On reflection, I think you are right, that the ppix stake is not worth enough to affect the sixh share price. In addition, canot establish a worthwhile market value for the ppix stake because trading in ppix is so illiquid that the dealing spread is 22%.
The added influence on the sp decline is the warrants, exerciseable at 20p by 2020, which would just about extinguish the long-term debts. Given that 20p looks a long long away, the conclusion is that the company has few short or medium-term drivers of sp increase. In an ideal world the BoD would resign, without compensation, to make way for fresh talent. Sadly we are not in an ideal world.
Disappointing that the BoD blame a declining market. Would be more positive if they had explained how their sales outperformed the market decline. In the absence of such information one can only question the 'added value' which the BoD bring to the party. No doubt they will all take large cuts in their remuneration until the sp recovers (fat chance!)
I sincerely hope you are right 50glass, I am another long suffering investor in this company and all I can say is that there have been many false dawns, this company insists on investing in other loss making companies rather than pay a dividend. I lost faith in the management of this company a long time ago, they don't seem to have much of a strategy going forward and if they do have one, nobody can make any sense of it.
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