Member Info for Dartron

In the investor meet they mention 2025 for returning value to shareholders and also spinning something off. My strategy would be to buy a few lots of these over the next few weeks then wait and see. I think at the current level there cant be much down side. Not sure if price is being manipulated, does look like that. Hence why spacing out my buys to get a good average. The results were for 9 months, as they felt they wanted to inform the market ASAP. So we have the 12 month update due end of January.

Share count currently 2,671,079,755. Buy back total works out at 3%.

They need to keep going IMO.

Typo - RCP - Rit Capital Partners.

I would still prefer that the shares are cancelled. If it is so easy for the company to issue new shares like HEFL, then why do they need them in treasury. My worry is that they will use the shares towards making a purchase. In this case the shares are only worth roughly the current share price at that time, and will more likely be sold back to the market. HarbourVest Global Private Equity are cancelling their shares from a buy back, as are INOV. However I have a few like this where they are not, both renewables NESF and BSIF and also RCC (which I sold this week).

Bottom line shares in treasury are still on the balance sheet, it is like the trust or company just cant bear to see the money written off. A final point is that those shares purchased higher up are now worth less. If we were talking about a company I would call it a red flag that they didnt cancel the shares. Trust is a bit more nuanced.

"The date until which the voting rights will be held 5th December 2024"

So its going to tank on that day when they sell the 5% by your reasoning.

Fair enough PI_Winner it is not listed as a financial instrument. But it clearly says at the top

"Transfer in of temporary Proxy voting shares"

and then at the bottom

"The date until which the voting rights will be held 5th December 2024"

I do not agree that these have been bought recently. They have been transferred and will be transferred back on 5th December. The Annual General Meeting (“AGM”) of YouGov plc for the year ended 31 July 2024 will be held at 50 Featherstone Street, London EC1Y 8RT on Thursday 5 December 2024 at 8.30 am GMT.

It looks like they now have 5.1% of the voting rights (from section 7), and they already held 0.5% (from section 10)

Perhaps they wish to have a strong vote on something, but even so they only have 5%. Or maybe its just admin and all of the funds they control have pooled their votes to vote as one. There does not seem anything unusual or controversial on the AGM resolutions.

Lets hope so, but the Macro economics may be a headwind.

I should have it better my self. This is quite standard actually, its just borrowed shares. Sometimes this is a CFD so could be short or long. I doubt 0.5% of the shares was taken to influence votes at the AGM. More likely this is a financial instrument to speculate on the price. Ignore the Blackrock comment, yes they do own 5% of everything. They are just investors in the coorp.

However more relevant to BlackRock is that they have not reduced their short here. I still feel this could drop, and so may these guys. Interesting times.

14-Nov-24 13:10:28 30.00 4,481,529 Unknown* 29.00 31.00 1m O

Now the ask is at 33p at time of posting. Hmmm.

I also missed the recent TR1 from Crucible Clarity Fund Plc. Maybe they came back for some more!?

I hold this, and I like the company, but I cant see why this would suddenly be a buy given the economy. Any ideas?

So none of you read the RNS then. It says "Transfer in of temporary Proxy voting shares".

This will be in preparation for the AGM.

I think this development is more interesting than a purchase. I have not seen this before.

A bit of googling:

BlackRock, Inc. owns more than 5% of the outstanding shares of Ameriprise Financial, Inc. stock.

Price could go anywhere, liquidity is terrible in UK small caps. But value will out. Its not often you hear a CEO say "We are not happy with the share price". He said that at over £1. Most CEO's on investor meet just shrug off share price falls saying they are not in control of the price. Yet I think TIG have proved that it is important to them. They have actually cancelled 15M shares so far. I think that was about 5%. They have a similar amount in treasury, plus currently well over 50% held by institutions.

When you think this is a UK stock that is also essentially a play on the global / US economy and the dollar strength, I think any over supply will get bought up fairly quickly. The structural drivers of the Tick Tock generation etc are not going away. No idea how to value TIG, perhaps that is part of the issue here, but I do trust that the board will respond accordingly, and also happy to follow the lead of other larger investors such as Kestrel and Mr Royde.

Yeah, its a great day trade back to 90p, but its probably a bagger at this level over 12 months, with minimal risk.

I had a chance to watch the investor meet yesterday. They acknowledge:

- Shinez significant underperformance

- General search underperformance (lower revenue per click RPM)

- Product comparison over performance

- Domain names / on line presence over performance

Still on course to deliver 95M to 100M $ of Ebitda this year.

