Trades of Note for the week ending June 29, 2025

Amidst the usual cacophony of market noise, a few whispers of genuine intent managed to make themselves heard this past week. Dissecting the TR-1 forms—that driest of regulatory paperwork—can often feel like accountancy-themed punishment, but occasionally it reveals the quiet movements of serious capital. One must simply know where to look, and more importantly, what the movements signify. It is in the space between the lines that the real stories are told.

Global specialty metals giant AMG Critical Materials N.V. has tightened its grip on Zinnwald Lithium PLC, raising its holding to 29.3%. This brings them breathlessly close to the 30% threshold that triggers a mandatory takeover offer. As a key player in the lithium value chain, run by the strategically-minded Dr. Heinz Schimmelbusch, AMG’s move is more than a simple investment. It is a powerful endorsement of Zinnwald’s German lithium project and perhaps places a marker for potential future corporate action.

Education technologist Theodore W. King's vehicle, Avalon UK Limited, has trimmed its holding in RM Plc to 13.95%. This is less a vote of no confidence than an exercise in value realisation. Having accumulated a major stake when the shares were languishing, King is taking profits after the company's recent re-rating. While a substantial stake remains, the move suggests the primary catalyst that attracted this shrewd operator has now largely played out.

One should always pay attention when former COOs of Morgan Stanley invest their own money. David Campbell Brierwood has again increased his stake in life science firm SkinBioTherapeutics PLC, now at 6.34%. This is not passive investing; Brierwood has been a public and financial supporter of the company's acquisition-led strategy. His consistent accumulation, coupled with direct funding for deals, demonstrates a deep and active conviction in the company’s microbiome technology and its commercial path. This is confidence backed by both capital and strategic support.

A notable new name has appeared on the shareholder register of Poolbeg Pharma PLC. Roaring Waters Capital, the investment vehicle of successful industrialist and former Glen Dimplex CEO Sean O’Driscoll, has taken a 5.74% stake. This investment came via an oversubscribed fundraise—a feat in itself for a biotech in this market. When a shrewd outsider invests alongside the company’s own Chairman in a popular funding round, it signals a powerful convergence of external validation and insider belief in the firm’s capital-light development model.

Making its debut on the UK scene is Astaris Capital Management LLP, taking a 5.12% stake in The GYM Group PLC. This is noteworthy. Astaris is a London-based, Blackstone-backed manager specialising in 'catalyst-driven valuation dislocations'. Their appearance suggests they perceive a specific event or mispricing on the horizon for the low-cost gym operator. For a fund with this specific mandate and powerful backing to choose The Gym Group for its first disclosed UK position implies they believe a significant value-unlocking opportunity is waiting in the wings.

Patience remains a virtue for Long Path Partners, the US-based firm which has methodically increased its stake in Accesso Technology Group PLC to 18.01%. Managing over $1 billion, Long Path’s philosophy is to invest for the long term in a handful of high-quality, predictable businesses. Their multi-year accumulation in the attractions technology provider, which benefits from sticky, recurring revenues, is a masterclass in conviction. This is not a search for a quick catalyst, but a steady endorsement of a business they believe is a superior long-term compounder of capital.