Ann: Full Year Statutory Accounts, page-15

And here we are sub $0.80 again. Small Caps, and especially those who have recently floated, are just so unloved.

My experience this year has been there's plenty of money to get the floats away in the hope of a stag but no one wants to hold them for any period of time. Look at PSZ, ASH, MVF, IBY, PGR, SGF to name a few disasters I hold.

On the one hand I am comfortable with most of these so the share price on any given day isn't that important but I am struggle to remember more than a couple of recent floats that have gained traction in their first year.

Am I deluded? Maybe the float multiples are too high to sustain medium term trading; maybe retail investors have shorter attention spans or maybe it's always been like this and I never noticed because I didn't hold so many bad boys but I can't really understand how PSZ has spent most of the last 6 months at a 25% discount to the float price.