Member Info for Hailesinvestor

What was the market expecting ? Share price is down on cautious guidance due to war, why is this a shock ?? It was inevitable.

Decent leadership in place now and cut to dividend is the correct decision. This business can recover.

Have added to my position here at 22p following the share price fall first thing this morning, will look to add more.

This must be a sitting duck in terms of a takeover, 9 billion assets under management versus a market cap of 65 million.

I hold from just under 46p.

Hi rivaldo,

what do you consider as fair value here ?

Just to put a bit more meat on the bone here, years ago React acquired Fidelis for a sum amounting to just under 5 million.

According to Rivaldo's post dated 18th Feb 2026 Fidelis is now 4 x the size of it's size at acquisition. Fidelis is only one part of React which is now valued at little more than 11 million in total. What's happened ? Where on earth has the value gone ?

Still think the only worthwhile outcome for shareholders is a takeover at circa 75p - £1.

Market clearly doesn't trust the management team. Share price performance is woeful, down over 25% over the last 12 months and down 62% over the last 5 years.

In the last results statements like this don't help:

"Sixth successive year of growth through strong organic performance and strategic acquisitions"

Any business can grow if you keep buying revenue and loading up with debt. The next year is crucial, if management don't deliver they should be replaced.

yes thus far it's operation **** up.

hopefully patient holders will be in line for some rewarding treatment soon.

If everything was rosy the share price wouldn't be anywhere near £3.

It's a risk / reward game.

I have been buying these recently, at around £3 the share price could double - treble within the next 2 - 5 years, also the dividend is very decent and should grow.

Strip out the cash pile and the valuation is less than 3 x ebitda.

If they were in the know they would have been unwinding prior to the share price falling over 50%. They started selling after the massive fall. Also I'm not sure we should be following every move they make, they get plenty wrong.

Also we recently had some big contract news which was quite a substantial proportion of yearly turnover excluding Bridgestone.

Not very appealing to existing shareholders , if you have even a little bit of confidence in the business going forward why would you sell any for 43p ?

They should have just carried on buying back in the market or paid a small dividend, nothing major.

Wasn't this Baron fella bigging Future up last week when it was circa £4, it's dropped nearly 30% since, not sure he's the messiah.

Yet the share price goes lower and lower, I appreciate the war has hit most small caps however the share price performance here has been woeful over the medium term.

Sooner or later the management need to deliver for shareholders, all they have delivered is significant losses / paper losses.

There is no point always being positive if the market disagrees, it's pointless, the only thing that could may deliver shareholder value is a takeover.

Most positive RNS for a while.

I think this is a very good long term hold now from what is a low base. Obviously worldwide issues will play a part in the short term.

Happy to put these away for 18 - 24 months unless a takeover offer comes which I still believe is very possible.

I said the other day the debt should be paid off instead of the buybacks and with ebitda falling the debt is becoming more and more of a concern. The debt is now nearly the same amount as the market cap. The buybacks have been a disaster with a lot of them happening at more than double the current share price.

Feel sorry for those holding, I was a holder however I gave up with the position a while back.

CEO needs to go now.

By the logic of some on here if the share price drops to £1.20 offers of £1.50 to £1.60 would be realistic / attractive. I hope you chaps don't ever have to sell something meaningful for anyone. You would clearly get your shorts pulled down.

If the offers are crap, you walk away and run the business better, sooner or later someone will take this out at a realistic price, it isn't going to be given away, as has been said the major shareholders own literally all of the business. In the open market the share price was £2.50 only a few months ago, the thought processes on here are laughable.

£2 to £2.20 looks attractive and realistic to who exactly ??

Do you think £2.40 is an acceptable deal ?

I made a loss on these selling last month for £4.80 having purchased for £5.50 - £5.82.

Looking at it from the sidelines I think the buybacks should be cancelled, allow the free cash flow to build up and pay down debt, I think debt will look like a problem here as it is closing in on the same number as the market cap, people will say the debt is fine and covered by cash flows etc and I understand that however in 2 - 3 years time Future could be net cash if it starts paying down the debt soon.

Have the main shareholders / board considered selling just the healthcare side of the business ?

At 4 x ebitda the healthcare business is worth over 1 billion alone. If you sell it on a debt free basis then maybe more. You then have the property at anything between 1 billion and 2 billion, I genuinely don't know the correct valuation on this. So you could have a total value of 2 - 3 billion, I appreciate people will say this is crazy however when you break the business into two parts it isn't. I hope this review has looked at all options in full and spelt out the value to potential bidders.

The current share price is a joke, offers of around £2.30 are also a joke, if that is the best the review has come up with then people are doing a very poor job. Whichever way you look at it Spire is currently trading at at discount of at least 50%.