Member Info for TetleysDad

Ali, the comms bit is probably frustration on my part at being underwater with this share. TIG was trading in the 90s as recently as March 2025 and it's been pretty much downhill ever since with very little messaging from the company.

The price was 42.4 the day before the strategic review was announced last November and here we are in the 30s, albeit closer to 40 after today's excellent move. I just don't feel that management have been great at explaining what they intend to do about the SP valuation. Maybe it's a moot point as the market clearly doesn't hold the management in high regard after the Shinez mess. There are clues about the plan but you have to work a bit to find them.

My point about the stub - the bit of TIG that is left post the sale of DIS - is that management need to be clear on their long term plan. Large funds don't readily buy into an illiquid AIM stock as, once in, it's difficult to remove large size quickly to realise profits without tanking the share price. TIG Board needs to be clear that their exits wouldn't be via the market but by a corporate takeover. This comfort would encourage larger players to take positions, if they can find a seller. Trying to find them would inevitably increase the share price and benefit current holders, including the CEO (3 million shares and Max Royde of Kestrel (about 18 million) and the other major holders who are massively underwater too.

Just my take on things, not advice etc.

Agreed, Lukee. Whichever way you look at it, post DIS TIG will be sitting on a cash pile and two saleable assets, Search and Comparison. It deserves a much higher valuation on the back of this, which would give the major holders a chance of getting a return, or at least damage limitiation. They still won't be able to realise the benefits through the market, not enough liquidity, so will have to be by selling the stub of TIG at some point.

Monday could be very interesting!

GLA

Footnote: just remembered this is TIG and their recent track record of executing big deals is not great, so this post, and my others, might not age well!

Agree about TIG and comms, not a strong area for them. Regarding bids, in the interview at the start of this thread (5 minutes in) Michael Riedl states that they "are in receipt of several competing bids at pricing levels that would allow them to retire debt (£65m) and still have good means for future shareholder returns." The mention in the interview of "competing bids" is even stronger than the RNS of 24 April which talked about expressions of interest and the proceeds exceeding market capital which was £120m at the time (Nov 2025).

So unless Michael mis-spoke then the signs remain positive. I reckon they started working on selling DIS once they realised what an error Shinez was, so probably well over a year ago. If that is the case then we should be nearing the end game.

Just seen a comment about what they might do with the residual DIS cash. Strategic best option - and most tax efficient if you are the CEO or Max Royde holding millions of shares personally - would be to do nothing with it and include the proceeds in the ultimate sale of what is left of TIG. Distributing as a dividend will result in a huge tax bill for them.

If they did want to give something to shareholders, which is probably wise and would help the share price, then recycle the $10m a year current spend on interest payments. Using that saving, plus a bit of interest on the cash balance, and you could easily offer at least a 3 pence dividend, which would be excellent on current valuations.

I seriously doubt they are in acquisitions mode: break up mode is the game.

All of this is just my take on TIG, not advice. GLA.

One in a million chance of being taken private, the major holders on the register won't allow it. These holders are deep, deep underwater, the offer price would have to be so high to bail them out that it would defeat the object of the exercise. As an example, Slater Investments hold 28 million shares (11.4%) at an average of about 140 pence, plus or minus 20p - my ballpark estimate based on their year end holdings. Why would they crystallise a loss of this size?

TIG is my largest holding and I’ve been asking myself: “Is TIG a good buy at 39p?” These are just my thoughts, not advice.

Why TIG? First, the free float. Of the 250m shares in issue (including 4m LTIP shares), 95% are held by Kestrel and 14 others. That leaves maybe 10m truly tradeable shares once long term holders are excluded. With a float this tiny, the share price is mechanically sensitive to buying and fragile to selling. This asymmetry matters.

Second, the register is deeply underwater. Kestrel’s average looks ~84p on 68m shares (a £31m paper loss). Slater bought heavily in 2021–22 at ~142p and sits ~£29m down. Using disclosed holdings and average trading ranges, I estimate Kestrel, Slater, Inter.Services, Erin and FIL are sitting on ~£77m of embedded losses. Even if I’m 10–15p out, the conclusion stands. This is why the register is structurally aligned toward a break up, not a slow rebuild. They cannot sell in the market without collapsing the price, and organic growth would take years.

