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I missed this from Paul Scott at end of May.
'Porta Communications (LON:PTCM) has put out a trading update. I've had a quick look at its most recent results, and the balance sheet is still a mess. Its reliant on loans from Bob Morton, so outside shareholders won't get anything. The equity is clearly worth nothing in my view.'
Not a great appraisal of Porta.
Nice to see Porta dealing with Xiaomi and their IPO in HK.
http://www.scmp.com/business/companies/article/2152891/xiaomi-lives-its-name-little-rice-grain-ipo-fails-impress
Overall Porta are burning cash and still making losses. I just hope all these cost savings are going to help turn the corner here. Maybe they could find a cheaper HQ somewhere too. Or share offices with SEC in the UK.
At present SP is falling and looks like some parties are still clearing stock here by these small test trades. Can't rely on Morton and Hales Hargreave to mop up all sold shares here. They need to halt the ever decreasing SP here and get new funds involved..
I guess the directors know something which we don't as there has been 1-2 buys recently. Maybe SP will recover once current seller has cleared? Maybe next announcement will be update on SEC with a reduction of loan costs.
GLA
We were in a position where she had a vested interest in the SP decreasing, which was a concern of mine. IMV the lows have been reached and the corner turned. Presumably that is EK's view as well.
I am very glad she did. We need more director buys to provide some support.
So HK/ AUS and Redleaf share increased. This is the last issue for Redleaf. It also means both CEO have more shares. 'Of these 23,493,273 Final Option Consideration Shares, 21,158,042 have been issued to Emma Kane, Joint CEO of Porta and CEO of Newgate Communications Limited and Redleaf, and to persons closely associated ("PCAs") with her. Following this issue, Emma (together with her PCAs) is beneficially interested in 22,696,504 Ordinary Shares of £0.01 each in the capital of the Company representing 4.48 per cent. of the issued share capital of Porta.' Brian Tyson now has an additional 2,088,361 shares. Does make you wonder why EK bought nearly 1.5m shares before if she was due another 20m or so shares. Hopefully she will hold onto these now.