Member Info for ShrewDEds

Meant £10,000.

Live bid is above the ask again, for 10,000 shares. Looks interesting.

Interims indicate performance in line with the February trading update. Review of operations since February has given a clearer picture, leading to revised but broadly unchanged FY19 revenue & EBITDA expectations; changes to FY20 (delivering stabilisation and improved margins); and maiden FY21 (restoring growth). Following the departure of former CEO Hamp Wall (January) and awareness of weak trading (February), the Board has identified changes to enable replication of successful operations (UK, NL) across weaker territories (US, FR, DE). As the fifth-largest procurement solutions business globally, PHD remains undervalued due to a series of challenges which have the opportunity to be corrected with significant valuation benefit – and if not, then private equity or trade buyers will be interested. Given the current share price we trim our 12-month target price to 100p, with further upside available on proof of execution.

I believe the sells slightly above 29.50 are definitely sells, which strongly suggests a large background buy.

The net debt has increased, but mainly as a result of the acquisitions, therefore the revenue after acquisitions is the correlated figure in this context, not the revenue before acquisitions.

Interesting to hear that. Which brokers are you using?

That was my question. Could you get a quote for 31p? As mentioned earlier, the many trades at 31p could easily be negotiated buys, but who knows.

Apart from minute amounts I should add - I can sell £300 AT 31p, not that I will.

Is anyone getting a quote either way for 31p? On IG it is 30.65/31.3, so I'm trying to make sense of these trades.

More funny stuff today.

There certainly seems to be some manipulation going on here. Yesterday the buys were all solid round figures, whereas today the sells are, right from the bell. Significant though the amounts would be to a PI, for a II the odd 100K here or there can be used effectively to flush out a few buyers or sellers to suit their strategic needs, or to disguise their direction of travel.

A lot of round numbers on the buys today. May be nothing, but it looks like continued II buying.

Proactis - autocorrect.

To be fair, most people on these boards are invested and negativity can be hard to take. Investors do so because they believe that a share will rise, and moaning about the current sp can be irksome. That being said a bit of genuine debate on the issues facing the company is healthy and accepted by many.

I can't help but think that the time to have cast a critical eye on this was when your club bought in, 4x higher than the price is now, and the time to have moaned would have been when it was in freefall. I may be proven wrong, but I am still confident that there is a lot of money to be made from this level.

According to the share register on the Proactive website they are back above 7%.

A few small sells today and some strength on the dip. Most of the large trades are transfers, giving a false impression of the numbers of sells. These can be done at the sell price or the buy price. In my experience the MMs often like to encourage sells by putting them through at the sell price. The MMs are happy for some PIs to sell out at these cheap prices.

Its worth reminding ourselves of the update in which, other than the US and European growth statement, Tim Sykes was positive stating "I am confident in our ability to deliver an improved level of performance in the mid to long-term. Our core markets remain attractive and our core technologies and team are competitive. I look forward to completing my review for the Board and focussing the Group on a growth strategy that should be successful in all of its territories and returning the Group to the qualities it has demonstrated historically".

The update highlighted the 'considerable opportunities open to it in those [US and European] territories' so it will be interesting to see what they come up with.

None taken ;-)

I think that is unlikely to be honest. There is still every chance that there is some action going on behind the scenes, and declarations yet to be made. There is also the possibility that there are a number of positions beneath the threshold, which in themselves could be substantial compared to PIs.

I'm sure that Mike can answer for himself, but he said there were many more buys than sells, and that the total buys outweighed the sells by over 100k. Not sure if your question was genuine or not, but if it was, there's your answer. If it wasn't, try to up your level a bit.

Similar amounts. Same trigger date. Looks like Chelverton picked up Didner's holding, which would mean that there is a different II picking up shares in the open market. All good here.