Third, the LTIP. The CEO and CFO stand to receive ~4m shares if targets are hit; the CEO already owns 3.1m. Their incentives only pay out if the share price re rates materially. Management and shareholders are aligned.

So how do you get 150p? Step one is selling DIS. Assume TIG gets £200m. DIS EBITDA is £15.85m (FY2025). A buyer like GoDaddy can add ~£3m cost synergies and ~£3m revenue synergies, giving ~£21.85m buyer adjusted EBITDA. A £200m price is just over 9× EBITDA, which is conservative given domain/identity assets often transact at 10–12× due to their recurring, low churn revenue. A £200m sale clears TIG’s £65m debt and leaves ~£135m net cash. Removing the £9m annual interest burden even allows for a 3p dividend if they choose.

Post DIS, the market must reprice what’s left. TIG becomes slim line, unleveraged, cash rich and simple. Search + Comparison deliver ~£16m EBITDA today, and with synergies could be closer to £25m. Once TIG holds ~£135m cash, enterprise value collapses relative to equity value, making the stock look optically cheap on EV/EBITDA and forcing a re rating.

Using FY2025 EBITDA for Search (£6.67m) and Comparison (£9.11m), and applying fair multiples of 6 and 10, you get £131m. Add £135m cash and you get an implied value of ~106p per share, before any buyer synergies. With synergies, a 150p+ takeover valuation is entirely plausible.

TIG’s early US Comparison activity (e.g., BestPick partnership) increases strategic visibility and puts them on the radar of larger monetisation platforms.

This, to me, is the clearest route back to historic share price levels. Many variables are under TIG’s control, and the CEO, CFO and major shareholders — especially Max Royde — are highly motivated to deliver.

The picture should become clearer on 15 June with the accounts, annual report and (hopefully) a positive DIS update. That update is the catalyst for everything that follows.

These are just my musings, definitely not

Are you sure it needs shareholder approval? A disposal on AIM only triggers special requirements if it meets one three thresholds. The one for DIS is “Substantial Transaction “(AIM Rule 12)- This is the lowest threshold.

A transaction is “substantial” if it hits 10% or more on any of the class tests:

• Gross assets

• Profits

• Consideration

• Gross capital

What it means:

• Company must announce the deal via RNS

• Must disclose key details

• No shareholder vote required

I believe we’ll see the DIS announcement soon, preferably alongside the accounts on 15 June for maximum impact. If price is around the £120m management stated, TIG becomes a debt free profitable company with a decent increase in share price to follow, hopefully!

Yes it is, they said late May in an RNS - they didn't need to, but chose to - and then didn't deliver. Poor. Needless to say, I haven't had a reply to my missive to TIG's IR section.

Looking ahead, I believe the accounts have to be out by this time next week in order to meet the notice requirements for the AGM. As well as hopefully confirming the figures previously trailed, the accounts will also reveal where they are with the DIS sale as the auditor will have to say something!

On a positive note, today is looking OK trading wise, some hefty buys, volume over 500k and climbing. Let's hope for a positive update next week.

GLA

TD

100k+ buys in a seriously thin float will do that for you.

I half expect to be ignored, although a "sorry we can't say anything but..." response would be the more professional way to do it. Ironically, I don't particularly care about the accounts, providing they are at or near what they said in their March RNS. It's the DIS disposal I want to see, hopefully any delay in the accounts is down to agreeing the words to go in the accounts with the external auditor if the sale is almost, but not quite, there.

I was thinking the same so have e-mailed TIG IR as follows:

"I appreciate that you will be working through the usual year end processes and that you cannot comment on any unpublished information.

I wanted to share a brief observation from a shareholder’s perspective. In the Strategic Review update published on 24 April, the Company noted that it “expects to publish its audited full year results for 2025 in late May 2026.” As we approach the end of that window, the absence of the results is being interpreted by some investors as a negative signal, even if the underlying reasons are entirely procedural.

Given the significant share price weakness over recent months, the market is particularly sensitive to perceived delays or gaps in communication. I imagine larger institutional investors will be drawing similar conclusions, and anything that helps avoid unnecessary negative sentiment would be beneficial for all stakeholders."

I’d welcome your views on the perspective outlined.

I got AI to compose most of it, my version would have been less polite! I will post any reply on here.

Regards.

I thought Germany was "Home" and everything else is foreign, so yes France this year is being compared with foreign last year, including France. This bullishness is timely given what I believe to be TIG's disposal agenda. A nice bit of marketing!

