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There is going to be a good bit of uncertainty even when the Supreme Court rules. Legal judgments are complex and then you have layered on what the FCA might do with a redress scheme (could work for or against the banks) and whether Reeves intervenes with retrospective legislation to help out the banks. The fallout will take some time to sort out and become apparent. Markets hate uncertainty.

My own guess as to the SC’s ruling is that, probably, the liability of the banks on DCA arrangements for car loans will remain largely intact but the wilder areas of the Court of Appeal judgment on extending fiduciary responsibilities across all lending relationships will be curtailed. However, I could be very wrong on this.

Although I have been a long term holder I sold all my shares at the beginning of the week because the potential impact of today was beyond my risk tolerance level. It is a pity because, operationally, Lloyds is very much going in the right direction as shown by the 15% hike in dividend. I also worry about a deep UK recession courtesy of Reeves etc.

Good luck to all that remain in, I hope the share price rebounds and holds up. I may well buy back in at some stage.

Reeves’s could overrule Supreme Court with retrospective legislation if judgment goes against the banks.

https://www.thetimes.com/business-money/companies/article/car-finance-claim-scandal-supreme-court-8hxpqflxz

It is all very mysterious. There is something very strange going on here but it appears positive. There does appear to be a consistent buyer in the background and it is likely to be Mr Dangoor.

As for India, I would never bet on anything happening in a certain timescale. It goes its own way in a non-linear way. But that is not to say that something could happen soon.

Not too much new. I did lose connection for a bit during talk of the systems side so I may have missed a bit. What I picked up:

- The transceiver business was flat on revenue and profit for the year. I doubt they were expecting that (in fact I think they said they were anticipating growth). However, it seems to be now picking up as certain countries mandate AIS

- Anticipated revenue for new financial year probably about £120m and doubling of profit

- Seems clear that Nexus rollout is more December than July in H1 FY2026

Well broadly I agree with you - although they have said in the past that they don’t really assign people to specific projects and maintain a central pool ie there is interchangeability. However, I suspect that the cost of the central pool has gone up enough to eat into profitability or otherwise profit would have risen sharply as additional staff costs would have been covered by the significant revenue increase. Just keeping the pipeline warm and adding to it must require significant staff effort .

Well it has been well received by the market. Unsurprisingly as we are now showing a profit rather than a loss. For a while there has been stability in the share price around the 75p mark.

However, I had hoped for more. Revenue of £77.5m (half year - £26.2m) and profit before tax and exceptionals of £4.4m (half year £2.8m). So despite revenue becoming quite significant it does not seem that we are yet at the inflection point where SRT is significantly outpacing the fixed cost base. We will need more detail to understand this. Is the increased revenue mainly non software where there is really only pass through of costs with no mark up? Have fixed overheads gone up significantly in anticipation of future work or sorting out NEXUS?

Unrestricted cash has not increased much and stands at £4.5m (half year - £4.2m). That is even after there being £32.5m of receivables at the half year which were due to be collected “shortly”. Suspect they have been replaced by other receivables and money going into restricted cash.

It appears NEXUS rollout has been pushed back a bit further.

Overall good progress and positive - the pipeline has gone up go £1.4bn - but the real jam is still in the future.

I think like so many AIM companies SRT has, over the years, struggled to get to a consistent level of profitability (or indeed profit) and realisable revenue expectations. So the market does not yet believe what is going on (or is not paying attention). It is also worth noting that as tax losses will shortly be used up the likely £70m gross margin on MDA revenue will attract tax at 25% - so any p/e to market cap has to take that into account. There is also the fact that the AIS side of the business does not quite yet cover overheads. Balanced against these factors is that a p/e for a company with the developing potential of SRT would normally be much beyond 10 - 20, 30, 40 even? Difficult to know.

I would also add that, as the market looks forward, in order to get a better valuation I think some of the £1.2bn pipeline needs to be seen to come to fruition. At the moment there is only MDA visibility for the next two or three years. Personally, I think they need a couple of new biggish projects on the MDA side to come through in 2026 or so to carry them through 2027 - 2029. If that was to happen I think there would be a very big leap in valuation.

The other matter is NEXUS which I think may be substantially underrated. Obviously some rollout problems at the moment. However, assuming they can sort those problems out the potential could be very large. SRT has said there are 30m vessels globally. How many are new or want a retrofit each year and would want a combined new voice/AIS system? 10%/3m or 5%/1.5m? Could SRT flog 1,000, 10,000, 50,000 or 100,000 units per year of that? The RRP seems to be around £1,600 (excluding sales tax). Gross margin (if like other AIS products) is, say, closing 50%. £800 x 10,000 units is £8m. Even 1,000 units is £800,000 and they won’t have done the investment for such a small anticipated volume. Haircut these numbers for more conservatism but they do give a sense of direction.

It seems to me that the share price is quite robust around the 70p plus mark and so may be ready for another leg up. Hopefully, there will be a good trading update next month and we may hear some positive news about NEXUS. New MDA projects are more next year in my view. Anything earlier than that is a bonus.

