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I stand corrected. Gary Wyatts % holding has risen from 3.13 to 3.22% from 14/09/2016 to 03/10/2016. Either the website is incorrect or he topped up about 200-300k of shares. I did wonder why his holding was not closer to 3% after the share issues. Porta have been very precise over the % holding on the Investors page. His previous purchases have been 1m at a time. He would need to top up 2-3M shares for a notification to the market.
I think we have reached a price point where investors are happy to swap large volumes of shares. In this instance to fill a sell order or arranged trades. A sell order would explain a lot here. It could be a fund is offering the shares to other funds/investors? The softly softly approach has gone out the window. We will reach a point eventually where people wanting to sell gradually fades away at this price point. Then the buyers have the market. This may be one reason to delay any refinance announcement. Let the funds in background finish then make an announcement with directors moping up 10+ million shares. In the grand scheme of things 32k for 1m shares is not much for a business director. Bob paid nearly 470k for 6-7m shares before. So 10-20M is possible here. I also wonder if Fidelity or Gary Wyatt may increase their holdings? So far neither appears to of sold any stock here. Why not lower your average?
Is a nice chunky 1 million buy at 3.2p. I agree GT the buy volumes are getting bigger as stale sells are mopped up. One day, long awaited, the tide (and sentiment) will change. I wait the first post-Brexit director buys with interest as I don't know what is preventing them other than price-sensitive knowledge given the cautionary upbeat outlook.
1m buy has showed up today. Maybe isdx was a sell. Who knows. The trades are getting bigger.
Well it could of been a matching trade. I have not ruled out the trade being a buy. I am happy to wait for now. If we get an announcement this week great. If not see how sp does. We have a persistent seller here doing small even trades.
We are surely now approaching an inflection point where the stale sellers are being balanced by those keen to buy into new management. Once this turns, it should do so very quickly and may not just need good news to kick Porta upwards. Sub £9m MCap for a company with £35m pa turnover just HAS to be hitting a few investment managers desks soon as an understudy uncovers this.
1m trade has gone through on ISDX at 3.1p at 16.37pm. Interesting. Before that a buy went through at 16:00hrs at 3.15p but only 23525 volume. Answers on a postcard.
The falling pound will be increasing more and more the monies coming in from Asia. It also makes Porta a much cheaper takeover target here. I doubt Porta would accept any offer below 10-13p.
I think DW is doing stuff in the background. He is MD to many of these firms. Most likely he can't talk about them either as it would be price sensitive to the share. I really doubt Gene would take over. He is an accountant. Not a CEO. He earns the same money anyway. Not sure what Gene would add that DW doesn't have? Steffan seems best man for job. Share is still drifting as there is still a big seller here. Most of these trades are not PI. 10k trade for a PI would be very small. Many PI are scared here. The buyers in the background may have also reached the limits they set themselves? 2-3%? Many funds choose not to go above 3%. Hopefully the buyers will appear again soon. If they are working on some sort of deal it locks out the directors and probably other senior staff too. Not sure how it works exactly. If it was simply a case of going to a bank for a cheaper loan I am sure it would of been done weeks ago. Maybe they are planning something else?? Have to wait and see. They did suggest in their interims 2016 was consolidation. So that suggests the refinance can't be far off. 2017 for more acquisitions is not that far off. 2-3 months.
Is this going to bottom out at a fraction over 3p? If it drops any further i can only imagine the morale at Porta HQ. GG and DW are dragging their heels on the refinance. They have had the Summer to appreciate that it is holding the whole group back paying Bob his 12% coupon. Of greater concern is the fact that all future acquisitions are totally on hold. Which putative vendor of a successful agency would want "10p" Porta stock at 3p? Or less. DW does not now have a day job - he was full time on buying firms and building the network. But now that the cupboard is bare maybe he should pass the baton to Gene or Steffan (although as the rainmaker in chief at Porta we want him out there pitching and advising - generating fees as organic growth is now the only option). The Emma Kane story in respect of dumping the Porta shares has still not been told. When will this surface? Someone know anything? Its hardly a sign of confidence in the Group. Rich people don't fire sell their assets like poor people.
