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Jeffries downgrade. Never trust the analysts though. Often playing their own book.

Kepler is paid to provide research by UKW. So it stands to reason they are going to talk it up...

Since Döhler have increased their holding to 10% but have stated no intention to bid for Treat, why would they have acquired shares at a premium to the 260 cash offer price...

Does it mean they intend to vote against the offer at the upcoming court/general meetings?

Good to see several directors buying, and shorts reducing. With ongoing cost saving efforts, I would hope the bottom is close and that the share price is due a recovery over the next 12-24 months.

404z, thanks for that. The reduction hadn't shown yet when I posted, so good to see it.

Toby, not at all. I think the future prospects for a combined PHP Assura are very positive.

I'm just annoyed/intrigued by the high level of shorting since June. Do the vultures think they can exploit the weakness in share price caused by the CMA investigation or weakening government finances/inflation risk, or some other reason?

Frankly I hope the shorters get thoroughly burnt but it tends not happen very often.

The level of shorting now on this one is ugly. Up to 8.7% since June...

In their March 31st presentation they stated 85% visibility of H2 revenue , 50% from backlog, 35% from repeat spot orders. Clearly the repeat orders did not materialize and the question really is whether that loss of repeat business is permanent or temporary due to market conditions. To halve profit guidance from 18M to 9M in just six months shows a serious misunderstanding of what is really happening in their customer base. I would like to hear more clarity from the company on why that repeat business did not happen and whether they expect it to come back. If not, it will be a longer slog to rebuild it with new customer business.

Saying that "all the bad news is out there" is just wishful thinking. We don't know yet.

I feel misled by the big changes in guidance over the last year which raise serious concerns about the companies visibility of their business. I think this one is going to tread water for some time until we know.

1M shares traded in a single off book transaction on Monday. Not clear if a buy or sell. No RNS so far.

Aviva shares in my AJ Bell account today. Cash portion for DLG shares to be credited around the 11th July. I would have preferred the option to have that cash converted in to AV shares but hey ho.

"obviously" ??!!

wishful thinking more like

At least this latest update is more honest about the trading situation they are in.

It would be good to understand what revenue impact the new major customer win in the premium segment might have.

Or rather "roll"

What a change between the Oct 24 trading update and this latest one:-

Oct 24 -

"Revenue for the year is anticipated to be £155.2m (FY23: £147.4m), up 5% (7% at constant currency). We are particularly pleased with the H2 sales momentum, with 16% sales growth led by improved Heritage and strong China regional growth.

Revenue in our Heritage segment, which includes Citrus, Synthetic Aromas and Herb Spices & Florals has grown by 10% and is expected to be £105.7m. Citrus, which continues to be a core focus for Treatt, grew by 30% in the second half, driven by increased volumes in strategic accounts and cost price increases. Synthetic Aroma grew by 34% in H2 as flavour house demand normalised."

April 25 :-

"This revision reflects the following:

· Lower demand in Heritage due to sustained high citrus prices affecting buying patterns, has led to customer reformulation, resulting in a decline in value-added citrus volumes, a trend we expect to continue for the remainder of the year. However, we continue to leverage our deep knowledge and product capabilities to provide alternative solutions to our customers, against a challenging market backdrop."

Did they really not know about the citrus price issues in October...

Someone's head should role for such poor reporting.

Would appear to be due to an upgrade:-

"BNP Paribas Exane on Friday upgraded British recruitment and human resources company Hays

HAS to outperform from underperform and increased its price target to 0.90 pound sterling from 0.68 pound."

But why the rise ?

Actually it appears to be an equity swap of shares. This would appear to be where Meiji got their 5% holding / or MS are holding for Meiji (not clear to me). Appears to expire in 2027. Volume of shares matches exactly.

Correct. £20k only applies to your annual contribution. Any gains inside the ISA are tax free and have nothing to do with your annual contribution limit.

Note that if the deal went ahead, Aviva would have to issue new shares to cover. So at the 1st offer of £2.50, DLG shareholders would likely receive about £2.35 (per Morningstar article, based on the AV price of £4.88 at the time). Same thing would apply pro rata to any 2nd bid - just something to be aware of for those buying in at current levels.

I don't think so. Read the scheme document today. Investec value the alternative unlisted "consideration share option" at between 18 and 24p. Doesn't inspire one to take up that option, and I guess that's the intention...

Most longer holding PI's stitched up thoroughly here I'm afraid.