Member Info for rivaldo

This could be worth loadsamoney to CAPD.

225m shares times (A$0.77-A$0.21) at A$2.02 to the £ equates to £62m coming CAPD's way, or around 32p per share.....hopefully, and if the Call Options is exercised in time.

So this could be extremely material and is undoubtedly worth an RNS for clarification at some point soon.

I would guess CAPD are currently tucked away considering their options. The cleanest is surely for Perseus to pay the cash fee to CAPD representing the premium over the original sale.

Any corrections welcomed!

Here's Google AI's response to my query about the CAPD/PDI earn-out - note the Call Option paragraph at the end:

"In August 2024, Capital Limited sold its entire shareholding in Predictive Discovery Limited (PDI) to Perseus Mining, with the agreement including an earn-out provision

. The earn-out was a profit-sharing arrangement where Capital and Perseus would split any profit from a subsequent sale of the shares by Perseus to a third party before December 31, 2025.

Key details of the arrangement:

Initial Sale: Capital sold its 225,349,418 shares in PDI for a total cash consideration of approximately US$31.2 million.

Profit-Sharing: Capital is entitled to 50% of any profit Perseus makes by reselling the shares before December 31, 2025.

Call Option: If Perseus were to launch a takeover of PDI at a price higher than the A$0.21 per share initial sale price, Capital has a call option to buy back the shares at the original price. Alternatively, Perseus could pay a cash fee to Capital equal to the premium offered."

Here's the original RNS:

Https://www.investegate.co.uk/announcement/rns/capital-limited-di---capd/sale-of-shares-in-predictive-discovery-limited-/8365967

Excellent H1 results today given the uncertain markets in general.

- the outlook is nicely in line with expectations of 7.1p EPS

- adjusted PBT is up 21.7% with revenes up 10.1%

- further acquisitions flagged for this financial year to April '26

- "good visibility" for H2 and some substantial contracts won across the group

I particularly like all the inter-company collaboration and cross-selling.

The share price is on an extremely low multiple - not far off a single-digit P/E. Once overall market conditions stabilise then there's room for tremendous outperformance. In the meantime, credit to the new management team.

Well well....PDI has received a binding takeover offer from Perseus Mining which trumps the prior proposal, implying a takeover price of A$0.778.

The share price has jumped 17% overnight to new highs by some margin.

Presumably CAPD are likely to benefit from this offer (as a straightforward acquisition proposal). I haven't looked up the original details, but this might mean the receipt of some £m's for CAPD?

The prior offerors have the right to respond, so it's not all over yet...but given the large premium it seems likely:

Https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-03032519-6A1301221&v=undefined

Https://www.asx.com.au/markets/company/PDI

CAPD's largest investment, WIA Gold, is up 4% overnight to A$0.39, which is (just!) a new high, and is now worth £46.3m.

Asara is also at new highs at A$0.088, now worth £8.7m.

Plus CAPD are looking to expand in Egypt and in Phosphate:

Https://egyptoil-gas.com/news/egypt-seeks-new-mining-cooperation-investment-plans-in-australia/

"....On the sidelines of his official visit to Australia, Karim Badawi, Minister of Petroleum and Mineral Resources, met with executives from three Australian firms: Capital Drilling, Hunter, and Bell Potter. The meetings focused on attracting new foreign investments, supporting the expansion of existing operations, and securing crucial financing for exploration projects within Egypt’s mining sector. The discussions are part of the Ministry’s efforts to leverage Egypt’s mineral wealth and bolster the new investment climate.

Badawi discussed Capital Drilling’s plans to expand its existing mining drilling operations in Egypt with Jamie Boyton, Executive Chairman, and Brian Rudd, Executive Director. According to the Ministry’s statement, Capital Drilling is interested in pursuing the exploration and exploitation of Phosphate, offering integrated mining services, and entering the field of Gold exploration in the Southern Eastern Desert.

Both sides agreed to provide immediate facilities to support the company’s expansion, including offering geological data and organizing field visits to accelerate its entry into new mining activities....."