Not really bizarre. Emma Kane and now what appears to be a fund have sold out or are selling out pretty much at the same time. So here is the gamble? Wait for the best price? With a fund (?) and nervous investors selling here the price could drift 0.25p. There are a lot of low hanging fruits falling off the tree right now. Wait long enough and you can pick these up dirt cheap. Of course other investors may be playing the same game. Also unclear if a sell order is on it's way or if the seller will do block sells of 1m shares. If it's a fund I would expect some automated sells near the end. At current prices I wonder if the market would accept a 3-4m sell order. Wait too long and the refinance will be announced and most likely all directors will pile in. If the firm is doing as well as you suggest Adastra then why would they not buy in? There does seem to be some traction here. At these price I could see the directors clearing millions of shares each. How many shares can they afford?? My view is this share will shoot up after the refinance. I would hope for at least 7-8p short term. Pending on the terms. As one of my friends suggested. It's a share with risk but the upside could be huge if things take off.
Fill yer boots as they used to say. Classic turnaround with new management cash generative from day one. IMO anyone buying now will see considerable 12 month upside for all the reasons I continue to highlight. The upturn post-Brexit is gaining pace and Porta companies are in the sweet spot. £35m turnover and MCap less than 25% is Crazy. Newgate Australia would exceed this MCap alone if floated. .... Bizarre!!!!
http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/EWG/12993830.html Small fry but looks like Newgate is involved in this fund raising or just acting on behalf of the company.
The loan debt was bundled to April 2019 with accumulated interest to defer payment forward and release cashflow from incremental interest. This was not ideal but it does allow for repayment at any time giving flexibility as the anticipated upswing post-Brexit kicks in (which it appears to be doing). Refinancing is complicated by the fact that Bob Morton has been extremely supportive through the teething years of building the foundations. He is an astute player and expects to see his investments rise threefold. Porta has had its share of hiccoughs BUT revenue has continued to increase markedly year on year since 2011. His actual holdings are, like most of us, worth considerably less despite the progress. BUT, he has continued to invest as he has the vision to ride out the waves and see the bigger picture. He was instrumental in bringing in Steffan, Gavin, Charles and now John, and helped Steffan beef up the management in rapidly expanding Australia. There is a tangible frustration in all the BoD that revenue growth is soaring yet the MCap has failed to recognise it. We must be at the tipping point where returns are so poor elsewhere that the progress being made by the invigorated management will start to attract new investors and both GT and myself believe that is now underway. Once that happens, the banks will then fall over themselves to refinance at LIBOR +1%. In my view it's just a matter of time. GoTrader and I only differ on the fact that I would pass the baton firmly to Steffan on his track record to date. In 12 months he has totally fulfilled his remit. There is a lag-time till investors recognise it, but all his hires have been cash-generative from day one and we are starting to see the Gavin-effect and the Charles-effect follow on from the [as I coined in January] 'Steffan-effect'. I would now prefer David Wright to drop into a background role with adjusted remuneration, and let the market rate Porta as a rejuventated group with a unique integrated communications offering. It is working and I see it accelerating from this ridiculously low level given the sheer quality of the assembled team. Look at the 60% increase in work-in-progress even at the June 30th 'Brexit' stage.
You do have to wonder what the new Corporate Broker is doing here? N+1 Singers have just come on board and the demise in the SP pre and post the interims would normally have been a classic opportunity for them to start showing a bit of leadership. There must be a reason why they are doing nothing?
That 1m trade seems to of gone through as N/A. It could still be a buy part of a large sell order? The share is drifting today.
