Member Info for PLASTICMAC

Thanks RoughSEA. If you're right then we might assume that the minimum they'd want is to double their money and an acceptable offer, therefore. at around £36M. Pure speculation of course, but like yourself I'm a long term holder with a high average and living on hope!

Can anyone estimate what Harwood's average share cost might be? This would give us some guidance on what an 'acceptable' bid for the company would need to be.

On the face of it, the decision to drop $3M of JV sales seems a very poor one at this stage of the company's development. The 2024 year end figures showed these sales providing $1M of gross margin (33%) and after $800k of allocated fixed overheads a $200k contribution to profit. I'll be very surprised if they did actually make a saving of $800k on fixed overheads, or anywhere near that figure. At the time I thought they must have $3M of better margin customers 'waiting in the wings', but the first half figures suggest this isn't the case. Furthermore, they continue to adjust reported figures by eliminating the JV sales as if it was some sort of 'act of god' that they are no longer there. Hence the first half sales 2025 are actually 16% down on the 2024 comparative figure in reality. I recently read the first half 2024 results again and it's hard to believe that we are in this position 12 months later. It's almost like someone set out to scupper the company just when it was about to be successful. Let's hope the new chairman can wave a magic wand!

Why do I feel that voting to re-elect the Board members at this coming AGM is like turkeys voting for christmas. I've lost all trust in them. Had they not initiated the strategic review and bizarrely dropped $3M of sales from the full year figure we would be looking at a January 2025 share price of 70p+, which would have allowed a successful cash raise at 50p. The Warren Buffett strategy of 'buy and hold' clearly doesn't apply to our major holders and unfortunately the chairman seems to have been a sympathetic ear. I suspect that the rest of the Board just went along with it. Such a disappointment

when we were so close to true profit and a brighter future for ALL shareholders.

In my opinion the strategic review was just an elaborate smokescreen with the real intention being to tank the share price and go private at a knock down cost. The chairman's statement that the Board's main objectives remain to increase shareholder value is laughable. He forgot to say that while searching for 5th gear they managed to find reverse and have reduced shareholder value by 50% over the last 8 months! Funny though that neither he nor any of the major shareholders seem interested in buying shares at the current rock bottom price. Neither are major holders selling; they all know the plan and don't need to do anything. Unfortunately for us small private investors we can only hope for 'crumbs from the table' when the announcement comes.

Thanks ProcessGuy; I should've gone to specsavers! Do you have a view on what the company is up to with this fiasco over the last 8 months? Why would they want to deliberately tank the share price unless it's to take it private at a knock down price?

Have you seen what we're being asked to vote on for the AGM? It appears to be a proposal to create £23M of securities. Could anyone explain what this is about?