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If you are a current shareholder that is

Disgraceful treatment of PI shareholders by Wynnstay directors with a diluting fund raise for institution only.

Bad bad stain on Wynnstay and the CEO / FD / Chairman need to be held accountable .

Sent them this which will clearly have no effect, this is really not acceptable .

Dear Wynnstay Shareholder Communications

As a shareholder with a not insignificant amount invested in Wynnstay I am utterly dismayed with the fundraise you announced today that notably excludes PI.

This is pretty disgraceful and shows contempt for your shareholder base by effectively diluting our shareholding for the benefit of institutions .

I am seriously disappointed as I had thought that Wynnstay senior team was respectful to its shareholders .

I only invest in Companies that have a senior team that treats all shareholders alike and does not trample and effectively sell its PI short at the expense of institutions,

Shame on your CEO / FD and Chairman and I will be making my views known to other shareholders

Totally unacceptable and at a minimum you owe me an apology for giving away my Money to institutions who already have enough

I will be attending the next AGM and will make my feelings known in person to attendees (unless I sell out in disgust beforehand).

Good news on Rockwood Realisations (RKW).

Whilst self praise is no praise of course I did say in January Christopher Milks was not going to follow the Gresham script of a wind down and return of capital and he has gradually built his stake.

Seems a formality now with Richard Staveley and Christopher Mills over 30%.

That’s a very impressive combination with excellent track record and they are big holders of sone great small caps especially Northbridge where Mil'ls son has joined the board .

Worth watching what they invest in , Richard Staveley a very good small cap manager who rarely puts a foot wrong .

Strange market here possibly a bit of a bear trap with the market trying to tempt sellers whilst building up their stock (they have little to sell ?).

Price has come off past few days .

I could sell a decent chunk 20-40k shares today at a pretty poor rate 1170 to 1180 wish (meaning market wants to buy)

Yet hard to buy in any quantity, I managed three lots of £1400 at 1174 today and similar yesterday ay 1180 (meaning not much stock for sale)

Supply and demand means this will move back sharply in the next days, especially so if there is a strong market and even more if Ukraine news .

Very good long term, buy with great yield - perfect ISA share .

Not to mention share price is virtually fully underpinned by the property / real estate, this is also on a book value probably not reflecting actual realisable land values.
Buy this business, do a sale and leaseback on properties and walk away with what ? 50 million cash plus a profitable business .
Looks sure to be ripe for a takeover in the next 18 months.

Wish I had 250 million fish to play with, Id buy it .

All explained here .

https://www.youtube.com/watch?v=LvMU8Vu4Ezc

Holders Technology

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https://www.youtube.com/watch?v=LvMU8Vu4Ezc

In my world the (few) elves aren't on 6 figure salaries then given 7 figure freebies.

The company owners (shareholders) are being run ragged by a few elves building themselves one big grotto.

Had to call an FD with this package an "elve"

Company announcement to shareholders
“RBG are pleased to announce a restrosoective bonus of 600 thousand pounds of your money for turning up to work for the past 3 years .
We are further pleased to announce a future bonus of 400k pounds of your money for him turning up to work for the next 2 years.
We wish to recognise and reward him for his ability to drive to work with 1 million pounds of your earnings and we are sure you will all be supportive of this .
Many thanks for your support of us and our efforts to improve our wealth “

“incentive plan for top management is not dissimilar to other PLC”

This is part of the problem that many others are bang at it filling their boots .
I would wager that if the FD was paid and extra 200k a year then his remuneration would be viewed as above market rate .
No need to beat around the bush about this, shareholder theft at RBG by a management team motivated by their own enrichment (without performance) at the clear expense of shareholders .

I just don’t buy the argument “it’s standard practice” , “everyone does it at UK plc” .

Banker mentality ftom a total set of wonkers .

“1 April 2022, granted 1,000,000 nil-cost options over ordinary shares..to Robert Parker,Chief Financial Officer..will vest over two years and be subject to no further conditions other than for Robert Parker to remain employed”

So the FD effectively get a 1.2 million pound bonus courtesy of shareholders simply for staying in his well paid ob.

A companies executives are employed to create value for shareholders, not to enrich themselves at shareholders expense.

This is a smash and grab tacky self enrichment tactic that does a disservice to credible investors and shareholders.