Adastra - The buyers are coming in but while a fund is clearing x million shares all the buyers are doing is filling sell orders. 6m from Emma Kane, 3-8m from another fund still selling now, 5m shares dumped by another fund earlier in the year and a consistant weekly seller clearing 5m+ shares. .6+5+5+3=19m at least. How many more shares is this current buyer willing to soak up?? If it is a new investor they could already have 7-8m shares. Assuming they bought all of EK's shares and the other 2-3m shares sold here. The trade patterns for the buys this year suggest it may be 2-4 different funds/investors due to different patterns. E.g some trades started with 2-3k trade then 5-6 large buys. One went 333k x3. The latest buys were in 250/500/1m batches. What is clear, with at least 20m shares bought this year it has to be at least 3+ different funds/investors or you get an RNS. Unless some PI investors bought in too? These trades are definately organised so seems unlikely.. We also don't know what Porta are doing about the debt. You and I keep suggesting something is happening. So do the directors from what you have said. This could just mean another 12% loan for all we know. The company seems to be doing really well H2. We have to wait for the over hang to clear. For that we need some good news mixed with director buys. I am holding off buying more for now. See what happens with the seller.
Yes big invoices going out in Q4 Adastra can you help me on the debt refinance statement in the interims in my first post this AM. Why was it rolled out to April 2019? It doesn't seem consistent with the refinancing we're all expecting with a bank. All the other stuff I agree with. However, we all know that share prices in these recovery situations can lag the inflection point where operationally the company went onto a new trajectory ie Williams and others coming on board and fairly promptly bringing in new accounts with corporate activity.
Given the actual evidence of an upswing in work since Brexit as indicated in the interims, I am surprised that more and bigger buyers are not getting into Porta. The Sompo/Endurance deal is a 'big' one, especially considering Sompo chose Porta to handle all its communications on the new 'integrated' platform. The excellent news of the government go-ahead on fracking in Lancashire is also a massive coup in the UK as PPS/Newgate have been working with Cuadrilla for over two years in public/political engagement. This really cements their position in helping companies work with UK politics to achieve positive outcomes. I expect more on the back of both these events. Porta can only go unnoticed for so long once the current 1m sell/4x250k buy horsetrading ends. Once the overhang is cleared the price should start to float upwards on new management and upswing in prospects. Once the penny drops we should see a quick reversal which accelerates imo.
Should see good earnings from that and cements the fact that Steffan is driving increasingly larger clients and projects through the doors.
This link is more telling. http://ir.endurance.bm/phoenix.zhtml?c=137754&p=irol-newsArticle&ID=2209277 This link clearly states for enquiries to go to Newgate and names Steffan Williams. So maybe this could be a very nice boost to Porta here. Hopefully they will make an announcement of some sort?? The main reason for the depressed SP here is that the funds are still trading shares. This current buyer must be getting closer to an RNS. These trades are very much arranged. I think the current seller has cleared close to 3m shares. They clearly can't do a huge sell order here due to stock already on the market. This proves all those 250k trades were buys this week. Backs up my fund theory too. We know Emma kane and partner only had 6m shares. The 4m and 1.25m and automated trades covered these. All other trades after that are from the 2 funds/investors swapping shares.
Missed what? Those 3-4 250k buys were due to a 1m sell. Just shown up. I think this will continue for a few more weeks. Fund could have 3-4 million more shares?
And we all missed this I think. Should result in a few invoices in Q4 http://www.wsj.com/articles/endurance-confirms-deal-talks-with-sompo-holdings-1475610908
In the interim statement is says " Debt with Hawk Investment Holdings Ltd was restructured to allow roll-up of interest and deferral of redemption to April 2019." Anyone got an angle on this? Why did the restructure happen now? Had the term run out? Doesn't seem like the refinancing we were hoping for or am I missing something?
PPS/Newgate have been fundamental to the positive fracking decision for Cuadrilla which effectively opens up the UK to shale-gas. This should work wonders for the stance of PPS/Newgate due to the incredible barriers that it has managed to overcome to get this positive government decision working with Cuadrilla. Wake up and smell the coffee - Newgate/PPS just got a huge vote of confidence for its client negotiation management skills. Well done. This wont go un-noticed for long.