Don't be too short sighted look at the whole picture you may think the shareholders have been shafted but the reality is you have to break a few eggs to make something good. Give it time and this share will start to rise from where I sit management are getting it right. Keep the faith.
Management still trying to provide peace-meal after shafting investors.
That will only happen when the losses stop and the business starts to turn around. It's not worth a 4p right now imo and today's RNS tells me they are gearing up for the next placing to gain control of their customers.
What price this time? 3p? 4p? again How much will shareholders lose now?
If they raised funds at 4.2p when the shares price was 12p Then what price will they have to raise them at when the share price is at 7p. 2.5p?
It's won't be as much as 4p this time. The dilution on the next placing will be sore and that's clearly what they are gearing up for if you read the following from the CEO.
The Board will continue to review future acquisition opportunities in line with its strategy. Particular focus will be given to acquisitions opportunities with £2-5m revenue, 50-60% recurring revenues and local office and support centres that can be streamlined.
The market cap here should be no higher than £8 million which is equivalent of approx 4p per share.
The acquisitions made were punitive and the loss making business they were bolted on to is not fit for purpose. They have no money left for further acquisitions and once again will have to dilute even further. This is one I would avoid like the plague because there is not a cats hell in chance they will raise funds without having to offer a huge discount meaning shareholders once again get licked.
I did say this would fall back to 4 or 5p and it's on course to do just that.
Be in no doubt that when a company as fragmented as pinn posts huge loss making results like that last set having raised funds at 4.2p then the funds were to plug a gap and that's all. The ship is still sinking and the money will keep them floating but don't expect growth. They will need to spend better on the next fund raiser.
They will be back uot with the begging bowl soon enough.
Darron Giddens appears to be the Finance Director at Pinn.
Today's RNS disclosed that Darron Giddens now holds over 3% of Pinn shares, a total of 3,890,931.
I assume that the extra 2,343,312 were picked up at 4.2p in the placing. If so, then surely this should have been mentioned in the Directors Dealing's and Holding's RNS on 12/2/2016 or am I missing something.
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