Member Info for Hedgehog100

There appear to be just three active N.I. businesses listed in London (UTV left the market in 2016, and ROC has no active business).

Considering this tiny number, it seems remarkable that they include a former 10-bagger and 150-bagger amongst them; and with even the third having more than doubled at one point, and still being well above its floatation price.

And it suggests that there could be an untapped pool of quality NI businesses ripe for a floatation, but overlooked by the London-centric investment hub.

I would think that any sensible investor would want a piece of this action, which makes ROC an almost heaven-sent opportunity.

And at it's current s.p. of just 4.75p, a massive discount to its cash, ROC could also be a way of getting into a future stellar growth stock at a quite massive discount.

RTOs are almost invariably priced at a significant premium to the shell's cash, so it's hard to see how a good RTO here soon would be priced at less than about 10p/share - and it could even be significantly higher than that.

Then if the RTO excites the interest of the wider market, it could start trading at a significant premium to the RTO price.

And with ongoing s.p. growth potential on top of that going forward.

"Zenith has published its August 2022 newsletter for fixed income investors, providing an overview of recent corporate and financial highlights. Take a read here: https://t.co/bsd8jQ326K #ZEN #ZENA
- July 27, 2022"
https://www.zenithenergy.ca/news-media/

I've just followed that hyperlink on ZEN's website, but the website page that it brought up says this:-

"404
nothing found
The page you are looking for does not exist"
https://www.zenithenergy.ca/wp-content/uploads/2022/07/Newsletter-August-2022.pdf

Thanks Aegos,

That's incredibly exciting news.

It sounds like we could be in for a quite exceptional few months here, with good news coming think & fast.

If the company delivers as hoped, then a concerted breakout into the 3p - 4p range by Christmas looks very achievable.

"First Derivatives to float on AIM

08 February 2002

Northern Ireland-based banking software developers First Derivatives is looking to raise £2 million through a listing on the Alternative Investment Market (AIM).

The company is issuing four million new ordinary shares under the offer at a price of 50p per share, capitalising First Derivatives at £7 million. The issue will represent approximately 28.57% of the enlarged share capital of the company. Trading on AIM is expected to commence on 25 March 2002.

Brian Conlon, managing director, First Derivatives, and a former capital markets consultant for SunGard, says the AIM listing will enable the company to exploit opportunities for future development requiring capital investment and selective acquisitions which may arise. Opportunities for expansion outside the financial markets are also being pursued, he adds.

The company's client list currently includes US software houses and a number of large European investment banks."

https://www.finextra.com/newsarticle/4684/first-derivatives-to-float-on-aim

Rockpool Acquisitions (ROC) is a main-listed cash shell, which may be of interest to investors seeking other Northern Ireland investments to FDP:-

"A listed acquisition vehicle seeking opportunities in Northern Ireland.

Northern Ireland has a good availability of high quality, often internationally-focused, companies. Despite having an estimated 70,000 registered businesses, there are only two other publicly-listed companies predominantly based in Northern Ireland and Rockpool believes that more Northern Ireland businesses could benefit from the ability to tap into deeper pools of capital which access to the public markets provides.

With extensive knowledge and experience of the Northern Ireland market, the directors are seeking to identify and acquire a highly ambitious, Northern Ireland-based company that is focused on significant growth, and provide it with that access, helping that company meet its aspirations and full potential. Target companies will have a valuation of up to £20m."

http://rockpoolacquisitions.plc.uk/about-rockpool/

Rockpool Acquisitions (ROC) has a current market cap. of just £604K., at 4.75p.

Whereas the company has about £950K. cash, and extremely low cashburn.

ROC's large discount at the moment to its cash, despite this extremely low cashburn, looks like a temporary discrepancy - and one that is gradually being addressed by ROC's s.p. rise, as the market wakes up to the opportunity.

"Belfast IT firm Kainos to float on London Stock Exchange

By Clodagh Rice
Business Reporter, BBC News NI

Published
7 July 2015

Belfast-based IT firm Kainos is set to float on the London Stock Exchange.

The initial public offering on Friday is set to raise £52m in shares, and values the company at £161m.