Finally, good news from investee company Eco Detection:

Https://ecodetection.com/australias-first-catchment-scale-real-time-water-quality-analyser-trial-has-been-recognised-with-the-infrastructure-project-innovation-award-at-the-awa-tas-water-awards/

"25 November 2025

Australia’s First Catchment-Scale Real-Time Water Quality Analyser Trial wins the ‘Infrastructure Project Innovation Award’

The Derwent Estuary Program (DEP), which leveraged Eco Detection’s advanced real-time water analysis platform, was made possible through the support of The Ian Potter Foundation, TasWater, the Environment Protection Authority (EPA) Tasmania, Eco Detection, Hydro Tasmania, and Meadowbank Vineyard.

This three-year program underscored the critical role of real-time water quality monitoring and revealed previously unrecorded data, including Phosphate and TAN across the River Derwent Catchment.

As part of this groundbreaking trial, six Eco Detection systems were deployed, delivering high-frequency sampling throughout the study, with data available instantly via our cloud-based platform."

Shore Capital also say Buy:

Https://www.nasdaq.com/articles/shore-capital-reiterates-renew-holdings-rnwhf-buy-recommendation-1

Cumbria Manufacturing Alliance - including RNWH's subsidiary West Cumberland Engineering - have won a £29m four year contract to supply manufactured and fabricated spare parts to support stock replenishment across Sellafield:

Https://westcumberlandengineering.co.uk/news/cumbria-manufacturing-alliance-awarded-29m-mpas-contract/

And Clarke Telecom have just achieved their "50th MergeCo site for VodafoneThree, accelerating "The Nation's Network" upgrade across the UK".

This is only 3 months into an £11 billion investment programme "to build the UK’s best network: delivering full-scale 5G standalone coverage, enhanced capacity, and improved connectivity for homes and businesses":

Https://clarke-connect.com/50th-mergeco-vodafonethree/

Wow.

Today's £2.2m defence contract win is nearly half the entire m/cap!

All to be delivered by the end of next year, and starting immediately. So this year's and next year's results will be very nicely supported.

Plus there may well be further work incoming - "we hope to further our involvement in the Programme as it progresses to its production phase".

And Rheinmetall BAE Systems are a nice multinational client to have for such a microcap.

If Rail continues to slowly recover, then the share price will be very interesting:

Https://uk.advfn.com/stock-market/london/petards-PEG/share-news/Petards-Group-PLC-New-Defence-Contract-Award/97353800

Nice move up, with the offer price now at 155p.

IMO there's been an overhang for some time, with buying possible at well within the spread (I topped up further yesterday doing this).

This morning after some early buying, and with that early buying price moving up to 149p, there are now buys coming in at 151p/152.5p. Hopefully an indication that stock is becoming harder to find.

Excellent interim results yesterday.

With 6.5p EPS in H1 alone SOLI look very well placed to beat expectations for the year.

Particularly as the order book has zoomed up to £97m from £87.3m at the 30/9 period end.

With strong involvement in defence and security, including drones, plus robotics, naval maritime, medical etc - all sectors which should continue to thrive - and industrial looking decent despite a weaker overall sector, SOLI are well placed to grow earnings nicely.

Today's results show around a £130k PBT in H2. A pretty impressive turnaround.

Plus:

- the cash pile is up to £1.13m, against the £2.5m m/cap

- year end order books are up, with further contracts RNS'd since the year end

- a "healthy pipeline" and "significant operational momentum"

- as regards the major UK defence contract, "recent developments have been positive"

In summary, "the current momentum and high activity levels give us optimism for the year ahead".

Downing fund manager also very keen on RNWH - from Citywire this morning:

https://citywire.com/funds-insider/news/expert-view-boohoo-halfords-renew-johnson-matthey-strix/a2479374?page=3

"Renew extending reach in lucrative markets, says Downing

Renew is rapidly expanding its position in the maintenance and repair market, says Downing manager Josh McCathie.

