Member Info for Globex

Btw for South Korea it may also be they'll retain them and enter into a similar partnership to Philippines ones. We do know one of the interested parties is a South Korean mining company. With gold price where it is today, these assets have become highly prized imo.

The Philipines mines are the focus now, rather than the South Korean ones. For Philippines gold mines company have entered into joint venture where BMV take a yield from the gold but partner absorbs the capex costs for developing them.

Gubong and Kochang mines are a bit different, RNS 11th Aug indicates they've had interest from local acquirers. With any luck they'll divest those and redirect funds towards BTC strategy together with focus on the main Philippines gold assets.

A decent business and market is pricing it extremely low. Only thing holding it back has to be external turbulence across sector which can't seem to catch a break. Because of that hard to imagine a catalyst that excites the market enough to rerate it. I believe their customer base is relatively diversified but one thing to watch is whether JLR a significant customer. Autins today example of how that can go wrong.

Obviously I am not blaming Trevor for the hack itself.

But it was his decision to buy up 29% of AUTG. Using the limited resources available to him here, he effectively bet the house on it. He can certainly be judged on that, and on the outcomes of all of his investments - after all that is what market does every day, and his track record speaks for itself.

AUTG not looking too good today, shaping up to be another Trev special. Could be time for him to be put out to pasture imo.

Being long term would align with the stock as this is a definite slow burner rather than quick flip.

Interesting to see this start to slightly separate out from other Reits where sentiment across sector largely on the floor. Has to help this has a decent amount of inbuilt resilience and better protected than most to withstand wider economic pressures (assuming gilt yields don't go totally mental). Can only see demand for these units going one way.

Https://www.ft.com/content/3b814ced-16f5-45f4-815d-cbfb8d2c63a6

At long last some of UK's regulatory barriers look set to be removed

A definite smoke and mirrors announcement. IBAI are just selling some someone else's product as a middleman to their yet to be established customers. It's a bit like your local corner shop announcing they've reached a commercialization agreement with Kellog's because they offer Coco Pops. Not even worthy of an RNS, and makes you wonder what they are really trying to hide here.

Buyouts tend to be cash neutral ie it's factored into acquisition price as paying cash for cash doesn't make much sense. For that figure you may be thinking of the Argos financial services wing which Sainsburys later rolled up with other finance bits and divested for £720m.

Btw about the SFO, the Times story did include this detail not included in any RNS: "Big said that the Serious Fraud Office (SFO) was “aware” of the allegations."

A real scandal unfolding here, has the makings of a good Netflix documentary.

https://www.thetimes.com/business-money/technology/article/big-technologies-claims-founder-forged-papers-over-buddi-deal-6r6szjgq2 (paywall)

Be honest guys, these results are woeful.

This was Sorrell's outlook at the beginning of year:

" For the Company as a whole, we are targeting both net revenue and operational EBITDA to be broadly similar to 2024."

Compare to to numbers today. Revenue actually continues to fall off a cliff.

Sorrell continues to blame macro and tariffs, you could not make this sh*t up.

Well that was fun while it lasted lol. JD seem like absolute tyre kickers, form for similar with Currys.

Will be interesting to see market reaction if deal proceeds. Still leaves few non-food bits like Habitat but not the drag like Argos was. Pure play food group much more compelling in these times. Tesco's EV/EBITDA almost double this. Market probably always give Tesco a premium on earnings metrics due to its scale but still see a significant value gap to close here.

This has to be good news (depending on a few details esp price), Argos has been a bit of a deadweight for a while now.

Strategically makes a lot of sense to get rid of the consumer discretionary bit. Much easier investment case to make on a company food focused and a pure play consumer staple.

Certainly is by the standards of the sleepy old world of investment trusts.

Hard part with these commodity cycles is always recognising the peak, as downturns aren't much fund and can last for years. Metals feel a bit frothy now but all then the price surges seem justified when you look at all the reasons like weakening USD, gold's unique investment case, insatiable copper demand, etc.

Another Zeus special

Https://www.cnbc.com/2025/09/08/trump-us-open-invitation-rolex-tariff-switzerland.html

Fingers crossed our man from Rolex slipped him a something a nice 18ct Daytona to grease those grubby wheels for sake of a deal on behalf of his compatriots

Ouch SWC at 8p! That explains everything 👍

Very good shout Gully01, think you've summed that up perfectly

Must be kicking yourself a bit, be honest.

If you'd just bought SWC earlier this month rather than spending all that time posting critiques of it, could have made 75%. In a week.

Here's a free tip for you: try to channel that internal rage into something more productive than this. Thank me later.