Portmeirion Share Price (PMP)

Well the spread issue was dealt with, I think, the day after I mentioned it. So, thank you to all our MM readers, I guess!
Are long term holders able to offer any clues about what's really going on with PMP: are the sudden dramatic setbacks this year just temporary aberrations, will normal service be resumed in due course?

Having had a look at the respective mcaps I can see CHH could not afford PMP. Perhaps some private equity could revive PMP.

Seems like sells are only getting close to the bid so I wonder if a further easing in the SP is on the table. I suspect that Churchill China might make a bid for this to take out a competitor and advantage of the straitened SP. CHH is moving strongly by comparison to PMP.

On the face of it, it seems like the falls here are overdone. It's been profitable for a long time, and continues to be so. The dividend is being held. Looks like a temporary blip. There would probably be plenty of people catching the falling knife if the spread wasn't so deterring - it means you need an 8% uplift just to break even.

However, the reasons given for the 2 profit warnings are not entirely credible, and raise suspicions.
In the first profit warning, back in May, they said that sales in the UK and US, the two biggest markets, were up, but South Korean sales were down because of "product development", causing a 10% overall fall in sales. That makes no sense. Product development affects costs, but how does it stop sales? Anyway, South Korea accounted for less than 10% of revenue last year, so how can it be responsible for a 10% fall in overall sales, especially if other regions have increased sales?

The second profit warning, which caused another big fall in the share price, claimed that the sales drop was due to South Korea again, down to oversupply and/or overstocking which was being dealt with by designing new stock.
So they have claimed that product development is both the cause of and the solution to the problem, and that everything is OK apart from the relatively small South Korean division.

It doesn't really all add up, does it?

It's going to be a bloody big hill for Portmerion to climb, so this is going to be a long term prospect. Meanwhile if they can hold the dividend then at least there will be some light at the end of this particular tunnel.