Trades of Note for the week ending June 15, 2025

Following a week of market perambulations, a few notable disclosures have caught the eye, revealing the quiet manoeuvres of discerning capital.

The Evans Family, known primarily for their property empire, have surfaced with a substantial 10.81% stake in Helix Exploration plc via their Jersey-based vehicle Drachs Investments No3. The family also holds interests in natural resources, suggesting this is a strategic, long-term commitment. For a junior helium explorer, the entry of such significant and patient private capital after, one presumes, extensive due diligence, serves as a considerable endorsement of its assets and prospects.

Over in the world of investment trusts, Santa Monica-based Almitas Capital has more than doubled its holding in Riverstone Energy Ltd to 12.34%. Run by Ron Mass, Almitas hunts for undervalued assets, and this aggressive accumulation points to a classic play on the trust’s discount to its net asset value. By amassing such a stake, Almitas now possesses considerable leverage to encourage management to address the valuation gap, without necessarily needing to resort to a public fracas.

A similar pattern emerged at Aquila Energy Efficiency Trust PLC, where the family office of Dutch tech entrepreneur Lennard Zwart, Res Privata N.V., rapidly built a 4.17% stake. Zwart, who successfully exited his CloudVPS venture, is a sophisticated private investor, and his swift conviction in the niche energy efficiency sector is a noteworthy development.

Founder sales always warrant attention, and Richard Martin’s recent reduction of his holding in The Property Franchise Group PLC to 7.28% is no exception. While a founder selling is often cause for alarm, context is key. He remains a significant shareholder and sold this latest tranche at a higher price than his previous disposal, suggesting he may simply be taking profits or diversifying prudently. Nevertheless, when an architect of a business takes chips off the table, it warrants a closer look from those still playing.

Finally, DBAY Advisors continues its aggressive accumulation in TT Electronics Plc, now holding 14.62%. The Isle of Man-based firm is a prolific public-to-private specialist with a clear modus operandi. Their relentless buying, particularly after a previous bid from manufacturer Volex was rejected, signals a high-conviction belief that the electronics group is undervalued. DBAY’s significant holding now leaves them well positioned to orchestrate a strategic event should they so choose.