Nothing on here is investment advice. Do your own due dilligence.
New positions
Bought new - for now - undisclosed positions in UK and Germany. For the German one, there might be a small risk of bankruptcy as they have a several legal trials going on at the moment but huge upside should this be resolved in the company’s favor (which I believe is likely). The UK company is a recent IPO that seems to be under the radar.
The company I recently bought a couple of shares of but kept undisclosed due to the very low liquidity was Pelatro plc. Pelatro heavily diluted shareholders and announced they would delist the company. Consequently, the stock tanked all the way to a roughly GBP 1m valuation. For a software company in telecommunications with >7m revenues this year, roughly close to breakeven, new name wins and no churn this seems quite compelling. This is now the second AIM delisted company that I own next to iEnergizer.
Sold positions and reductions
Sold MobilityOne after they announced they will acquire a healthcare software company for a ridiculous multiple stating enormous synergies (how????). Fortunately, I could still exit the position with a small gain.
Reduced Chapters Group a bit.
itim Group results
Mixed H1 2023 results from itim Group plc in the UK. While revenues grew 9%, gross margin decreased and the group delivered a ~1m GBP loss with now GBP 2.7m cash remaining. The company has a nice 86% recurring revenue share. Management and the board says they will focus on turning profitable going forward. Let’s see if they live up to it. Given the really cheap valuation at 0.3x EV/Revenues I like the odds that this will turn out to be a good investment eventually.
Dividends
NZME, Supreme plc
Current portfolio overview:
SUTL Enterprise 19,2%
Supreme plc 17,2%
Sygnity SA 10,7%
RCS MediaGroup 8,3%
NZME 7,6%
Datalab Tehnologije 6,6%
Bravura Solutions 5,1%
itim Group plc 5,1%
Pelatro (delisted) 4,9%
Onlineformapro SA 3,0%
4Mass SA 2,9%
CHAPTERS Group 2,3%
(undisclosed Germany) 2,2%
iEnergizer (delisted) 1,8%
(undisclosed UK) 1,5%
EROAD 1,4%