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Ewan, its the debt now. Cash is king and PHD is underwater to the tune of about £35M and some of it needs paying back soon but the company doesn't have the cash to do it. The uncertainty alone is killing the share price not to mention the fact of the net debt. Where will they get the money from? Shareholders? Sell part of the business?
We could see a funding round to help the balance sheet. Get ready with cash just in case or there's a chance we will be diluted.
A big debt bill is due to hit soon from one of the banks that needs the money and net debt is hanging over this like a bad smell. Net debt scares the market at times like these and ratings downgrades are coming thick and fast in the US with the UK to follow that will push up servicing costs. Houdini would have a problem getting out of this straight-jacket.
ewan my take for what it is worth is that no business is immune from the effect of cv in the sense of massive negative sentiment unless it is one of the rare few like novacyt which can be seen to have an immediate and potentially significant benefit from the outbreak (apologies for using the word benefit in this dreadful context).i think that phd's time welcome in 2/3 months time as businesses hopefully begin to emerge from the immediate almost paralysing effect the disease is having on economic activity.hard imo for a business which is basically shut down to focus on payment systems at the moment but when they start to return to activity payment systems will imo assume a status of primary importance for many and phd should hopefully benefit from this.i know there are other ways of looking at it but i think we have to look through the next couple of months to see what direction this is likely to take..
I don't get why the COVID is affecting our share price at all. Most of our business is with public sector or solid companies that aren't likely to go under entirely and they will all keep paying their modest monthly subscriptions for our services. True our sales people cant go out to close new business, but the rest of us are all happily set up to work from home and are getting on with the work. You'd think given our solid situation we'd be a good investment for those taking money out of businesses more exposed to COVID risk.