Member Info for Dartron

As at 31 December 2025, the Group's unaudited Net Asset Value (NAV) was £68.0 million, or 84.5pps

I would take 80p cash and go elsewhere.

I thought the results were good today. I think a lot of this is due to liquidity and short selling, which is compressing multiples. At what point would PE like this? got to be close.

AEW used to manage this, the strategy was rejected, Glenstone built 15%, got board influence, chairman replaced, Glenstone blocking to 25%.

Changed from AEW manager to Martley Capital led by Richard Croft (a key person in Glenstone)

I may have mentioned TISE before, in reference to Glenstone being listed there, but clearly they have never pushed to move in all that time. If anything, it would make sense to reverse in to AIRE. Hopefully this flushes another bidder. I learnt the above in some research when discussing how poor AEW had been over the NCP debacle. I would rather more proactive managment. AIRE is fine as it is.

Also today, SREI/LMP named as interested for Picton.

Busy busy busy...

Non-binding proposal from AEW UK REIT plc ("AEW")

sounds like a paper deal, where AIRE is valued at -3% of NAV. Not sure I want to be a AEW holder, of all things for sale in my portfolio, this wasn't one of them.

Https://x.com/MarkKleinmanSky/status/2035049044557299728

Nice idea..

The setup you’re describing

Mediclinic already owns ~29.8%

They’re basically sitting right under the 30% tripwire

Stock potentially gaps down Monday

“They just need a tiny top-up… and boom → mandatory bid at a low price”

⚖️ This part is actually TRUE

If they go from:

29.78% → 30%+ They must make a mandatory offer, at the highest price they paid in the last 12 months

And if they haven’t bought stock in that period, then yes — the new purchase price sets the floor

🚨 BUT, They don’t want to accidentally trigger a bid. Crossing 30% is not a casual move

It means: Immediate obligation to bid for the whole company. Massive capital commitment, Financing needs to be ready beforehand

They can’t lowball as much as people think. Board can reject, Shareholders don’t have to accept. A super lowball bid risks just… failing

Strategic logic matters

Why would they trigger a full takeover in a falling market with uncertainty?

More likely: Wait, Let sentiment weaken, Approach privately at a controlled price

Agree Kendall, I have said it before and ill say it again, those Sky news leaks are not helpful.

On other stocks, like AMS, they have created a 1 hour spike, where some unsubstantiated rumour is dropped and never mentioned again. Its actually a bit tacky, that Bridgepoint/Sky have dropped this.

Revealed: Bridgepoint, the buyout firm, is drawing up plans to offer roughly 230p-a-share for Spire Healthcare Group, Britain's biggest private hospitals operator, although an extension to Saturday's bid deadline to allow further time for talks is likely.

https://x.com/MarkKleinmanSky/status/2034755936296821097?s=20

better than a margin call for me.

I think a 12% short to unwind is rather interesting. Hard to see how you would not make money at these prices, if you have the patience.

12% return compounded for 4 years = 1.57x, I think Ibstock can beat that. That's my plan any way. Buy and hold Ibstock and outperform the market. Im adding every now and then, this is one of those stocks, you will look back and think, it was such an obvious bargain. You couldn't build another Ibstock today due to regulations etc, but even if you could, it would cost more than the EV to build another Ibstock. So..its cheap, demand more or less garaunteed...at some point. Just requires patience.

I would say sell. Utter junk.

After 8 or so irrelevant paragraphs, he summarised the reset, then said a recovery remains to be seen. Im finding IC a lot less useful than I once did.

Prior to the conflict, my thesis was that we might see an offer along with the results, a situation that recently happened with Schroders. While it might be less likely now, you are bragging about a 10% gain from a short term trade - recounted on favourable price terms, which I could not verify. For context, many stocks do that in a single day, its not really that much of big deal. Actually, the investors are the people who remain invested. When people talk about chopping in and out of positions, on a net basis, most people lose. Its always harder to get back in than you think, and the confirmation you may need could be half the move. I have held this stock several years, a 10% down move is nothing from where this once came from.

