Member Info for Dartron

The sheet is updated to end of December. 1.98M shares for £1.7

Will add Januarys at some point.

In general it felt liquidity was really bad around the market today.

What are you talking about? What is 2 weeks?

Connor, Clark & Lunn Investment Management Ltd

One one hand we have a turn around story, with a promising new business venture in the USA (fermentation). We have a 29% holder (Harwood) and a moderately low valuation. We may even have the possibility of restating a cash dividend or acquisition. I hold a small amount, and as the business is profitable I shall hold for the next update where I will judge if progress is being made. On the other hand, we haver slow progress, poor history of execution, and now the CEO is off worrying about another company. No meaningful news in the last 12 months does not bode well. You are also right, EKF is donkeys years old. If it hasn't gone to moon yet, then it probably never will. Long story short I think next update is the key decision maker, has the fermentation facility contributed meaningfully to the bottom line. Is there any chance of this being sold private. I guess I hope for a private sale and selling out and missing that would be quite sickening.

But does that translate to profits for BEG and does that translate to returns for shareholders.

Where is the end goal here? If they keep empire building for another couple of years then we have a boom and insolvency under performs, what then? They should be peaking now IMO, which they are not.

£1.49M spent so far in December, acquiring 1.74M shares.

https://docs.google.com/spreadsheets/d/1wRD9Z7Kpfl48B_UhhJWyEyhirlZC-5jweUtGpQ62HIg/edit?gid=0#gid=0

Im reading a lot of 25 outlooks, most are bullish on Asia, India and china. To that end, I would of thought this should do well next year. I shall be increasing exposure via additional funds as already hold this.

According to the fact sheet it is up NAV and share price this year. This is a play on commodities of all types, there has been weak demand for copper, PGM's and Iron etc - this could well continue in 2025.

Big holdings in BHP, Rio, Glencore, Anglo American...

Paying 6% and will be a great inflation hedge. I like it.

Diversified 32.8

Copper 24.3

Gold 22.1

Steel 4.6

Iron Ore 3.0

Industrial Minerals 3.0

Uranium 2.9

Aluminium 2.2

Platinum Group Metals 1.3

Nickel 1.0

Zinc 0.1

Net Current Assets 2.7

Total 100.0

Many things are ridiculous about this stock.

Thanks Lukee. Thanks for taking the time to consider the spread sheet. There was a mistake in the summation of the share count, so the actual number of shares bought is now 1.6M. The £ was correct. I had a SUM(B29:36) should have been SUM(B29:B45), this was because when I created the sheet I only had data up to B29. Good spot, and thanks.

This from Lombard: (I will post more as I see it, cant find the one that specifically mentioned USD volatility). Should be good for AGFX.

---

The US dollar should see broad-based gains in the coming months on US rate re-pricing.

However, the pricing-in of tariffs will likely dominate as a currency market driver over the coming year, with the euro, yuan and North Asian currencies facing significant downside risks.

Barring initial volatility, gold should perform well as investment flows add to support from central bank purchases.

Over 1M shares bought in December now, at £1.37M.

1M shares = 0.4% of company

https://docs.google.com/spreadsheets/d/1wRD9Z7Kpfl48B_UhhJWyEyhirlZC-5jweUtGpQ62HIg/edit?gid=0#gid=0

AIM is down 4% in as many days. Perhaps people see better opportunity elsewhere. While I like TIG and will remain invested, My last few investments have been on the LSE but to remove exposure from UK stocks - Blackrock world mining, and today a Silver ETF. I think I shall have to focus on over seas investments more going forward. I doubt TIG is shorted but my other stocks are taking a battering from shorts. As I have said all along, so much out of the companies hands.