Kainos is headquartered in Belfast and has approximately 730 staff across its seven offices.

It was founded in April 1986 as a joint venture between ICL and QUBIS Ltd. Kainos reported profit before tax of £11.8 million last year.

The firm's floatation is being supported by the bank Investec.

The flotation will make it one of three publicly listed companies in Northern Ireland, along with First Derivatives in Newry and UTV.

Kainos's chief executive Brendan Mooney said the company had been "delighted" by the response to the initial public offering.

"The task for us now is simple - to maintain our growth trajectory," he added.

"We have a clearly defined strategy in place to see that happen and are looking forward to life as a listed company."

Law firm Pinsent Masons aided Kainos with the process.

Paul McBride, the head of its Belfast office, said that although the number of listed companies in Northern Ireland was small, there is "potential fit for many more firms to access investment via the markets"."

https://www.bbc.co.uk/news/uk-northern-ireland-33428960

Rockpool Acquisitions (ROC) is a main-listed cash shell, which may be of interest to investors seeking other Northern Ireland investments to DXRX:-

"A listed acquisition vehicle seeking opportunities in Northern Ireland.

Northern Ireland has a good availability of high quality, often internationally-focused, companies. Despite having an estimated 70,000 registered businesses, there are only two other publicly-listed companies predominantly based in Northern Ireland and Rockpool believes that more Northern Ireland businesses could benefit from the ability to tap into deeper pools of capital which access to the public markets provides.

With extensive knowledge and experience of the Northern Ireland market, the directors are seeking to identify and acquire a highly ambitious, Northern Ireland-based company that is focused on significant growth, and provide it with that access, helping that company meet its aspirations and full potential. Target companies will have a valuation of up to £20m."

http://rockpoolacquisitions.plc.uk/about-rockpool/

Rockpool Acquisitions (ROC) has a current market cap. of just £604K., at 4.75p.

Whereas the company has about £950K. cash, and extremely low cashburn.

ROC's large discount at the moment to its cash, despite this extremely low cashburn, looks like a temporary discrepancy - and one that is gradually being addressed by ROC's s.p. rise, as the market wakes up to the opportunity.

And the fourth NI company currently listed in London that I'm aware of is First Derivatives (FDP), which has been another stunning IT stock success on the London stock market.

The stock more than 90-bagged from its 2002 IPO price of 50p, to its 2018 high of over 4600p.

"First Derivatives to float on AIM

08 February 2002

Northern Ireland-based banking software developers First Derivatives is looking to raise £2 million through a listing on the Alternative Investment Market (AIM).

The company is issuing four million new ordinary shares under the offer at a price of 50p per share, capitalising First Derivatives at £7 million. The issue will represent approximately 28.57% of the enlarged share capital of the company. Trading on AIM is expected to commence on 25 March 2002.

Brian Conlon, managing director, First Derivatives, and a former capital markets consultant for SunGard, says the AIM listing will enable the company to exploit opportunities for future development requiring capital investment and selective acquisitions which may arise. Opportunities for expansion outside the financial markets are also being pursued, he adds.

The company's client list currently includes US software houses and a number of large European investment banks."

https://www.finextra.com/newsarticle/4684/first-derivatives-to-float-on-aim

"08/02/2002

Award winning Newry firm moves to issue shares

Newry-based software firm First Derivatives is set to float on the Alternative Investment Market (AIM) in order to raise necessary funds for further investment and acquisition.

The company, which designs software for the financial sector, will issue four million shares on AIM, the London Stock Exchange market which lists recently formed companies. The share release represents just under 30 per cent of the company's share capital, which means First Derivatives is valued at around £7 million.

First Derivatives can be considered one of the province's best-kept success stories in the IT sector, as the company has continued to increase its client lists despite the current downturn in both the software and hardware industries. The company's customer roster includes numerous European names as well as clients in the UK, who have helped Financial Derivatives increase its market share.

Speaking about the decision to offer shares, company MD Brian Conlon, said: "We believe the AIM listing will provide access to the financial markets which will enable the company to exploit opportunities or future development requiring capital investment and selective acquisition."