Better to travel than arrive. I sold mine at £1.50 as the conflict began, only because something else I wanted was then cheap. (It is now cheaper!).

I do still think shareholder returns are lacking here, and the portfolio of miners should be traded more, gold has retraced $1000, did they sell any?

Should be yielding over 5% for the risks and volatility IMO.

I felt encouraged that Picton mentioned they do have approaches for their property portfolio (and delayed results meaning discussion very much on going), shows appetite is still there.

My take on Spire, id be happy with even a low ball bid, since the market has sold off and other stocks are that much cheaper. Im not sure if PE professionals would try for a low price, since I think they could get it over the line at 2.50p, or just decide it doesn't suit them at any price. I expect news will land tomorrow morning - either way. If there is no deal, I still think Spire will get taken out at some point, so I wont be selling out completely.

I should say, I also had NESF drop 15 %, not related to the conflict and it was a sizable holding. My pf is worth less, but I own more equities, and ones of far better quality than prior to the conflict.

They often say, those that sell find it hard to get back in, sounds like you rotated a bit. Sounds like you are up, which is nice.

I could have sold, I could have gone long oil, but I honestly I didn't think it would escalate to where it has. I still think it will be over any day.

I ended up doing the 'reverse oil trade' I bought stuff that fell due to oil price, I now own a lot of Croda PLC, plus more Persimmon and a slug of the Japan index. I did sell a few toppers like CAPD but only to buy bargains, not because I worried about them retracing.

My PF has given back a lot of 2026 gains, but we both know it could gap up on a resolution any time. I would trim next time, but hopefully there is no next time. I would be buying Jet2 etc.

Good results, but they do say they are somewhat affected by the conflict,

Trading in the first two months of 2026 has been in line with management's expectations. We are closely monitoring the current situation in the Middle East which has created volatility in oil and gas markets and project execution timing uncertainty in the region. Absent extended or wider disruption, the Board remains confident in delivering further progress in 2026

Debt:

Due to the strong cash generation in the year, we reduced our net debt to £108.9m (2024: £128.4m) and leverage of 1.3x (2024 proforma: 1.6x) further strengthening our balance sheet.

One offs:

£1.6m legal, professional and stock exchange costs relating to the move from AIM to Main market£0.4m restructuring costs from simplifying the Group's legal structure, predominantly the striking off of previously acquired entities from the Group structure£0.6m one-off software development costs linked to ERP enhancement and integration-£1.3m receipt of a previously provided debtor balance

Our operating profit of £51.6m compares to £42.8m in 2024. Net finance costs increased to £10.3m from £6.7m in 2024 as a result of funding the Seatronics and J2 Subsea acquisitions through our revolving credit facility (RCF) in late 2024. Profit before tax of £41.2m compares to £36.1m in 2024, an increase of 14.3%.

It shows that one day this will deserve a high rating, I had not been following it (as is often when you sell out). Back on the watch list.

Thanks for the tip off, I didnt realise they had cash, explains how they can run this buy back before EScode sale

The disposal of Fox Crypto in March 2025 was part of the strategic plan to simplify our business and focus on creating a pure play cyber service proposition for clients. It has also helped us transform our balance sheet to eliminate Group borrowings, with net cash of £13.1m at 30 September 2025

Stuart Widdowson comments on it here:

https://youtu.be/Z69FgYYV2mw?t=949

Added a few today, its becoming a large conviction hold for me.

Id love to see your portfolio, if perfectly good stocks being sold off for trash is surprising to you.

From my POV, everything is down (except a couple of oil stocks I own). Decent businesses down around 10%. Like this one.

Lot of people go to cash in times like these. I am more of a deploy more cash kind of guy. Guess I like being miserable.

"oh its just Donald being Donald"

Exited my whole position for a blended exit of 27.05p. So pleased. High oil price for a week makes no difference here. Took the other side of the trade and bought the fallers from the crisis, so hopefully a double gain over next few weeks. No plans to buy back here, what has been a disaster investment over several years.