He holds the infrastructure and essential engineering services company in his £24.9m VT Downing Unique Opportunities fund where it was a contributor to performance in October as the shares rose 16%.

A trading update from the group reported that trading remains in-line to hit market consensus this year, with record revenues and record operating profit expected.

‘Renew also announced the acquisition of Emerald Power for £12.3m,’ said McCathie.

‘The acquisition will be immediately earnings-enhancing and will enable the group’s expansion into the rapidly growing overhead line maintenance and repair market.’

Brett Gordon continues to buy - he now owns 19.24% of PEN:

Https://uk.advfn.com/stock-market/london/pennant-PEN/share-news/Pennant-International-Group-PLC-Holdings-in-Company/97330041

MWE tipped by Simon Thompson in the IC - subscription-only as usual, so if anyone has the rest or the conclusion.....

Https://www.investorschronicle.co.uk/content/c291d4cf-03de-459a-ab38-41c70070d967

"This stock’s record results highlight a glaring valuation anomaly

Simon Thompson: Equity is valued on an enterprise value to operating profit ratio of eight times, and there is a hefty dividend yield

This stock’s record results highlight a glaring valuation anomaly

• Year-to-date revenue up 12 per cent to $37.9mn

• Pre-tax profit increased 10 per cent to $3.93mn

• Earnings per share up a fifth to 4.2¢

• Net cash increased a third to $6.4mn year on year

etc"

Encouraging commentary in particular about an upturn in Rail from VP's interims to 30th September this morning - and about Electricity/Transmission and Water:

Https://uk.advfn.com/stock-market/london/vp-VP./share-news/Vp-PLC-Interim-Results/97328015

"Transmission markets have also been supportive in the UK during the Period and continue to represent an opportunity across our specialist divisions. Electricity demand has quadrupled in the last 70 years and the National Grid requires significant investment and modernisation to meet demand and to connect Britain to more affordable sources of homegrown energy.

Prospects in Water remain extremely positive. However, revenue in the first half of the year was lower than H1 FY25 as capital delivery programmes undertook their normal transition from AMP7 to AMP8. As we enter the second half of FY26 we are seeing activity levels increase as AMP8 design and planning work progresses.

We expect Water revenue to increase in the second half of the financial year with anticipation of a strong FY27 onwards."

"Market conditions in Rail remained subdued in the Period due to the continued slow start to Network Rail's CP7. In recent months we have seen activity levels increase and we remain cautiously optimistic about the second half of the year and beyond."

"activity levels are starting to increase in key Infrastructure sectors of Water and Rail"

Good news from another positive broker:

"Deutsche Bank Research raises Renew Holdings price target to 1,220 (1,200) pence - ’buy’"

Https://www.sharesmagazine.co.uk/news/market/1764150928962256100/london-broker-ratings-ubs-cuts-shell-berenberg-says-buy-genus

Shore Capital will adjust their forecasts in 10 working days when the H1 results are out, but conclude in the meantime:

"Valuation

The stock trades at 9.5x calendar ’25 and 8.8x calendar ’26 (the numbers in the table below are fiscal years), with mid-single-digit earnings growth this year, and c. 8% in FY26. Returns are strong, with a 15% adjusted PBT margin and a ROE in excess of 22%, achieved with little debt.

Dividend yield is 4.1% and FCF yield a remarkable 10.7% this year. N.B. that these estimates are all organic and neither include the small Network Auctions acquisition of 25.11.25 nor this Kirkby Diamond acquisition, part facilitated by some slight equity issuance"

Aegis Financial Corporation have almost doubled their stake to 10.31%, or 22.31m shares, presumably in the placing:

Https://uk.advfn.com/stock-market/london/capital-CAPD/share-news/Capital-Limited-TR-1-Notification-of-Major-Holdings/97320412

Berenberg have reiterated their Buy and £12 price target:

Https://finimize.com/content/renew-holdings-delivers-steady-results-and-buoyant-outlook

"Renew Holdings matched Wall Street’s forecasts for fiscal 2025, giving investors a boost of confidence and prompting Berenberg to keep its buy rating.