During 2001, First Derivative was awarded the number one position in the Deloitte and Touche Fast 50 listing after the IT firm revealed a growth rate of 891 per cent during the previous three years. (CL)"

https://www.4ni.co.uk/northern-ireland-news/10632/award-winning-newry-firm-moves-to-issue-shares

Another successful NI company float in London was Kainos (KNOS), which ten-bagged within about six years of its 2015 IPO:-

"Belfast IT firm Kainos to float on London Stock Exchange

By Clodagh Rice
Business Reporter, BBC News NI

Published
7 July 2015

Belfast-based IT firm Kainos is set to float on the London Stock Exchange.

The initial public offering on Friday is set to raise £52m in shares, and values the company at £161m.

Kainos is headquartered in Belfast and has approximately 730 staff across its seven offices.

It was founded in April 1986 as a joint venture between ICL and QUBIS Ltd. Kainos reported profit before tax of £11.8 million last year.

The firm's floatation is being supported by the bank Investec.

The flotation will make it one of three publicly listed companies in Northern Ireland, along with First Derivatives in Newry and UTV.

Kainos's chief executive Brendan Mooney said the company had been "delighted" by the response to the initial public offering.

"The task for us now is simple - to maintain our growth trajectory," he added.

"We have a clearly defined strategy in place to see that happen and are looking forward to life as a listed company."

Law firm Pinsent Masons aided Kainos with the process.

Paul McBride, the head of its Belfast office, said that although the number of listed companies in Northern Ireland was small, there is "potential fit for many more firms to access investment via the markets"."

https://www.bbc.co.uk/news/uk-northern-ireland-33428960

Interesting to see that the s.p. of Providence Resources (PVR) has performed strongly this month, moving to new 2022 highs, following its finals results at the end of June.

PVR's current market cap. is £42.34M., at 3.95p, and the s.p. has more than doubled since its mid June low of 1.8p.

This shows the potential of PPP to rise significantly on its expected forthcoming positive newsflow.

30th Jun 2022 7:00 am RNS Annual Results for the year ended 31 December 2021

"Providence Resources P.l.c (PVR), the Irish based energy company, is pleased to announce the publication of its annual report and accounts for the year ended 31st December 2021.

James Menton, Executive Chair, Providence Resources, said:

"Successful optimisation of the Barryroe Field presents a unique opportunity to develop a critically important indigenous source of oil and gas, to substitute part of the imports that will be needed to meet ongoing demand during the energy transition. The Barryroe Field has the potential to create significant employment opportunities and provide strategic and fiscal value to the Irish economy, at no cost to the Irish taxpayer.

The key barrier to progressing the project is the delay in Ministerial consent for the Lease Undertaking, to permit us to drill an appraisal well next year. Once we have the results of this appraisal well, we are confident that our development plans can be progressed rapidly and Barryroe can have a significant impact on Ireland's security of energy supply over the next two decades. It's an opportunity we cannot afford to squander as, in any scenario to 2050, there is still some level of demand for oil and gas through the duration of the energy transition to Net Zero. ..."

https://www.lse.co.uk/rns/PVR/annual-results-for-the-year-ended-31-december-2021-vcwr1tcvsdphh0h.html

It's all looking very good coming into August, which could be a big month for ZEN.

And if this takes place against a more positive stock market and sector back drop, so much the better:-

• The stock market often starts doing better in August after a May-July lull.

• The O&G sector is looking oversold after its correction of the last few months, and due some sort of recovery in view of strong O&G prices and outlook.

I wonder if ROC are talking to this currently unlisted NI company, based in Newtownabbey in North Belfast, County Antrim:-

"Precision inspection machines for industrial applications

Specialists in the design and manufacture of computer vision-based measurement systems for industrial applications"

https://inspecvision.com/

"Revenue
$10.4 M

Employees
53

Founded
2003"

https://www.datanyze.com/companies/inspecvision/99042529

"Rockpool is seeking a company or business:

Run by an exceptional senior management team with a proven track record in their industry or sector

With the desire and ability to grow significantly in its existing markets and/or in new markets

Which could perhaps act as a platform for acquisition and/or consolidation in its sector

Which could benefit greatly from better access to capital in the short and long-term

Whose reach, reputation and credibility with customers and suppliers alike may be enhanced by a public listing"

http://rockpoolacquisitions.plc.uk/about-rockpool/

ROC seems to have a quite exacting set of RTO criteria.

