Compared to last year I'd say operational progress is far better, so much progress made in such a short sapece of time since nick arrived.
PS. Meant last placing at a premium, and fully taken up..
I said a while back, take a look at nicks cv. Redknight one of his qualifications in PL. profit/loss, being an accountant you should know the importance of that, and be assured the right guy, with an eye on controlling costs is in charge.
Sorry for you and your friends, but why with your professional qualifications made you invest at such high levels and then lose so much. Were the accounts EVER acceptable to you or your mates?
I know accountants who buy the balance sheet, but fail to apply fair value, buy at the top, the get locked in.
Conversly they fail to get the story when circumstances change. They just can't read between the lines, they just stare at the balance sheet,the head says no, the heart can't take it. Did you make money on tcg? I did.
Pinn is at the turnaround stage, I never said cash flow is positive, but read between the lines, reduced cost, new business suggests improved cash low.
As I said before, the last placing was at a discount, a first for pinn, all part of the new management style.
I don't expect you to get over your loses but try to accept the turnaround is in full progress.
Sorry for you rednight, but back then upuntil recently they were overprice, and under the stewardship of bonner as I recall. From what I read, mostly from the likes of ex-angry shareholders like you and elsewhere he was not very good.
Nick IS very good and has the background to back it up.
If there is a cash call, the last one was at a premium. But I dont see one coming.
liabilities are slightly different to cash flow. And cash is flowing thanks to cost cutting, new business etc. Read the post report stuff, it says it all.
If Nick can keep the SP between 9-11p for a few weeks and then buy lots more in a placing at about 5-6p I reckon his last director buy will have been worth the minimal outlay of £10k. That will strengthen the balance sheet and help his average.
Re COMS - One incorrect figure in the results hardly means thy have iffy account issues. The selling was overdone and recovery will come soon. I think it is more that likely that something significant will come out before the AGM.
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