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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Downing Strategic Micro-cap Investment Trust Plc | LSE:DSM | London | Ordinary Share | GB00BF0SCX52 | RED ORD GBP0.001 |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| 0.00 | 0.00% | 7.375 | 0.00 | 01:00:00 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 7.00 | 7.75 | 7.375 | 7.375 | 7.375 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Trust,ex Ed,religious,charty | -4.56M | -6.13M | -0.1342 | -0.55 | 3.37M |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| - | O | 0 | 7.375 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 19/9/2024 | 10:06 | UK RNS | Downing Strategic Micro-Cap IT PLC Net Asset Value(s) |
| 18/9/2024 | 11:16 | UK RNS | Downing Strategic Micro-Cap IT PLC Net Asset Value(s) |
| 17/9/2024 | 10:24 | UK RNS | Downing Strategic Micro-Cap IT PLC Net Asset Value(s) |
| 16/9/2024 | 10:12 | UK RNS | Downing Strategic Micro-Cap IT PLC Net Asset Value(s) |
| 13/9/2024 | 11:42 | UK RNS | Downing Strategic Micro-Cap IT PLC Net Asset Value(s) |
| 12/9/2024 | 13:06 | UK RNS | Downing Strategic Micro-Cap IT PLC Net Asset Value(s) |
| 11/9/2024 | 10:53 | UK RNS | Downing Strategic Micro-Cap IT PLC Net Asset Value(s) |
| 10/9/2024 | 10:27 | UK RNS | Downing Strategic Micro-Cap IT PLC Net Asset Value(s) |
| 09/9/2024 | 11:10 | UK RNS | Downing Strategic Micro-Cap IT PLC Net Asset Value(s) |
| 06/9/2024 | 10:56 | UK RNS | Downing Strategic Micro-Cap IT PLC Net Asset Value(s) |
Downing Strategic Micro-... (DSM) Share Charts1 Year Downing Strategic Micro-... Chart |
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1 Month Downing Strategic Micro-... Chart |
Intraday Downing Strategic Micro-... Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 09/9/2024 | 11:30 | Downing Strategic Micro-Cap Investment Trust plc | 633 |
| 07/9/2001 | 10:25 | DORSET SHARE MEET | 34 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|---|---|---|---|
| 2024-09-18 14:50:59 | 7.75 | 38 | 2.95 | O |
| Top Posts |
|---|
Posted at 19/9/2024 09:20 by Downing Strategic Micro-... Daily Update Downing Strategic Micro-cap Investment Trust Plc is listed in the Trust,ex Ed,religious,charty sector of the London Stock Exchange with ticker DSM. The last closing price for Downing Strategic Micro-... was 7.38p.Downing Strategic Micro-... currently has 45,645,241 shares in issue. The market capitalisation of Downing Strategic Micro-... is £3,364,054. Downing Strategic Micro-... has a price to earnings ratio (PE ratio) of -0.55. This morning DSM shares opened at 7.38p |
Posted at 05/8/2024 13:16 by 97peter The requisitioned meeting has gone ahead and Milkwood voted down. So DSM BoD will continue to liquidate stock and returns to shareholders over the coming 6 months. So Milkwood don’t get DEC.!!! |
Posted at 29/7/2024 17:51 by weatherman So I should thank Peter for letting me get out above NAV. Some of those buys are nearly 3p above NAV. The Milkwood docs make some interesting criticism about DSM selling at the bottom without maximising returns. Although I managed to turn a profit by reinvesting the spec divis, I am disappointed it is being wound up. It is possible to succeed in this arena - Aberforth smaller cos fund has been successful by investing in the smaller stock. |
Posted at 26/7/2024 17:12 by red ninja When DSM announced 4th special dividend of 2.2p. They stated that would leave another 8p per share although that could vary depending on holding selling prices. Thus selling at over 10.2p looks like a good deal. There is uncertainty if Milkwood win the vote.See below :- Given the overwhelming support from Shareholders for the managed wind down, the Board has today declared that a further dividend of 2.2p per share (the "Fourth Special Interim Dividend") be paid on 23 August 2024 to shareholders on the Company's register of members at close of business on 2 August 2024. The Company's shares will go ex-dividend on 1 August 2024. This will amount to aggregate dividends of 61.7 per share having been paid since Shareholders approved a managed wind-down of the Company. Following the payment of the Fourth Special Interim Dividend, the Company's remaining portfolio is expected to have a value of approximately £4m (a consequent NAV of approximately 8p per share) after provision for liquidation fees. The Board and Investment Manager expect that this remaining portfolio will be able to be realised in an orderly manner at carrying value and distributed to Shareholders by way of further dividend payments as well as through the liquidation process which is likely to occur later in the year subject to Shareholder approval. |
