The formidable hedge fund and activist investor Elliott, which has a stake of more than 10pc, has yet to say anything, at least publicly. Those of a nervous disposition may like to sell enough shares to cover the cost of their initial holding, just in case no one else elects to enter the fray, but our initial entry price of 586p in June means we are in for a decent payday if and when any deal closes.

The bid could crystallise the value we spotted. Hold.

Questor says: hold

Ticker: CLIN

Share price at close: 920p

Update: Zytronic

Rugged screen maker Zytronic’s full-year results a week ago confirmed the promise of autumn’s pair of upbeat trading statements. The Tyneside firm is back in profit, is returning to the dividend list and can point to bigger order books and profit margins.

Admittedly the shares did not respond with unfettered enthusiasm, perhaps over concerns that supply shortages could crimp the recovery in sales and profits, but at 168.5p they are already almost 40pc higher than their year’s low of 122p and patience could yet see us get back to something akin to our entry price of 467.5p in July 2018.

The firm has no debt and a cash pile of £9.2m. That compares with a market value of £21m, so investors are effectively paying £12m for a business that in a bad year still produced £12m of sales and at its peak has generated £20m in sales, net income of £4.6m and a dividend of 22.8p a share. The smallest hint of a return to anything like those levels over time and the shares will look terribly cheap.

The outlook is far from clear but the valuation remains attractive. Hold.

Questor says: hold

Ticker: ZYT

Share price at close: 168.5p

Russ Mould is investment director at AJ Bell, the stockbroker

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