Member Info for lordloadsoflolly

I don't think SALT can simply "issue a big contract RNS to support the SP".

They'd actually need to have a new agreement in place first. Unless they're like Trump and simply make things up as they go along.

Given Cliff's track record with our other holdings, I've one more prediction. He'll sit on his hands with SALT, watch the SP continue to drop, then come back to shareholders cap in hand, askking us to fund his next oh-so-well-earned bonus.

Afternoon Badsterman - My only prediction is that Cliff WON'T sell a percentage of SALT to pay a dividend.

The only divis he likes are the shareholders daft enough to take anything he says at face value.

Tiger16 - no news ISN'T good news in this case. Why else would the SP be drifting back down?

McCarthy is great at talking things up, then leaving shareholders hanging until the next raise. Don't be fooled.

And thanks be to God that I didn't put more money in here.

The lowest sales in over 5 years - apart form 2023 - and another thumping great loss for the year is what caught my eye.

Kentan - maybe.

On the other hand, investing loads of dosh you inherited from your dad doesn't automatically make you a "financially shrewd investor".

Morri940 - hope you're right. But McCarthy has form.

Bard1 - SpaceX was 7.5% of the portfolio at 31 Dec 24 and has near doubled in value over the past year.

Assuming SMT’s volume of shares in SpaceX has remained fairly constant (might not have), that doubling in SoaceX’s value wouldn’t account for anything like SMT’s overall 12 month portfolio growth of around 40%.

As you say, fluctuating currency movements will have had an impact, as will Trump’s deregulation measures. And yes, Trump’s tech bromances are unlikely to end well once he sees they’re starting to steal his thunder. But let’s enjoy the ride for now & worry about that another time.

Hope springs eternal. As does Tim’s over-egging.

Thanks thewigster.

Weird they'd be exiting now, rather than a few years back when the price repeatedly hit >3x its current level.

Unless they were locked in still, which seems unlikely.

Or thought the SP would go much higher, which may have seemed plausible then, but also feels unlikely now. Barring a Sweet launch, which is the only reason I'm still hanging on.

Anyone know what Yorkshire Seed originally bought in at?

Or roughly what their average is likely to be?

Broomtree - I’d second that, though I’m not sure they need a paid comms adviser.

My (free) advice would simply be to put Bo rather than David at the helm for all future media interviews.

Minchin is damaged goods now, as far as I’m concerned. And whilst I greatly admire his courage in facing the cameras despite a bad stutter, unfortunately I can no longer trust a single word he says.

Whilst I normally pay little attention to Investors Chronicle recommendations, they've an interesting article re: Saba's attempt to oust some of BG's BODs:

www.investorschronicle.co.uk/content/f1388977-700e-5146-812a-c2870beabab8

Depending on the imminent outcome, Saba could be emboldened to target further trusts, particularly those with high NAV discounts. Ring any bells?!

Unsurprisingly, Tom Slater says he'll vote against Saba re: his shareholdings in BG US Growth, Edinburgh Worldwide & Keystone Positive Change. A possible case of "who's afraid of the big bad wolf"!

However, from the little I've read up on this, I tend to agree with him. Saba have been very selective in the timeframe they've used to measure their rivals' performance (mostly 3 years). Shorter & longer term performance amongst their rivals has often been far better than Saba's own. Plus Saba's fee structure looks horrendous.

So here's hoping they have limited - if any - success. The grass ain't always greener......

That age old conundrum. Whether to hold. Or lock in a profit now (for those lucky enough to be in profit).

I'll sell a small fraction of our holding by April, simply to take advantage of this year's CGT allowance. But as most are within a tax free wrapper, there's no great hurry for me. Let the trend be your friend as they say.

My gut feeling is Trump's more laissez-faire approach to SMT's main sectors will be beneficial. For now at least.

Hardboy - I agree NED share buys are slightly more nuanced.

It’s really the Executive Directors I want to see buying.

Judging by the share price, last Thursday's TU has calmed investor nerves (for now at least).

Before its release, I said H&T looked priced to disappoint. Since that hasn't happened - and there's one less uncertainty to worry about as a result - the price has generally nudged up over the past week.

It's still early days - and I've probably tempted fate writing this! - but I sense we could be in for a small, gradual upwards re-rate in the months ahead. The current P/E looks very undemanding (even in today's sluggish UK market) and the yield is decent.

The main thing I'm still keen to know is how profits came in, given the relatively late pledge book growth. Ultimately, this will boost the bottom line anyway. It's just how much fell into the FY just gone and how much is still to come.

Markets seem unusually wary of looking ahead at the moment. So I'm hoping for something significantly better than flattish profits for last year (notwithstanding an improved outlook for the current year, given the boosted pledge book).

I'd also like to see more share buys from the BOD and have raised this in previous results webinars. I'll be making the same point this year if nothing's changed.

Of course, the one other thing changing soon is H&T's year end date (30 Sept rather than 31 Dec). For the current FY, it'll publish results for the 12 months to 31 December 2024 in March as normal. Simultaneously, it'll publish unaudited comparatives for the 12 months to 30 September 2024 to establish a base for the new accounting reference dates.

For the following year - being the first FY with the new YE date - statutory audited results covering the nine-month period to 30 September 2025 will be published in January 2026.

At least this seems transparent, simply aiming to smooth out H1 v H2 seasonality. Rather than an attempt to move the goalposts in some smoke & mirrors cover up!

Hardly "a sea of red" when it closed level/marginally up.

Tim would hardly be quiet if he'd done a deal, now would he?!

His style has always been to shout it from the rooftops. Even when there's nothing to shout about.

Dallo - I tend to find investing in people who succeed against the odds is more rewarding than backing serial failures. But each to their own.

That said, I believe there is still hope for IMM. Mainly because Tim’s got other companies to distract him.

Dallo - All I’m trying to say is that I continue to hold IMM despite Tim McC. Not because of him.

Did you manage to keep a straight face when writing “The proceeds of our (Incanthera) holding at 15p a share albeit at a loss gave Immupharma a major financial lifeline last year”?

So, Tim “runs” both businesses. Decides it would be a great wheeze for one to invest in the other. Then decides to sell part of that investment at a loss. Though admittedly it would have been an even bigger loss if he’d held on. Oh wait, IMM is now agreeing to pay INC (twice?) purely for the privilege of extending the expiry date on the remainder of these currently heavily loss-making warrants.

Great job Tim. Takes a real business mind to lose money like that.