How to fix the valuation gap - sounds like they might spin something out, in 2025. They mention a discount on the SP due to being a conglomerate. Also cite the carve out of Optima health by Marlowe (MRL).

Buy backs - sustainable at current level with current cash flow. Company very focussed on share holder value.

Debt level - Paid down $10M in the last quarter. Cash flow conducive to repaying debt, but also want to prioritise buy backs.

Click prices (RPM) - expect should recover in 2025 due to Trump effect - business friendly. RPM is affecting their competitors as well.

Mention of consulting lawyers regarding Shinez - cant elaborate at this time.

I have linked to the questions which explains things very well, well worth just watching the Q & A.

https://youtu.be/Bc7npH4UIoI?t=2681

You used to be able to go to Euroclear and see the previous months short disclosure - many were under 0.5%. They seem to have stopped that now. Only benefit I got (since data was over 1 month old) was to be able to learn from market experiences and put it down to shorts.

In small caps I believe that a short can be under 0.5% and be effective. They are usually very short in duration, like a week. Seem to have the BB posters etc. Cant be sure this is shorted, but I traded this yesterday, and watched price all day. I was suspicious from about 9.30. It just went down on each buy. I guess it doesnt matter why the price is weak, since the price is weak. So many stocks are under value now after the budget, but I was thinking, this one has less impact from the budget so is a good pick for a UK pf. I think the earnings are in dollars too. I think we just need to let the dust settle, as investments go it seems decent right now.

I dont think varun25 is genuine Stas. Dont waste your time or feed the subtle troll.

Think I bought at 111p for the dividend in October. Now my biggest loss in my income pf.

Will have to do some digging to decide if I want any more. Not impressed with either NESF or BSIF. In both cases, the share buy backs are not cancelled which seems a bit fake to me.

Feels like this is being shorted. Cant see it lasting long with the buy back against them. I was going easy on buying here as it just looks suspect price action.

Better to buy on the way up. Cheaper in the long run.

An appointment for BEG.

https://furniturenews.net/news/liquidators-confirm-fate-of-kettle-home

I found this after reading about Homebase administration, which is breaking news today. Second time around for Homebase who agreed a CVA in 2018. Im not surprised really, Homebase seemed unable to find where it fitted in the retail landscape. They should have ditched the DIY materials which was a complete waste of 40% of the store. No serious DIY or builder would use Homebase as it was just too expensive and the range of products too limited. The Range who are said to be buying some of the stores have the right model, shame Homebase didn't move with the times.

Further investigation, I think Fridays volume wasn't that unusual. There are many days where volume is at that level. Not saying there was no inside selling, but its not huge. I wonder if being listed on the OCT allows more bad practices.

The buy back volume was average for the last couple of days, so Zeus did the same Monday as they did Friday.

I think this sell off seems crazy. 35% drop for a 9% reduction in PBT. This line straight from the RNS:

The Group remains on track to produce record profits in 2024 and 2025, albeit at more moderate growth rates than originally anticipated. The Group now expects to deliver approximately USD 97m adjusted EBITDA for 2024.

I dont even read the acquisition of Shinez as being a problem:

While our recent acquisition of Shinez has yet to contribute to EBITDA

Sounds more like that was always the intention?

Im not that well researched here, I jumped on this due to the drop it made. I did hold this last year, but not followed the acquisition or previous targets. Feels like a bargain to me. What am I missing?

Guys, the share buy back is run by a broker who acts independently:

The Company has appointed its joint broker, Zeus Capital Limited ("Zeus"), to manage the Buyback Programme to repurchase Ordinary Shares on its behalf and entered into an irrevocable and non-discretionary arrangement on 6 September 2024 with Zeus, to enable Zeus to conduct the Buyback Programme on a broker-managed basis. Zeus will make trading decisions in relation to the Buyback Programme independently of the Company, within certain defined parameters.....During the Buyback Period the Company has no power to invoke any changes to the authority and any purchases will be undertaken by Zeus, acting independently of, and uninfluenced by the Company.

I believe they have averages and parameters they work in. They can only by up to a percentage of the days volume.

Also, in the same RNS 14M shares were cancelled which contrary to the linked article is not a waste of money, and the float has reduced making each remaining share a bigger slice of the company.

"The Company also announces that an application has been made to cancel 14,400,000 Ordinary Shares "

https://www.lse.co.uk/rns/TIG/share-buyback-and-cancellation-of-treasury-shares-0q923iyav10rnid.html

Yes the sell off the day before is disappointing, but I think the company and Royde are acquirers here not dumpers.