Member Info for unhooked

All metrics have been 'adjusted' for non-cash share based rewards. Add those rewards back and there's nothing left for us.

Another company run for the sole benefit of management.

Good old Mr de Souza, raking it in year after year. Us lot? Hmmm, not so much.

What's not very very expensive is Dotdigital, why aren't they being acquired?

55% down on my purchase in Nov 2024.....

So, in true gambler's fashion, I've added a few more....

IPO'd at £2 in 2015 or 2016, was it? An excellent investment and a great advert for UK plc.

Maybe don't invest in UK small caps then. For anybody investing in this area of the UK market, the penny should've dropped by now that they're playing in an unloved highly illiquid market where price discovery is a big issue and mispricings and false markets abound. Of course it shouldn't be this way, but it is and there's really no point complaining about it. Either stay in and accept the unfairness and impediments of investing in this area or invest elsewhere would be my view.

These days Uk small caps are for gamblers not investors and speaking for myself, my mentality is that I gamble down here and invest elsewhere.

Worthless already in my case. Should've sold long ago...

I continue to hold not in expectation of a meaningful recovery, but rather just to see what unfolds. A delist and take private or a big fat capital raise?

I'm confused by Diageo's plans. For years I thought the strategy was "premiumisation". Am I to understand they now wants to put this in reverse and embark on "de-premiumisation"? Can anyone shed any light on this?

A 3.3p divi, but a sp decline of 8p in the week since. Quite the falling knife. My purchase a few weeks ago is not ageing well.

It's a v poor outcome in my opinion. The premium offered doesn't even come close to covering the discount to NAV. Par for the course for UK plc.

...indeed, Downing's recent purchase vindicated in today's Trading Update along with news of a US Freight Contract Win.

Still not a time to give up on this methinks!

It seemed nailed on that YOU would drop below 2 quid.

UK small caps! Wow, they never catch a wind. How many years is it now?

but it's been quite an education in how it's nigh on impossible to fight the tide of negative sentiment towards a country and especially the domestically focussed companies within its stockmarket. My loyalty was totally misplaced...

How about a 500p party? Just have to buy cheaper champagne....

Still disappointing, And with Empiric.

I do pick 'em!

Thank you oldpabear, that's excellent about the origins of the trust - all completely new to me.

I agree entirely about the short-term activism pulling the rug from this trust's future. Personally I think the IA did all the right things when the writing was on the wall a couple of years ago and I would back them further now.

OMG, how does the name Woodford keep cropping up in UK growth investing? For my sins, I'm also in INOV (formerly SUPP, formally WPCT), which is where Woodford put a load of the illiquid investments from his open-ended fund into. It's easily my worst investment. In the case of that one, it should and is being wound up. The Schroder Juniors, as I call them, failed to make a go of it partly because the Woodford legacy picks were so odious and partly for the same reasons this one failed. Apart from not understanding liquidity, Woodford really was a cr*p investor. He has a blog now on youtube. I watched it the other day. He sprouts such simplistic rubbish, I do wonder how he got so far.

Anyway, INOV, CHRY, there aren't many UK early growth investors left not being wound up.

I've been in a while. I just don't blame management for the persistent discount as much as others do, I blame the myopic, short-term UK investor. Either way, if the investment rewards aren't there, it should be wound up. Another one bites the dust. Best go west!

Tarrifs!

I was wondering when RWS would get another hit from negative AI sentiment. Been happening to several other small & mid caps recently, today it's RWS's turn. Just have to wait and see how the story unfolds, not saying it's comfortable, until it becomes clearer who the ultimate winners and losers are. Shakes one's confidence a bit and certainly makes it difficult to add more to any company that might even vaguely be affected.

Maybe I spoke too soon. There were some director share sales last week which, with a delay, appear to be hitting the sp today. Like a depth charge!

Oh dear. The board have pressed the button on a managed wind-down - no new investments - and in the process they've effectively sacked the manager and taken everything in-house. Manager is not pleased and it has all gone public.

"CIP (our manager) claimed that the Chrysalis board does not share its insight into the companies which make up the Chrysalis portfolio. It was also concerned about Chrysalis losing representation at Starling Bank, which CIP estimated to comprise "more than half" of the portfolio's net asset value. "Nor does the board, whose role it is to provide governance and oversight, have the expertise to run an investment mandate, even one in wind-down," CIP added. "The board is not incentivised to maximise value, whereas [CIP] is fully aligned with shareholders. A significant proportion of the investment team’s personal wealth is invested in the company. Their interests are directly tied to maximising value for all shareholders over a reasonable period," CIP stressed. "This is a moment for stability, common sense and the protection of shareholder value - not disruption that places shareholder returns at unnecessary risk," the manager concluded.

Oops!

Speaking for myself, I'm v disappointed. The board are being entirely defeatist. What is it with the UK that we can't organise an entity that funnels growth capital to UK plc? No wonder we're in the doldrums! I liked the manager, they were doing an excellent job in the circumstances, especially when they lowered their fees and fixed things 2 years ago. I don't blame them for Klarna, our company is subject to a 6 month lockup so what can they do? I am concerned about Starling without the managers guiding hand.

This trust could've been on the cusp, now consigned to the knacker's yard. Shareholders here wanted to invest in late stage privately held growth companies. That's what I wanted anyway. The board is telling us "sorry, go to America". They are not serving shareholder's (or the UK's) interests.

Announced today. Why do they do these things? I liked THRG's differentiated strategy and ability to short. Now we will be rendered into another bog standard smaller companies trust and one that's too big. Yes fees will slightly reduce, but this will be more a mid-cap than a small-cap investor. Good for Blackrock, not for me. Will probably take my 38% at a 1% discount to NAV.