Member Info for Dartron

So it seems that Milkwood capital are building a large stake here to vote against the resolution to return capital. (See news articles). Then it seems that Downing have tried to increase the amount of capital that will be returned, perhaps to sway some voters. "level of cash within the Company's portfolio against the Company's NAV as at 6 March 2024 (being the NAV referred to throughout the Circular) has increased to over 40%." Proposing return of 26p on 4th April.

Milkwood have declared with about 17% so far, I think they will need to buy a few more to get this over the line, unless they have found another party who wants to remain invested. Crazy that the SP did not increase during this time.

"The issue and redemption of B shares is subject to the passing of the resolutions to be moved at the General Meeting of the Company being held on 3 April 2024, which together seek to approve the implementation of B shares schemes by the Company."

If Milkwood manage to stop the return of capital, then this money will need to be re-invested presumably, but in to what? DSM could end up with even more cash if and when Fire angle sale goes through. I for one don't mind either scenario. I agree that funds like this are heavily discounted, the market is heavily discounted, and more so small caps. Therefore the potential return if this fund continues should be much more in 24 months. I was planning to purchase stocks in the fund, with the capital returned anyway, so don't mind holding on. Perhaps the last few months have allowed a re-think of the portfolio, and potentially a chance to start over on a few new positions. I for one, like these concentrated portfolios, of 10 or so holdings. Will Milkwood have any influence? That would be interesting. Milkwood were pressuring Foxtons to sell up last year.

Reform party : The party has pledged to accelerate oil and gas drilling, start fracking for shale gas, end subsidies for renewables, and scrap the windfall tax on oil and gas companies.

I added more here recently, results were good. Director buys, and over 2% short needs to close.

Investor meet later.. lets watch that and see.

Up 8% as another interested party appears.

The DSM portfolio was last reported as consisting of over 5% EQLS. Should boost the NAV.

https://news.sky.com/story/ex-chancellor-hammonds-fintech-railsr-eyes-merger-of-equals-13098444

The recent TR1 was good timing, how fortunate for the holder.

March 6, 2024

https://global.nissannews.com/en/releases/nissan-starts-trial-of-stationary-power-generation-system-fueled-by-bio-ethanol

Thank me later :)

Results look ok, some sensible measures in there, like pausing the dividend and discontinuing low margin products. They have a US tax rebate due this year of $2.7m USD.

Now they need to make further progress this year and get back to strength.

Https://www.youtube.com/watch?v=fxlBkGZEw9M&ab_channel=InvestorMeetCompany

Notes from presentation:

Net LTV 25.8%. Debt facility 320M, with 252.5 drawn / 67.5 available.

91% debt hedged / fixed.

Regarding the debt 150M long term debt locked in for 10 years (no date given) at 3.18%.

Remaining 170M expires Nov 25, of this 80M is hedged. (Meaning the 90M is floating rate, Meaning that they have used up all their fixed rate debt, the 67.5 available is therefore not fixed). I wonder what this will look like when refinanced in 2025, However referring back to the 25% LTV, I guess this will be ok. This also explains why there are no buy backs, as they said buybacks would be from debt, and the benefit would therefore be negligible.

Great company, great product, great presentation.

We have a notifiable stake of 8% in the trust now from Milkwood Capital.

We also have some action over at NBB, where downing have sold 6.65% of NBB, and it looks like Canaccord have picked it up. No change to share price so this serves as an exit at current NAV, bearing in mind how iliquid that one is...not bad.

The trade has printed today (From Friday) 4,000,000 at 7.5p , £300k.

Still incorrect. Spread was narrow 1006 to 1008 at the time of writing. Doh. Been a long week.

I am still happy to hold some of these, I only bought a starter pos, Id happily take some more under £10.

Sorry, yes I am watching the level 2 screen, incorrect statement, but agree with Teddy, that Market makers are still influencing the price. Singer is best offering at 9.90. Really level 2 is even easier to manipulate than SETS. I can close that spread now, if I want to offer mine at 1030.

Hi Surprised. Yes I saw that RBC broker note too, exactly my sentiments. Also listening to the Vox market interviews CVS is expanding in to other countries like Australia. I dont think the CMA can reach them there. These drops are totally overdone on market maker stocks. They are just doing it to generate liquidity, and earn a commission.

Bought Bango this week too, same deal. These are all in the pension, so can hold them more or less indefinitely.

I think the chances of a TO on any of these companies makes sense to hold a little of each for max exposure to M&A.

This has nothing to do with office blocks, which are an avoid for me in general. I think SREI has some offices but they are not blocks, and have been super revamped with everything green credential, and the rents increased due to demand.

AIRE - portfolio of 19 commercial long-leasehold and freehold properties. The portfolio includes care homes, hotels, student housing, nurseries, car showrooms and petrol stations.

WEbsite is good, with map and details of all properties

https://www.alternativeincomereit.com/portfolio/our-properties/

I bought at 150.5 yesterday and sold at 156.5 today (in the first hour). Taking in to account the stamp duty, I made 5 points. So obvious when shorts smash it down like that. There is no liquidity here, only shorts trading with themselves, and endless idiots posting on their behalf.

Lovely fake price drop, let people in like me. Back to £15 in 12 months.

Exactly buy and hold. Not for trading. Might get gobbled up..

I also like SREI. Any other good ones you like?

Valued on eight times cash profit to enterprise valuation of $75mn, and 10 per cent below book value, the rating is about right for now. Hold.

@inContext, the broker note basically forecasts this is not going to change for the next few years. All the profits are being reinvested, hence the use of Ebitda.

@FlyingHigher, most people on this board don't understand financials. (see final part of IC article above). I personally think this could drop further, there is no pay back for holding these shares over the next few years IMO.

This has gone nowhere in the last 12 months. Same old usual story from these guys. If we scan down the results, and jump over the optimistic 'adjusted' set of numbers, we can see the reality here:

Profit before tax 1,461

Income tax expenses (839)

Profit for the year before share of loss of a joint venture and associated companies 622

Share of loss of a joint venture and associated companies (822)

Profit (loss) for the year (200)

So the company made a small loss. Outstanding indeed.

More waffle about opportunities and talk of divestment to keep punters on hooks for another year. What a joke. What you need to realise with this company is that it has been listed for around 30 years and has gone nowhere. Just a nice little earner for those inside the company.

Agree with Jerry. I would not rule out another placing, which will be at a discount to the share price, so there is no point in supporting the price by making purchases in the market. I think at least another 12 months before this turns round.

Badly let down by Next and their outrageous flowers.

https://x.com/DartronTrading/status/1766787244268925107?s=20

How many more customers will get refunded?