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Hadn't come across this company before but I work in the chemicals industry so sounds fairly interesting.

Long term prospects maybe good but currently sub scale and high likelihood of needing to raise additional cash. Have the management team discussed funding plans to reach scale?

Positive noises on Comparison - not clear if the France comment was including or (presumably) excluding the existing German business. Really feel that this should be communicated by RNS, rather than sloppily worded interview, if the segment is significantly outperforming.

DIS - more vague comments about potential valuation. I'm increasingly concerned that this is going to be sold for far less than anticipated. Anything sub $200m would be a disaster in my view.

Refinancing - should hear within "a few weeks". This will clear some of the overhang on the shares, and makes it far more likely that we'll get better value for DIS. The NY visit is likely related to this you would think.

Search - Somewhat positive sounding comments but the lack of attention suggests that it's still barley break even. I'm giving this zero value for now and treating any upside as a bonus.

Hopefully some good news coming over the next weeks and months.

£70k trade went through at the close today. Don't think I've seen that in a while!

Market needs clarity on the RCF debt refinancing. Can't see why the company would trade at this valuation otherwise.

The share price is so heavily reliant on a full sale price for DIS. Anything less than $200m would be a bit of a disaster imo.

I don't think the Search and Comparison businesses, with very volatile earnings, are sensible to have loaded up with debt. So need to work on the assumption that proceeds from the DIS sale are primarily used to clear majority of the debt.

I think they need to communicate a renewal/ extension of the RCF. There's probably some concern about debt maturity at the current rate of paying it down.

Could be a significant rally if this was confirmed alongside positive trading.

Someone remind me why I own shares here...

Stating the obvious here but a SLB only makes sense if the lease payments are cost neutral or positive once accounting for the reduction in Capex spend.

If the lease payments exceed the Capex savings then you'll see a hit to FCF (which might be play if FCF was large, but it's not).

I expect FCF will drop this year as Search contributes close to nothing. They need to continue to reduce debt as this (along with questions over management) is a major contributor to the current valuation.

Think it probably needs to be more like 250p to get it through

I actually think it might make sense to keep DIS until they can somewhat stabilize Search. At least it's cash flow positive and helping with overall debt reduction.

Have Zeus put out any FY26 guidance?

Laura posting absolute garbage which is potentially stopping us from hearing from people that are directly involved / employed.

If you have nothing of any worth to post then just don't...

3 months since "Strategic Review" announced. Hopefully the actual financial results get released soon so that we can see how Search is performing (or not).

Just need to wait and see...

Given that the news flow is seemingly always leaked via Sky, I'd expect the share price to move before any deal is announced. Could be a good trade if there's a mysterious high volume day.

Laura taking a few days off...

But to that point, if the results were terrible then they'd probably have withdrawn prior to the PUSU date.

I'm assuming that an acquirer will focus on the real estate value rather than the operating business (hence why £1.5B makes sense).

I agree that deals are often priced on EBITDA multiples, but you need to be cautious about depreciation for capital intensive businesses. I'd encourage people to look at free cash flow here, or even cash flow with debt interest added back.

I have about 10% of my liquid investments in this at ~£1.70 per share. So I'd say I'm pretty invested.

£2.80 would still be a great result (even from here).

Basically agree with Stewart's numbers - most reports mentioned £1.5B "valuation", which if on a debt neutral basis would equate to ~£2.80 per share.

If paying £1.5B and assuming all debt then you'd get a share price closer to £3.50, which I don't think is realistic based on the essay that it's been reported or the commentary from Harwood about accepting something in the region of £2.80 to £3.00.

Also a holder here btw.