I think one matter that plays into the mix is the Takeover Rules. Indorama has some 20% or so of the company. Depending on the SYM share price if they were to exercise all their rights on the convertibles they could get to 30% - at which point they will be forced to bid for the whole of the company. From various angles that may not be desirable - for them or existing investors . The situation is a little nuanced.

Ok - thank you - I was aware of that. I see what you are saying and it is technically correct. However, so much could happen in the three month period it is difficult to attribute 1 October as being a particularly significant date.

What does “convertible loan starts pricing from 1 October” mean? Thanks.

It doesn’t entirely surprise me that tranche B has been pulled back a bit but it is still a very decent amount of money. Importantly it avoids the significant dilution that might have occurred on the Indorama convertibles at the end of the year. At 3p a share by my reckoning it would have been an extra 60m shares for no new money.

I think we should see the annual results fairly shortly - they do not have much time left (30 June) or the shares will be suspended. I think it has been confirmation of the subscription that has held things up. I have never really understood the close period argument, but perhaps I am missing something.

The whole situation is very curious indeed. It does seem that something is going on but, as others have commentated, not so certain that it demands notification to the market. All very strange but hopefully positive.

No. It is still 9 June. However, I think we have found out why there was this strange split timing structure. It looks as though (my guess) the second tranche is coming from a newly established Quantum Fund. They needed the time to set it up and seed it with capital.

Well that is true, but last year they gave a trading update on 18 January - and generally in past years they have given an indication of their performance much earlier, either through trading updates or earlier prelims. So I suppose to be more accurate it is unusual for them to have given out no information for so long.

I think as you say the unprecedented delay in getting full year results out is connected to tranche B - I cannot think of another reason. My guess is that the Nomad might have been uncomfortable putting their name to a results announcement talking about tranche B coming in when it does not appear to be underwritten or absolutely firm. The investment announcement was not very explicit on that so I assume it was not and there was no explanation for splitting into two tranches. However, I would have thought SYM is going to receive tranche B. It would be very embarrassing for all if it did not happen.

They are going to have to say quite a bit about where they think H1 results are headed given they will have 5 months worth.

I’m afraid Shinyfings I cannot help too much. The admin departments in these brokers are often not very good (had my own run in with one last year) but they normally get payments right. If, as you say, you accepted a long time ago you should have had your money within 14 days plus 5 business days from 31 May (from memory I think by 21 May) and no later. The timetable is set out in the Offer Document (which effectively is a contractual document). From what you say IG must have received your acceptance as your shares are no longer showing. I can only suggest you contact IG and:

(1). Ask them when and by what method the payment for your shares was sent to you. They must have this in their records and be able to give this information to you immediately. If they can’t that is rather problematic for their systems. Even if you got the Special Dividend by bank transfer it seems from what others have said on here that, rather oddly, some nominees may have sent payment for the shares by cheque. It could be that the cheque has been lost in the post.

(2). It may be better to escalate this as a complaint (or at least threaten to do so). They tend to take that rather more seriously.

(3). You could go to the Financial Ombudsman if you are not getting any action. However, from memory, you can only do that a month after complaining - to give IG time to sort out the problem.

It may be a good part of the problem is that IG has contracted out its back office on this. I think many brokers have and it adds an extra layer where communication can fail. It would be worth asking IG whether they are dealing directly with the matter or it is subcontracted. It may not help that much but at least you would know.

You will get bought out compulsorily eventually. However, IDS must first issue Compulsory Acquistiin Notices - to be done “shortly”. I would imagine that can only be done after the current extended offer acceptance period (which ends on 11 June) has expired. It is then a minimum six weeks before you get your money. If you accept the offer then you get your money within 14 days.

Yes, I just happened to be looking at that as well. The latest holding shown was at 21 May and I reckon they need around 3.5m of shares to be accepted to get to 92.756% from the 92.4%. There were two business days last week after 21 May and today 1.3m shares have changed hands (and will have gone into acceptances). Likely to get there this week. Hope so. Easier for everyone.

Timeline would be to issue payment within 14 days plus 5 business days from RECEIPT of acceptance form and certificates. Probably also paying by cheque so add another couple of days or so for post. Likely will come by end next week or possibly before.

Of mild interest only I suspect but the latest TR1 of Bidco shows it has got to 91.1% (from 83%) at 14 May. That is an additional 8% in about 7 days. I reckon they need to get to 92.7% of overall acceptance (90% of the shares DK did not already own plus his original 27%) to be able to compulsorily buy out the remaining holdouts. Quite possible it will happen next week.

Still best not to wait as to when/if compulsory buyout happens but accept or sell.

Payment details are set out in the Offer Document. It is, I understand, a very difficult read but it says that it will be 14 days plus 5 BUSINESS days for nominee shareholders. So 21 May (from 30 April) for those that accepted prior to 30 April. For those accepting after, it is the same timeframe from the DATE of acceptance. I can understand that batch runs are being made which should mean some are getting their money at the end of the advised payment period but quite a few getting money somewhat earlier.

Other arrangements in place for eg IDS Share Plans.

There seems to be quite a bit of variation about how nominees are going about things but hopefully all pre 30 April acceptors are getting the Special Dividend and buyout proceeds by no later than 21 May.