[Nick Hargrave]

It has been a busy couple of months at MHM. As you may well have seen, we co-ordinated proactive engagement at Bidstack and achieved much needed change on behalf of shareholders:

* Two directors stepped down, right sizing the board and reducing the cost base
* Committed to further review board roles. While not confirmed, we suspect the new CFO will replace the CSO on the board
* Company has announced an investor presentation in September
* Committed to improved investor communications going forward
* Committed to reviewing it advisory relationships i.e. the NOMAD and broker
* Raised the profile of the upcoming AGM, encouraging voting and attendance

Alongside our blogs on the subject, the relevant RNS announcements are linked below, alongside links to the excellent national news coverage that we received. We have also uploaded a case study onto the MHM homepage.

https://www.thetimes.co.uk/article/retail-shareholders-get-together-to-oust-bidstack-directors-9fj8whrxz
https://www.londonstockexchange.com/news-article/BIDS/requisitioned-general-meeting/16035087
https://www.proactiveinvestors.co.uk/companies/news/1020342/bidstack-sinks-to-new-low-after-retail-investors-club-together-to-call-for-better-governance-1020342.html
https://www.londonstockexchange.com/news-article/BIDS/board-changes/16044622

As a result of this success, MHM is evolving its service to provide a shareholder engagement platform to ignite positive change and deliver results. The goal for MHM is to empower individual investors and become the driver of investor-led change at underperforming UK plc boards. Full information is provided in our latest blog here:

MHM launches shareholder engagement platform for positive change

While the Bidstack action was time-intensive, we have recently updated 4 investment memos (Renold, Somero, Duke and Manolete) following the release of their annual reports. All of these investment theses remain in-tact and our updated Thesis Prices are largely unchanged. We will be updating the investment memos for Tirupati Graphite and Airtel Africa shortly upon their latest results being announced and Harland & Wolff once their financing process has been concluded.

The latest investment idea that we were working on for the model portfolio was a special situation. New events during our due diligence made the outcome of a potential investment more uncertain and we are now monitoring that particular situation while we work on our shortlist of other new investment ideas.

The markets have continued to be a tough environment in recent months, but we believe our investment ideas are, in almost all cases, performing operationally despite economic headwinds. With positive signs on UK inflation announced this morning and a sense that US recession risks are reducing, there are signs of potential market recoveries outside of the Nasdaq behemoths. As always, however, we do not try to predict macro-economics and are focused on individual company performance. Here, we feel like some long-awaited catalysts are finally hoving into view that will allow for more reasonable valuations to be attributed. As highlighted on the discussion boards, we are specifically expecting:

* Tirupati Graphite – Q1 production report alongside FY results announcement
* Harland & Wolff – debt financing completion
* Real Luck – fund raise completion and announcement of the new B2B micro-betting platform
* Mkango Resources – announcement of the Malawi MDA
* Emmerson – progress on the environmental permit

We are looking forward to the coming months as we evolve the platform with the aim of increasing member engagement, producing additional content and providing opportunities to engage with current and new watchlist companies.

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