What does this mean?

Renew Holdings, the UK-based engineering group, is keeping things steady. Its latest results and positive outlook for 2026 have Berenberg maintaining a buy rating and £12 price target, with no changes to earnings expectations. The confidence is rooted in a strong balance sheet, a healthy pipeline for mergers and acquisitions, and solid strategic moves—giving analysts reasons to believe there’s more upside to current forecasts. After a rare profit warning in its Rail division earlier this year, Renew’s quick return to stability signals broader business resilience. Trading at a 12.7x price-to-earnings ratio for fiscal 2026, Berenberg considers the stock attractively valued given its growth prospects and the growing spotlight on UK infrastructure.

Why should I care?

For markets: Reliability carries weight in infrastructure plays.

Renew Holdings’ stable delivery gives investors confidence at a time when infrastructure spending is front and center. With the UK government’s 'decade of renewal' underway, firms like Renew look set to capitalize on increased public sector projects. That’s clear from its valuation—at 12.7x forward earnings, the stock stands out among peers, signaling that investors still see more room for growth.

The bigger picture: Infrastructure’s long game comes into focus.

Renew’s consistent approach and acquisitions like Emerald Power point to bigger-picture trends in the UK. With governments worldwide doubling down on infrastructure, firms with resilient business models and steady execution are in demand. For investors, infrastructure offers a shot at longer-term growth powered by public policy, rather than market fads."

That's two acquisitions in two days!

Excellent earnings-enhancing acquisition just announced, and decent-sized too - this is much more like it.

70% of the initial consideration is from cash, plus the entire deferred consideration based on performance, so the share element is small.

Perhaps this additional £1m of pre-tax profit - plus almost £1m additional cash - taking the property division to a revenue run rate over £50m will wake the market up somewhat:

Https://uk.advfn.com/stock-market/london/begbies-traynor-BEG/share-news/Begbies-Traynor-Group-PLC-Acquisition/97318127

Hugely important up to £5.75m contract win announced for what's now a £9.7m microcap:

Https://uk.advfn.com/stock-market/london/pennant-PEN/share-news/Pennant-International-Group-PLC-GenFly-Contract-Award-valued-at-up-to-5-75m/97312522

"GenFly Contract Award

Contract Value up to £5.75 million

Pennant International Group plc (AIM:PEN), is pleased to announce that the GenFly upgrade contract has now been formally awarded by the UK Ministry of Defence and the agreement signed.

The contract is structured as an initial upgrade of one GenFly device for £2.75 million with options to upgrade two additional devices for circa £1.5 million each. The final agreed contract value including options is £5.75 million, and revenue will be recognised as costs are incurred over time, with the programme commencing this December with an expected three-year duration.

This programme is in line with the Company's strategy to deliver modifications, retrofits and overhauls to its installed base through a streamlined Training Systems business, while it continues with the development and commercialisation of the Auxilium suite.

In its Interim Results announcement of 16 September 2025, the Company confirmed it was in advanced negotiations in respect of over £10 million of opportunities and, with today's award and the wins announced on 8 October 2025, orders totalling £9.5 million have now been secured, with negotiations continuing on additional single-source opportunities."

Shore Capital have issued a brief update, noting that whilst non-material, today's acquisition "adds scale and further builds national coverage".

They conclude:

"Market appreciation

The stock trades at 9.5x calendar ’25 and 8.8x calendar ’26 (the numbers in the table below are fiscal years), with mid-single-digit earnings growth this year, and c. 8% in FY26. Returns are strong, with a 15% adjusted PBT margin and a ROE in excess of 22%, achieved with little debt. Dividend yield is 4.1% and FCF yield a remarkable 10.7% this year. N.B. that these estimates are all organic and neither include this Network Auctions acquisition nor any further inorganic growth, while such is the stated and clearly continuing strategy of the Group."