I thought the results were reasonable and was very surprised when the shares dropped by 10-13% this morning. I used this as an opportunity to top up and this is now one of my top 3 holdings. This statement reinforced a view I had that there is a likelihood that MSI is taken over at […]
MS International (AIM: MSI), one of my top holdings, published its results this morning for the year to 30 April 2026. The headline numbers were soft, as pre-flagged: revenue held steady at £115.0m, but pre-tax profit fell 25% to £15.1m and EPS dropped to 67.4p — a cost story, not a demand one; gross margin […]
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 […]
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 […]
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 […]
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 […]
Keller’s AGM update is reassuringly uneventful — and for a company that has spent recent years rebuilding investor trust on execution, that is exactly the point. Trading in the first four months is described as strong year-on-year and in line with expectations, with North American foundations once again carrying the load. The order book has […]
TA Associates this week confirmed it does not intend to proceed with a formal offer for Advanced Medical Solutions (AMS), bringing the latest private-equity approach to an end. Under Rule 2.8 of the Takeover Code, TA is now restricted from making another offer for six months — but other suitors are not. What is striking […]
A bittersweet moment as I sold about 2 months or so ago. At least good to know that somebody else saw the value in it too. 100% pop in a day, not bad.