Avoid this company like the plague, investors need to call these people to account and vote with their feet.

Total disgrace.

Shareholders Armstrong and Rath Dhu have been consistently selling down over the past year. despite the company transformation and value .

Armstrong dropped from 290k to 140k
Rath Dhu from 190 to 150

They are long term holders unloading and drops of 10-20k keep getting dropped .

Holders is proving to be a classic Benjamin Graham share .

Admittedly quite hard to buy but ridiculous value , yet still with growth in a rising tide market and stuffed with cash .

This valuation is madness especially when compared to some of the dross on the market facing headwinds .

Just doesn't add up

3.1 million cash

3.9 million market cap

Rising tide intelligent lighting division growing rapidly with 37% margins

12 million turnover

German PCB division disposed of .

For anyone looking for a long term hold total no brainer.

Shares quite easy to buy at moment as two larger shareholders continue to sell down .

Tandem looks in a decent position long term especially as it has good diversification across its portfolio.

Bicycle market is currently terrible and super tough to navigate.

Lead-times are very long still and manufacturers like tandem have had to place big orders to secure slots, this would have been 12 - 18 months ago.

These orders are only just filtering through but there is a tidal wave of orders to follow which is going to concertina in towards mid to end of this year, now couple this with the sudden drop in demand of the past three months, rising energy and petrol and general headwinds the bicycle industry is heading into a perfect storm.

The good news is of course Tandem is cash rich and can ride out the storm and maybe find opportunity out of adversity as leveraged rival brands fall over.

E-scooters are not going to save them, this market has collapsed. Zyro-Fisher one of the largest / best cycling distributors have just discontinued all their e-scooter ranges due to poor sales and concerns over liability issues. Selling scooters that are banned on the road that then cause injury or death by the user, well its not hard to see how the manufacturer / retailer get sucked into this.Tandem will catch a cold on e-scooters that is for sure.

Tanden is a good long term hold but is going to be in the eye of a storm this year and a lot this year is going to depend on how they can manage their order book and stock as it arrives into a brutal marketplace.

If they can manage that, sit back a touch, sit on cash and have the balls to make a positive out of a negative they could play a smart game .

I'm holding but think there could be further to fall even if the shares look stonking value.

More happennings at Rockwood Realisations (RKW) which was supposed to be on a 2 year wind down returning cash to shareholder.

Looks like Christopher Mills doesn't seem to be ready to follow that script , buying again today £176k more shares taking him to 5.73% , seems to be a daily RNS out and seems pretty intent on building . maybe he wants to take out the discenting shareholders and rewrite the script ? .

Also Rockwood increased their holding in Northbridge by 3.53% which is a circa 1.5 million investment inbound which doesn't seem to tie in with a controlled wind down.

I hold (now) am following the money though quite hard to buy .

Could there be an imminent bid for Fulcrum Utility to take it private , or break it up ?

Bayford Co and Mills seem to have positioned themselves into very strong positions to carve up as they see fit .

Jonathon Turner/Bayford now up to 26.7% and Mills/Harwood Capital at 28.8%

Given Bayford had previously attempted to take private something seems to be in the offing . add to this the three directors finally buying shares in the recent placing .

Fulcrum is in a good sector for sure and some conspiracy theorists might argue there has been a concerted effort to batter the share price down , then do a large fund raising to get yet more shares on the cheap and then a little nudge at the end to takes it private at a very good price ?

As Hannibal said in the A team / Bayford says to Mills ??

"I love it when a plan comes together "

Massively under asset value , and with Bank of Georgia shares going through a big surge this seems too be getting overlooked Bank of Georgia up 7.5% today and subject to a strong Peel Hunt buy recommendation . The bank of Georgia stake will add considerably to NAV if it continues to rerate and sooner or later this will tag along for the journey .

Good RNS , selling 1.1 million of assets for 1.6 million cash whilst trading way below NAV looks a great deal .
Cash in king .
Focus on the best part of the business .
Well done Holders .

Lovely recovery share and classic Benjamin Graham play trading way below NAV , no debt, and solid management .
Directors and board renumeration low and seems to be run for shareholders benefit not a typical AIM gravy train with huge salaries for underperformance and no share issues .
This this can only recover .