Interesting that Santo Carlini who seems to be a stakeholder in Appwam (he is the director that signed the change of interest notice) is also a non-executive director at Ambertech (AMO) which is a ~15m MC company that seems to sell both electronic goods as well as solutions (so installations for retailers and perhaps some corporates).
Carlini owns ~1/3rd of Ambertech, and Spectur must be buying some of their components from AMO, so perhaps there might be some rationale to absorb SP3 under AMO (they have technicians that do installations, presumably people that do maintenance etc. so a takeover may not be so far-fetched if they can get rid of some of the overheads by leveraging the same people).
AMO's shareprice has halved since May24 on the back of poor 1H25 results by the looks of it, and they certainly don't have the cash/cashflow to buy SP3 as they have net debt of ~7.3m, but it may not be the craziest thing if there was a all share offer
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