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Big Bed & ISA though. Maybe a director (I think it's allowed in a close period).

dc2 - can't see anything in the April 20 update.

I wonder why they gave us 7 days notice of the results? They’ve never done this before. Is it because this time the results - and the update, which was not mentioned - have a special significance? Hmmm…

Can't see it dropping back in the run up to the update. That's why I've just picked up another 25k at 17.8p.

"Hoping for a bullish forward looking statement ...and/or that they've had a cash offer for the company ;P"

Me too. Interesting timing, 29/6. Is it just a coincidence that Microlise are likely to file their accounts on that date (they have until 30/6, but It would be surprising if they left it till the very last day)?

Will that be the moment they also announce their IPO?

And, if a tie-up with Trak is happening, that as well?

Thanks Chelsea - must have been in the back of my mind.

Yep, KBYK, a tie-up of some kind at this point looks very likely - unless by some miracle Trak has finally turned the corner, in which case 100p here we come anyway (as a standalone company).

Having said that, I'm not counting my chickens...there's nothing certain in this game.

Meanwhile, the SP is stuck at 17.7p to buy (but limited to 20,000 shares), so the market is obviously not aware of any rumours.

Loads of today's sells have been shown as buys, so the drop, though steep, is not quite as bad as this website would make out.

The recent interest from Schroders, which gave the shares a nice lift, seems to have been forgotten though. Investors seem to have no patience either - the next update can't be far away...mid-July possibly.

dc2 - the price paid for Trak, and the value it adds for Microlise, are two different things.

For example, it could easily afford to pay £50m for Trak if that unlocked £5m p.a. of profit, largely by taking out duplicated costs.

QTX's PE ratio is shown on this website as 49. Conservatively assuming 30, say, for Microlise/Trak, those £5m p.a. of profits translates to well over £100m of value. Not a bad payday for Microlise!

Agreed, KBYK. Also, dc2, the following extract from the article might explain why Microlise (£180m) is valued a lot less than QTX (£230m):

"Even the racier technology stocks are being scrutinised more heavily. “We are not back in the heady days where, if it has a website, price it at a super high multiple,” said a broker, a sentiment shared by other bankers. “Investors are kicking the tyres a lot more on these online businesses and their track history of losses,” one added.
To get their floats away, bankers are having to now be a bit more conservative with how they value soon-to-launch businesses. “There’s a lot of paper, therefore people are competing for attention, and one of the ways you compete for attention is by making yourself more attractive from a pricing perspective,” a senior investment banker said.
That can leave owners disappointed and Daniel Pinto, chief executive of Stanhope Capital, thinks that this is probably why a few companies, including the commodities broker Marex, have pulled their plans to float."

Once it floats, Microlise could be a better bet than QTX given the valuation disparity.

The £180m price tag for Microlise certainly makes Trak’s £7.5m valuation look derisory. But it also highlights a possibly unique opportunity for Microlise to snap it up.

However, it doesn’t look like Microlise will be acquiring Trak via a reverse takeover. Instead, it’ll be a straight takeover, if anything.

But when? Perhaps after the IPO is out of the way – except that, if a takeover of Trak would be sold as earnings enhancing, logically you’d do it before or at the same time, as a “selling feature” of the IPO. And since the IPO date is not set in stone, it could be put back a few months if need be.

The exact timing will depend on what N+1 Singer advise. Either way, I feel that the endgame is approaching, and that now that N+1 are involved, things should move along more briskly…

Explains why Microlise's accounts have been "delayed" - they'll be key to a successful float, so presentation will be everything.

KBYK, this is the bit about Microlise:

"Microlise, which is behind telematics technology used by haulage companies to manage their fleets, is working with stockbroker N+1 Singer on a flotation scheduled for next month that is expected to value the business at about £180 million".

That would probably make Raza worth more than £100m...

No date shown anywhere AFAIK, but my money would be on early July, in order to include an update on the first full quarter (to 30/6). We should also have sight of Microlise's latest accounts by 30/6.

4 pilots dead after being jabbed, apparently. Potentially massive for the aircraft industry.

It's been difficult this week to buy more than 10,000 at a time. Impossible to buy 50,000. You'd think they'd raise the ask.

Back in March the company predicted PBT of £90 - 100m, and they've delivered £96m. So, in theory, the SP shouldn't move.

"Disturbing this rise isn't based on any publicly available news !"

It never is.

dc2 - just think what contribution Trak could make without all those duplicated fixed costs.

If Microlise are looking to float, I'm sure Trak would figure in its expansion plans. If that meant a straight takeover, I doubt if Trak's management would accept less than 100p. Even that would be a steal for Microlise.