But this should mean that any company they choose to RTO is absolutely top notch.

And you would certainly expect a quality RTO to be priced a significant premium to ROC's cash; whereas ROC's s.p. is currently at a significant discount to the company's cash.

Ergo, a good successful RTO here should yield great gains to investors at the current level.

And there's no real reason why the company can't achieve that, given the quality of ROC's management, and the breath of contacts that they doubtless have.

And I would expect an update on this quite soon, given that the company said six months ago:-

21st Jan 2022 7:00 am RNS Termination of proposed acquisition of Greenview

" ... The Board has already identified and is considering potential alternative acquisition targets, and preliminary discussions have been held regarding the terms of a potential deal with the management of one of those. However, the Board recognises the level of frustration that some of the Company's shareholders will likely be feeling at the length of time that the Company has been suspended and wants to ensure, not just that it can complete an alternative transaction quickly, but that the transaction the Company pursues offers the best possible returns to its shareholders. ..."

https://www.lse.co.uk/rns/ROC/termination-of-proposed-acquisition-of-greenview-nwybtuism5blchq.html

"DIACEUTICS TO BECOME FOURTH NORTHERN IRISH COMPANY LISTED ON LONDON STOCK EXCHANGE

RONAN LEONARD MARCH 18, 2019

Diaceutics plc, a revenue-generating, and profitable diagnostics data analytics and implementation services company which services the global pharmaceutical industry, today announces that it is seeking a listing on the AIM Market of the London Stock Exchange. This will make Diaceutics the fourth Northern Irish company currently listed on the London Stock Exchange. The company is expected to have a market capitalisation on admission of approximately £53M. ..."

https://irishtechnews.ie/diaceutics-to-become-fourth-northern-irish-company-listed-on-london-stock-exchange/

Rockpool Acquisitions (ROC) is a main-listed cash shell, which may be of interest to investors seeking other Northern Ireland investments to DXRX:-

"A listed acquisition vehicle seeking opportunities in Northern Ireland.

Northern Ireland has a good availability of high quality, often internationally-focused, companies. Despite having an estimated 70,000 registered businesses, there are only two other publicly-listed companies predominantly based in Northern Ireland and Rockpool believes that more Northern Ireland businesses could benefit from the ability to tap into deeper pools of capital which access to the public markets provides.

With extensive knowledge and experience of the Northern Ireland market, the directors are seeking to identify and acquire a highly ambitious, Northern Ireland-based company that is focused on significant growth, and provide it with that access, helping that company meet its aspirations and full potential. Target companies will have a valuation of up to £20m."

http://rockpoolacquisitions.plc.uk/about-rockpool/

Rockpool Acquisitions (ROC) has a current market cap. of just £604K., at 4.75p.

Whereas the company has about £950K. cash, and extremely low cashburn.

ROC's large discount at the moment to its cash, despite this extremely low cashburn, looks like a temporary discrepancy - and one that is gradually being addressed by ROC's s.p. rise, as the market wakes up to the opportunity.

What were you expecting, Dacintakkos, based on the H1 results:?-

Revenue £1.821M. Pre-tax loss £881K.

15th Dec 2021 7:00 am RNS Interim Results
https://www.lse.co.uk/rns/OTAQ/interim-results-pjcbcd45x2fm49r.html

I was expecting full year revenue of about £4M., and it's exceeded that greatly: £4.292M.

So H2 revenue of £2.471M., which is half-on-half revenue growth of an impressive £650K.: i.e. 35.7%.

Which is an annualised, compounded growth rate of 84%.

At this rate of growth, the company would soon reach profitability.

