Prime People Share Discussion Threads

[rightnellie] 20/12/2023 11:31

This one keeps giving. Glad I held rather than sold when they delisted. Quite difficult to sell but the share price has risen to 80p on Asset Match (and has been a little higher than this)I have recovered 40% of my original purchase price in dividends + special payments over the last two years

[squeamish1] 20/3/2023 12:13

Still holding, wondered why the hell my account balance had increased by £800 but turns out a very welcome capital return from Prime. Also no idea how it works, my broker still holds the shares (must be CREST registered)and dividends show up periodically. Must have had over half the tender price back since it went private. Long may it continue

[thirty fifty twenty] 15/3/2023 18:31

thank you for posting Skyracer... i dont get any notifications from the company - i residual shares are held somewhere out there and at least i do get the dividends. well done the board for performing and distributing excess CASH

[skyracer] 15/3/2023 12:15

35p/share capital payout!

Still retain the residual investment that did not qualify for the tender offer. Prime People seem to have taken wings since going private. Regular good dividends and now this .... !

[garygazzastrip] 08/7/2022 16:39

Anyone else still holding this which is now a private entity?

I received a bunch of papers which seem to marginalise ordinary shareholders. This seems unfair given that the company wouldn't purchase the whole of my shareholding when it was listed and when it de-listed/went private.

This seems like a con to provide full and total control via A and B shares to the main board members and current major shareholders.

Or am i missing something?

If i had a larger stake i would look seriously into this and take legal advice.

Would welcome the thoughts of any other holders who are still around?

[squeamish1] 25/1/2022 14:48

Thanks thirty, really useful info there. Sorry for late response. I have been left bag holding and have raised a complaint with my broker, so let's see how that goes. If I had received corporate action notice and been able to participate in tender I would have done so and been taken out at 87p; I only have approx £1500 of share as a rump holding so happy to see how it goes from here and try my hand at being a minority. Well I have no choice now anyway! Good luck and see you at the AGM ;)

[thirty fifty twenty] 19/1/2022 15:53

hi squeamish -

re broker. i think you might have certain rights here, so worth contacting the broker / regulator for complaint purposes. i had an issue on something similar in the past with ii and they funded their mistake out of their own pocket for my loss.

re PRP - it is defo risky holding minority shares in an unlisted company,
i currently have some in WTG + PVCS and view them as PE type investments.
BUT i think here the risk/reward is better than most situations i've seen.

my reasons...
the sector is booming!
so i think PRP will be making bigger profit next year.

IF they decided to sell this business the take out price would be c. double current levels in my opinion / compared to listed valuations of PAGE/RWA/IPEL,

the directors ad 3 biggest shareholders have held onto c.55% of the shares and not participated in the offer. they already control the company so can pay themselves inflated salaries if they wish so why bother making the effort to control more equity (after this tender the directors and big 3 wil control c.75% of the equity)

a director bgt (i think) 50k shares last week and didnt intend to tender!

they will save themselves c.200k p.a. in listing fees.
so this alone adds c.£1m to the value of the business (i.e. the directors and big 3 have benefitted by c.£750k (IF they sell)

in fairness though... i thought their communication of the tender was very clear, reasoned and the premium decent enough. so i trust the directors to be doing the right thing.

interestingly, they are keeping governance rules in place for 12 months after de-listing. i think this is really interesting - why bother when they a have already given all minorities a chance to exit??

my view, is that they plan to sell the bsuiness within 12 months.
if they had made this decision then it makes sense to use the company's own CASH to buy almost 2/3rds of the shares they dont already own. the price they offered is a good price compared to the stock market but if way below if they were selling the business.

my own plan. i bgt heavily before the tender. with the idea to roll over my profits into the non listed. i am considering buying more before they delist... logic - a chance to buy at 78p, something the directors were happy to buy at 87p. - lets see.

