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Where has adastra disapeared too? Has he finally given up on this?
The numbers are for 2015. Newgate are up from 46 to 27 but this likely includes some of their aquisitions. Can't see Redleaf on there. Any news today would not be good. Budget day is a day to hide bad news. Let's hope we get no RNS today. That small buy trade of 2391 shares will lead to a nice buy tomorrow lunchtime. Could be 100-200k+ shares? Pretty much the same buyers and sellers on a daily basis.here.
Porta keeping low profile. Not stopping their competitors flashing their books. http://www.prweek.com/article/1393421/prweek-reveals-top-150-uk-pr-consultancies-2016
My gut is further news will follow and this is perhaps one of the reason the share is sticking so closely to 4-4.25p. More shares to be issued? Not sure what they are planning to do to strengthen the balance sheet. I still think something is stopping the directors from buying here. Most of the current trades are still funds or larger investors trading off shares. Albeit much smaller quantities. This trade off will slow any recovery in the SP here. Like all things Porta does seem to like timing news. I don't see Porta de listing. Not sure Bob's sons want to take this over either. My guess is they will look to other investors. There is no shortage of investors to mop up the sold shares here it seems.
Creston de-listing yesterday shows how hard it is for small quoted communication groups to thrive on the markets. They are fundamentally low margin business' based on human capital. But they can throw off cash if costs are managed and Porta needs to address this. Their offices are a total vanity project. Any views on the impact of the Creston news on PTCM? I suppose we can take solace in the fact that investors thought it paying a premium to de-list.
.....a major disappointment......
Maybe quiet GT but far from stable.....suffering from finance/debt uncertainty?
http://www.gorkana.com/2016/11/redleaf-appointed-by-alternative-financier-gapcap/ GapCap, an alternative finance provider for high-growth businesses, has appointed Redleaf Communications. Should be a slow day of trading today with shares to be issued soon above current market price.
Well I think current market cap is a joke for a company turning over at least 36m a year. I think a number of other announcements will follow on refinancing. This is just the first step. House keeping before they can announce their full plans. Hence 12 month term on loan. I think there is also an element of getting new investors in here to replace funds who may want out now. They have steadily been doing this for last year or so. At these prices someone is snapping up large volumes of sold shares. I think these trades will get bigger once the main over hang here is cleared. Then we may see a strong rise in the share. Still intrigued to know who the current seller is. Does not appear to be HH or Hawks Holding. Once debt issues are resolved then expansion could be very quick. A merger here can be difference of a market cap of 20m to circa 40m-50m. I think they will plan big here once they have consolidated what they have here. Even with European closures last year revenue is still holding up. This dip to 4-5p is very short term in my view. They could easily exchange most of this debt for shares. Beyong finance and SP issues the company seems to be doing well in H2.
I can't see Mr Wright ever seeing a return on his investment here, unless he lives to 120. £50m market cap within 5 years Lol!
Well if they are not working on refinancing the 9m debt below 12% why are the directors not buying? Maybe they don't want to? Or is something else in the pipeline? They mentioned about strengthening the balance sheet here. Question is how they plan to do this? I wonder what further announcements they plan to make here? Could something else be locking out the directors? Hmmmm. Maybe the 15th will bring more news? The fact the new loan is only 12 months suggests maybe they plan to replace it with something else in due course? Otherwise why not 2-3 years? Lots of unanswered questions here. Including who keeps buying up 250k volumes of shares. Nearly 3-3.5m+ shares bought since 13/10. Any thoughts Adastra??
More use of ISDX today. 300k buy. Plus another 50k trade at 3.99p. Could be a buy or a sell. Mix and match on LSE. 61k bought and 130k sold so far. 4p still seems to be fair price for the seller here. Of course the new shares will be issued at 4.25p. Currently above the market price.
http://www.proactiveinvestors.co.uk/companies/news/168731/porta-refinances-settles-loan-with-share-issue-168731.html So by the sounds of this article more things are to follow.. “This loan conversion represents the first step in optimising the company's capital structure and consolidating our financial position, following the series of start-ups and corporate acquisitions that we have made over the past few years,” Golembiewski said. On this basis maybe a lower ticket loan might follow at a later date. Hmmmm. At least they are trying to do something?
One thing that is interesting here is someone has bought another 1m (4x250k) of stock today. (100% same buyer in my view.) Note that late trade that has appeared for 15.30pm at 3.85p. Someone else has sold about 560k of stock on LSE. Then sneaked another 450k sell on ISDX. 1m or so overall. Again likely same seller. Its no coincidence that the number of buys and sells here match roughly 1m buys and 1m sells. Most of the trades today are arranged. Looks like whoever this seller is has not yet cleared their stake here. They must have more than 3m shares. It will be interesting to see what % of stock Bob and others investors have on Porta's website on the 15th. Porta may well choose that day to announce a new investor. You can't keep buying 1-2m shares and not reach 9m shares. I also suspect these finance deals are the start of an overall process to reduce the balance sheet debt. My big worry is Bob's holdings and if he plans to keep them all. See what happens in next week or so.
I'm not an accountant, but these two RNS sound like the Bob Morton benefit show to me - I could have lent TTMV £87,500 at better terms than have apparently come to light for one of the loans.
I agree, and surely the story about Retro Grand is no more than inheritance planning by Bob. Same interest rate but now payable to son and heir? Not the progress we would expect?
Think others are noticing the window-dressing. I think the big disappointment is that despite the two RNS's we still have £9.18m debt to service at 12% pa which is onerous and approaching our MCap at this level.
I have to agree on the £9m debt. I've been looking through accounts and cant see any provision made for that £1.07m of indebtedness against TTMV which concerns me. I was under the impression that we were free of any outstanding commitment. That means my Wakey Wakey was premature! This looks a little like window-dressing so I'm returning to the fence like yourself awaiting developments.
Redleaf contract win. http://www.gorkana.com/2016/11/coffee-brand-the-new-black-appoints-redleaf/
Still leaves 9m debt? Not fully got my head round this RNS. We have a 5m and 4m loan left? My big worry is what will bob do with the 18% share of company. Perhaps more announcements are to follow? Hmmm.
As I read the RNS this is exceptionally good news as it is writing off £686067 of debt in a stroke! Correct me if I am wrong, but Porta has just cleared £1.074m of indebtedness by issuing just over 9m shares [covering just the PRINCIPAL amounts]. That is a phenomenal coup!!
Nice to see Steffan getting to grips with the debt renegotiation as it is the sole brake on strong progress - bring it on as its resolution will cause a gap-jump and re-rate as it feeds directly to the bottom line. Halving the level from 12 to 6% would be transformational for bottom line with indications of current growth and optimism IMO.
At last it looks like the loan debt is being quickly sorted and renegotiated - two RNS' in 2 days with the latest tidying exercise today. Gene Golembiewski, Finance Director, said: "We are pleased to have satisfied this liability, which results in no cash outflow from the Company. This loan conversion represents the first step in optimising the Company's capital structure and consolidating our financial position, following the series of start-ups and corporate acquisitions that we have made over the past few years. We continue to evaluate our balance sheet and future capital requirements." Great news, and an indication that David and Steffan are driving debt renegotiation strongly by removing initial obstacles like this. Gene finally earning his crust.
Another RNS, Bob Morton is taking 9m shares in lieu of twenty20 debt, he now owns over 18%.
Now 4.065p sell being offered on 'quantity' and rising...................................