I see a few pundits saying 2025 going to be great for small caps. I have heard it all before 2 years running, im not enthused about UK listed stocks right now. That said I try to focus on over seas revenue like TIG. I shall keep what I have but wont be adding to UK small caps. Have you considered that a weak share price is more likely to see a buy out, ie. perhaps it is better to get to 80p so they are forced to leave LSE. Similar thing starting to occur at Yougov - activist asking for it to be put up for sale. £12 peak about to go under £4 (shorted by Blackrock). I also like the sound of Saba capital who are hunting down 8 or so investment trusts to kick out the boards. Some people say that UK might need to amalgamate with europe for a single index if LSE gets too small. Meanwhile my frickin wife's friend is making more money than me on Nvidia and MicroStrategy. She has not even heard of AIM.

FED rate cut might help?

Mistake in my post below, these are correct:

Buying on the bid - price maker

Buying from the ask - price taker

selling to the bid - price taker

selling on the ask - price maker

correct line: The alternative is that they become price takers and put an offer on the ask.

Stas, your confusing 2 aspects.

1) level 2 trades are recorded as a sale if the bid is hit - as you say. Zeus are sat on the bid, as you say. There is always a buyer and seller in every L2 electronic trade.

2) Zeus are buying on the bid which means they are a price maker. They set a price, 90p and wait to get filled. This is the most economical way of buying, and will also be well suited to the market conditions this week (supply exceeds demand). The alternative is that they become price makers and put an offer on the ask. The trouble with this is that it will start to push up the price, which would be counter intuitive to the buy back. I know you guys want a higher share price, but that isn't really the function of the buy back. From the companies perspective they want as much stock at the cheapest price. This is good for the balance sheet. This is also what you would have wanted when you were a buyer. The buy back isnt really to drive the share price up, it is to increase the valuation of the company, which is achieved better if the stock is bought cheap. Once shares are bought your own stake will increase in value, as the equity attributable and the earnings per share will increase. If they only have £1.5M per month to spend, why would they want to get less shares for the money, when there are plenty on offer at 90p. As soon as that dries up, then it is a different conversation, but I expect more sellers will appear at ascending price increments. Only news will re rate this significantly (Which I am confident on).

Level 2 has many participants all with differing objectives. I have bought on the bid and sold on the ask an hour later on other stocks that are being manipulated. (not here as My tig is not on L2 account). It goes crazy at the start of the day for price discovery, and the end of the day building up to the auction. Be encouraged, from your analyses there were 102k shares the auction, but Zeus only bought 30k. That is good IMO, shows other buyers.

Your imagining it as a static tank of water, and saying Zeus are not using a big enough bucket to empty the tank. But in reality, the bigger the bucket they use, the more water will be put in the tank (imagine another tank filling the first tank) As zeus adjust the level in tank 1 it allows more to flow from tank 2.

Join ShareSoc for a webinar on 28th January at 5pm, where Team Internet (TIG) will be discussing its current performance and future strategies.

From the other chat board.

Depends on your perspective, a trend following strategy from Feb 23 to Oct 24 would have made near 100%. It looks almost a straight line down. See my last post about not being a good investment as rates increased.

Hope it does that on the way back up, but doubtful. The IC write up was very positive. (but has been over the Feb23 to Oct 24, so maybe cant be trusted much).

Perhaps he means back in May 2024 when it went from 17 to 20 then back to 17 very quickly. I suspect that was a short closing.

I have given up on this trust now, it seems ironic to call it a capital preservation fund, when it has not even kept pace with inflation. I have bought and sold it a few times for profit, but there never seems to be a time when I can say RCP should go up because X has happened. I think it is too diversified. Want gold? buy gold. Want S&P buy S&P, at least you know what you own in that case. Pure PE seems to be doing better HVPE + SMT and a bit of commodities and PM's ought to do it.

RCP has done no promotion to my knowledge, hard to explain why you would hold this, and what the benefit is.

Very likely to go under £4 IMO. Im a buyer under 4, flat liners is right, but as well as the hedge funds, private equity are the other side of the equation. The irony is that both will make huge profits here, but will pay no tax to the uk.