Panmure Gordon Share Discussion Threads

[spob] 23/12/2015 08:27

will you take 55p

[adamb1978] 23/12/2015 08:24

spob - would you like mine??!?

[adamb1978] 23/12/2015 08:21

Apart from the two QInvest stooges, the PMR board looks quite sensible and I would imagine that, given their backgrounds, they would realise that the CEO's position is completely untenable. A £4m loss this year given market conditions and given the added boost from CS in H2 is completely unacceptable

[spob] 23/12/2015 08:20

trying to buy more

no luck so far

[adamb1978] 23/12/2015 08:05

Desperately poor trading statement - the CEO has to go as market conditions havent been bad at all over the last 6 months

[paduardo] 23/12/2015 08:03

You have to question the future of this company. Wrong sector, wrong end of the market. Merger / Sale is probably the best option for shareholders. Difficult whilst shares are so tightly held.

[topvest] 23/12/2015 07:09

Not a very merry christmas for holders of Panmure Gordon with that truly awful RNS. How can they be so rubbish?

Great brand name, great collection of clients....and they just can't earn revenue from them.

The MD has to go in my opinion and they need to get a results rewarded pay structure in place because at the moment employees get it all for poor performance and holders get nothing.

The Charles Stanley deal doesn't seem to have improved things at all. The actual loss will also be higher than this as the "normal" loss won't include acquisition related costs and the inevitable restructuring costs they have every year. This really should be much much better. Not impressed.

[discodave4] 22/12/2015 21:42

Merry Christmas one and all and a very prosperous 2016.

[meijiman] 19/12/2015 10:06

Maybe read across from WHI? But that might give opportunities if WHI is in the doodah.

[discodave4] 18/12/2015 22:01

No trades and the mm's drop the price.........ridiculous!.DD

[adamb1978] 30/11/2015 22:07

Just had another look through the numbers for PMR as have had much finger inching ever closer to the sell button in recent weeks. I've decided to continue to hold for a combination of reasons:

- net working capital is 113p per share, so its trading at a heavy discount to w/cap
- H1 was awful however if you look back at the group over recent years, turnover went £18m, £21m, £27m and then £29m in 2014. Clients similarly grew from 76 in 2011 to 142 at the latest half year
- the CS acquisition will add about 10p to EPS on its own, and financed from a cash balance which was earning as good as nothing
- there should be a reasonable amount of cost synergies which can be extracted from the deal with CS
- whilst I wouldn't hold a company purely because on the hope of corporate action, PMR's ownership structure is not a long-term solution

I'm therefore planning to hold at least the 2015 results, probably the 2016 interims.

Adam

[adamb1978] 30/11/2015 18:23

Thanks for posting that Sailing John. Without the CS acquisition, I would be selling now however the acquisition increases the top-line of PMR by about a third and £1.5m profit from CSS alone is about 10p EPS (given they financed it form existing cash resources). Presumably there must be a bunch of central-type synergies as well...

[sailing john] 26/11/2015 08:15

Extract from Charles Stanley 1H

"For the period from 1 April 2015 to completion of its sale in July 2015, Charles Stanley Securities generated revenues of £2.7 million and contributed a profit of £0.4 million."

That was for the period from 1st march to 15th July

So extrapolating to full 12 months revenues of nearly £10m and profit in excess of £1.5m

Overly simplistic I know - but there it is for what it's worth

And better than a loss!

Note in 2014/15 CSS did around £8m revenue with a matching cost and made a loss after allocated costs

SJ

[discodave4] 25/11/2015 13:52

Decent buy again, somebody knows something?DD

[discodave4] 24/11/2015 20:14

Double the average volume too!DD

[discodave4] 24/11/2015 19:04

Boooooom!, lol.DD

[fizzypop] 24/11/2015 16:27

An increase in the share price today! ... what's going on.

[spob] 18/11/2015 22:20

79.5p, NoS 15.6m, Mcap £12.4m

[meijiman] 02/11/2015 09:04

It has an illustrious history and was once run by proper chaps.

[salpara111] 02/11/2015 08:54

The problem Qinvest have is that it will be difficult to find someone interested in effectively taking a very large minority stake in a loss making brokerage that is not big enough to have true economies of scale.
A buyer of the stake does not have to take over the business in that they can make a "mandatory offer" which is equal to the price they pay ie at no premium which would most likely be declined by the majority of holders.
The main question is why is Panmure attractive and beyond the brand name I struggle to see what they have.

[adamb1978] 30/10/2015 11:03

Or Qinvest should look to sell their stake, triggering a mandatory offer for the rest of the company. As above, Panmure is still a decent mid-cap brand.

In terms of the current valuation, its less than the net working capital of the business so very cheap

[salpara111] 27/10/2015 13:05

I think if I was Qinvest I would buy out the remaining business and then fire the CEO and get someone ambitious like the guys who have really built up Cenkos over the last few years.
Panmure Gordon is still a great brand but the way it is being run it wont be around much longer unless action is taken.
I felt that I was getting screwed exiting at 97p but clearly that was the right decision (for once!)
A takeover is probably the best bet to release some value here but even that is unlikely to bring a bid north of about 125p.

[isis] 26/10/2015 16:40

Down everyday.

[isis] 23/10/2015 12:44

Most people in the City are always looking for a new job!