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JOHCM duo Clive Beagles and James Lowen have ‘materially added’ to their position in ITV after media giant bows out.

The Citywire Elite Companies A-rated broadcaster is the tenth largest position in the JOHCM UK Equity Income fund, where it makes up 2.8% of the £1.9bn portfolio.

Shares in the stock tumbled 10% at the end of October after US media giant Liberty Global sold around 5% of the company in a block trade, raising around £135m.

‘This appeared to be a major overreaction, leaving the market cap effectively covered by the studio business alone, with the broadcast business valued at zero,’ said the managers.

‘We added materially to the position.’

Agree contract extension welcome but odd no financial detail disclosed. Let’s hope there is some margin improvement in the terms to continue the slow progress to increased profitability. Slowly but surely…….

Agree, if I was the initial WL partner and wanted to keep my options open as to the market reaction of similar deals (or not as the case may be) then warrants give me the protection I need. We are all surmising on this but there are situations where this could work. Buying shares now (albeit at a lower price) give me zero downside protection. Just my view of course and I may be as thick as Lucky Bob suggests!

I am an eternal optimist (you have to be sometimes with this co!). The transfer of warrants may be something or nothing of significance. With my glass half full I wonder if it might be a WL partner that wants the option of having some "skin in the game" if the partnership is initially successful. This will probably open the floodgates to ridicule but hey ho its Friday and I am ready. GLA

I agree with you Uncle Doug, no immediate prospects of meaningful increase in SP. That’s precisely why I’m dripping money into this on a monthly basis. I am happy to be patient … for now.. but would hope some of the unlisted investments improve when the investment environment normalises. We shall see…..

Have been dripping money into this on a regular basis and whilst I am still showing a loss I am starting to feel a bit more optimistic. Recent interview in MM with the fund managers coupled with an improving picture at the two biggest holdings ON and Atom is the basis for my optimism. Anybody else think the same? Or am I just deluded....Either way, I am going to continue regular investment here for now and see what happens....GLA

Company update out this morning. It doesn’t make good reading! Good luck to all holders here, I fear it will be needed

Nothing positive here and I do wonder what the impact will be on ASLR and also suspended AAA. Although share movement in ASLR earlier this week gives an indication. Feel really sorry for all holders here! Have to move on now.

Plato…Give it a rest….please!!!!

Plato, please give it a rest!! You could send a glass eye to sleep!.

Am I right in thinking that Candy is a significant shareholder in AAA already…..?

No news on the AAA offer then. Thought 10th Sept was the extended deadline. Does this mean it has fallen by the wayside do you think or will there be a further extension?

Pianista, that would be good but how on earth do you think the Non Exec Chair can give any credible steer in the middle of a pandemic. His view is probably not worth a ..... Having said that I am invested here, have taken up the recent offer and very hopeful for better times ahead. Just waiting for some good news on the health situation and things could look quite different. Good luck to all holders on here

Lets not forget there was a raft of share sales from senior personnel in the last 2-3 months. I chose to ignore that "red flag" but seeing the share price movement recently, I am starting to fear the worst for Results Day. I am sticking with them for now and hoping for the best. I accept that is not a particularly sophisticated strategy but I am a LTH with a sizeable holding and just banking the divi for now. Good luck to all in a similar position

Hi Stagecoach I have looked closely at P2P as a way of further diversifying my income portfolio. In the end I didn't like what was under the surface of some of these arrangements. I think there is a lot more risk than appears at first glance. I would like to see what they look like when the economy has gone through a full cycle and what some of these loans look like after a period of recession. They have become popular in a very benign environment and need to be tested over the longer term. JMO of course.

A nice little tick up yesterday due to relief at GE result. The question is where does it go from here. I am continuing to drip money in to build up my holding but I would like to see some (profitable) contract wins, further progress on the financials (profit, fcf etc) and some indication as to when it may return to the dividend list if progress continues. Next update might be interesting....

I like the sentiment although not sure about the logic. We have all seen numerous reports/analysis as to why Lloyds is and has been stuck in a holding pattern. I am not sure I have seen or read anything that might suggest a 60% plus increase in the SP in a little over six months. But I may have missed it so please share your rationale!!

Business update announced today seems to confirm business is going from strength to strength. I am a happy long term holder here and I think with a continuation of relatively benign market conditions the SP can progress further.

Market doesn't seem to like the news that some of this business is going to be retained. It does seem to send a confused message about their future strategy after previous comments . Hopefully all will become clearer in due course and I remain a LTH still adding and will do up to £5. GlA

WGR - Given the performance of the Saga share price over the last ten days, do you still stand by your comments from 30/10? I made a modest initial investment in this company on 29/10 and am understandably happy with the short term result. I am personally delighted for some of the long term holders on here who might now be seeing the start of a recovery. Whether you were dismissive of his company specifically or investing in British companies generally, I hope you won't begrudge some long awaited (and hopefully not short term) improvement.