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Investigation outcome
Further to the announcement on 18 March 2024, the Investigation overseen by a committee of the Board, with advice from PwC and Travers Smith, has now been completed. The conclusions from the Investigation have been reviewed by the Board. In summary, the Investigation has found no evidence that Mr Murphy's share dealing involved any other parties, nor any evidence of a wider pattern of misconduct by Mr Murphy impacting or implicating any of BTG's staff, customers or suppliers. Mr Murphy has expressed profound regret for his failure to comply with regulations and the impact of his actions on both BTG and his former colleagues.
The Company has reached a settlement with Mr Murphy whereby he has agreed to (i) forfeit his entitlements under the Company's Performance Share Plan and Deferred Bonus Plan in their entirety, meaning that no further amounts will be received by Mr Murphy under these schemes, and (ii) repay his after-tax bonuses since IPO to the Company, through BTG's clawback provisions. Further details are set out in the Companies Act 2006, Section 430(2B) statement published on the Company's website at www.bytesplc.com.
The Investigation also carefully considered the Company's procedures for monitoring and reporting the shareholdings of directors, PDMRs and their PCAs, and has undertaken a detailed review and reconciliation of the shareholdings of current and former PDMRs. This exercise identified minor discrepancies as noted in the Appendix, which will be correctly disclosed in the forthcoming Directors' Remuneration Report for the year ended 29 February 2024, with restatement of the prior period comparators where necessary. Following this review, the opportunity has been taken to implement additional measures to strengthen these processes across the Company.
Although there was no news flow from Calnec -25% the funds largest monthly decliner, we can only put thjis down to what the broking community refers to as READ-ACROSS from the takeover of Spirent communications, which is held in the BVuffetology fund. the simple bear case would go something like this ; Spirent is Calnexs largest sales channel partner theresfore and change of ownershir will be depremental or disruptive to calnexs relationship. This is naturally something we considered durin our investment process and was an arewa of focus durin our due dilligance prior to purchasing the positrion. Spirent and Calnex have worked sucsessfully for over ten years. The hardware supplied via Spirent is all badged under the Calnex name, which is important as in the even of any change to the supply chain it is clear for the customer where the kit origonates from. Crucially calnex products are differentiated with capabilities that competitors can not easily replicate. Therefore we expect customers will quickly adapt to any potential change in distribution partner, as has been Calnexs experience in the past!!
Anyone who enjoyed our parable on Bytes Technology (17.1%) may be interested to learn that it was revealed durin march that the initial disclosures into unauthorised share trading by the former CEO emanted from a voluntary request for information from the FCA as part of its monitoring activities. Bytes own stewards enquiry - which will hopefully draw a line under the whole sorry affair - is expected to be concluded prior to the release of 2024 preliminary results expected in late may or early june. A full year trading update released alongside FCA revelations confirmed adjusted operating growth profit of at leasat 12% and cash conversion inline with the companys 100% target. As a result net cash stands at around £89 million. thjis would mark a very reasonable outcome for the year, but realistically the shares may mark time untill the results are Published.
I see alot of buys in Calnex solutions today wonder if people are selling here and going there hoping for the same there..... very interesting times. I'm no expert but would like to think in 12 months time the whole small cap markets in a far better position especially telecoms, its good for the poeple that have made decent gains here to buy other low valued shares while the markets still down., time will tell! Good luck and well done to the fortunate that have done well here, if you haven't can not win them all but still can bay other low valued companys to recover losses. ATB!!
FWIW I would be very careful buying straight away, have watched a few similar scenarios and i would expect there to be more downward pressure over the next week especially if theres a large seller still offloading.
I used to be a holder here sold a few weeks ago, what p*&s me off is is when you hear how the companys performing from a industry website like this bellow rather than from the company itself, we havent even been told gaming CEO has left.
https://www.gameinformer.com/2023/10/02/worms-dredge-publisher-team17-is-the-latest-to-be-hit-by-layoffs
The whole gaming industry is in retreat, Team17 are making redsundancy's and restructuring and herd new games are struggling. Gaming division CEO who was highly respected Ex SONY is now leaving........ This sounds far from positive to me. I feel for anyone who loses money but this is a big gamble going forwards hopefully it can recover though I think the odds are stacked against it at least short term