Member Info for Dartron

In a way, Toscafund are providing liquidity. They are just an investment vehicle, Steve Morgan of Redrow notoriety his vehicle is Bridgemere, but Toscafund usually count his 5% as part of their 18%.

Once they own the asset, they can continue to explore a sale or some other way to improve the situation. I therefore think this is very likely to go ahead.

But look - now it makes sense: From Wikipedia

Toscafund Asset Management is a British specialist investment firm which is a major investor in a number of companies including Circle Health Ltd.[1]

Sounds a credible bid as Toscafund already holders. I would expect shorts to try to close, looks like it was a just a flush for weak hands. I am planning to run a lot of my holding in to the sale, I want the full £2.50

Wondering if bond yields and government instability have dragged this out, but they need to update tomorrow, and provide some colour about any take over.

Thanks for proffering an explanation, which explains somewhat but doesn't justify your glowing view of management. If those numbers are correct, then on one hand you have to be optimistic, but you have also lost money partly due to the boards behaviour. They could be handling this bid situation a little better, I would say there is no good reason not to have made some statement by now, unless they are taking PR and comms straight out of the Keir Starmer playbook. 'He has a mandate' just as the Spire board do, don't you know. As I said, I don't wish to argue with you at all. But the CFD is not the right vehicle to hold the position for 'the much longer term'.

I should also mention that I did also back Chris Mills, I also hold AIC, so have partly contributed to his ability to maintain exposure here. The Spire trade has blotted an other wise clean copy book for AIC in its first year, at time of results returning -25%. Come to think of it, I am still quite exposed to this Spire trade given my AIC holding as well.

I would consider my self a special sits trader / investor. At least 30% of my whole book are special sits. If you like property special sits, and really spicey ones, I am in GRIO. That's the type of asymmetric sit I feel comfortable holding - it just needs to play out, rather than require a binary outcome. Spire really is turning in to a hold and hope, though having come this far, im happy to see it through and plan an exit after the facts. I think most people will agree that they are here for the take over, not to hold Spire long term, it just doesn't work as an investment. The fact GLG can throw more short at it this week, as we get to the AGM tells you the pro's still think its expensive at 150p. Spire AGM on Thursday, so I would expect to hear something in 2 days, at the level of leverage you have, I think you'll have a knot in your stomach either way! Good luck.

Im trying to understand your position Kendal. It honestly sounds like you think Spire has been a good investment, yet it has produced a negative total return over the short term and the medium term 5 year window. It also sounds like this is ok in your book, because its not really anyone's fault - as long as we apply the victim mentality mindset.

Are you holding for a take out, or would that be value destruction in your book, and you would rather coin in the 1% DY yield, and gloat about your PE multiple of 36? Are you arguing that Spire is worth £3 due to the property book, or not? its hard to tell why you hold a torch for this lemon.

If you just like it under book value, I could list dozens of shares trading under book value right now. No one wants them, because they fall in to the 'too difficult to make money from' bucket.

I can tell you that I was (and still am) invested here long before this board was full of speculators, probably around 2023. So I have followed the story and the woeful performance. Of coarse, my dissatisfaction with the outcome over that time is only due to my not understanding the business model. I was actually positioned for the M&A angle, and it was mainly why I waited, but now I am in the same boat as the other investors , (Tosca Fund, Steve Morgan CBE, Mediclinic, Harwood) who lack your optimism, not to mention your exec board brown nosing.

A lot of people are pointing selectively at certain metrics - yes especially you. I have no interest in arguing with you, you wont change my mind or decisions that I make here with my position, but I genuinely do not understand your investment angle - if you have one at all, or is it just like the Monty Python sketch, and you are just here for the argument? In which "No it isn't" "But it says that on the door, Oh I see, We've already started"

I dont remember SREI turning down a deal. So far, LMP bought a chunk of SREI, thats all.

Back in late 2023, Picton Property Income was discussing a merger with UK Commercial Property REIT, but the deal collapsed because a major shareholder, Phoenix Life, would not support it.

I am surprised both stocks got marked down today, as the Quoe data article says this is great for SREI. I bought some more PCTN today, at 69p, as it provided a 12% discount on the offer valuation of SREI, but the 45p here was probably similar.

I previously had some PCTN hoping to profit on the takeover, but at the price of the deal, there wasnt any profit in it. Though I dont mind increasing my SREI holding, and will now have a new LMP holding. Both stocks being marked down that much made no sense. LMP didnt move so much.

Another funny one was that there was no stamp duty on the Picton shares today - I bought twice (via 2 brokers II then IG), so it wasnt a fluke. Not seen that before.

Buy back was supposed to be concluded in May 2026 but only managed 2.6M out of 4M. Now being extended.

"It’s a langsome road that has nae turning." 😐

I think the consortium own 10% of the shares, also see TR Property owning 10%, so cant see why this wont go through. SREI pays a higher yield than PCTN, and has a refurb->improve value enhancing strategy.

https://quoteddata.com/2026/05/londonmetric-and-schroder-real-estate-launch-403m-all-share-bid-for-picton-property/

Richard Williams, senior analyst at QuotedData, said: “SREI shareholders will come out of this proposed deal very well, with its portfolio swelling by around £375m and its portfolio weighting largely unaffected – meaning it will continue to be tilted towards the higher growth logistics sub-sector. It is getting these assets, which will be immediately earnings accretive, at a discount to book value too. Size and liquidity of shares have become of great importance over the last few years, and this deal would put SREI on a better footing, making it the largest REIT in the AIC’s UK Commercial property peer group. It is also good to see a lowering of the management fees within the proposed offering. This deal is kind of small fry for LMP these days, but it continues its growth through M&A as it expands its triple-net property portfolio.”

