Member Info for jtodell

This is listed on the DNE web site dated 10 Feb 2026 but without a working link to the document...has anyone seen the content?

Distressing to still see people expecting this stock to trade at a premium to undiluted NAV...realistically this sort of small cap, illiquid, high fee IT will naturally trade at at least a 15 % discount to diluted NAV. Glad I was able to sell some to you above 113p this week. May be interesting again if it drops below 90p again.

Note todays announcement that, as expected, the allocations will be scaled back to 78.21% of the amount requested and your 48p per share will be refunded for the balance. Also, the rump of rights not taken up will be sold today in a single transaction which is likely weighing on the market...expect the share price to settle down at around a 15% discount to NAV...say 88-90p

You will almost certainly get scaled back by about 20% as detailed in daily Nav statements

As has been explained here before, when the stock was trading above £1 there was virtually no discount to diluted nav which is not a sustainable situation for an illiquid small cap IT like this. Current discount of 10-15% makes much more sense.

You obviously don't understand how the subscription issue affects the nav per share.. The current nav per share is 110.-53 but on 1 Dec the number of shares will increase by 20% but the total nav will only increase by 48p per newly issued share, so the nav per share of everyone who takes up the rights will fall to 100. 11p per share. So the discount to Nav is less than 4%. This is very tight for an illiquid IT like GPM

Trimmed today at over 95p... less than 4% discount to Nav... Fear that recent purchasers will need to sell some to pay for subscription share issue on 1 Dec

Exactly. The 8p profit available at the start of November was only available if you sold early, as the profit taking then took the value of the subs down zero. You can obviously trim up to 1/6 of your holding and still use your sub allocation to take your holding back to where it was with a guaranteed 10p a share profit

Note that the largest equivalent profit opportunity recorded in the run-up to the sub date last year was only 8p a share and by Dec GPM was trading below the sub price

As we saw last November, some holders are willing to sell down very close to the subscription price in order to lock in a profit. With 58p available to sellers today and a guaranteed buy price of 48p, the current opportunity to lock in a profit of 10p a share without diluting your holding is quite compelling

The current run-up may encourage some holders to start trimming positions to lock-in a profit when the subscription shares are offered to holders on 1 December on a 1 to 5 basis at a price of 48p

49.64p actually which is above today's offer, so hardly ridiculous

Short answer: nothing. You have the right ( but not the obligation) to pay an extra 46.14p shortly before 30 Nov to receive 1 GPM share. If you don't and GPM is trading below 46.14p then you will be wiped out. If you don't subscribe and GPM is at least a couple of pence above the strike you may receive a small pay out

Dragging the bid price down to 2.60p (from 3.25p on Wednesday).