Thus confirms to me that TIG is being broken up and will be gone in a year or two. It’s the only way Kestrel and others can realise value. That means we should pay more attention than usual to brokers’ sum of the parts calculations, they’re not background information they’re the roadmap.

Just my take on where we are, not advice, obviously. GLA

I asked my AI friend for a take on the interview and this is what came up. Take what you want from it, or not.

So Michael Riedl (TIG’s CEO) popped up on Proactive earlier, and while Proactive isn’t exactly CNBC, the interview was way more interesting than the usual “we’re excited about our strategy” fluff.

Main points:

1. He basically confirmed the DIS sale is real and competitive

Riedl said they’ve had several competing bids for the Domain Services business. Not “interest”. Not “conversations”. Actual bids.

And then he casually dropped the line that the offers are strong enough that TIG could wipe out all its debt if they accept one.

That’s the closest you’ll ever get to a CEO saying: “Yes, the sale is happening and the price is good.”

2. He made a big deal about TIG being “AI resilient”

He went out of his way to explain that TIG isn’t relying on big AI models that hallucinate or break every time Google sneezes.

Instead, they use “pre manufactured AI results” — basically structured, predictable outputs that advertisers like because they don’t go rogue.

Translation: “Our revenue isn’t going to evaporate because ChatGPT or Gemini changes something.” This is exactly what a buyer of the Search or Comparison business wants to hear.

3. The Comparison business is quietly scaling outside Germany

France got a special mention as a strong early market. That’s important because it shows the Comparison segment isn’t just a one country niche — it’s something that can be rolled out internationally. Buyers pay more for businesses that travel.

4. Notice what he didn’t talk about

No talk of acquisitions. No talk of long term group strategy. No “platform vision”. No “synergies”.

Just:

• asset performance

• stability

• resilience

• monetisation

• and the DIS sale

That’s not how a CEO talks if he’s planning to run TIG as a single group for the next five years. That’s how a CEO talks when he’s preparing assets for sale.

5. The whole thing felt like a subtle “heads up”

Not a pump. Not hype. Just a gentle tap on the glass: “We’re in the final stages of something meaningful. Don’t be surprised when the RNS drops.”

Proactive is a small channel, but the people who need to see this — bidders, analysts, institutions — absolutely will.

6. Bottom line

The interview didn’t tell us anything crazy or new, but it confirmed a lot of what people have been suspecting:

• DIS sale is advanced

• multiple bidders exist

• the price looks strong

• debt could be wiped out

• the remaining business is stable and AI resilient

• international growth is real

• the break up strategy is alive and well

For a 37p stock, that’s… not nothing.

Hope you find this useful but remember, not advice, DYOR etc. GLA

Maybe, maybe not, 170k UT just after you posted. We live in hope!

Accounts due end of month with hopefully an RNS re disposal of DIS. Someone has been building a position for the last few days in anticipation. If accounts are in line with previous statements and DIS goes for a decent price this will rerate and quickly.

I thought I'd share a quick summary of TIG’s shareholder structure (from the 24 April 2026 credit‑investor presentation on the TIG website), in case it’s useful to fellow holders.

TIG’s register is unusually concentrated for a listed company, even more than I realised. The top 15 shareholders collectively hold around 95% of the shares, leaving only ~5% true free float. As you will all know, the largest holders include Kestrel Partners (28%), Consorsbank (13%), Inter.services (13%), Slater Investments (12%), others include FIL, Erin Invest & Finance, and several other long‑term institutional names. Even the Bill & Melinda Gates Foundation appears on the list with around 2%.

A register this tight has a few implications. First, it explains why the share price can move on relatively small volumes — with so little stock available for trading, the order book is naturally thin. Second, it helps make sense of the heavy trading we saw recently (around 20m shares in six days): that level of turnover is far more consistent with one institutional holder selling to another than with retail activity, presumably within the allowable bands so as not to require a RNS. Third, it means that any future corporate action — including the ongoing strategic review and potential DIS disposal — could have an amplified effect on the share price simply because the free float is so limited.

None of this is a prediction or advice - this is TIG so nothing happening would be par for the course - just sharing the structure as presented by the company.

