Member Info for Dartron

Well, Im out. Willing to admit when the thesis breaks. At 17p, this is now priced for perfection. Because they are going to make another loss next year, and cannot repay any debt, then you are being asked to hold this for 18 months, in the hope that nothing else goes wrong. Because if it does, we are looking at covenants breach. And in any case the banking facilities are only until 2027. They have now had 1 year to address the churn / legacy data centres, but despite a few senior people walking the plank, nothing has happened. Many of those sites are too old to be of value to anybody else, and if you extrapolate the tech sell off (of decent stocks) they are selling off because AI will be able to replace X,Y & Z function at your company. In that case, why would you need hosting? Actually hosting, I can believe hosting being a victim of AI. Or this type of low end hosting anyway. If you did use AI to assist your legal function, for example, you would be hosted on the same DC as the AI. Atech is a good business, but its completely swamped by the bad stuff. Yeah, you might see a take private, at 100% premium (im doubtful). But it has now become a binary bet, and risk reward / timescales not worth it. I Atech relisted on its own, I would be interested.

A lot of this is basket selling, with shorts on top using the momentum. They reloaded yesterday (or someone bought) and I closed some spread bet at 225p. Back in today at 215p, happy to play market maker. RNS feed is broken, but Janus Henderson have increased via leverage 0.5%, so it tells you price down here is not consensus.

Https://www.londonstockexchange.com/news-article/PCTN/response-to-press-speculation/17456613

Have a read of the broker note on research tree, forecast to be loss making now next year FY27 as well, with net debt increasing.

Im not a fan of the name change. new ticker: https://www.lse.co.uk/rns/BTG/

looks like the ticker belonged to Boston Scientific previously.

As at 24 April 2025, the Company's total issued share capital consisted of 252,635,775 Ordinary Shares, announced £10 million buy back.

As at 22 July 2025, the Company's total issued share capital consisted of 248,942,815 Ordinary Shares, announced £25 million buy back.

As at 24 November 2025, the Company's total issued share capital consisted of 238,936,921 Ordinary Shares, announces a £10 million extension

latest buy back RNS - The total voting rights in the Company will therefore be 236,756,171. Shares purchased in latest 10m extension = 2180750, (guessing an average price of £2.20 = £4.7m, so still around £5m to go.

In less than 12 months, float has reduced by 15.9m shares, 6.28%

Shorts currently 5.74%, so nearly as much as the buy back.

GB Group (GBGP) holds a strong consensus "Buy" rating among analysts, driven by recent positive earnings, improved margins, and a share buyback program. With a 12-month average price target around 371.50p, brokers foresee significant potential upside. Analysts view recent product and go-to-market improvements as key to future growth. Key Broker Views and Projections (As of Feb 2026):

Consensus: Strong Buy (9 buys, 0 sells, 1 hold).

Interesting set up IMO. Clearly one side of the trade is very wrong. I am happy with a small stake here, with 5% for shorts to buy back, there will be plenty of time to get on board, if news re-rates this. Conversely, if shorts are expecting a crash, a small holding affords some options. Looking at the calendar no update from the company is expected here until April.

I dont know why it must resort to name calling, but I do know that this investment has made you no money, and is now worth half what it was 3 years ago.

The shares are worthless, until the company proves other wise. No share holder returns, no capital appreciation, no growth in earnings. But yes clearly it is me who has the bad decision.

JPMorgan reinitiates Auction Technology with 'overweight' - price target 665 pence, just after closing their short : JPMorgan Asset Management (UK) Ltd 0.45% 7 Jan 2026

Severfield, the UK's largest structural steel contractor, has a significant and growing presence in Europe, particularly following the acquisition of Dutch firm Voortman Steel Construction (VSCH) in 2023. While the UK remains its core market (roughly 80-90% of the order book), the company has established a firm foothold in continental Europe and the Republic of Ireland,

Full year trading update was on the 19th March last year. That would be 6 weeks from now if they keep the schedule.

