Member Info for Dartron

The Programme will be completed in four quarterly tranches, each with an aggregate value of up to £1 million ("Quarterly Tranche").

I think they have bought the 1M (at a guess). Should restart September.

Derisory offer. Sad to see it go.

Epwin was snapped up today; naturally,

noooooooooooooooooooooo. I used to hold that, was hoping to get back in, but hesitated as RMI is weak imo. I hold Ecel too.

Offer was quite low, £1.20. Not much premium. Epwin was a quality business.

Regards Yougov, you have to remember shorts will manipulate this and its got nothing to do with the valuation.

They were on 10% before the drop, so they have bought 7% since.

Chart looks primed for a break out...

For reference, but unlikely the cause of the jump. Hopefully a buyer of stock due to it being a good investment!

Should have topped up, it was a bargain.

https://quoteddata.com/2025/07/under-pressure-partners-group-private-equity-looks-ready-to-start-buying-back-its-cheap-shares/

Berenberg starts Luceco with 'buy' - price target 160 pence

Even if they cut the dividend a bit, its still a good yield. Fully let, seems well run, quite diversified compared to other reits. I have been handed back well over 20% of my capital here. I guess its unlikely they get a offer now, if they have refinanced. Happy to stick with it, though I dont add as I prefer others.

The Group incurred net finance costs for the year of £6.9 million (FY24: £9.0 million). The decrease is mainly due to lower interest on the variable rate Revolving Credit Facility. (they use SONIA, but it will be effected by a BOE rate cut)

The interest rate cut will actually increase net cash flow.

I think a lot of the short stock has been absorbed by value investors, see the 2 RNS. There is now over 4% to cover and no sellers.

All the news was kitchen sinked in the TU, so results sound a little positive going forward.

Well the EGM was duly passed... they have approval to allot 10% of the current share capital.

Therosy1, yes its a good approach, and many do. They call it discount control. I think its more valid when the discount is wide. I used to not like the shares being held in treasury, preferring them to be cancelled, but once you realise how easy it is to issue shares (See above!!) it matters very little what they do with the paper.

A really good fund trading at a premium, should issue shares to realise new capital because it has clearly demonstrated that it can put it to good use and earn a return on it, by what ever it is the particular trust does. Im not so sure regarding this trust, as I have posted - the earnings are not covering the dividend currently, so issuing shares seems like a bad idea to me.

In simple terms here, the fund will be 10% larger, but so will the obligations. Expansion based on what track record exactly?

It has really underperformed, in NAV and share price - see for yourself from the Association of Investment trusts website

https://www.theaic.co.uk/companydata/henderson-far-east-income/performance

One more thing, recent performance of the whole sector of Asia investment trusts has been stellar, so its a case of rising tides lifting all boats.

Bunny, I would have thought the opposite might play out. Since the market, and most analysts are forward looking perhaps those needing income would have already sold, on the update of March 25. Perhaps, some funds will will be buying SFR now, in the anticipation of a dividend being resumed and also the offer of capital growth. Listening to many fund manager interviews, they tend to be far longer term than your average investor. This is my reason for buying in here, I can easily see a scenario where a dividend is resumed and up to that point we might also see capital growth too - it could take 18 months however. SFR seems a well run company, that is a play on the economy, and should be an early recover in the cycle.

The broker note talks about resuming dividends in 12 months, but I think it will obvious either way from following the economy and any contracts they announce.

We understand that management’s intention is to return to paying a dividend as soon as practically possible. Given that the order book is picking up and the opportunities further out look exciting, there is a chance that Severfield may declare an interim dividend, though we believe it is more likely that the board will wait until the full year to consider a dividend declaration. We are currently forecasting a 1.5p per share dividend in respect of FY26, which implies dividend cover of 1.7x on an underlying basis. This 1.5p per share dividend implies a cost of £4.4m and is included in our FY27 net debt estimate of £38.7m.

· NAV total return for the quarter of 1.6%

· NAV increase of 0.2% to £301.9 million or 61.7 pence per share ('pps')

· Annualised dividend yield of 6.8% on 4 August closing share price of 52.5p

· Quarterly EPRA earnings increased 7.3% to £4.4 million, or 0.9 pps

The dividend payment will be made on 29 August 2025 to shareholders on the register at the record date of 15 August 2025. The ex-dividend date will be 14 August 2025.

The dividend of 0.897 pps will be wholly designated as an interim property income distribution ("PID").

JPMorgan cuts Spire Healthcare price target to 303 (309) pence - 'overweight'

JPM are joint broker.

Otus subscribed for 8M shares at 34p in Apr 2023. Last RNS they have sold just less than 1% (750k shares). I doubt Otus are having big redemptions, but I can understand the rational for selling a few in to strength and derisking. Shame it has come right back to the placing price.

I remember in the investor meet, when asked they said that they had better uses for the capital, but I feel a small buy back would show the market the value on offer here. If they just did £1M that would be a 4% buy back at current prices.

This has IPO at £1.60 in 2021 and the price is almost at an all time low, time to start demonstrating that investing here is a two way street.

GLG are increasing, as of Friday up 0.12%

Skimming this: (Current mcap is $600m)

The acquisition purchase price is $85 million on a cash-free, debt-free basis...The Group's adjusted net leverage2 pro-forma for the acquisition is expected to increase to c.2.3x. The Group also announces that it has agreed a $75 million incremental RCF borrowing capacity, increasing its total committed RCF from $200 million to $275 million

It is a big acquisition for a company with existing debt. The optics look like it is funded almost entirely from debt.

I'm in River. Like the investment manager. A good source of ideas. They got an exit on Reynolds recently.

Thanks iron. I think that the move to MM will help. I think the stock is driven down by short sellers in anticipation of forced sellers. I can't see any case for continuing the short there after - assuming fundamentals are similar. It will be large enough to be bought by passives though not sure that will help. I agree gamma has not seen a huge rise though I don't follow. Also you are saving a bit of stamp duty buying before move. I received my dividend and have reinvested. Why not, I think the price and upside is good currently. My thesis here is long term compounding and with buy backs and free cash flow I think the company is as good as any to do this.

GBG group has good cash generation. It managed to pay off 30m debt last year, conduct a 10m buy back and pay 11m div. The finance costs dropped by around 1/3 to 6m by year end. We now have an going 25m buy back and by year end I would expect debt to be lower still, reducing finance cost further.

21m capital returned last year, 25 already committed this year. I don't know how iron nut can say the company is providing a poor investment.

We must be close to the floor on this one, I'm happy to keep buying as pricey drops on the basis that the finance metrics are improving all the time. Plus you have 3 businesses in here, any or all could catch a bid.

Thanks for some sensible analyses. The only issue with your approach is that over such a long period, you are essentially using lagging information. Im not sure they were issuing shares that far back. Still, lets move on, How do you feel about the issuance of the 10% shares?