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Indeed. Thirty eight months of continuous outflows from UK equities and into global passives and cash-like instruments has sucked all the liquidity out and left this market to the vagaries of traders and shorters. One wants to fight against it, be patient and buy what's cheap in the finest traditions of value investing, but that has been a losing strategy - 38 months of continuous outflows? You can't fight against that weight of money. So sad.

Reasons to be cheerful? Hmm....

I was one of those investors in Perpetual Income and Growth (PLI), which got subsumed into MUT just when PLI's value-orientated style was coming back into vogue after several years of underperformance and MUT's higher quality approach was about to suffer. Suffice to say, it's been an awful few years for ex-PLI holders especial, but looking at MUT's chart, I can see performance hasn't been particularly stellar for long-term MUT holders either - no capital appreciation in this trust since June 2017.

I've come to the conclusion UK investors are fickle. They are short-term in their thinking and, in recent years, reluctant and nervous. We all get dragged down.

Gain at the start of trading has not been sustained. Any strength is being sold into. UK investors fickle and forever nervous.

...and there doesn't appear to be any specific reason for it, at least as regards today's news. I would've thought the recent positive momentum in HEIT as they move towards a sale would reflect well on GRID. I've also read analysis from Quoted Data and others that BESS trusts in general might be turning a corner. But nothing! Instead an 8% drop out of the blue. Easy to be wrong-footed.

"Not going terribly well here gentlemen. Keeps breaking all-time lows. Management faces a big credibility gap..."

Retail investors in this company are nervous oogleflugal and understandably so. Traumatised might be a better description for retail investors who've been in this for a while. The business is unproven - that may change, but at this stage this is v much a 'show me' story. With that in mind I'm not sure a ten times greater purchase would've moved the dial either. Until RENX reports meaningful sales progress, which all sensible retail investors have been banging on about for years, the sp will remain depressed and subject even to further declines. A hundred times greater purchase? Well, that would be another matter!

Final thought is I've never understood directors' token share purchases. They don't make a difference to the financial affairs of the purchasers, obviously, and have little effect on sentiment. If anything, they actually look bad, not good as intended, and are, in my experience, almost always counter-productive to sentiment. They invite the question "he's the CEO and £4k is all he's prepare to risk, additionally, on the company he runs?" Anyway, just my opinion, maybe I'm finding too much fault.

And a share purchase from our esteemed CEO (£4k's worth).

Getting giddy with all the splashing of cash...

No need to apologise P119, you have a perfectly legitimate view. I don't know if my crystal ball is any less cloudy than yours, we're all guessing here. One thing for sure is that it's flipping hard for companies and their investors to get any kind of reward for progress or good news on the AIM market. A £200K director purchase? Nothing! AIM really is a backwater these days. So dispiriting.

And strongly! Must be a leak...

This market is incredible. All of yesterday's gains given up today... and more!

Yesterday news flash that Director splashes out £200k on shares, entirely forgotten about by today!

Exasperating - for companies as well as investors. What's the point?

Somebody must want out at any price, regardless of the news.

Could it be our Harry (ex-CEO) who I think still owns 10%?

Thank you zinky, so that's the historical reason. Ok, so assuming those Thames Water projects have ended and they no longer have operations in the UK, why remain listed on the UK AIM market - a market which comprises a shallow pool of fickle investors who tend not to reward companies for any progress they make? Why don't they switch listing to the US, their home market and a far higher quality market? Surely a re-rate would follow?

I bought in yesterday and today the price drops 5% for no reason. Sorry folks, my fault.

Great replies - thanks! Interesting the point about dual listing. We are warned to be suspicious of effectively foreign companies listing over here. Most of WATR's operations are in the US, so why are they listed here at all? It's also said that the USA is generally uninterested in listing companies the size of WATR, which tend to remain private over there. So, again, why isn't WATR a private US company rather than one listed in the UK? Could it be because they (WATR management/backers) decided public investors in the UK were more gullible than private equity investors in the US? To be clear, I'm not saying that is the case, but I am maybe suggesting that suspicions surrounding why a US company lists here are contributing to the depressed sp.

Does anyone know the history of WATR's UK listing, who would care to venture a reason as to why they decided to list here and not there?

The thing i don't get with this company is they seem to release decent updates on a regular basis, but you really wouldn't know it from the share price, which remains stagnant. Anyone want to venture a theory as to why that is? If we were paid to be patient by way of a divi, I'd feel better about things.

Frasers Group updates the market today that recent trading has been depressed. Even the great Mike Ashley is not immune.

Overtrader, you don't think a capital raise then? Because that seems to be what the market is pricing in.

I said (or meant) 24k shares, ReggieT. (= £1.6k approx). Paltry.

Happy to say I bought a bunch of these shares on Monday. Got my timing right for once. So far so good anyway.

I happen to also be invested in DGI9. Bought a month ago and am currently 10% down. Small position size.

As I see it, both trusts are 'special situations' in respect of their discounts, but for different reasons. In the case of DGI9, they've recently had a change of manager who is incentivised, albeit expensively, to sell assets for max value. That's against a share price which is still on a massive discount to an NAV which was recently revalued downwards. Plus the new managers bought a decent load of shares for their personal account recently.

To me, SEIT and DGI9 are equally interesting situations, albeit DGI9 is riskier.

For those wondering why the share price was strong today, there was an RNS released midday saying that our esteemed non-exec Chairman purchased what is technically referred to as 'a shed-load' of shares on Monday.

Better times ahead one imagines.