Regarding NasCan comment, a long term investor would not be under water. Someone who bought in the IPO, or even at the close on day 1, would have received 63.8p in dividends along the way. (20% of their investment back!!) I have been back to look at the dividends since IPO, and it reinforces my investment decisions here. The dividend has grown substantially in just 4 years, and the current yield is now over 6%. The yield is not advertised as such, as the main part is a special dividend. The cost of dividends last full year was ~40m, and Bytes have ~80m in cash + FY2026 profits. I am assuming the dividend will continue.

I may be approaching this differently to some, I am not looking for growth stocks. I am looking for cash-generative businesses that return meaningful capital to shareholders, which Bytes has demonstrated consistently since IPO. I will wait until trading update to decide what to do, at the current price, it is suggesting an add more, but I have enough in line with my strategy. I have this included in a defensive sleeve with stocks Like Tesco's and Persimmon, not a basket of high beta SaaS microcaps. - Different objectives lead to different conclusions.

2,4.2,6.2 = 12.4p

2.4,5.1,7.5 = 15p

2.7,6.0,8.7 = 17.4p

3.1,5.9,10 = 19p

current yield at 19p = 6.4%

I am a fan of Richard Penny, and I was astounded that he likes this stock. I am amazed that he can get past the governance issues here, and the history of only looking after them selves. If he ever goes back on Vox, I will pose the question to him.

Zvi's worthless shares for the diagnostics company underlines my point.

Good spot, thanks. Hopefully they bought of shorts.

This is what they said in October: Operating profit down 7.0%, with higher headcount, salary and national insurance costs only partly mitigated by lower variable remuneration. I would not frame it in exactly the same way as you Finley. I also would not frame your other assumptions in the same way either. Coronation seem to have sold a bit, but the sale was on Wednesday. Are they trying to trade this and front run shorts? Id be impressed if they have. I came to investigate the 2m share sale printed, but it was from yesterday, yet price was never that high. Hmm interesting.

There is going to be a lot of noise now on boards like this, with all kinds of speculation about the company, and the management. Amusing chatter from people 'who could do a better job' eh Finley! For me (and I suspect the South Africans) Bytes is a cash machine with structural tail winds behind it. Yeah, the multiple will go up and down, you trade accordingly.

Talked this market drop through with my buddy, GPT. He thinks GBG will be a net beneficiary of AI, as fraud and impersonations will be rife. Same with NCC another position of mine. He thinks it is basket selling in the case of these firms.

I noticed, had buy orders set. Good sign IMO.

No one wants to be the liquidity for Otus though...

GB GROUP PLC GLG Partners LP 0.84% 0.10%

Shorts are still increasing, and GLG are normally very tactical (rather than just following momentum), so id be careful adding size just yet.

I would like to hold this long term, I think its an excellent prospect for continued growth, and eventual exit from the market. Couldn't guess when it might retrace, or pull back. Looking at a long term chart, (weekly), breakout looks tiny. Its done well considering most tec stocks have been down this week.

I am not going to try and trade this, the spread is too wide to be able to get back in. I would be pleased if it can hold 160p, as my buy in was 130p. Im happy to wait for a more buoyant market, to see this take off properly.

Stellar run so far. Patience rewarded.

I will add to my post, now iv calmed down!

The share count has reduced by 10m due to buy backs (4%), I would estimate there is still 5m left on the current buy back. I sold here as I saw the short interest increase significantly. On that basis, I think this may go lower. I expect they are expecting weak earnings etc, hence only my small add. Its nice to be back in, I agree Chelmo, we could wake up to a takeover RNS - hence my unease at being out.

From a pf management perspective, I reduced another company I am waiting for a take over on, as GBG has better capital returns to share holders.

A list of TO candidates in my opinion are GBG, ATG, YOU, AMS, FRAN - some of these are hard to hold for years on end with nothing happening. It was AMS that I reduced. I tapered down this sleeve, and increased my momentum sleeve, which makes it easier holding some of these when you have gains elsewhere.