SREI is a better outfit IMO. Bought more Picton today under 70p, which was like buying SREI at a 12% discount.

Agree. I lightened up on GBG after that last update. Need to see stronger growth. I note shorts are still increasing here.

I do feel that GBG is a global business though, so im less worried about domestic politics.

The board have added zero value here for well over 6 years now.

To summarise:

People should vote and express their views, what ever they may be.

Even somebody in favour of the current board, may wish to vote against share allotment, or donations to the government.

Its not usual practice to insist on a voter to explain themselves.

As we are witnessing in the local political elections, sometimes, people wish to vote tactically or just to send a message to those in charge.

I also draw attention to this one: AUTHORISE UK POLITICAL DONATIONS AND EXPENDITURE

Justin Ash has been in in charge of Spire since 2017. But focussing on the last few years (2021) - Net debt up, Earnings before tax has plateaued then almost halved. Dividend halved over recent years. They conducted a buy back in 2024 at a far higher price, even though they had 100m net debt, so capital allocation is also questionable. To be fair, the large holders had to force the board to undertake a strategic review - it wasn't forthcoming from the board. Perhaps, its just a case of some one else could do a better job, or even communicate that they are doing a better job? My main issues are with the strategy and pandering to the NHS. Although you are desperate for me to bemoan the share price, I dont need to. The share price is the markets vote, and ultimately they are voting on the boards performance. Any board that claims they cannot influence the share price (long term like Ash's tenure) are gas lighting you.

Especially when they have presided over a a net negative total return. As Warren Buffet said, the Market is a long term voting Machine, over the course of Justin Ash's recent tender it has not received such vote.

There are 12 directors up for election, for a company that made 17m after tax in 2025. Let that sink in.

To be clear, I do not expect my small holding will out vote the likes of Mediclinic (or even Mill's 5%). So I am not expecting to get anyone sacked.

However, as is usual in these cases. If enough votes are against certain directors, they usually have to acknowledge it and engage with share holders to understand why. I could happily list various reasons why I am dissatisfied with the board, communication being one of them.

I dont need to blame anything on them, I am simply sending a message of dissatisfaction with how the holding has performed. I do not agree with some of your over simplified points and as usual you seem to have derailed the conversation.

I just voted NO to election of all directors, issuing shares etc. I abstained from approving audit etc. Only voted yes to a buy back.

Its so easy to vote, please send a message. Most platforms, tomorrow is the last day to vote. It was 30 seconds a few mouse clicks on Interactive Investor.

Wingy, the directors have done a good job steering this through dire Macro.

Personally hoping for a crack at some below £1. Trading update next week, might see it get there. With so many shorts, it almost doesn't matter what the company say, it will get gapped down for exit liquidity. Funny, because I thought Gleesons update was bad this morning, yet up 10%. That's exit liquidity for you ;) We probably are at the point of seller exhaustion here, hence Wingy desperate postings.

280p is 11x Ebitda, which is a terrible deal. Now that the large acquisition is digested and Ebitda grew by something like 25%

2025 revenues of approximately £228.5 million (2024: £177.5 million), EBITDA of £49.5 - £50.0 million (2024: £40.2 million)

I cant see the board accepting it, and I cant see PE wanting to pay more for it either.

A lot of these stocks will probably re-rate themselves before they get taken over at higher multiples - maybe in 2 or 3 years time.

Multiple Cyber (p) + Cash (~88p) Total Price

5x 29p 88p 117p ✅ (current)

6x 34p 88p 122p

7x 40p 88p 128p

8x 46p 88p 134p

9x 51p 88p 139p

10x 57p 88p 145p

11x 63p 88p 151p

12x 69p 88p 157p

13x 74p 88p 162p

14x 80p 88p 168p

MY NUMBERS WERE WRONG.

It was a half-year update, so the Cyber EBITDA of £8.3m is H1.

Annualising gives ~£16m run-rate.

With the implied Cyber EV at ~£76m (post Escode proceeds), that puts it on ~4.7x EV/EBITDA.

Mcap 328

Ev 338

Net proceeds 262

Cyber business ~ 76M

Cyber adjusted EBITDA increased by c.130.6% to c.£8.3m

Cyber trading on 9x

The previously disclosed review of the Cyber business remains ongoing. As the Cyber review includes the possibility of a potential sale of the entire issued and to be issued share capital of the Company, NCC remains in an offer period under the Takeover Code.

Honestly think the short case was that it could be derated down to 8 or 9 times, post Escode sale

Thought this was interesting from PHP

Establishment of a new strategic private hospital vehicle to reduce gearing

We have made considerable progress in establishing a new vehicle for our private hospital portfolio, and are on track with our previously reported plans to deliver a transaction that will reduce our gearing and act as an alternative source of capital and growth for the future. A shortlist of potential counterparties is engaged and the Board is focused on selecting a partner and structure that will deliver the optimum shareholder value for the future. We are confident that a transaction will be announced during the summer of 2026.

It at least helps with adjacent price discovery, capital allocation from large funds etc.