Member Info for Pharmhall

I have just noticed that TKO has had a burst up to 300p today...cant find any news other than strong commodity prices, but will keep looking.

Your "gasp" at my number made me go and look at exactly what I do have! The actual number is 119 – broadly split 35 Pension; 30 in each of self and wife ISAs, 15 in each of childrens ISAs (numbers do not add up exactly as some holdings are in more than one account). Interestingly, only have three shares not held in tax-protected accounts. Yes, it keeps me busy, but very interested in the market news.

While I know that you are right on WB having large holdings in few companies, also replicated by Terry Smith at Fundsmith, I bet he has a much larger number of holding now that he had $300bn invested in equities, but it will not be 100.

Absolutely...it is calculated on shares issued irrespective whether they are Ordinaries or ADRs.

Having identified Injectaclad as the product that was being discussed, it took me some time to identify the parent company as LST...but got there in the end! This looks very promising and one to tuck away. Councils/Private buildings are way behind on the required retrofitting to comply with new building regs and this looks to be a very practical technology to deliver. Have made a first small investment.

No, I'm purely an equity (mostly US and UK) man and always have been. I think that there are lots of opportunities because analysts these days rely far too much on "guidance" from companies rather than doing their own research and rarely stick their neck out. Plus I hate the herd mentality of institutional investors. I do not understand fixed income, so leave it alone. While I do have some income plays in my pension, I much prefer capital gains in a tax protected environment.

I really look forward to your ideas....but to alert you, I run my family's money (SIPPs, ISAs, etc) and between us in the various pots we have about 100 holdings. It keeps me busy and there is an RNS on at least one of them most days. Despite this, I am still coming across interesting stocks to invest in on a daily basis.

Good timing...well done....never does any harm to lock in a profit.

Scanning back through all the plethora of posts of the past 24 hours , I could not find (apologies if I have missed them) any on the support, or rather lack of, from the Directors in last night's Placing announcement. The headline Subscription by Directors in the first Placing RNS at 7:00am yesterday – ca.£270k – looked really promising, but the reality was dreadful. Despite their high salaries, fees etc, the BOD managed to subscribe just £30k between them (3 x £10k), the rest was Mills using institutional money (not his own) to support (limit dilution of) their existing investment in the company. The CEO did not put his hand in his pocket at all !! This does not look very supportive to me. Couple this information to the dreadful revenue forecasts announced today, which management knew they would be releasing yesterday, tells you everything that you need to know. Institutions supporting the Placing yesterday will be livid.

Also, as pointed out here earlier, and by me a few days ago, the forecasts and the statements do not add up. There is no way that cashflow breakeven will be achieved on sales of $8.5m, so further funds will be needed in 12 months time.

Thank you...that is a very good spot. If successful (expected), this will provide a good period of working capital. All we need to wait for now is that price that its going to be done at. Fingers crossed.

RM...I finally remembered which stock it was where Directors had sold...it was CNC! Miles sold nearly 1/3rd of his holding last week, taking £138k off the table. I think that is a sure sign that he thinks it has run up too far. Time will tell.

Hi Future Hire....I agree with you. I cannot understand the market reaction. I don't think many institutions know about this one yet, given its relative recent move to the Main Market, despite it being a £500m market cap. It is trading on just 13.0x 2026 EPS (15% growth even with extra shares in issue from today's acqn) and yield's 3.0%. But this is unlikely to remain the case for long. Cavendish has just set a new target of 1240p. I'll be happy to see it half way to that. This is a quality company and management have a lot of skin-in-the-game.

Hi JL...I understand your position. FYI...ELIX is a consultancy company that competes with the big 4 (PWC, Deloitte etc). It is smaller and more entrepreneurial, giving it flexibility and able to move faster than the big four. It is a good combination between organic (ca.15% -20% p.a.) and inorganic growth. Today's results were better than expected at the EPS level and it has also made a substantial acquisition (TRC Advisory). I really felt today's news would see it touching 1000p, but alas it is giving back some of its early gains. I suspect that institutions still do not really know it, despite market cap approaching £500m. It aps about 3% dividend and I like the fact that the senior partners and have skin-in-the-game. Also, Investor Meet is running a meeting on Friday at noon.