And indeed the company has said today:-
"The Group is also expectant that the revenue forecasts will be surpassed to alleviate the uncertainty around cash resources. Indeed, following the completion of the Group's first quarter, the Group is ahead of these forecasts."
"Despite the ongoing difficulties being encountered in the Group's historically core salmon farm ADD markets, the development of new products and flourishing performance from the Offshore and Connectors divisions gives the directors confidence that the Group can return to profitable growth."
"The Group's divisions, with the exception of Aquaculture, are trading better than in previous years and there is optimism that these divisions can return the Group to an EBITDA-positive position and improve the Group's cash performance."
https://www.lse.co.uk/rns/OTAQ/final-results-7ca0iib0e0q21p3.html

Increasing revenue has always been the key to reaching profitability here, to cover fixed costs, and in addition this year's losses have higher exceptional cost, so aren't representative.

The increase in overall revenues despite the decline in ADDs revenue (which will hopefully start increasing soon anyway) bodes very well for further revenue growth going forward.

I'm a bit surprised that the directors have flagged up a fundraising already, so perhaps they're planning a 'snap' placing to put the issue to bed.
Note that they can't have a placing below the company's par/nominee value, which is 15p/share at present.

That par/nominee value can only be altered at a general meeting, which requires a few weeks notice, but I would think/hope that the company would be looking to raise at at least that s.p.

And I think that the growth story here is strong enough that existing large shareholders should wish to continue to support the company, and not overly dilute their existing shareholdings.

The cash shell TMTA released its final results today, and here are a couple of key points from Chairman's statement:-

26th Jul 2022 7:00 am RNS Final Results

"Results for the period 25 March 2021 to 31 March 2022

... The recent resets of pricing in technology stocks in our view works to the company's advantage. ...

... we look forward to updating the market on our progress. ..."

https://www.lse.co.uk/rns/TMTA/final-results-587ma8gkxqc1q20.html

That first point supports the view that I set out here on 7th. June, i.e.:-
Poor stock market conditions tend to make it harder to IPO, increasing the attractions of the RTO route, and increasing the bargaining power of shells like ARA.
And meanwhile, the valuations of RTO targets for shells tend to be depressed.
So ironically, the s.p.s of shells like ARA can become depressed at the same time as they are in effect becoming more valuable: more capable of cutting a cracking RTO deal on great terms - i.e. a better shell valuation and lower target valuation, and great quality targets.

As regards deal progress, TMTA is keeping its cards close to its chest, as is to be expected re such negotiations.
But 'reading between the lines', positive progress seems to have been made, and the company may well issue some good news in the near future.
This bodes well for ARA also having made positive deal progress.

"Economy: Northern Ireland output 'now at 15-year high'

By John Campbell
BBC News NI Economics & Business Editor

Published 7 July

The Northern Ireland economy continued to grow in the first quarter of 2022, official figures from Nisra suggest.

Output was up by 0.4% compared to the final quarter of 2021 and by 7.8% compared to the same period a year ago.

NI economic output is now at a 15-year high and just 0.1% below the record output level recorded in the middle of 2007.

From late 2007, Northern Ireland experienced a housing crash which caused significant economic damage.

Northern Ireland's performance in the first quarter was weaker than the UK average: UK GDP grew by 0.8% quarter-on-quarter and by 8.7% year-on-year.

However, the NI Statistics and Research Agency (Nisra) says that over a three-year time period Northern Ireland has grown more strongly with output up by 4.8% compared to UK GDP growth of 1.3%.

Nisra uses the three-year comparison in an attempt to mitigate the economic volatility arising from the pandemic.

Service sector growth
In recent months, Northern Ireland's economic data has become intensely political as supporters and opponents of the NI Protocol attempt to construct economic arguments to support their positions.

However, the data is inconclusive with Northern Ireland doing better than the UK average on some metrics and worse on others.

In the first quarter of the year, growth in Northern Ireland was largely driven by the service sector which had a positive contribution of 0.4 percentage points (pps).

The Public Sector and Production/manufacturing sector also had positive contributions with 0.2 pps and 0.1 pps.

However, the Construction sector had a negative contribution of 0.3 pps; construction has faced some of the biggest problems with cost inflation and supply chain delays."

https://www.bbc.co.uk/news/uk-northern-ireland-62078425

A Northern Ireland company like Diaceutics (DXRX), but currently unlisted, could clearly be an ideal opportunity for ROC.

And DRX has performed relatively well since its 2019 floatation at 76p, in some quite challenging stock market conditions: currently 91.5p, and it has been over double that.

