If Q1 was about keeping my head down through a broad-based sell-off, Q2 was the rebound I’d been waiting for. The portfolio returned +14.9% on a total-return basis over the quarter, comfortably ahead of the FTSE AIM All-Share at +8.3% and effectively level with the S&P 500’s +15.2%. After a first quarter where almost nothing […]
So this morning H.B. Fuller announced a firm 285p cash bid for AMS which was also endorsed by the management of AMS. Unsurprisingly(and as stated in my initiation note), a trade buyer can extract a lot more synergies and value out of AMS compared to a private equity buyer who just play the financial leg […]
The Quick Take Company: Transense Technologies (AIM: TRT) — Oxfordshire sensor-technology group with three income streams: SAWsense, Translogik and a Bridgestone royalty. Thesis: A high-margin, IP-rich micro-cap whose profits today come almost entirely from a royalty that expires in 2030. The whole case is whether SAWsense scales fast enough to replace it — cheap […]
Advanced Medical Solutions (AMS), the AIM-listed tissue-healing specialist, remains in a live offer period. On 18 June the board confirmed that talks with H.B. Fuller over a possible all-cash takeover are ongoing, and the “put up or shut up” deadline has been just extended to 2 July. An extension isn’t a firm offer — but […]
I’ve been a happy holder of GetBusy for a while, but this week I cut the position back by about 50%. Here’s my thinking(more of a risk management than anything else). The bull case hasn’t gone anywhere. SmartVault, the US tax document platform that is the real value in the group, is now plugged into […]
After last weeks earnings announcement(which on the surface was ok), I had a chance to watch the webinar and the subsequent Q&A. There were a few things which worried me a little bit so since then I have trimmed my position by 50%. Still a reasonable holding but towards the lower middle of the pack […]
Mitie’s FY26 results landed this morning, and while there’s plenty to admire, I’m keeping my enthusiasm in check. Yes, the top line looks healthy — revenue up 10.5% to £5.6bn, adjusted operating profit up 13% to £264m, and a record £16.3bn order book. But I always read past the “adjusted” figures, and here the gap […]
The Quick Take Company: Distribution Finance Capital Holdings (AIM: DFCH), trading as DF Capital — a specialist UK bank providing inventory (“floorplan”) finance to manufacturers, dealers and distributors across leisure, marine, powersports, industrial, agricultural and automotive sectors, funded by a digital retail savings franchise Thesis: A young, profitable, fast-growing niche bank with a genuinely clear […]
G&H’s H1 results land broadly as expected — no bad thing, given the top line was already flagged at April’s trading update. Revenue rose 15.5% to £81.9m and the order book hit a record £167.3m, with Aerospace & Defence doing the heavy lifting: revenue up 51.7% and segment profit leaping to £3.6m from just £0.6m. […]
Three days after my AMS initiation note, the company confirmed another takeover approach — qualitatively different from the previous five. H.B. Fuller (NYSE: FUL), the US adhesives major, tabled an unsolicited cash proposal on 30 April. Critically, this is a strategic buyer, not financial. Fuller already makes medical adhesives and wants to bolt on AMS’s […]