ELIX did not disappoint market, with excellent results, EPS +35% to 29p (anything over 26p was a bonus IMHO), plus it has announced a complementary earnings enhancing acqn of a US consultancy. This one will go higher in the short-term and is a great long-term investment.

Hi RM...yes, I, too, sold out of Concurrent too early, but could not resist >100%profit over a relatively short period of time (ca 1 year). However, I think that it has now run ahead of itself at current levels.

I also sold out of Cohort too early, again with a good profit. We had a chance to get back in about three weeks ago when it briefly dipped below 1200p. I missed (no cash) that opportunity, but I am hoping to see that happen again, and I am now ready. Must stay patient.

I do watch closely the Directors Dealings. There was one this week (for the life of me I cannot remember which one at moment) which has had a really good run up and two directors each took over £250k out and left themselves with only a third of original holding...that says to me that they think it has run up too far!

Very busy week ahead, starting with Elixir on Monday, another of my firm favourites.

Just a reminder that this quality stock (I am a shareholder) is reporting interims on Monday. Also, it is moving to SETS settlement and being included in the FTSE Small Cap Index from 22nd Sept. Results are expected to be good given its positive trading update in July – Sales +35% (17% organic growth) and margins maintained. Q1'25 was a record quarter, then beaten by Q2'25. It will interesting to hear whether 3Q is likely to beat that and if FY guidance is upgraded.

Admittedly, I am only a relatively recent shareholder, and have missed BELL & LUCY, I think that the history should be ignored and that we should be looking forward to what Guident offers. Following the 1-for-8 reverse share split on 28 August, TEK own 248K shares out of a total of 354,390. Personally, I do not think (I believe it should be disclosed in S-1 if were the case) that TEK will sell any shares as part of the IPO. also, I do not think that TEK will be buying more shares in the IPO. We will just have to be patient until the IPO price is announced at which point we can make proper calculations. As TEK will not be receiving any cash in the IPO, I have no expectations of any dividends in the foreseeable future. This will come when TEK decides to sell down its shareholding and/or Guident is bought out.

OX...am I missing something? Notwithstanding the company comments about not recognising revenues until delivery of orders, and including further double-digit declines in Forgings and Petrol Stations, I am still forecasting underlying growth in sales for 1H'26 (due in December), albeit only 3%. I also use the word "underlying" carefully, as many contracts are priced in US$, so reported numbers might well show little growth. At the EBIT level, I see broadly the same thing, with US operating costs lower on a reported basis. A key driver to EBIT is the SG&A spend. This is so difficult to forecast as it has been all over the place in the past five six-month reporting periods, but a figure of £8m, which is £1m lower than 1H'25 but 10% higher than 2H'25, would still see a positive EBIT outcome (IMO). Bear in mind also that some orders from 2H'25 will be recognised in 1H'26 – (note 18) work in progress was £17.5m at 30 June (up from £9.0m), which may have been delivered in 1H'26. However, if you have further information, I would love to hear from you.

Thanks OX....I am already well long of SRT. I have been in quite a while. Typically, I got in a bit too early and was initially down for about six months, but took opportunity to treble up and, now, its a major profitable holding. The change in accounting period has somewhat thrown the timing for information flow, but my suspicion is that Cavendish forecasts, are, understandably given the history, on the conservative side and next results will beat forecasts. I really expect to see 100p in the not too distant future.

Hi RM... Given all the results coming out, I have listened to several (>10) company presentations this week (when caring for elderly parents, not much else to do in your limited down time). The two which really caught my eye with very credible investment opportunities were Brave Bison (BBSN.L), good management team, excellent clients, good technology/offering, main issue is competitive markets/very large global players; and Corero Network Solutions (CNS.L) – very impressive CFO, recovery from change in accounting policy, really good technology/offering, main issue is small fish in a big sea and getting itself noticed. Both are available on Investor meet site and make for some weekend watching/research.

PS...I'm in both now.

BusinessOwner: Actually a complete study of all releases for the past 12 months was my starting point. The last release with financial data was the interim results statement on 18th March, which stated the gross cash position of $9.2m @31/12/24. Since then, no RNS has had any comment about cash position or profitability. Cash burn in 1H'25 was $10m, albeit management was desperately trying to reduce admin costs for 2H'25. Do your own maths...it's now September....it does not have any cash.