Two notifications in one day

Big Technologies (LSE:BIG) published two holding notifications on Monday 9 November 2026, both relating to positions that changed on 6 November. Liontrust Investment Partners reduced its voting rights from 10.9144% to 9.8012%, taking it below the 10% threshold, with 29,122,505 voting rights still held. Separately, Regent International Holdings disclosed voting rights of 11,904,663 shares, equal to 4.01% of the total, held through three entities: Regent Gas Holdings with 3.61%, Regent Investments Pte with 0.30% and Regent Acquisitions with 0.10%.

Neither notice carries commentary. What the filings do show is that one of the largest institutional holders is lightening its position while another investor is building or reorganising a stake of meaningful size.

About the company

Big Technologies supplies electronic monitoring and remote tracking technology, trading under the Buddi brand. Its customers are mainly criminal justice agencies, which use the devices and software to monitor people on bail, on curfew or under other court-ordered conditions. Revenue is generated largely through recurring service contracts, so the group reports annual recurring revenue, which reached £53.2m at the half-year stage.

Government-linked contracts bring both visibility and concentration. Renewals can extend for years, but a small number of agencies account for a large share of income, and procurement decisions follow public budgets and political priorities.

The Business behind the register

LSE:BIG, which trades under the Buddi brand, supplies electronic monitoring and remote tracking devices and software, chiefly to criminal justice agencies, on a recurring service basis. Its contracts are long-dated and often renewed rather than retendered; on 22 September the group announced a further contract extension, an example of how revenue visibility is built up over successive renewal cycles rather than through frequent new tenders.

What the latest figures say

The interim statement for the six months to 30 June 2026, published on 14 September, reported revenue of £26.9m, up 6% at constant currency, and annual Recurring Revenue of £53.2m, up 5%. Adjusted EBITDA rose 14% to £14.2m, and adjusted free Cash Flow increased by £2.9m to £9.6m, helped by legal fees falling to £2.6m from £5.3m. The group held £67.1m of cash at the period end after making £33.4m of settlement payments related to the Buddi litigation. The board said it expected full-year results to be marginally ahead of market expectations.

Using Liontrust's 29.1m voting rights and 9.8012% stake, the implied share count is about 297m, which is consistent with a PDMR filing in October. That filing showed Charles Lewinton selling 326,000 shares at 92.42p on 21 October to meet tax obligations, after receiving 1,187,796 shares under the growth share plan in July, leaving him with 2,352,093 shares, or 0.792%.

Why the register matters

For a company of this size, the identity and intentions of its largest holders influence Liquidity and, potentially, the outcome of any contested Shareholder vote. LSE:BIG has previously faced a shareholder requisition for a general meeting, and litigation linked to its founder remains live, so changes at the top of the register are watched closely. A specialist fund trimming below 10% does not by itself indicate a change of view, since such moves can reflect fund flows, portfolio limits or rebalancing. Equally, a 4% holder emerging could prove passive. Any interpretation beyond the filed numbers would be pure speculation.

How voting thresholds work

In the UK, holders of AIM-quoted shares must notify the company when their voting rights cross certain thresholds, with notifications triggered at crossings of 3% and each whole percentage point above that. Liontrust's move below 10% and Regent's disclosure at 4.01% are therefore routine regulatory filings rather than company announcements. They record the percentage of voting rights held on a given date, using the share count in issue at the time.

Reading across the two filings, the shareholder base is changing at the margins. Liontrust still holds 29,122,505 voting rights, so it remains one of the largest holders, and Regent's three entities together hold 11,904,663 shares. A holder structure with several entities, as Regent has, is common among family offices and investment vehicles, and the notice aggregates them.

The financial picture behind the stock

The first-half numbers show a business generating cash even as it deals with litigation costs. Revenue of £26.9m, adjusted EBITDA of £14.2m and adjusted free cash flow of £9.6m imply a high adjusted EBITDA Margin of roughly 53%, which is characteristic of a service model where devices are already deployed and revenue recurs. Legal fees fell to £2.6m from £5.3m, a direct improvement in cash flow, but the £33.4m of settlement payments made in the period explain why group cash ended at £67.1m.

The company said it expected full-year results to be marginally ahead of market expectations, a measured statement that suggests management sees trading as on track rather than accelerating.

Why litigation remains the key unknown

Two matters sit alongside normal trading: the defamation claim served by Sara Murray and the continuing Commercial Court proceedings. The company disputes the claim and said it was preparing to answer, but it has not quantified any potential exposure. Legal matters tend to develop slowly, and costs can rise or fall depending on the stage of proceedings. The cash balance gives the group room to fund its defence, while the improvement in free cash flow shows operations are not being starved by legal costs. Shareholders will look for any further notices that update the position.

Risks and next steps

Litigation is the main uncertainty. On 26 October the company said Sara Murray had served particulars of claim in a defamation action concerning forgery allegations the company made in September 2025, which it disputes and is preparing to answer. Those allegations also form part of a proposed expanded case in continuing Commercial Court proceedings. Legal costs have fallen but could rise again as these matters progress, and outcomes are hard to predict.

Operationally, the business depends on a concentrated base of government customers whose budgets, procurement rules and renewal timetables are outside its control. Currency movements also affect reported growth, which is why management quotes constant-currency figures.

No results date beyond the usual annual cycle has been disclosed. Further holding notifications, any update on the defamation claim and Commercial Court case, and the full-year trading statement are the next disclosures likely to clarify the picture.