Member Info for Stuartrm

This is a bit out of date now, but it might be of interest.

https://battle-updates.com/kromek-beating-all-goals-by-julian-nettlefold/

You are right, Smallholde. They are effectively asking for a blank cheque. I did not like the proposal before I saw the voting papers and I liked it even less afterwards.

Thanks, oldbutnowisa. I assume the bit to which you refer is this:

"Goliath

· Reached significant development milestones

o Achieved D4 design freeze and Li-ion energy density parity, making strong progress on the technology roadmap and meeting development milestones on time.

· Strong scale-up progress

o Faraday Battery Challenge: 24-month, £8.2m grant-funded HISTORY project, with input from BMW and Fortescue WAE.

o Automotive Transformation Fund 16-month, £2.7m grant-supported SiSTEM project, collaborating with Mpac plc and UK Battery Industrialisation Centre ("UKBIC").

o Welcomed Agratas (Tata Group's global battery business) as a full partner to the SiSTEM project.

· Production-intent equipment trialled at vendor sites and installed at pilot facility to provide larger volumes of evaluation cells to customers.

· Bi-lateral 12-month technology collaboration agreement with Agratas, and agreement outlining potential longer-term collaboration through to gigafactory implementation.

· Continued interaction with automotive and consumer OEMs globally - pipeline of evaluation agreements with 17 companies

· Portfolio of 62 granted patents, with 10 new grants in the reporting period; four additional international filings submitted."

The danger with this one, as as happened with other shares that I held (Kape, for example) and hold (eg Trident Royalties), is that a bid will be mounted at a knock down price and the directors will back it, leaving long term small holders (like me) sitting on a significant loss. I hope I am wrong but it seems that no matter what this company does, the positives cannot increase the share price for more than a few days.

The Charles Stanley process sounds similar to Barclays Smart Investor. A simple phone call to 0800 27936673 is all that is needed, plus the usual hoops of "client verification" type questions.

GLA

Go to https://tridentroyalties.com/recommended-offer

Scroll down and click "I accept". That will take you to a new page.

Scroll down (a long way) until you come to the heading "Scheme Document". There are three documents. The first provides details of the scheme. The next two are the forms you need. Dowload both of the forms. They are relatively simple, with just one choice on each.

I have just asked Barclays Smart Investor to vote against for my holding. I had to direct them to the website and lead them through it to find the proxy forms. If anyone else uses them, be prepared to do the same!

“ The hefty dividend yield and 20 per cent discount to net asset value (NAV) of 39.75p explain why Duke’s share price has held up well since I selected the shares in my 2021 Bargain Shares Portfolio. The holding has delivered a 38 per cent total return (TR), a material outperformance of the FTSE Aim All-Share TR index, which has declined 33 per cent in the same 40-month holding period.

Moreover, with an easing of interest rates on the horizon, Duke’s yield attractions are likely to appeal to even more investors, who will also be attracted by the potential for 40 per cent capital growth to Cavendish’s fair valuation of 45p. Buy.”

Tipped by SJ in IC 5 July. The conclusions read as follows:

“The annual 2.8p-a-share payout was well covered by both free cash flow (FCF) of 4.24p and earnings per share (EPS) of 4.85p, and is expected to be covered this year, too.

Recurring cash revenue increased by 12 per cent to a record £24.3mn and analysts at house broker Cavendish expect it to rise a further 14 per cent to £27.6mn in the new financial year, thus covering Duke’s forecast operating costs (£4.9mn), finance costs (£8.8m), corporation tax (£1.3mn) and the £11.6mn cash cost of the dividend. Importantly, forecast FCF of £12.5mn covers the payout, too. Note that analyst estimates do not include exits from investee companies, so there is potential upside to forecasts if any materialise.“

Https://tridentroyalties.com/recommended-offer takes you to a micro site with some documents but it appears as if the voting proxy forms are not yet available to view or download. Hopefully that will change promptly.

ST stated that the un-risked net asset value is 70.3p per share and the risked value is 56.3p. He went on to say that Tamesis predict a step-change in profitability with pre-tax royalties doubling from $13.3m in 2024 to $26.9m in 2027, resulting in a tenfold operating profit increase to $12.3m. Interestingly, ST did not say vote against the offer. Personally, that is my preferred option unless any improved option is significantly greater than the current one.

This is part of the RNS of 16 Sept 22.

"The Board of Jarvis announces:

1. the appointment of regulatory consultants, Ocreus Ltd, to review the systems and controls of its subsidiary, Jarvis Investment Management Limited ("JIML"), pursuant to s166 Financial Services and Markets Act 2000 ("FSMA") ("Skilled Person"). It is anticipated that this process will take 3 to 6 months and further updates will be provided in due course, as necessary, once the Skilled Person has reported."

Note the anticipated timescale of 3 to 6 months. 21 months have now passed so, while some might regard me as being impatient, I think the BOD owes us a detailed explanation of what is going on.

Typical buy on anticipation sell on results reaction, actually. Once the dust has settled one might expect an upward drift.

In today's News section on this site: "Replacing Hargreaves in the FTSE 250 is Molten Ventures PLC." Hopefully this will improve the profile of Molten and reduce the discount to NAV.

While this is an encouraging post, for which I thank you, my concern is the political ramifications of the Gaza conflict on MWE long term. While the immediate conflict may soon be over, MWE, as an Israeli company, might be seen as toxic by several customers (or potential customers) for quite some time. This could adversely affect future earnings. Moreover, while the current Gaza conflict could soon end, what might be called the "Gaza question" is unlikely to be settled fully, and hence there is the potential for flare-ups in the (probably not too far distant) future. On the flip side, the US (and some lesser members of NATO) is not likely to take any such tarnished view of MWE so perhaps I am being over-pessimistic. Any thoughts would be of interest.

2reincarnated. The revenue was £41.23m for y/e 31 Jan 23. The expected revenue is £37m for y/e 31 Jan 24. Y/e 31 Jan 23 was profitable, just. I am not sure why we should be worried at the moment about the company going into administration, although clearly we will need to see the full figures for y/e 31 Jan 2024 before we can be certain either way. Do you know something that the rest of us should be aware of?

The trading update is a bit of a mixed bag. Potential for the expected major order to fail to materialise is disappointing but (single digit) growth without that order, and decent performance in Florida, are both mildly encouraging. Hopefully the market reaction will not be too harsh, especially given that the share price is already pretty “bombed out”.

Regarding Walp’s comment that the world just has far too many people in it, even that may be resolved relatively soon by the increasing prevalence of natural disasters and the “ambitions” of Russia/China/Iran/North Korea and/or the “resistance” of Ukraine/USA/Nato to “a changing world order”. Whichever of these groups is right or wrong, or whether the truth is somewhere between, is not a debate for this board but the potential risk of a serious military clash between these political groups is clear to most. It is also clear that whatever “benefits” a resulting population reduction might bring are likely to be outweighed by the accompanying collateral damage. The Chinese curse “may you live in interesting times” has rarely been more apposite than now.

Definitely good news and, as usual, the share price does not rise. For some reason with this share good news is treated as no news and no news is seen as bad news. It is unclear, to me at least, what is needed for the share price to react to good news in the normal, positive, way. This negativity predated the HAMAS attack, although they have clearly not helped sentiment.

"Markets can be irrational for limited periods of time..". Dead right, and London in particular has been more irrational than most for the last few years. Hopefully the tide will turn soon but I would not hold my breath. There is far too much uncertainty with respect to current and potential future conflicts, and pending elections in many countries.