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One would expect an RNS on Monday to address the press speculation. It would be good to have the facts.

Nomad - when I checked the 250 constituents this morning the lowest market cap was £402m. I calculated that as being 499p for AT. Obviously that figure moves around on a daily basis but it’s an indication of where AT. need to be to be in the conversation. I believe they update the constituents every quarter. Anyway, some way to go yet but it’s entirely possible and possibly quite soon.

A share price of approx £5.00 would bring this into contention for the FTSE 250. We’re obviously some way off that but if this continues to appreciate and approach these levels things might get quite interesting.

Many comment on ATs debt but its current ratio is 2.35 and quick ratio is 1.97 - both very healthy. Its operating margin is almost 25% and debt has and will continue to reduce quickly. It has always maintained debt levels within its agreed covenants. I’m staying long on this and do think it will reach the levels predicted by various analysts.

I am interested in how shorts exit. How do the shorts in AT’s case cover their risk? It may retrace as you say but it may not. It could easily go the other way as,

at some point, it will. In the 2-3 years I’ve held AT it has show capacity for very rapid sp appreciation (or

Depreciation) Particularly after a trading update or,

on occasion, an acquisition. It’s a little whilst since their last acquisition. It wouldn’t surprise me at all to see them do something further in that front given easier access to capital was part of their rationale for

Moving to the main market.

Strong backing for MPAC from Investor Chronicle this week on the back of good results and references to a strong pipeline. If pipeline is converted and business continues to deliver good margins Simon Thompson of

IC suggests this would rerate and revert to mean enterprise valuation multiple with approx 70% potential upside.

Dartron - think you’ve been tracking the 8.3 and 8.5 notices in some detail. Wondered if you’d identified anything of note?

A further 0.5%, or so, reduction in the shorts in last couple of days continuing the downward trend. Is this the shorts getting out at long last?

AT is doing well to make further progress with the sp advancing with a sea of red elsewhere in the markets. Let’s see if it can break through 400p.

You don’t have to go back much further and it was almost touching 900p.

A somewhat muted response to a good contract win announced today.

We need to hear more of those large contracts that were announced as delayed in their previous trading update. This remains a very good business with some really interesting prospects which could quickly move the dial if successful.

Hard to disagree. Laurence Hulse of Onward Opportunities described the balance sheet as “rock solid”. The stock is a steal at these prices and, I guess whilst it remains so the company is vulnerable to a takeover. I suspect we’ll see SNX in Simon Thompson’s bargain share list next month. It’s ridiculously undervalued.

It’s an interesting postulation. The business is certainly vulnerable as it is so undervalued at present. Not so long ago its share price was approaching 900p. The current share price barely recognises the value of recent acquisitions.

Number of shorts reduced to 6 and under

7% in total. The trend is gradual but it’s most certainly on a downward trajectory overall.

Frustrating to see this drift further downwards on no news. Needs a positive trading update.

Interesting Dartron, thanks. I only flagged the Mills interview to highlight that those closer to the business see far Greater potential value than has been suggested on this board recently, even allowing for the poorer than expected results announced recently. Like you I’m just looking for an exit here.

Just noting two separate short reductions in 9th Jan continuing this overall downward trend. Would be good to see strong results for 2025 to expedite this and start a full on squeeze.

I rewatched Christopher Mills’ interview with Paul Hill from 15th Jan 2025 (when the share price was around £2.40 ish, if I recall). Spire was his pick for 2025. I don’t think he’d settle for £2.75-3.00

It feels that way, although worth noting the slight short increase around mid-Dec. Perhaps they sensed something that is not publicly available that would act as a headwind on the shares? I take confidence from the last set of results and see these as a long term hold. These should power ahead as inflation and interest rates ease and as oil eases and lowers air fares. The business has made good calls and is progressing well.

The key determinant is surely the underlying property value which is significantly undervalued on the balance sheet and not recognised in the sp. The recent profits warning was predominantly driven by a drop off in NHS driven revenue but the sp very significantly undervalues the business overall.