves keeping very quiet. If they can come back and announce some restructuring, sale of division, debt reduction, cost savings in problem division, success in high growth division, this might start to look a lot more cheerful.

SEC either need to rebuild this business and it returns to growth or FCF, and they sell out for an exit over say 3 to 5 years, or they arrange some deal, and Atech, Easy Space go to new homes, the DC estate needs rationalisation, and could probably then also go to a new home. My figures on SOTP exits exceed the current EV even under my own bear case.

Why are Otus selling ?

25-Sep-25 16:35:57 32.00 100,000 Unknown* 31.00 33.00 32.00k O

25-Sep-25 16:27:43 32.50 100,000 Unknown* 31.00 33.00 32.50k O

25-Sep-25 15:51:23 32.00 100,000 Unknown* 31.00 33.00 32.00k O

25-Sep-25 08:30:02 32.50 100,000 Unknown* 31.00 33.00 32.50k O

25-Sep-25 08:23:05 32.50 100,000 Unknown* 31.00 33.00 32.50k O

25-Sep-25 08:19:10 32.00 100,000 Unknown* 31.00 33.00 32.00k O

Thanks all, I will listen to web cast, didn't know about it. Sekforde, that's the info I was looking for.

To stick my 2 peneth in, GBG is one of the most bullish set ups going currently. No way this wont rerate above £3. Has to once index funds start buying. Trading update was good, so that was the last hurdle IMO. I couldn't believe I was able to rebuy the stock I sold at such great prices, this is really facilitating accumulation at these levels. Consider that Octopus managed to SELL their 16M shares at 2.30p. That's the floor, if anything it should be higher, there isn't going to be any more big dumps like that. If shorts missed out on that load, then they are in trouble here. Maybe avocet knows this, and is frantically posting from his boiler room.

Why Stay Listed? Can’t raise meaningful capital at this joke valuation. Listing costs for AIM (auditors, NOMAD, compliance, IR) can easily run £500k–£1m a year. That’s 5–10% of their adjusted profit straight down the drain. Liquidity is poor — so the listing isn’t even serving the purpose of “currency” for acquisitions. Right now, the public market is just an expensive shop window nobody’s walking past.

Going Private - MBO or PE-backed take-private = founder + Otus walk off with the whole pie. At current mcap (£25m), it’s pocket change for even a mid-tier PE fund. Pay shareholders 60–70p, and the whole thing costs ~£45–50m EV (still cheap for £100m+ revenue). They could then quietly build it, lever it, and re-float or sell in 5 years at 5x the value. Public listing is a vanity badge unless it brings scale, liquidity, and access to capital. Here, it’s doing the opposite: destroying credibility, soaking cash, and leaving the founder with a 27% stake that’s essentially trapped. If he’s pragmatic, take-private is the obvious move.

I had hoped to hold this into a 5 bagger, but I think PE will take the lions share of that.

Hi, im considering investing more here. can anyone tell me more about the dividend please.

From what I can see it is paid equally Fy/Hy - is this always the case.

How safe is this going in to next year : In line with our $455 million annual dividend commitment ($380 million paid on the voting ordinary shares)

I know its the 380 number. Was thinking of adding a few more, but only if the 9% is more or less guaranteed (as much as anything can be).

A positive sign, I would say

https://uk.news.yahoo.com/150-jobs-secured-north-yorkshire-050000313.html

The growth and potential we see in the sectors we serve are huge; therefore, having the right facilities to deliver the highest standards for our clients is crucial.

So due to the high trading volume yesterday, GBG were able to buy 273455 shares, a staggering £627,579 in a single day.

There is a company called Autins ticker AUTG, looks like they were victim to JLR cutting back.

Came here tonight to investigate large volume. So disappointing, I have had big profits here twice only for them to evaporate.

Dont forget the year end is in March, so the net cash should have diminished by around half so far, going by the interims where they made a loss of 1.25M in 6 months. Clearly the sale is a distressed sale because funds are running out. That probably makes the 0.5p per share fairly realistic, but you will lock up your cash for 12 months, so probably should factor in in some opportunity cost and premium for risk. It seems a terrible deal. I doubt they have got this far without support from the large shareholders (all multi millionaires, who will easily be able to absorb the tax loss). I cant see any upside at all, currently your paying over 0.5p for 0.5p back in 12 months. I think holders here will just have to just except that they cant P&D their way out this one.