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The market's written them off but it's far too early for that. They've got 20 months before any of the debt is due, £80m cash and a £200m revolving credit facility to draw if needed.

The market sold off when the recent Turkish sale was announced but it's actually enabled them to reduce some of the debt whilst maintining supply if desired which can be purchased at cost from the buyer. They've said they'll consider similar transactions if and when the opportunities arise.

It's highly likely this year was an anomaly, recent data shows the macro backdrop is improving, tailwinds returning and the company is actively making operational efficiencies and deleveraging. I'm confident that in the next 18 months they'll be able to refinance on fair terms. Then you can consider the fact the market cap is now just £43m on well over £1b of revenues, it's a rare opportunity.

MM's happy to take the lot at 37p. They're marking that as the bottom.

Decent volume coming in and Canaccord upgrading from a speculative buy to a buy. That seems to count for something.

This share is enough to put you off investing for life. Surely, at some point, something half-close to fair value will be realised? It's surely impossible for it to remain down here?

In a nutshell, we all see the potential but it's all taking too long in an increasingly impatient market and the share price has been hammered as a result.

I wonder if at this valuation there are companies thinking this is looking attractive and they could make things happen quicker.

Good, if not huge opportunity IMO. The clues are in the half-year report and the earnings call which is well worth watching.

Also strong Nationwide housing data and gov figures both published in the last few days indicate demand is returning.

I doubt landlords would have been able to react quickly enough to the CGT rumours, certainly not having to evict tenants as well as complete before the budget. Far more likely is the reason discussed on the earnings call - salaries have overtaken inflation, interest rates have stabalised and households are feeling more secure in their finances.

As to the WFH environment and retailers, that has been the case for nearly 5 years.

Victoria often say property transaction volumes are the best indicator for near term demand. Government data released yesterday shows a strong uptick in both residential and non residential property transactions in October, as well as forcasting a significant increase overall in 2024/25.

https://www.gov.uk/government/statistics/monthly-property-transactions-completed-in-the-uk-with-value-40000-or-above/uk-monthly-property-transactions-commentary

Not reversing perhaps but when a highly downtrodden share doesn't drop on bad news it's an early indication the market is starting to look forward. Likewise a strong share that can't rise on good news.

Bottom in? High volume consolidation week and the SP looks to be reversing.

Yes, I'd prefer a positive bounce off that area. I have no position yet but I prefer the long opportunity than the short here.

Yes that trend started in June so a significant breakout.

5 months worth of buyers are now underwater. There'll be more selling pressure yet to at least retest the 200 dma.

Closed above last week's high. More in the tank you'd think.

We all want the best possible price. It's about risk/reward, particularly with the resistance at 1.6p. Just sensible investing principles.

Nice volume and price action last couple of days.

Extremely off putting spread.

I'm one of those cadellin. My rule is generally not to add to losers but this is the first news that a turnaround might be on. Will be watching with interest.

With some sizable volume the last couple of hours yet share price remaining flat. Will be watching the response tomorrow.

I quite like what i see in the chart - consolidating here on big volume over the last 4-5 weeks. You'd normally expect this type of trading activity to preceed a reversal.