I can see CXM13 Oct 2012 22:17
being spun off to Natalia etc who seems to be well respected and came with the Kids Glove acquisition etc.
This would leave Polymer & Stanhill to either introduce a new business into the listing (SG) or my favourite, a listing for Polymer.
Dr Spiers is getting on and will want to start to see some value released from his Polymer group, the 2011 results show strong growth and good cash generation, all loans have now been repaid and all charges have been satisfied at Companies House within the last month, they must have £5-6m in the bank by now and his long association with CXM seems a natural progression..
Stanhill website says their specialisms are in management change situations..
Polymer with £23m expanding t/o and £30m net assets would make this a fantastic multi-bagging situation, it would see Polymer get their losses back and release value for Spiers & Stanhill..
I'm a buyer under 1p..