Member Info for Pianista

Thanks, you're right. I don't know where I saw 10am - maybe it was in a report of the RNS.

But the RNS was timed at 10am, when the shares were already down at around £14.

The shares dropped BEFORE the announcement, didn't they? Then stabilised afterwards. It's as if the shares were wrongly marked down in anticipation of negative news. They could now take a few days to fully recover their composure.

Orangetree, there have certainly been plenty of high-profile accounting scandals, but I would still say the vast majority of audited company accounts can be relied upon. What specifically makes you think TRAK’s are suspect?
There was that illegal dividend fiasco, of course, but that was a bit of a technicality of little or no consequence. I’m sure the subject of capitalised costs came up at the presentation to analysts on the morning of the results, but we PI's were not invited, though surely we should have been.

Orangetree, you allege that TRAK is deferring costs IN ORDER TO bolster profit. Deferring costs does bolster profit of course, but that should not be the prime motivation. Hopefully, it's being done in order not to charge costs, the benefit of which will not come through until later periods, which would otherwise give a distorted picture of current year performance.

The company have obviously convinced the auditors PwC that the development work will in time spawn a commensurate amount of revenue; and while a clean audit report is no copper-bottomed guarantee these days, I'm happy to give my alma mater the benefit of the doubt.

Market reaction to results seems harsh. I think I'll top up.

Last year they gave a trading update on 8 June, albeit a characteristically very sketchy one. So I was expecting something by around now, especially with new management in place. But maybe if we don't hear anything for months it'll be a blessing: we can go off and enjoy the summer in blissful ignorance. In the meantime, some crumbs of comfort in the form of today's RNS.

I suspect that prelims for y/e 30/6 will be announced mid-August, and that the latest PDMR purchase was prompted by the imminent closure of the "window". I can see the SP moving up through the low teens later this year, so now would be a good time to top up.

I got the same impression.... Focusing on the prospects for FY19 without yet having announced prelims for FY18 may be a subtle way of preparing us for disappointment. BTW, where are those prelims for FY18? Based on history, these are now overdue, but not a dickie bird to my knowledge.

This is following the recent fundraising. Gatemore seem to have a very strong belief in the company and its new management. Maybe they'll try and buy us out for 20p.

Nothing of significance here, eg no change in directors' stakes. It's simply that some of their shares had been provided as security for a bank loan presumably, and the security is no longer required.

...finally cracked - and on no news that I'm aware of. Where to next I wonder?

New CEO has just bought �1/4m of shares. So putting his money where his mouth is. And taking advantage of temporary SP weakness perhaps.

...up 4.1% Apr to Apr. Yet more great news for Vesuvius, which celebrates by promptly dropping 1% in a generally flat market!

350,000 at 9.34p. Should help sentiment. Maybe we'll soon see 10p+.

...tomorrow (Tue), to approve the refinancing.

Latest SP seems to be an aberration, due to extremely low volumes. I'd also expect some volatility ahead of eagerly awaited full year results, due in probably little over 2 weeks' time.

Enough to buttress SP at current levels, whilst at the same time not enough to remove takeover speculation. So I think we can expect continued volatility.

Thank you Jimbo for your excellent, incisive posts - you will be sorely missed on this board.

Out at 594p - 50% gain was too tempting.