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"Pets at Home shares surged more than 14 per cent this morning as evidence grows that the UK’s competition watchdog is moving toward a positive conclusion for the industry, as well as speculation that private equity firm BC Partners was preparing a bid".

Hi blackfriars1, clissold345. To be honest, I missed that. Thinking about it now, I think I'm ok with the 3% on realisations above NAV and market cap, it's incentivising and not excessive. The 0.5% 'transaction fee', I like less. It's akin to receiving fee income through the back door, like a stamp duty charge. God knows how it all interplays, but I agree, it's not quite the fee reduction I first thought. Taken together, I think it stops them from sitting on their *rses doing nothing with the portfolio and maybe helping to prevent a big discount to nav arising in the 1st place.

I topped up at 174p. This company is not in distress, it's very cashed up, come on! They say they'll always distribute a min 55% of post-tax earnings as divis (last year it was 87% of earnings). Even if they cut the divi by a third, given continued outflows, I don't mind - it's still over a 10% yield! And it won't be outflows forever. See you in 2-3 years!

NAV down about 9% due to lower power prices and higher discount rates, but they have good visibility on near term earnings, much of which is inflation protected. Divi is maintained, indeed raised a token 1%, and is just about covered. Buybacks to continue. I'm happy with this, earnings resilience has lessened the bear case.

Then we have a change in management fees to an average of NAV and market cap, which given the current discount to NAV, represents a 28% reduction. This BOD (and management co) are doing all the right things and I have no complaints.

Could be it's working though...

A ridiculous 15% yield. You can only stretch the elastic so far.

PE is going to get this company cheaper and cheaper, which is sad but feels inevitable.

I liked Wendy. Her seemingly honest, straightforward, pragmatic ways, as demonstrated in many presentations, was an important part of my reasoning for investing here and was a source of comfort during the tough times. I'm sorry to see her go, but I guess she did the honourable thing after 3 years of v poor performance. Or she wanted to try and resuscitate her career with a fresh start in a company that stood a chance. Or a bit of both. Anyway, I don't know the ins and outs but the timing of this sudden resignation a week after the big contract loss is just a terrible look. I've bailed today, wiping out all my previous profits on this share, which were considerable. Time & effort & money Totally wasted!

After the IHT changes in the Reeves budget, almost all my AIM share have taken another leg down recently. It isn't company specific.

Clarification today: a placing at 25p, with additional warrants.... significant dilution for existing retail shareholders, who were not even invited to participate.

I'm afraid it's the old "raise cash, use up the cash and raise again" business model, which is so prevalent on AIM.

What goes up, must come down. Esp if it's on AIM!

I've read it several times and I must say it was one of the most ambiguously worded statements ever, hard to make head or tail of it, no wonder so many have been wrong-footed. Have to think this is deliberate, but their mealy words have spectacularly back-fired. Well, I've lost trust in management and imagine a cash crunch is coming. Cancelling bonuses sounds desperate and why is the pension surplus payment ($50m) being deferred? Honestly, some of these management teams should go on a blacklist.

He won't.

Just another low quality management team who are unable to exert a grip on the finances of their business. Truly pathetic. If you were an employee/ investor/ lender you'd want to get rid of them. Unfit management in charge of UK listed companies? it's a regular occurrence! Don't hang onto your UK profits, bank them and quick, is the clear message...

Decidedly out of favour this sector and no signs of an improvement. I do believe a change is a-coming but when who knows, these things can take longer than we think. While we wait, there are rumours that some of these renewable energy infrastructure trusts are being looked over by P.E.... just rumours at this stage, but something to chew over. I'm hanging in.

They've snapped up 5%. Artemis are one of the smartest boutique managers out there - I rate them very highly.

Hugely encouraging

Thanks for that reminder Buzzzzzzzz, clarifying things.

Share price keeps dropping, a bid quote of 1120p this morning was too tempting to ignore. There's risk of course but with its secular growth drivers, I do see 4bb as nicely diversified from all the macro shenanigans I'm seeing at play. Plus, leadership's interests are well aligned with ours.

Onwards!

Disappointing sp reaction though. Market remains totally uninterested. Possibly doubts CPI's ability to easily absorb imminent wage & NI rises.

Just the market which, I'm sure yr aware, will fluctuate....

For a long time this has been a high quality, high margin (and normally expensively priced) stock. There are indeed good reasons for this, not least several years of R&D and regulatory applications on both sides of the pond which would be required to compete. Doesn't mean it couldn't or won't happen... one day!

Not yet, to answer my own question. A buy quote of 2849p was too tempting to ignore for a long-term add, so I did.