Posted at 13/7/2024 07:40 by red ninja There's no mystery with Downing their plan is to return the cash to shareholders.There's no mystery. Milkwood want to gain control of DSM as cheaply as they can and earn fees from shareholders for managing the remaining funds when I suspect most would rather have the cash. Milkwood are not providing evidence of their proficiency in managing micro caps to shareholders Milkwood are not in it to help shareholders they are in in it to help themselves. Having had a less than stellar experience with Downing's management I don't really want to go through the experience of finding out if Milkwood are any good whilst they are earning fees good or bad. |
Posted at 18/6/2024 08:19 by red ninja Synectics (DSMs largest holding as of 3/6/24) has won a $10 million project.Note, Synectics share price currently up 10.8%. |
Posted at 23/3/2024 11:24 by red ninja As per the 20/3/24 Circular, 1st payout of 26p around 4th April :-"The Board, therefore, anticipates that it will be able to undertake an issue and redemption of B shares on or around 4 April 2024 so as to return capital of approximately 26.0 pence per ordinary share to existing shareholders. This is significantly improved on the previous anticipated return of approximately £10 million in aggregate (representing approximately 21.5 pence per ordinary share), as set out in the Circular." As they say :- "The remainder of the portfolio comprises investments in companies where there is a clear path to greater value than that currently reflected in the Company's NAV. Some of DSM's investee companies are currently in strategic review or bid situations that are likely to realise value over coming months." hopefully they will be able to deliver more than the current share price, Milkwood must believe that. |
Posted at 02/2/2024 20:39 by red ninja Read the text and you will see they are promising for MID CASE the first repayments at NAV ie a 13.5% premium to current share price.Now the MID CASE is usually the most likely, but that scenario implicitly allows a HIGH and a LOW CASE. It is possible some share prices will rise and they will get more than the current price, but some are not so desirable and will quite possibly be sold at a discount. The incentive plan rewards early sales, but they get more for the highest price obviously so how it well end up we'll have to wait and see. |
Posted at 02/2/2024 15:57 by red ninja Indicative returns for Shareholders and estimated timescalesIn the absence of unforeseen circumstances and subject to the market conditions, the Board, in consultation with the Investment Manager, is currently estimating that the Managed Wind-Down could be completed within 2 years. Further, the Board believes, in consultation with the Investment Manager, that within the first six months of 2024 up to, or exceeding, 50 per cent. of the Company’s NAV could be returned to Shareholders in cash (assuming current bids for certain of the Company’s investments complete by then) with more value remaining in the NAV of the residual portfolio to be realised through the process of complete wind-down. Specifically, the Board and Investment Manager estimate that, on a mid-case scenario, the Company will return: on or around the end of the first quarter in 2024, 25 per cent. of Shareholders’ capital at NAV which, given the Company’s discount as at 31 January 2024 of 11.9 per cent., would be a 13.5 per cent. premium to the Current Share Price; a further 25 per cent. of Shareholders’ capital at above NAV by 30 June 2024, which on current discounts and NAV would represent a greater than 13.5 per cent. premium to the Current Share Price; and beyond 30 June 2024, a mid case scenario for the current market suggests a return above the current NAV and hence a significantly better than 13.5 per cent. premium to the Current Share Price. In order to keep up a timely rate of returns, the Board has constructed an incentive scheme for the Investment Manager (further details of which are set out below) to ensure that Shareholders receive their returns in a timely manner consistent with recovering value and rewarding appreciation above the current NAV. |
