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I completely agree Lorenzo. I’ve only been invested for six months or so but from my own analysis and that of others and commentators such as Investor Chronicle, GMS appears to be a gem and one to hold for the foreseeable. I’ve no issue with disruption as long as it’s constructive and holding the Board to account. This didn’t feel like that (although the specifics are largely unknown). We have an AGM on 29th May. What call for a separate meeting ? Glad it has been out to bed and hope investors can rally behind the good job that the current Executive are doing.

The short

Position makes me nervous. I’ve had a bad experience with another position I hold (Ashtead technology) which has five shorts. It’s a fabulous business delivering on its strategy and delivering outstanding results - yet the share price has more or less halved since mid-2024.

OTB is another strong business but these short firms have access to data and info that I do. It. They clearly feel they’ve identified some factor that will adversely affect the price. Let’s hope they are wrong.

Investor Chronicle recommends accepting the tender offer at 163p. This will have the effect of reducing the entry point of the residual shares. Forecasts for the 2025 year and into 2026 are significantly ahead of those achieved in 2024 for the residual business. Edison has a fair value of 165p. Cavendish target price is 180p. Assuming forecasts are achieved there is potential for these shares to further rerate in the next 15 -

18 months. Investor Chronicle notes in its bargain shares article and subsequent pieces that the residual business post tender offer will be in the price for as littles as 5 times estimates operating profits for FY25-26. This compares to 11.5 times current operating profits for the comparable Anpario.

I agree JMUK. This is the first announcement that I’m aware of in relation to SAW that should result in new and incremental revenue streams. Nice to see the investment starting to bear fruit - especially as it carries higher margins than their other revenue streams. Promising.

There’s been a nice appreciation in the share price since the recent very strong results with a further bounce today, possibly helped by the continued recommendation from Investor Chronicle. These remain well undervalued and have scope for further growth to fair value of around 55-60p per share.

A good update in Investor Chronicle from Simon Thompson today with a strong buy recommendation based on the shares being on a deep discount to book value. Simon puts a fair value of 55p on the shares. Canaccord have this slightly higher at 60p. A re-rating is due.

Second notable communication today, this time intimating that the Board has received a request for a general meeting in which changes to the Board would be requested together with proposals for a dividend. This feels unnecessarily disruptive to a company that has been performing well. We shall await developments with interest.

Hard to argue with their assessment. Given their track record and statements made at the full year update I wouldn’t be surprised to see a further acquisition this year and for their sp to return nearer to the highs that we saw in the middle of last year.

Investor Chronicle reporting that Ashtead Technology now has 5 short positions these being 3.9% overall. Until recently I thought there had been six, so perhaps a positive signal that one has closed its short

Position.

What is it that the shorters have identified that have driven the sp down ?

Yet again a company delivers a very strong set of results and the market barely notices. At least the share price didn’t fall as has happened so often this results season even on the back of great results.

It has been a hugely frustrating investment for 10 months or so having almost halved in value over that time. There is nothing obvious to me that justifies this. The company has taken over three businesses in just over a year and its market cap is little higher than it was before these transactions. If one studies the company’s trading updates it is consistently delivering and I remain confident that it will continue to do so. The share price seems to act as a proxy for oil with sentiment on the company being impacted by the languishing oil price and its prospects. There isn’t a lot of logic to this. This is now a long hold for me. I believe patience will be rewarded. It may not happen until the shorts drop away.

Isn't London - and especially small and mid caps - a frustrating place to invest. Ive lost count of the strong earnings/ result updates that good, thriving businesses have delivered in the past 2-3 months only to see their share price tanks. Today, Synectics simply provide a brief update at their AGM that they remain on track to meet 2025 expectations and the share price dives. No wonder businesses are looking to leave the London market in search of better value.

I’ve read the headlines all of which seem very strong and positive. I’d hope the share price will advance on the back of these results. It certainly should.

I look forward to hearing some update on progress YTD at the AGM tomorrow.

The share price continues to appreciate significantly. Significant director buy last week (which accounts for some of the heavy buying that I noted at the time). Perhaps other AIM and small caps focused funds are taking a position now that the company has moved to the AIM market? Aside from this, and the confidence shown by the director buy, it's not obvious what has driven this recent surge.

This week’s investor chronicle lists Carr’s Group as having upgraded eps for next 12 months to 9p from 4.5p - an increase of 100% - and that it has done so in the last month. Does anyone have any awareness of this ? I haven’t seen any end or other announcement to this effect.

This still has some way to go. It has a forward PE of approx 11.7 (2026) and forward PEG of approx 0.55.

Further significant buying today. It seems clear that at least one institution is taking a position.

A very strong presentation today by the CEO and FD. They have grown the business substantially in the last few years both in terms of revenue and profits but they have expanded too into a more global footprint reducing their risk of reliance on any one areas, such as the US. They’ve delivered early on their five year plan and so have established a new five year plan to once again double revenue from their existing levels. They addressed the specific point on order book and the book to value ration stating that q1 is always a slow quarter and that order in take is where they expected it to be and reiterated their confidence in meeting 2025 expectations.