All IMHO, DYOR + BoL
PRP is in my top5 hldgs

[squeamish1] 19/1/2022 11:29

Any holders still here? Just found out about the de-list, my broker failed to give any notification or open up a facility to participate in the tender. No experience of being a minority in an unlisted company so interested if anyone can share a view. Sell and move on?

[rightnellie] 29/12/2021 15:36

Thanks 30 - it is still very undervalued and likely to make good profits in the future. I stuck with Octagonal when they delisted and got a very nice divi recently with more to come in the future. Main trouble is it is very difficult to sell them if you want to get rid after delisting. Still undecided but have a couple of weeks to make up my mind

[thirty fifty twenty] 29/12/2021 12:05

i've been selling into the market as there seems to be good liquidity.
i was caught before with PVCS where it looked like there were good CASH assets in the company but once it goes private you have no control at all. at PVCS the directors have delayed and delayed and now 18mths later the CASH pile is reducing significantly.
so much as i think PRP is very undervalued at 74p or even 84p - the risks when it becomes unlisted are just too great for my strategy. that said, i can understand fully for someone with big CGT tax losses or a more risky strategy it is undervalued even at current prices today - it wold be worth a lot more in a bid situation.

good luck all

Al IMHO, DYOR + BoL
PRP is in my portfolio

[rightnellie] 29/12/2021 10:38

Is everybody selling? Voting against delisting? or hanging on and hoping for divis once it has delisted

[eezymunny] 22/7/2021 10:15

I guess the likelihood is that they´re doing much better since their financial year end. Just about all recruiters reporting strong trading for the Apr-Jun quarter... We´ll see...

[my retirement fund] 11/6/2021 19:17

Dear all, given this threads authoritarian censoring of so many posts and banning of so many contributors, I have decided to set up a brand new Staffline thread.

This allow freedom of posting for all ADFN members (with both negative and positive contributions) for those who have a genuine interest in the fortunes and journey of Stafflines exciting new future.

Please feel free to join in the Unbiased, Unfiltered and Free for all (bar any persistent ADVFN rule breakers), at:

[squeamish1] 11/3/2021 19:05

Weird week here. No RNS and still relatively few trades going through so could be the market maker playing games.

[camo1997] 11/3/2021 17:37

To be fair, it is pretty flat for the week after the spike the other day. Just very very volitile. Little annoying. That's what you get in small caps. At least we know it can move up now though.

[w1lbur01] 11/3/2021 15:13

Why the drop

[camo1997] 29/1/2021 08:14

Well... they recorded a profit at least, better than most this year.

[dangersimpson2] 01/9/2020 15:28

I feel a little bit sorry for PRP - they returned what they thought was excess capital and then got covided (my new verb) and needed a CBILS loan to keep them going. This will act as a dividend blocker while it remains in place - hopefully no the full 6 year term.

Although this has been a cash-generative niche business in the past the issue I have with buying now is that there is simply much better value in the sector at the moment. Lots of recruiters are trading at a discount to TBV where most of the assets are trade recievables. PRP is on 1.84xTBV after adjusting for the return of capital BEFORE any covid related trading losses. That they had £1m cash & no debt at 30th September 2019 but now needed £2m CBILS loan suggests these losses could be substantial.

GATC is on 0.6 TBV, HYDG & RTC are on 0.9 TBV and are mostly cash-generative as their large receivables books unwind. Buy these and you get any recovery in the trading business in for free.

It is tempting to see the very large fall in PRP and think it must be good value, but compared to other small recruiters it still seems to be overvalued if anything.

[hodhasharon] 01/9/2020 15:00

Looking good.

[albert3591] 29/8/2020 11:48

Dividends won’t be there like that again.

[albert3591] 28/8/2020 13:26

Just letting posters know Jonah is here.

[hodhasharon] 27/8/2020 20:51

There’s rumours circulating about a possible takeover by HRNet, but the volume signatures are tiny.

If I invest it will be based on the previously posted research and not rumours.

[hodhasharon] 27/8/2020 20:47

Do you have an interest in PRP albert?