GLA

P.S. The "Strong Buy" opinion in the header should not be relied on, although it reflects my thinking, I regard myself as a relative newbie in this world so could easily be wrong, again. :)

My guess - and I mean that literally - is that we will have to wait until the end of the month when the audited 2025 accounts are released. Not sure if a bidder will want to jump the gun and go with provisional figures, their own governance rules probably frown on such things. Would not maximum impact on SP be to publish hopefully positive results at the end of the month AND announce a sale at the same time? But then again this is the TIG Board and their messaging has been cr*p for ages, so who knows!

This is a bit of a liberty, using this chat room to mention another share (Team Internet Group, TIG), but I recognise some of the JD members as being previously in Wood Group, as was I. Anyway, I thought I’d share with those former Wood Groupers some info which may or may not be of interest.

I’ve been keeping an eye on TIG recently, and it’s turned into a more interesting situation than the share price alone suggests. The business remains profitable and cash generative, has only moderate debt today (and likely net cash if a planned disposal completes), and the latest strategic review update confirmed trading is in line with expectations. A disposal process is running to sell their DIS (Domains, Identity and Software) division and is active with multiple engaged, well capitalised bidders. Even the conservative broker models suggest that a sale would leave TIG with a very strong net cash position relative to its current market cap.

What really stands out, though, is the trading activity. Over the last six sessions nearly 20 million shares have changed hands — around 8% of the entire company — yet the price has barely moved, drifting from 32p to 33.75p. That includes several large delayed prints reported after hours, which usually indicates a large seller being quietly matched with a large buyer. It’s the kind of orderly rotation you often see when an overhang is being cleared.

Valuation wise, TIG looks unusually compressed: even using cautious assumptions, the post DIS business screens at a very low earnings multiple, and some analysts’ scenarios point to materially higher implied equity values once cash from the disposal is factored in. I should add that the free float is relatively limited, with the majority of shares being held by institutions. If there were to be a re rating following the announcement of an agreement to sell DIS, I would expect this to be sharp. I am aware that “if” is doing a fair amount of lifting and no sale may materialise. Even so, the fundamentals remain solid.

None of this is advice, of course, but the combination of solid fundamentals, an ongoing strategic process, and unusually heavy institutional style volume makes TIG something that might be worth a look for anyone who enjoys digging into these kinds of situations.

Hoping this will be of interest to some, and apologies to the rest of the board. With that I’ll leave you to do your own research.

Have a good weekend.

Best wishes.

P.S. I’m not looking for advice/validation — I’m already in, rightly or wrongly! :)

And looking at the size of the last 2 trades reported tonight there is definite institutional interest!

What's not to like? Trading in line. Cash generative. Strategic review active. DIS disposal progressing. Market pricing in disaster that isn’t happening.

1. Valuation is absurdly low

• TiG trades at ~2× EV/EBITDA on the post DIS stub.

• Net cash after the DIS sale is likely to exceed the entire current market cap.

• The market is valuing the remaining business at negative enterprise value.

2. DIS sale is the catalyst

• Management has confirmed multiple highly engaged bidders.

• Edison and Zeus both model £100m–£160m disposal outcomes.

• Even the low end transforms the balance sheet.

3. The remaining business is profitable and stable

• Post DIS EBITDA: $28m–$40m.

• Comparison growing.

• Search stabilising after RSOC transition.

• High margin, recurring revenue base.

4. The share price collapse is sentiment, not fundamentals

• No TR 1s showing institutional selling.

• No deterioration in trading.

• No profit warning.

• Just AIM illiquidity + retail fear + strategic review silence.

5. The upside is asymmetric Even using conservative multiples:

• Low case: 120–150p

• Base case: 150–200p

• Strong case: 200–260p

Current price: 31–33p.

6. Market structure explains the drift

• Insiders can’t buy.

• Institutions can’t buy.

• Retail is nervous.

• Market makers shade quotes in a vacuum.

• Large buys (e.g., 750k today) are already appearing.

This is accumulation, not capitulation.

7. Strategic review + cash + EBITDA = rerating . Once the DIS RNS lands, the market will reprice the entire company in one go. The opening auction alone could reset the price 20–60% higher. Kestrel et al will be able to add when the current confidential stuff is washed away by the RNS, they can't now for obvious reasons.

Conscious that this could age badly but I think it's a buy and they are my reasons. I won't wait for the RNS re DIS to add as the price will gap up due to the illiquid nature of TIG. None of this is advice, just my opinion/ GLA, whatever you decide.