Triad Share Discussion Threads

[brendainvesta] 08/3/2019 17:50

Well done Bones that makes more sense.

[bones] 08/3/2019 17:14

From a cursory search, it seems Thomas Charlton is an ex-Blackrock UK Investment Director (until 1998).



Nowadays, he is an investor with interests in small companies, based on page 1 of a Google search throwing up Petards, French Connection, Touchstar, etc.

Clearly he did not vote against anything at the AGM in that size and why would he?

[bones] 08/3/2019 17:11

It is completely obvious from the 5/9/18 RNS, result of AGM, that the person responsible for the "Against" votes was Mira Makar. The very first line shows 1,257,999 against, the exact amount of shares that Paul Atkinson (the "Trustee") did not take from her, as I laid out in my post 1244 above. The other votes were very similar in size.

[brendainvesta] 08/3/2019 15:04

Just wondering how do you know how Tom voted?

[netcurtains] 08/3/2019 14:39

Or he might retire by doing a Special ONE OFF SPECIAL dividend, giving the millions in the bank to us share holders.

He must be approaching 70 (as he was an MD in 1983 - so assume youngest age was 30, that makes him minimum 66).

Tend to think he'll sell the company or special dividend the lot before he retires.

[netcurtains] 08/3/2019 14:33

Do we know how old John Rigg is?
Just thinking - potentially, down the road, he might sell TRIAD
for about £1 to £2 a share (especially if each year they add £1M to £500K to the cash pile).

[arthur_lame_stocks] 08/3/2019 14:20

I don't know much about Thomas Charlton but he did turn up to the AGM dressed very smartly and I think it was him that voted against all the resolutions so I guess there's something about the running of the company he's not happy about.

[bones] 08/3/2019 13:54

Wiganer, Nick Burrows is able to exercise options over 125,000 shares currently, just a case of when it suits him I guess. Can buy 100,000 @ 13.5p and 25,000 @ 11p. He will also be able to exercise another 75,000 after March 2021 but those will cost 53.5p each.

Adrian Leer's current total of 155,379 included 150,000 bought under options just last month (100k @ 11p and 50k @ 13.5p). He also has a further 150,000 lined up at 53.5p after March 2021.

The good thing now is that both of these main executive directors have or will soon have a decent number (well, just over 1% each!) of personal shares to make it that little more worthwhile to get the share price moving albeit they have already quadrupled their little investments.

I agree it would be nice to see a little more (paid for) equity in the hands of the directors to lend incentive. Their respective salaries are reasonably comfortable in the £140k - £170k range including perks but excluding share options. Probably not enough to make the company a lifestyle vehicle, so yes boys, let's see some share price appreciation as part of strategy and make yourselves a little richer!

[wiganer] 08/3/2019 13:25

Many thanks for that bones, really helpful.

Would be nice to see Nick Burrows buy a few, as a sign of confidence.

[bones] 08/3/2019 12:14

Given the furious debate about shareholdings that had been happening here, I thought, for my own research as a new shareholder, I would take a look back through recent years' RNS's and the last published accounts to see if the position could be determined. My findings are (apologies for any formatting issues):

No. of shares % of shares
John Rigg (Exec Chair) 4,509,400 28.24%
Mira Makar (ex-CEO) 3,951,452 24.74%
Thomas Charlton (PI?) 927,500 5.81%
Alistair Fulton (NED) 354,100 2.22%
Adrian Leer (MD) 155,379 0.97%
Steven Sanderson (NED) 104,089 0.65%
Nick Burrows (FD) 14,893 0.09%
Chris Duckworth (NED) 13,379 0.08%

Other holders 5,938,787 37.19%
(being employees and PI's holding < 3%)

TOTAL @ 8/3/19 15,968,979 100.00%


From what I can glean from the Paul Atkinson RNS's over the period and using the amount now owned by Mira Makar per the RNS of 1/3/19 just put out, Mira Makar's holding prior to Paul Atkinson's involvement would appear to have been 4,507,951 or virtually the same amount as John Rigg. It appears then that Paul Atkinson acquired 3,249,952 (as Trustee) from Mira Makar on 7th April 2017 (RNS dated 28/4/17). By deduction, that left her holding 1,257,999 in her own name. Paul Atkinson then sold 556,499 into the market during April and May 2017, leaving him with 2,693,453, which ultimately went back to Mira Makar on 25/9/18 (RNS 2/10/18). Added to her 1,257,999, gives the current amount of 3,951,452.

The other non-director is Thomas Charlton who first appeared above the 3% threshold in early 2016 and quickly accumulated shares over the next year. I don't know anything about him or his intentions. Maybe the more knowledgable here do?

I stress that all of the above is gleaned directly from holding RNS's and the published accounts for y/e 31/3/18 only. I have no memory of what was in the deleted posts from Mira Makar and read very little of them in practice due to their length!

I am struck by the lack of any institutional interest above 3%.... I think there were some in prior years (LionTrust reduced at one stage), but nonetheless.....!

[brendainvesta] 07/3/2019 21:24

I think I saw in the newspapers today that they use transit vans to move the piles of cash from office to office!
Maybe a shortage of office chairs.

[netcurtains] 07/3/2019 16:32

I'm guessing they might be knee deep in Brexit work

[s34icknote] 07/3/2019 16:13

Progressing to fifty p net Sicknote

[netcurtains] 07/3/2019 11:36

can glean no one is off charge.
So I'm guessing cash pile is getting bigger daily.

[bones] 07/3/2019 11:16

Thanks Net. Interesting to see the jobs list:



52 listed of which 25 are permanent vacancies, some dating back to August last year but most from Q1 2019. Do you think these are still all open? It certainly suggests demand for work but might it mean TRD cannot supply all the expertise it needs to because of difficulty in recruiting?

[netcurtains] 06/3/2019 18:13

Well said bones, although to be honest they have updated their website recently with latest clients etc, so its quite easy for a typical IT investor to have a feel of how things are going... Within reason

[bones] 06/3/2019 12:01

Sicknote, the company could help itself by issuing a timely trading update soon after the year end in a month's time rather than waiting until June to release its final results. I see, historically, they report twice a year and no more and I assume the small size of TRD gives it an exemption from having to issue a twice annual trading update.

In today's environment of seeking transparency, I see no justification for depriving shareholders of the latest state of play after a financial year end especially as the company ought to care about the under valuation of its shares. It would cost a little extra to get it done but show some willing!

[s34icknote] 06/3/2019 08:37

Still a bargain at under 60p10 times earnings with a 4 million pound cushion !Plus nice div yield !!Sicknote

[brendainvesta] 06/3/2019 07:12

With confidence seemingly returning, today may be the last opportunity to acquire this for under .50p.

[s34icknote] 05/3/2019 16:30

Finally value returns Sicknote

[matt123d] 05/3/2019 14:57

Mid 50s potential pretty quickly.

[brendainvesta] 05/3/2019 14:51

Agreed, positive growth without gambling or over-reaching the management has historically been cautious, hence the rather large cash balance.

[matt123d] 05/3/2019 14:37

Added a few more here. Positive on a yearly basis now.

[bones] 05/3/2019 13:39

Brendainvesta, potentially an overhang of the shares returned then as they may need to be sold for personal reasons?

[brendainvesta] 05/3/2019 13:32

There shouldn’t be an overhang anymore as the sale of a flat and about 5% of shares dumped on the market covered it. The rest about 24% were returned to her. This info gauged from RNS’s and other public sources.