Posted at 10/11/2023 09:00 by 888icb The final part of the very detailed article and Buy recommendation:“ Although Ramsdens continues to outperform analysts’ earnings expectations, prompting another round of upgrades post results last summer, the shares are only priced on a forward PE ratio of nine and offer an attractive prospective dividend yield of 4.9 per cent. A price-to-book value of 1.3 times is modest for a cash-rich company generating a post-tax return on equity of 17 per cent and one that is performing well during a cost-of-living crisis. Liberum’s target of 290p is more than a third higher than Ramsden’s current share price. It’s worth noting, too, that DSM’s largest holding is a liquid £2.9mn (8.5 per cent of NAV) stake in cable manufacturer Volex (VLX:285p), a £511mn market capitalisation company. In other words, the investment trust’s cash. Proceeds from the two agreed takeovers and investments in the above five holdings account for 54 per cent of DSM’s NAV. Scope for narrowing of share price discount to NAV The point is that there should be scope for a narrowing of DSM’s share price discount to NAV as cash distributions are made. There is also the real possibility that other portfolio companies will succumb to takeovers or corporate events at share price premiums during DSM’s wind-down process given that their listed market valuations are well below the intrinsic value of the holdings. Indeed, investment manager Judith MacKenzie has identified key catalysts within investee companies that point to an estimated intrinsic value of the portfolio, which if divestments are carefully managed, indicates an upside of at least 50 per cent to DSM’s current market capitalisation of £28mn (59p). True, a complete wind-down could take time given the nature of some of DSM’s investments and liquidity. However, this could work in shareholders' favour as small-caps have historically outperformed strongly after downturns. The bottom line is that there is potential for capital returns to shareholders well above DSM’s current NAV of £34mn (71.5p), a factor not reflected in the 18 per cent share price discount to NAV. Buy. |
Posted at 10/11/2023 08:57 by 888icb More from the IC article where Simon Thompson has separately issued buy recommendations on a number of companies in DSM’s portfolio:“ In recent weeks, portfolio companies OnTheMarket (OTM:110p), an online residential property portal, and FireAngel Safety Technology (FA.:6.73p), a home safety product supplier, have attracted recommended cash offers at bid premiums of 261 per cent and 56 per cent to their previous day’s closing prices. DSM will receive £2.7mn cash proceeds from each holding which, when combined with its cash holdings of £1.9mn, represents 21 per cent of DSM’s net asset value (NAV). In addition, another investee company, Aim-traded fintech payments group Equals (EQLS:119.5p), has entered talks with potential bidders that could lead to a takeover of the fast-growing challenger brand in banking and international payments. DSM’s holding in Equals is worth £2.1mn, or 78 per cent higher than cost. It could have a 45 per cent further upside if analysts’ 175p fair valuations are hit (‘Equals offers opportunity for 50 per cent upside’, 8 November 2023). Lowly rated portfolio offers material capital upside DSM holds positions in three other companies I am particularly keen on: Hargreaves Services (HSP:418p), an industrial group and land developer; Journeo (JNEO:205p), a transport systems provider; and Middlesbrough-based financial services group Ramsdens (RFX: 212p). Combined the holdings are worth £6mn, or 17.6 per cent of NAV. I have target prices materially higher than the current share price for all these holdings, highlighting the value opportunity on offer. For instance, Hargreaves is being valued on a 33 per cent discount to NAV of £201mn (618p) even though the group’s renewable energy assets (three wind farms, six access agreements and two solar farm leases) have been valued between £27.2mn and £28.9mn (83p to 89p). These assets are in the books for only £6.6mn (20p). The shares are rated on a forward price/earnings (PE) ratio of 6.7 and offer a five per cent dividend yield, too. Sum-of-the-parts valuations are 84 per cent higher than the current share price. Following two recent earnings upgrades, house broker Cavendish expects Journeo’s full-year pre-tax profit to almost quadruple to £3.7mn to produce earnings per share (EPS) of 19.7p, rising to £4.2mn and 22.7p, respectively, in 2024. On this basis, the cash-rich company’s shares are rated on a 2024 price/earnings (PE) ratio of 9.1, an unwarranted 32 per cent discount to peers. My 300p target price represents a premium of almost 50 per cent to Journeo’s current share price (‘Journeo is en route to quadrupling its profit’, 18 September 2023). |
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