ROC's final results for their year end 31.3.22 should be issued soon, and should provide an update on ROC's deal progress.

"DIACEUTICS TO BECOME FOURTH NORTHERN IRISH COMPANY LISTED ON LONDON STOCK EXCHANGE

RONAN LEONARD MARCH 18, 2019

Diaceutics plc, a revenue-generating, and profitable diagnostics data analytics and implementation services company which services the global pharmaceutical industry, today announces that it is seeking a listing on the AIM Market of the London Stock Exchange. This will make Diaceutics the fourth Northern Irish company currently listed on the London Stock Exchange. The company is expected to have a market capitalisation on admission of approximately £53M.

Diaceutics has conditionally raised £17M by way of a Placing of 22,368,427 Ordinary Shares of 76p each through its nominated adviser and broker, Cenkos Securities plc. It is expected that Admission will become effective at 8am on or around 21st March 2019 and shares will trade under the AIM symbol ‘DXRX’.

Diaceutics was founded in 2005 by Belfast man and 2018 EY Entrepreneur of the Year finalist, Peter Keeling, and operates in the global diagnostics commercialisation market. With offices in Belfast, UK; Dundalk, Ireland; Parsippany, New Jersey; and Singapore, the organisation’s services result in more effective pairing of patients with specific treatments, which in turn leads to better patient healthcare outcomes. In 2018, the Group had an average of 65 full-time employees in 17 countries. The Group has achieved compound annual revenue growth in sales of over 50% in the past two years. ..."

https://irishtechnews.ie/diaceutics-to-become-fourth-northern-irish-company-listed-on-london-stock-exchange/

The cash shell TMTA released its final results today, and here are a couple of key points from Chairman's statement:-

26th Jul 2022 7:00 am RNS Final Results

"Results for the period 25 March 2021 to 31 March 2022

... The recent resets of pricing in technology stocks in our view works to the company's advantage. ...

... we look forward to updating the market on our progress. ..."

https://www.lse.co.uk/rns/TMTA/final-results-587ma8gkxqc1q20.html

That first point supports the view that I set out at the start of my 10:43 post on Saturday:-

Hedgehog100 Posts: 2,147 Price: 4.50 Strong Buy
A Good Time for Shells & RTOs Sat 10:43
"Poor stock market conditions tend to make it harder to IPO, increasing the attractions of the RTO route, and increasing the bargaining power of shells like ROC.
And meanwhile, the valuations of RTO targets for shells tend to be depressed.
So ironically, the s.p.s of shells like ROC can become depressed at the same time as they are in effect becoming more valuable: more capable of cutting a cracking RTO deal on great terms - i.e. a better shell valuation and lower target valuation, and great quality targets. ..."

As regards deal progress, TMTA is keeping its cards close to its chest, as is to be expected re such negotiations.

But 'reading between the lines', positive progress seems to have been made, and the company may well issue some good news in the near future.

This bodes well for ROC also having made positive deal progress.

Interesting to see that the s.p. of Providence Resources (PVR) has performed strongly this month, moving to new 2022 highs, following its finals results at the end of June.

PVR's current market cap. is £42.87M., at 4p, and the s.p. has more than doubled since its mid June low of 1.8p.

Don't underestimate the impact that final results can have on a s.p., and roll on ZEN's final results - expected on 31st August.

Which should be following hot on the heels of ZEN's investor and analyst conference call on 23rd. August, and an updated corporate presentation the same morning.

30th Jun 2022 7:00 am RNS Annual Results for the year ended 31 December 2021

"Providence Resources P.l.c (PVR), the Irish based energy company, is pleased to announce the publication of its annual report and accounts for the year ended 31st December 2021.

James Menton, Executive Chair, Providence Resources, said:

"Successful optimisation of the Barryroe Field presents a unique opportunity to develop a critically important indigenous source of oil and gas, to substitute part of the imports that will be needed to meet ongoing demand during the energy transition. The Barryroe Field has the potential to create significant employment opportunities and provide strategic and fiscal value to the Irish economy, at no cost to the Irish taxpayer.

