Panmure Gordon Share Discussion Threads

[isis] 10/8/2015 18:24

Don't forget they consolidated the shares - Qinvest are sitting on a large loss.

[discodave4] 10/8/2015 15:51

Could be. Don't think it's the main reason this is undervalued though.DD

[topvest] 10/8/2015 15:46

If QInvest exit I think this will be a very big Positive for the company and the share price. The holding is currently a very large overhang and helps explain the very large discount in the valuation.

[discodave4] 10/8/2015 15:17

"In a statement, QInvest – which owns a 44 per cent stake in Panmure Gordon – said its investment banking division deployed approximately $260m (£167.8m)."From the Panmure updated website Qinvest's holding is 43.4%!......strange to round it up!.DD

[discodave4] 10/8/2015 13:03

Thanks salpara.Hmmmmm.......an investment bank relinquishing its significant stake in a stockbroker, doubt it somehow.........+86%, not bad!.DD

[salpara111] 10/8/2015 12:21

No worries! It can be difficult with the spread to determine what are buys and sells sometimes.
I see in the papers today that Qinvest announced an 86% profits hike!
Maybe they should bid for the remaining stake in PMR rather than selling their current one!
I am not sure what is going to happen to PMR as I do believe that they are too small to prosper on their own going forward but equally I don't see how they would fit into a larger companies' strategy.
As before, I will continue to hold through the next results and make a decision about what to do at that point.

[discodave4] 10/8/2015 11:52

Sal,I stand corrected, apologies, thought one of the 20k trades on the 4th Aug was the EBT.DD

[isis] 10/8/2015 11:49

Confirmed. :-))

[isis] 10/8/2015 10:58

That looks like the Employee Trust 20k gone through.

[discodave4] 05/8/2015 19:51

All buys today and down it goes - mm's playing!.DD

[discodave4] 05/8/2015 19:12

QInvest bought the shares in May 2009 at 34p which was a 15% discount. There was a bidding war at the time and Panmure needed the funds to meet their regulatory requirements and strengthen their balance sheet (guess they had no choice but to take the highest bid even though it was at a discount to the share price at the time).IMV doubt very much that QInvest would offload to the market, 67 million shares!. No expert, depends what's in their articles of association as to what options they have in selling/transferring their shares. Also doubt they would sell up in the first place, but who knows. Perhaps they want to increase their holding to 50%?.GLDD

[salpara111] 05/8/2015 15:40

I guess the worst case scenario is that Qinvest offer a deep discount on their stake to get rid of it in one go which would hammer the share price as I imagine they would probably have to offer a discount of around 15-20% on the prevailing value.
I hold ETO a successful FTSE 250 stock with a large strategic investor who recently offloaded a 9% stake in the business and had to offer a discount of about 10% to get it sold.

[discodave4] 05/8/2015 13:22

Sal,The 20,000 showing today was for a trade yesterday, I assume the EBT. Has not been any sells today.There was a bit of selling yesterday (23,000 shares in two trades) and a 2,500 buy.So no reason IMV for the drop today.DD

[salpara111] 05/8/2015 12:32

Given the price I am assuming that the 20k yesterday and another 20K today are both sells which would explain the drop in the share price
Clearly Qinvest cannot sell down their stake given the lack of liquidity of the stock so either they hold it or sell it to a large strategic investor.
I am still above water but clearly had expected the share price to be in the 180p region by now.
I will continue to hold till the next results.

[discodave4] 05/8/2015 09:03

EBT 20,000 purchase yesterday by the looks of it.DD

[discodave4] 01/8/2015 16:16

Thanks,Was tempted to sell yesterday when the bid went up to 150 but also thought about waiting for the next update in Sept.DD

[salpara111] 01/8/2015 15:23

Sorry, I don't have an online account, I get my hands on a hard copy of the FT most days.
The mention on PMR was in a more general article talking about broker consolidation.
There was no mention of price, the £2 is just my own musing and a 30% premium would be reasonable.
I have pretty much committed to holding till the next set of results anyway.

[discodave4] 01/8/2015 12:15

£2 would do me, was that figure mentioned in the article?, any chance you could post a link.DD

[salpara111] 31/7/2015 12:32

Snippet in the FT today saying that rumours were going round that Qinvest were sounding out potential buyers for their 47% stake.
Clearly it is just puff at present but I doubt they will find someone who is willing to take what amounts to a very large minority stake so I guess it is possible that someone might acquire the stake and then make a bid for the rest of the business.
Personally I do feel that the business is undervalued so I am not sure that I would be thrilled to see it taken private at say £2 given that I feel that £2 is probably fair value without a t/o premium.
Having said that, they have struggled to get the share price up for several years so an exit for a decent profit would still be a result.

[isis] 18/7/2015 09:31

Nice new Website:-

[discodave4] 15/7/2015 10:50

Agree SJ, PMR was already undervalued.Based on last FY with a combined pretax profit of £3.2m, this gives an eps of about 16p, a PER of just over 9.Would not be unrealistic IMV for PMR to have a PER of 15x, especially now it's paying a dividend again, this gives a target of 240p - 60% upside.DD

[sailing john] 15/7/2015 09:24

Great acquisition - utilises some of their cashpile in exchange for what should be a 50% increase in PBT to over £3m based on FY2014 + CSS contribution over 12 months.

Market Cap just £23m - I'm not sure the market has factored this acquisition into the valuation yet (especially as shareholder equity less intangibles stood at £20m in FY14 accts with £12m cash - falling to £6m post acquisition)

I have added today

SJ

[discodave4] 14/7/2015 16:09

32k buy and share price drops!DD