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GT, thanks for that. Yes we all agree this should be the year that Porta sorts itself out. The fundamentals are all good and I understand trading is pretty good. But the story is just not being told by the Group, a crime for an IR/PR firm, and the lack of trades is almost embarrassing. The brokers clearly think its a problem child. Until the Board put their hands in their pockets and buy and/or reschedule the debt then there will be little or no action. The Board can't say they are in a closed period for ever! I worry too about Red Leaf - the sale of Porta stock by the leaders, why and when they did has never been explained. Its 3 years almost to the day since the Daily Mail had Porta as a pick of the year with a target price of 21p. I bloody wish!
Happy New year all. Let's hope 2017 can finally bring some cheers to Porta. Looks like Samsonite has been busy again. Hopefully Newgate HK advised them on this transaction below. http://www4.samsonite.com/_investordocs/20170104140651_E_Samsonite%20-%20Tumi%20Korea%20Press%20Release%20(2017-01-04%20-%20FINAL).pdf
Actually looks like this was announced for tax reason. So the shares are held by a company Bob and his wife are directors of. No actual shares have been sold to any third parties here as Bob and his wife own the company the shares have been moved to. Caused a brief jump in the SP today based on 200k or so volume. We had been edging towards 5p for quite some time here. If there is still a big seller here they will be noting up this share is edging higher and higher. If it reaches 6p it will be up almost 100% in a few months. A case of a share being oversold.
All that RNS is saying is Bob has passed his holdings onto family.
It seems like the Morton empire have bought out the Seller/Sellers Back to business as normal SP will now rise imo
You say Gavin and Steffan? Don't forget Charlie Chichester who they recently hired a few months back. Simon Gentry too. I have no doubt all these big names have bought clients with them. The timing of Glencore with Steffan seems no accident. Simon Gentry bought 3 or so clients with him. Not sure about Charlie Chichester. As Adastra pointed out many of these big names actually approached Porta wanting to join the firm. It's not just the UK where they have hired big names. In the H1 accounts they mentioned new hires in Australia too. So the current board have been very busy. I would not write off the BOD either. There is a huge amount of knowledge and experience in that board. It was that same board that hired the people one of whom is now CEO here and likely to be calling the shots in the near future. In any case nothing much will happen over Christmas and the new year. Many book time off work too. Many places close over the Christmas period too.
Apropos a merger or sale - I think the directors would resist at anything like the current valuation. We know its worth more than it says on the ticker and so do they. They were buying shares at 18p never mind the current sale of the century. An offer of �25m would represent a decent premium, pay off Bob and still be as cheap as chips. They would and should say "no". The talent in the business driving the fees far outweighs that of the board most of which is tired and suffering from a lack of direction. But give Steff and Gavin time and they will drive the numbers up and in course the market will wake up. Ironically they needs some decent PR.
At these prices a merger seems unlikely. I would prefer a takeover if an offer of at least 10-15p was received. Would they even accept this? Pends how well the firm is actually doing. Hopefully find out in Feb if the TU sticks to a similar date this year. Noticed another 100k buy on ISDX today. Seem to be quite a few people stake building here in last 2 or so weeks. Don't think I have missed any news here. Probably just speculation. Fund taking a punt maybe?
If PTCM did merge. What price could we put on our bit? As it stands quite difficult given debt however gross turnover is extremely positive. Any thoughts?
http://www.prca.org.uk/FakeNews Interesting article from Gavin Devine. He talks about convergence/ integration in 2017. Gavin is the Chief excutive and Chief operating officer for Newgate. He seems bang on the money here. Being the chief operating officer integration could be very key to him when Porta does start to expand it's businesses again. I think once the Sp recovers here we could see more deals to follow. That with the FT article make me think at some point Porta could well get merged or taken over. Especially if they are starting to gain traction in the market.
GT Yes, I agree, Porta lacks North America in particular so they are constrained by that. And of course, as we shareholders know to our cost, Porta is worth next to nothing at sub 5p. Anyone making an offer would get a stonkingly good business for under £20m even allowing for the usual premium. If I were advising Bell Pottinger - Porta would be on the list. Their petty cash tin could be used. Job done.
