Member Info for Pianista

ML's outstanding accounts are due to be published today. Not sure why they've left it to the very last day.

And no let up in the company's own purchases: a further 200k and 100k shares in the last week alone.

Seems to go on all the time with takeovers: “be nice to mgt of the target, and they’ll shepherd it through, however bad the offer”. This happened with the AA: mgt were looked after, guaranteed lucrative positions post-takeover, and “coincidentally” recommended what many saw as a derisory offer (though I wasn’t too unhappy personally having bought at the bottom).

At best it’s unethical, at worst it’s a fraud on the generality of shareholders.

Here it would be more difficult to achieve I think, because mgt have such large holdings: if the shares are undervalued in a lowball offer, this would also automatically penalise mgt to a significant extent.

So mgt’s unusually large holdings give a measure of protection from such shenanigans.

(Not that the advisers to the transaction could not come up with some fancy scheme to get round the problem, but it would take some effort).

SP has slipped today - 17p to buy 20,000 at the moment.

Some PDMR buys would stop the rot, but it would also show that the company is not "in discussions".

"This statement is not good advertising".

True, but Microlise know the company inside out, and they know it's still worth 100p to them.

Having said that, if they can get away with paying less they will. But it'll still be a multiple of the current SP.

Microlise accounts are still due today or tomorrow. Will make interesting reading...

The market obviously needs more than just a vague expectation of a "return to profitability", which could mean anything from £1 to £1m!

Re absence of director buying: it could conceivably be because they are "in discussions". The blandness of the update makes this more likely, not less. Failing that, all we can hope for is more news of significant contracts. Re the AA, it's not a public company any more, so there's an information blackout on SB, but it doesn't appear to have taken off in a big way yet.

Reduction in net debt has been flattered again by tax deferrals, because that has preserved cash, so nothing to brag about really. But debt is not a major concern, provided they do indeed return to a "meaningful profit" this year.

Agreed, KBYK. Pretty bland. No surprises. But if it's a choice between bland and disastrous, I'll take bland!

Let's see what the market thinks. Long-term holders will need even more patience, though, I'm afraid.

Being quoted 18.8p for 25,000 (last week it was 17.8p). So definitely some movement.

I assumed dc2 meant today. I agree that tomorrow is another matter, and we could leave 18p behind for good.

There should also be Microlise news tomorrow, in the shape of their accounts, plus even the announcement of their IPO.

The fact that they are doing an IPO at this time does at least show that Trak are in an investable field.

Should at least stop the rot.

It did spike up to around 20p last November, partly due to a combination of the AA takeover and reasonable interims, but this time I'm looking for more than just a flash in the pan.

I've just checked for Microlise a/c's: they're still not filed, so it looks like they're taking it down to the wire, which is Tuesday, ie the same day Trak issue their update.

This could be just pure coincidence...but if it isn't, nothing's been leaked to the market.

Edging up, now 18p to buy 10k . Only one trading day left before the big reveal.

...for the princely sum of 30.5p! What could possibly be the story behind that?

I'd be surprised if it didn't happen in July.

Presumably the main options off the top of my head would be:

1. Microlise does its IPO, then takes over Trak for cash, or shares in Microlise, or a mix of cash and shares.

2. Microlise takes over Trak for cash (there won't be any tradeable Microlise shares to offer at that point), then does its IPO.

Of course, if Trak come out with a scintillating update next week, they'd be able to drive a hard bargain - perhaps too hard for Microlise.

Microlise have just extended the current accounting period for two of their group companies till the end of calendar year 2021.

In preparation for the IPO, no doubt.

Good to see a chunky purchase even at these relatively high levels. When coupled with the company’s own purchases at these levels, it adds up to a very big vote of confidence in the company. Patience will be rewarded, eventually.

Probably, but it's amazing how much market activity there can be BEFORE an announcement these days. Walls have ears, and all that.

KBYK - oh, dear!