The key barrier to progressing the project is the delay in Ministerial consent for the Lease Undertaking, to permit us to drill an appraisal well next year. Once we have the results of this appraisal well, we are confident that our development plans can be progressed rapidly and Barryroe can have a significant impact on Ireland's security of energy supply over the next two decades. It's an opportunity we cannot afford to squander as, in any scenario to 2050, there is still some level of demand for oil and gas through the duration of the energy transition to Net Zero. ..."

https://www.lse.co.uk/rns/PVR/annual-results-for-the-year-ended-31-december-2021-vcwr1tcvsdphh0h.html

A shell with a not dissimilar ticker to TMOR released its final results today, and here are a couple of key points from Chairman's statement:-

26th Jul 2022 7:00 am RNS Final Results

"Results for the period 25 March 2021 to 31 March 2022

... The recent resets of pricing in technology stocks in our view works to the company's advantage. ...

... we look forward to updating the market on our progress. ..."

https://www.lse.co.uk/rns/TMTA/final-results-587ma8gkxqc1q20.html

That first point supports the view that I set out at the start of second post on 28th. May here:-

Hedgehog100 Posts: 2,135 Price: 0.975 Strong Buy
A Good Time for Shells & RTOs
"Poor stock market conditions tend to make it harder to IPO, increasing the attractions of the RTO route, and increasing the bargaining power of shells like TMOR.
And meanwhile, the valuations of RTO targets for shells tend to be depressed.
So ironically, the s.p.s of shells like TMOR can become depressed at the same time as they are in effect becoming more valuable: more capable of cutting a cracking RTO deal on great terms - i.e. a better shell valuation and lower target valuation, and great quality targets. ..."
https://www.lse.co.uk/ShareChat.asp?ShareTicker=TMOR&share=More-Acqu&page=3

As regards deal progress, TMTA is keeping its cards close to its chest, as is to be expected re such negotiations.

But 'reading between the lines', positive progress seems to have been made, and the company may well issue some good news in the near future.

The bodes well for TMOR also having made positive deal progress.

"Convenience store spy cameras face legal challenge

By Tom Symonds
Home affairs correspondent, BBC News

Published 9 hours ago

The Southern Co-Op chain is facing a legal challenge to its use of facial recognition technology to cut crime.

Big Brother Watch has complained to the Information Commissioner's Office (ICO) about biometric cameras at its shops.

The privacy campaign group says the system at the convenience stores breaches data protection and people may end up on a watch-list without knowing.

But Southern says it is only using the Facewatch system in shops with a history of crime, to protect its staff.

The co-operative runs 200 convenience stores across southern England, of which 35 have the system installed.

A single camera captures the faces of people who enter the shops, and the images are analysed and converted into biometric data.

This is then compared with a database of people the co-operative says have stolen from its shops, or been violent.

A spokeswoman said the watch-list was not a list of people with criminal convictions, but of people for which the business had evidence of criminal or anti-social behaviour.

Any shopper previously banned would be asked to leave, and others would be approached by staff with an offer of "how can I help?" to make it clear their presence had been detected. ...

The data produced from the facial recognition cameras is deleted after being compared with the watch-list, but the original picture is kept for 72 hours in case an individual subsequently breaks the law or is violent.

Crime prevention

Southern Co-Op said it would welcome any "constructive feedback" from the Information Commissioner.

"We take our responsibilities around the use of facial recognition extremely seriously and work hard to balance our customers' rights with the need to protect our colleagues and customers from unacceptable violence and abuse," it said.

"The safety of our colleagues and customers is paramount and this technology has made a significant difference to this, in the limited number of high-risk locations where it is being used.

"Signage is on display in the relevant stores. As long as it continues to prevent violent attacks, then we believe its use is justified." ...

Facewatch also provides the biometric cameras to Costcutter, Sports Direct, Spar, Nisa and Frasers Group.

The security system company said: "Facial recognition may be used where it is necessary because other methods to prevent crime, such as policing, CCTV and manned guarding, have tried and failed.

"Any privacy intrusion is minimal and proportionate. Facewatch is proven to be effective at crime prevention, and our clients experience a significant reduction in crime.""

https://www.bbc.co.uk/news/business-59466803