George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
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Just reading your post Wurzel..sums it up really. The Chairman and ceo are both incompetent liars. The more money they have personally lost the better IMO. Clownish decisions which have brought the company to collapse. Anyone with the stupidity of these two should never be near a plc.
Blimey - someone has actually bought some today, presumably in the full knowledge that the share is going to be suspended on Monday!
Share price is now 6.5p and mkt cap under £1m it seems. So what happens next? Annual results should be on 21st June? Just a few days away.
So, finally, they have succumbed to what only can be described as a non-existent strategy, poor leadership at the highest level in the company and mounting debts that are simply eye-watering. It's not a big surprise really, and it appears it comes down to the incompetence of the board. It's comical that this company is much like the Black Knight of Monty Python, but really the only sympathy should be shown to the poor shop floor workers and us poor shareholders. The Chairman always said he would only 'look forward', when in fact he should have taken heed of the past. The CEO has steered the ship to oblivion it would seem and so the fault must lie at the top - at least he also loses a significant amount of cash. The Ethiopian project has been a complete failure from the very start it would seem, yet why did they persist with it??? Ultimately it must have cost them and presumably have lost historical sales accounts in recent times. The two latest large shareholders should have completed better due diligence, so no sympathy should be shown to them - frankly I cannot understand how they were enticed into acquiring such large stakes in a failing business. I cannot see how any bank of any worth will re-finance the company. The pitiful injection of interest-free loans from the directors shows they are not serious about the future either, and the £50K from Yapp reveals that he must be extremely embarrassed that the ship has sank under his watch, which doesn't say much for his business acumen. Watch the suppliers now go scrambling after monies owed to them.........
You are probably right that they lack clear ambition.
But that is small-fry compared to the disaster this hedge loss has inflicted. I can only conclude the person who signed it did not understand what they were signing.
The entire company brought down by unnecessary speculation.
This company has been mired by incompetent management for years. No matter what happens to the £/$/Euro /Ethiopian thingy...they seem to lose out. Year after year these mugs manage to **** it up.
Zombie company.
What's it got to do with Brexit?
They ****ed up a dollar hedge on an epic scale.
Please form an orderly queue.
Over the past few weeks there has been a steady rise in the S.P. may it continue I say.
There seems to be a lot of interest here in the last few days, there might be life in the old dog yet?
...so I just bought 1,000 at 37.9p...
Erm... looks like someone just bought 15% of the company?
Many thanks for your insightful post Wurzel!
An apparent reduced revenue of over 16%, increased inventory (as if it weren't high enough already), and a small gain on comparative overall profit after tax (although the headline news of improvement from £0.1M to £0.2M does not appear to be
quite that once the unrounded figures are observed, wherein it seems as though it has increased by only £46K) . It would appear there is some spin on the increased margins, but I would theorise that this is skewed by better quality products being sold (thus a higher SP) and the lower grade products are not moving (thus the reduction in revenue and increase in stockholdings/inventory), which ultimately doesn't bode well. I note the aspect of Brexit in there, but this is qualified by admitting to 90% sales outside of the EU, and likely to be heavily weighted to sales in $USD, so scares me to think why no decent profits in times of the weak pound, and ultimately the blow that may be dealt as the pound regains its strength in time. To me, it is possible that the Chairman has not fully grasped the situation that the company is in. Perhaps it is time for independent due diligence of sorts or look at other options to revitalise the company before it is too late.
Any thoughts about todays report?
Nice to see PTD on a steady upward trend, long may it continue.
Any interest out there for this company? It has been a long-time disappointment, but good to see that insiders have been quite active buyers lately.
What distresses me more is the fact that the CEO had assets that he could have liquidated quite easily if he needed to raise £40K, namely some of his existing shareholding (as seen from his publicly stated shareholding)!!! Also why wasn't this loan flagged at last years AGM??? I do hope the Chairman will elucidate how this was ever allowed??? Doesn't bring confidence to investors and truthfully sends out the wrong signals to ALL stakeholders in the business.......
Is the right word, are they that flush with cash that they can give out interest FREE loans. If there's free cash around perhaps they might consider paying a dividend.
I see from the publicly available Form of Proxy on the Pittards website that the CEO has managed to gain a 2 year £40K interest free loan dating back to Feb 2016!!! Rather obscene in light of the repetitive poor performance of the company and the large salary he commands!! But to make things worse I also see that the CEO still has enough cash in his pocket to purchase shares in the company, such as yesterday!!! Needs to get his priorities right and pay back the loan fully before using it to finance any other non-essential purchases. I am wondering which other staff members have been afforded this luxury!!!
Terrible set of results, and there is no marketing spin that can cover it up this time. If the company cannot make money with a weak GBP£ then there is no hope. Perhaps the executive management should return their annual wages due to such a poor set of results - totally unimpressed yet again. The new chairman needs to get a grip on this situation and send a clear message to investors. New blood required.......urgently, but of the right sort.
I think it's time we had an update on the situation in Ethiopia and the effect on production.
i have just found my old share certificate for 3000 new Pittards shares dated 2006. What is the best option, keep or sell. If sell where is best to do it. I think they were bought in an ISA but for some reason they were no longer eligible and I was sent the certificate.