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Worth keeping an eye on developments imvho.

Betaville post form 27th September and virtually the same day Kelso Group holdings listed Selkirk Group @ Companies House. Now IPO'd and listed as an acquisition vehicle.

Contents of the post

"Kelso Group Holdings, the activist , is said to have submitted a takeover approach for a sizeable part of NCC Group, the London listed cybersecurity group"

https://www.betaville.co.uk/search/kelso

Or topped up at 38p

Ryanf I have one remaining exit on THG and can exit today in good profit if I wish.

I was being objective about the presentation just as I have always done and there is more reason out there to think a part of NCC will be the target.

Your money, your choices. My money , my choices.

Or should I have said 4 points !!

There are 3 points in this that I don't get with respect to THG and any parts being on Selkirk's radar.

1. The major stumbling block with bidding for any part of Remainco is the existing £600M of debt. That couldn't be passed on to the only one remaining Remainco. Wopuld be too much debt for the level of profit.

2. The second is the prevailing City mentality of don't touch THG with a bargepole - for raising money given the above.

3. He did mention that it could be an approach for parts of any business already taken private, so could THG Ingenuity be the more appealing and compelling case. It ticks all Iain Mac's previous experience boxes. Query though on the Ebitda levels for THG Ingenuity and query also on 2 fundraises on the same company to bigger up the price.

3. Initially he starts the presentation saying 50% / 50% in terms of Selkirk and the Vendor's retention to sweeten any deal in terms of equity split of the target company and he had the room at that point. The minute he said 51% (or more) left with the vendor then the investors present were quickly questioning it. I honestly can't see you raising £400M for a minority stake, let alone at a premium to your share price.

Happy to be proven wrong but in aiming to make your percentage returns for shareholders you really wouldn't be communicating your plan to raise the price you pay prior imvho. That would already be eating into those percentages and you would end up paying higher than you otherwise might.

It's for that reason that I am more inclined to believe it will be somewhere else. Just my thoughts.

Looks like? or being dressed to look like? Ephemeral?

Iain Mac is considerably down on his over 2 Million THG shareholding and so also is Kelso with a 57.5p average.

The mention of secondary placings @Selkirk and this video perhaps explains why there was some selling off of Kelso shares which I commented on the other day. Same, but to a lesser degree with Selkirk.

Yiab I have watched the presentation and and also read up quite a bit on NCC and it's divisions this evening also and it fits right in with Iain Macs level of expertise (technology, digital media and ecommerce). In fact it sits behind them all and the Escode business at NCC is essentially Escrow as a Service (Eaas) as opposed to SaaS. There is some good stuff on it in a Capital markets day presentation.

Might take a position in NCC tomorrow also given what's been said. That Betaville "Rare report" if you read the definition seems to have been subject to checking with City sources prior to him publishing it.

Your money your choice, my money my choice

I'd love it to be part of THG that they bid for but here is what Betaville posted in one of his Rare alerts on his blog on the 27th September, which was virtually the same day that Selkirk Group got itself listed at Companies House by John Goold and Mark Kirkland of Kelso.

"Kelso Group Holdings, the activist investor, is said to have submitted a takeover approach for a sizeable part of NCC Group, The London-listed cybersecurity business."

dyor

Great to see it skip over 49p and back into the 50's but genuinely and honestly I cannot see them going for anything less than 51% in any company they bid for.

They have set up a SPAC - which is a Single Purpose Aquisition Vehicle. It's not an aquisition with only 49% ownership. Simples.

Fwiw I actually think that the.Italian was on the money after Betaville highlighted they had submitted a bid proposal for a substantial part of NCC. He thought Escode and I think he might be right.

Didn't see that one coming.

Nice strategic move imvho

Santa rally??

Just got in from some Xmas shopping and played catchup.

Thanks for the Kelso update moniman and yes Matt doesn't seem to be doing too well these days on anything he seems to touch. Mind you it's been that way ever since Kong was purchased. Curse of...imvho

Quite shrewd actually and small change to move somebody sideways and to keep them pointing in the same direction whilst all conditional on targets being met and them still being with the company for 5 years. Far better than monetary golden goodbyes imvho.

You can lead a horse to water as they say.

I said last week that our resident traders sat without any lives on here trying to deramp inder multi-Id's for £25, a couple of vapes and a bag of chips would have been far better directing themselves to getting some US exposure. Plug Power today was up 20% at one point and is somewhere near 15% up as we close. Plug having gone from a low of circa 1.9p to 2.86p for a 50% return.

The funny thing is that ITM seemed apparently to be tracking them down when they went to 1.9p so there's probably about 35% still to be returned and in the meantime it is only going to take 1 or 2 Neptune V Electrolyser sales at €5 Million or £4.35M a time for our guidance to be upped. Always the chance of a 100MW or 500MW contract also popping up.

At Angling Direct, one of the Kelso holdings.

Why oh why didn't MM buyback @THG when he was advised to do so about 18 months ago. Would have taken shares out the market and made them scarcer. Could easily have countenanced any short positions at the time with constancy of purchasing.

But no, one of the 95% of all advice given binned, and here we are at 47p.

The fact two brokers turning positive on Friday points to things starting to turn for the better.

Indeed Lucky Laurie,

First of the brokers seeing the light with an Outperform rating and a 70p Target Price.

It's clear as day that it's only going to take a few Neptune V sales at 5Million Euros or £4.35Million a go for Guidance to be revised upwards and then you always have in the background the potential for further other larger electrolyser sales and any manner of the industrial and utility scale 100 -500MW Reservation of Capacity and contracts to be signed.

The huge advantage of the Neptune V Electrolyser is that its Plug and Play. Delivered all ready to go, and just needing the appropriate permissions and hookups. That coupled with the Iridium reduction and the evolvement of the German national Hydrogen Grid I suspect is what is prompting the near term interest mentioned in the update. Worth visiting the company website over the weekend and reading up on it.

SDX Energy going private off Aim for various stated reasons and getting the customary market goodbye. Marked down 60% today alone.

That is fast closing in on 100 companies in the last year, several of which in the last few weeks alone.

Why pay Aim or LSE fees when the market isn't working for your benefit and shorts, sharks, spread betting companies and MM's trolley your shares and don't give it back and then across the back you have a seemingly invisible regulator.

You want a solution. Dissolve or get rid of the FCA and or amalgamate or give all its work to a bolstered numbers and improved funded City of London Police. To be fair I've never quite understood why there has ever been the need for the FCA when you have the other also covering the same square mile.

Yiab I think you have hit the nail on the head with one of the reasons for why now (Bond refinancing).

The other though I strongly believe was waiting for a taker for the Warehouse lease deal to take place and to free MM funds up for what was planned. He didn't get the price he initially wanted, and all I believe have had to wait months and months amidst the inability to dig itself out of poor performance (Rebrand, rising whey prices, Japanese yen...).

Fwiw I don't believe he's the only one interested at £25M to take it private. I do though think he will be looking for Supermajority and effectively Golden share status. It's just the way the shareholder agreement has been composed.

It is what it is. Freedom of choice is there for everyone.

All imho.

I'm disciplined in my approach and have played markets long enough to know anything can happen.

Its a structured exit on my part to bank good profit and to recycle into other diversified good prospects.

Free carrying what's left (5%) now for hopefully a peaceful resolution.