Kelso Group Holdings PLC - invests in undervalued London-listed companies - Buys 2.3 million shares of Angling Direct PLC at 35.1 pence per share, taking a 3.0% stake in the Norfolk, England-based fishing tackle retailer. Angling Direct has 46 stores and an estimated 12% of the UK market, Kelso notes, saying this could grow towards 20%. Kelso also argues that Angling Direct has surplus capital that could be returned to shareholders through share buybacks. The retailer has £17.6 million in net cash, Kelso notes, equal to about 60% of its equity market capitalisation.

Kelso current stock price: 2.85 pence, up 5.6% in London on Wednesday

12-month change: up 3.6%

Angling Direct current stock price: 40.50p, up 1.3%, for £31.3 million market cap

12-month change: up 53%

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