RE: LONG ROAD8 May 2026 09:32
So the RNS has come, if you read it without rose tinted glasses, it has some words that don't need to be in there but are, and that is what you should concentrate on,
Words like "what appears to be", don't give the statement the same certainty as without their addition.
Then we go to " the aggregate cash cost of the Company's Board remuneration arrangements" statement, again the addition of 'cash' in that statement means that they will cost more than the previous board but this will be paid in shares (ultimately diluting current shareholders).
They talk of other opportunities, "which may materially enhance the Company's medium-term prospects", the words that stand out are 'may' and 'medium-term', then later on we have "and long-term value creation for shareholders", these statements are all caveated by certain words and there seems a realisation that nothing is going to be happening much in the short term. I suspect they will finish their review and then issue a 'kitchen sink' statement and go for a fundraise.
They mention payments, but I would expect senior Directors to have some sort of notice period that will need paying off and 6 months doesn't seem far from what I would expect as a Director's notice period, so although they confirm no extra payments, there will still be some eating into the cash pile.
Finally, if Ian Bagnall is now going to be an Executive Director, do we not need an RNS noting his previous appointments and any other current ones?
This was a holding statement and one I suspect shows they have found some surprises and are having to put a positive spin on, but without any definitive language.
Caveat Emptor, there are a lot that jumped in for a quick buck here and they will want an exit soon, but PYC has always been great in turning short term investors into loss-making stale bulls.