Interesting thought Toad. The industry is going through a phase or mergers and acquisitions right now. A big American firm could easily take over Porta and remove a lot of the debt. The pound is so cheap right now. I think Porta could use a big European or American firm to beef up areas where Porta lacks offices. Then they can start to do global pitches for firms. Even India would be a great market to enter? Huge population there.
Bell Pottinger new strategy - its not now for sale - but instead needs to grow quickly. So a quick way for a decent financial PR plc to achieve that is....
For those not subscribed what did this article say?
Well Porta comes with Newgate for a song! It would be a steal at these prices. https://www.ft.com/content/5c5bde78-c2dc-11e6-9bca-2b93a6856354
Ho ho ho. Santa has arrived Doesn't appear to be much stock around at this level (famous last words) hence pushing the price North Any purchase now will probably see the SP move At around 6p we will get some sellers but hopefully a decent trading update will be released Happy Christmas All
I had been wondering when they would do these share issues. They announced this at the AGM. Makes sense to do it now as the profits from these pod businesses is very strong at present. Having more come back to Porta Makes sense. With the Redleaf share issues this could reduce payments to third parties next year by £150-200k. Reducing Aus payments for now due to 4p SP seems sensible. I think management seem to have a plan here. 3 big trades today. First 250k trade appears to be a sell. The other 250k trade is a buy. Just also noticed another 250k buy trade on ISDX. Funds/ investors are starting to trade in bigger volumes here. Would be interesting to find out who these people are.
We had 2 large trades delayed from yesterday. 620k trade was a buy. 1.091m trade looks to be a sell. This explains the low volume in last 2 weeks. Plus 50k buy on ISDX. Today there was a 250k buy at 16.22pm on LSE. Plus a 122k buy at 16.07pm on isdx. Against a small sell of 25k stock. Overall the buys and sell just about cancelled eachother out. 620+250+122+50=1.05M vs 1.12m. Yet the SP is up 9%. Are the MM short on stock?? I think so. Looks like I missed the boat again in terms of buying more stock. Should of got in at 3.25p. Live and learn. Happy to hold for now as the share appears to be gradually recovering here. Some good news could push share up to 5-6p. See what happens here. The buyers in the back ground are still filling their boots and that gives me confidence. Still no RNS from them yet.
I've stopped buying as the lack of news is unnerving. My last trade was 100k at 3.4p. It's stuck at 4p and i can't see it moving much until there is news on a refinance. The coupon paid to Bob is draining the company of cash and, for all I know, morale. I remain positive about this business but a sign from the Board would help!
Has anyone tried to buy or sell Porta shares? The low volumes to me suggest the MM or Porta are limiting trade sizes here. Can't be 100% sure but the buyer and sellers here likely have hundreds of thousands of shares left. Seems a bit odd. Largest trade in 2 weeks has been 50k.
Gavin is pretty active on Twitter and he looks to have been instrumental in getting CEO's through the doors at Porta. They ran a well attended seminar at Porta Towers with VMA. Harder to see what Steffan is up to. Let's hope its not too much at the PRCA which is both draining and largely unproductive. If he is pitching that is great. The London PR market is better than most commentators give credit for. Yes the Financial sector in the Capital is not booming but that is the point in having other income streams and other territories. The worry about debt will not go away until Messrs Wright and Golembiewski pay off Bob using cheaper money. So lets hope they give Bob and the rest of us some Xmas cheer. God knows the share price needs an injection. The trades have been almost non-existent of late. More pitching and winning please Porta!
There is little news for Adastra to comment on. To be fair he has not been that active in last 2 weeks on LSE. He may have been away. His activity on this site is no indication of how Porta is doing. Oh Gavin Devine is now COO and Chief Executive of Newgate. Has his role been expanded a bit?We need to see what the strengthening of the balance sheet entails. Also what changes Steffan Williams brings in now he is CEO?. Patience is a virtue here.