Member Info for NomadCane

Thought it would be useful to share:

https://rm-funds.co.uk/wp-content/uploads/2025/12/RM-Funds-Post-Interim-Results-Statement-17-Dec-25-vFinal-.pdf

Could they have knocked down NAV on ""more cautious valuation assumptions amid market volatility."" so that the upcoming asset disposal is done at NAV?

I also took note of Oak Bloke decision. Had to do some calculations on my average cost which is also about 57p. In weighing up my decision to stay or sell up I would also consider:

- A look across to GRID. Pretty much cancelled their dividend completely and following a similar battery upgrade strategy but hitting new highs. +60% SP last 1 year.

- A couple more Bank of England rate reductions in December + Q1 2026

- Two different activist investors on the heels of board and manager chasing value. This is a much more risky investment for Saba compared with its previous listed investment trust ventures. They must be expecting big returns.

I assume this is part of the recent reversal and maybe start of a short squeeze. North Sea exploration rules:

https://www.bbc.co.uk/news/articles/c0r9gyjkky0o

Caught this one on the Tritax Big Box news feed.

https://www.thebusinessdesk.com/eastmidlands/news/2103394-tritax-big-box-delivers-310000-sq-ft-national-distribution-hub-for-greggs

Now it gets really interesting! I get some popcorn.

Thanks Trek. That is clear for me now.

I wonder how they calculate the impact on NAV of buybacks if they don't cancel shares? Because they do show 0.6 pence uplift from buybacks for the H1 results.

I just checked the result RNS releases to see the accumulation of shares in Treasury. UKW bought back already 22mil shares in Jul / Aug 25 as the entire 6 months of H2 24 which was +25 mil shares.

Aug 25 110 mil (+15 mil shares)

Jul25 95 mil (+7mil shares)

Jun25 88 mil (+7mil shares)

May25 81 mil (+9mil shares)

Apr25 72 mil (+6mil shares)

Mar25 66 mil (+5 mil shares)

Feb25 61 mil (+2 mil shares)

Jan 25 59 mil (+6 mil shares)

Dec 24 53 mil (+5 mil shares)

Nov 24 48 mil (+5mil shares)

Oct 24 43 mil (+5 mil shares)

Sep24 38 mil (+3 mil shares)

Aug 24 35 (+2 mil shares)

Jul 24 33 mil (+5 mil shares)

Jun 24 27 mil

In February UKW renewed the share buyback programme for 100mil gbp this year. Assuming the average buyback transaction price is around 1.20 then shouldn't the impact in next year be more in range of 3.8% on NAV? Buybacks would be 83 mil shares on a base of 2200 mil total shares.

What am I doing wrong?

There is also a technical driver for the sell-off. My understanding is that a significant piece of the Ashtead investor base is AIM IHT funds. These funds offer investors inheritance tax protection. They need to sell their Ashtead shares before the main market listing because only AIM shares offer the IHT benefit. The shorts are taking a bet the IHT fund selling will put pressure on the share price at least until the main listing.

Link to Steve Marshall 40 minute interview:

https://www.youtube.com/watch?v=_gCb6ZuGeiw

Latest Oak Bloke on Gore Street

https://theoakbloke.substack.com/p/have-cutbacks-at-gore-street-gone

Sharing the RM Funds announcement of a webinar to brief investors further on their requisition. I was able to register.

Not sure if link below will work. It was easy to find of the RM Funds homepage and navigate to News and Videos.

https://rm-funds.co.uk/wp-content/uploads/2025/08/Webinar-Information.pdf

I'm with StarBright. Despite the board presenting there wasn't a single chart on the total shareholder return achieved on behalf of investors which is underperforming . I'm open to all options that will lead to better shareholder value short term even if that means major transformation of the company including sales of assets and merger.

I think the proposal for some changes on the board makes sense especially in light of the strategic review

Is DORE portfolio all batteries or a mix of renewable infrastructure? I'm not familiar with it.

My thesis was that it got caught in the shadow of DIGI9 and it’s taken a long time to prove they are completely different stories. I still kick myself for getting in earlier. Very comfortable now we both in a very good well run company.

So much great news coming out today yet its silent on chat:

- dividend announced with a small increase

- strong results announced

- directors actively buying share

I had a feeling something like this would happen. A small delay. No worries but they must have known this for some time now.

BTW I'm balls deep long on this one. Just so you know which side I'm cheering for.