PINN is a buy on fundamentals in GedW's opinion in view of the continued support and lack of selling by its substantial shareholders, a positive in its own right. Either the board of PINN are playing a very canny hand in keeping prospective suitors in the dark or are hiding poor performance by not delivering continuing news within their sphere of operations that might influence the share price until the announcement of preliminary numbers due in February.
"I am pleased to report that the Group is now trading close to EBITDA breakeven on a monthly basis. However, I have decided that after 15 years since I started Pinnacle, the time is now right to seek my successor. I am hopeful that we can soon appoint a new Chief Executive who will help us achieve our objectives and I look forward to ensuring a smooth transition in the best interests of our customers, staff and all other stakeholders"
The Company expects to make a Preliminary announcement for its full year results to 30 September 2013, in February 2014. Any further announcements regarding the appointment of Mr Bonner's successor as Chief Executive, will be made in due course.
I still believe that PINN will have a further cash call sooner rather than later.
To try and answer the points I believe you were stating.
True Pinn has not been my best investment but neither is it my worst. To call it a disaster at this stage implies you have inside information that they are about to fold. I'm sure if you had you would tell the world about it instead of just sniping. The last I heard was that Pinn is at break even at EBITDA level, despite the disastrous initial performance of RMS.
I see AB's stepping aside from the position of CEO as a positive and I'm sure they have someone in mind. Why this should be seen as a smoke screen, I've no idea, perhaps you can throw some light on why you said that.
Why the directors have seen fit to keep a lid on news to the detriment of the share price and further fund raising, I don't know. It's almost as if they don't want to raise more cash, and yet your crystal ball assures us they will.
Perhaps you should write to the directors and give them the benefit of your superior experience, they risk losing their reputations when this goes belly up as you assure us it will. MXC Capital, that's another mystery, why would they buy 3.66% of the company when it's about to crash. They are the company which turned around Redstone and sold it to Coms, are they crazy? You must tell them Gedw. It's only fair.
Your last point about many sitting on losses, I thought I was the only one still holding. Tell us how you know who else is holding and at what price. I'm guessing you're not.
Any one care to explain the continued share price weakness in light of Mr Bonner'' s company valuation of £50Mns and the continuing sycophantic support of that position in relation to the market perception in continuing to mark PINN's share price lower and lower and a continuing trickle of selling. PINN's annual numbers are imminent! Anyone prepared to stick their neck out and predict the bottom line. My opinion is PINN will issue dire numbers tinged with a positive spin and a sob story from Mr Bonner on how he has let investors and the like down but will request continued support and belief in the PINN business model which has now flaws but is a victim of the continued tough trading environment. My opinion is that PINN aligned itself with one customer BBC which was increasingly under the cosh to cut costs, pinn was an obvious victim as no high profile contracts materialised leaving PINN in the wilderness as far as its own projections and continuing contracts and this will manifest itself in full year number due to be released by 24 February.
4PetesSake sorry I appear to be having a little trouble with my browser. Posts appeared to have disappeared. LSE do delete posts quite regularly if they go against their posting terms so I jumped to the wrong conclusion. Anyway your question and my answer I have reposted on the previous post. Have a quiet night shift.
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