Share Name Share Symbol Market Type Share ISIN Share Description
Paragon Ent. LSE:PEL London Ordinary Share KYG6906M1069 ORD 0.1P (DI)
  Price Change % Change Share Price Shares Traded Last Trade
  +0.05p +3.57% 1.45p 0 07:31:03
Bid Price Offer Price High Price Low Price Open Price
1.30p 1.60p - - -
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 14.4 0.4 0.2 8.5 2.72

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Date Time Title Posts
24/4/201823:16Paragon Entertainment2,292
22/4/201610:42SOME MORE BUYERS85

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Paragon Ent. Daily Update: Paragon Ent. is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker PEL. The last closing price for Paragon Ent. was 1.40p.
Paragon Ent. has a 4 week average price of 1.25p and a 12 week average price of 1.25p.
The 1 year high share price is 4.50p while the 1 year low share price is currently 1.25p.
There are currently 187,680,550 shares in issue and the average daily traded volume is 1,137,854 shares. The market capitalisation of Paragon Ent. is £2,627,527.70.
stiffybristol: Nothing is a real problem unless there is hidden disaster not yet out as news. I am assuming the 150k now for annual 400k savings means redundancies. It is not always about turnover, the best profits are often made with lower turnovers. If they have 100 staff if you average at 30K, that's 3 million per year, most of what they do/make has a high labour content. A lot to be said for not just doing stuff for the sake off. The share price has been driven so low that if new funding was needed it would virtually wreck it for existing shareholders. One thing that struck me as strange was the move from Elvington to Selby is quite a long way if you live the other side of Elvington...not exactly convienent. I still find comfort that a director paid 2.5p for a big block. I still find comfort that the MK cap is 3M for a company that is making a profit. It is nearly 5 months into 2018 and that's the biggest worry.
stiffybristol: Depends how you look at it. Share price lowest ever. PEL turning over more money than ever. Recruiting more staff. Wanting to expand into bigger premises. Or has the work dried up and they are going under. Director bought 1.5M shares at 2.5p recently (you can't buy big blocks, a 200,000 buy jumps the price, a 1,500,000 either way would drop/rise the price 0.5p). Shortly we will know 2017 figures, we know roughly the turnover was near target, we can interpret it could have been a lot higher as two 2017 projects did not make it in that financial year. Potential to make profits of £2,000,000 on a P/E 10 = a share price of 11-12p. I was thinking of adding some more at todays price. Despite the fact I am miles down on my PEL investment already.
stiffybristol: Paragon don't do anything in respect of the planning application. It is the landowner. Paragon can only act if and when he gets permission. They are still making a profit. They missed their target because a couple of jobs went into the next trading year. Sometimes you have no control on jobs and times, the customer may cause the delay often. They have stated they are still expanding and they are still recruiting staff. I might have a miles wrong but I still see this company at the top of their game and getting better and not in a desperate situation. The share price of course reflects a tale of woe, but if it was I don't think a director would have bought £35Ks worth. AIM and the lower tier markets often march to different beats.
stiffybristol: If the directors are thinking of taking it private then painting a negative picture when then there is nothing fundamentally wrong is exactly what to do to drive the share price down. If they know the company is sound and want it back for their self then they actually want the share price lower so they buy it back cheaper. I find it baffling, the share price is saying something is very wrong. The projected results did not seem that bad to me factoring the two projects now pushed back into 2018. If they had happened in 2017 Turnover may have been closer to £16/17M. It is still a company making a profit, with a £3.5M MK cap. They have plans to move to streamline and make better profit margins. The directors bought stock at 4p plus. Why are they not buying at 2p. They passed a resolution for the company to buy back shares when they were 4p, why are they not buying them back at this low price. All points to something wrong I suppose.
fft: PJ1,Your point about spreadex (and i think someone else mentioned IG) is quite possible.It is one of the problems with gearing on small caps. If the share price drops and you need to sell to get back within margin, that will probably lead to a further share price fall and another margin call. If buyers appear that can bring an end to the misery, but with a thinly traded share like PEL, the misery can continue until you lose your entire position.With Spreadex and IG being limit up, there could have been a lot of anguish with the recent share price movement. Potentially 5 or 6% of PEL shares have been in play.So, either the company has been pulling the wool over our eyes or it appears to be a good opportunity.
pj 1: stiffybristol 1 Sep '17 - 17:51 - 2072 of 2073    1   0 ================================================================================= The only 'tipsheet' i've seen mention PEL was sharesmag, who I believe were touting for Business. I'm also unsure if the Company would want to attract the certain calibre of 'trader' which their Vox Markets Podcast attracted.(P&D) Also, whilst Director buys are always welcome, it needs to be noted that since late 2015 the Directors have purchased >21m shares, 11% of the Co, in the open market. Collectively they now own 27%. Holdings >3% account for 71% of the Company and I guess that from investors I communicate with there is another 12% accounted for. Therefore, dare I say, a ''freefloat'' of 15% of shares in issue. And there lies the problem that any seller, or buyer, disproportionately affects the share price as the MM's struggle to match sellers and buyers. Unfortunately for whatever reason buyers dried up leaving sellers to knock the share price. That's my thinking anyway, feel free to pull it to bits. edit-although an allowance for nominee accounts is needed which will increase the ''freefloat'' as I've called it
pj 1: Q&A response to the Director remuneration AGM comments. It also looks as if they are generally within the Remuneration guidelines issued from Sharesoc A round up of several questions concerning remuneration 30 August 2016 Q1. “Please explain the changes in salaries for executive directors (Mark Pyrah, Pete Holdsworth and Mark Taylor) from 2011 to the present?” A. When the company was listed in 2011, executive directors undertook to earn discounted salaries until certain targets relating to the roll-out of attractions were reached. The 3 executive directors earned, in aggregate, £231k per annum until 2014 when the attractions strategy was abandoned. At this time, the remuneration committee decided to grant a 10% increase and further created a further cash bonus scheme. This increase took the aggregate salaries to £255k per annum and there have been no increases in these annual salaries since then. In retrospect, the Board did not communicate the 2014 increase in salaries to shareholders adequately. By way of background, in November and December 2014, the executive directors waived £42k of salaries to support the business at the time of the profit warning and breach of bank convenant. This waiver was effectively repaid in 2016 when the remuneration committee chairman awarded a discretionary bonus of £42k to the executive directors. There is a typo in the Directors’ Emoluments note in the Report of the Remuneration Committee in the Annual Report 2015 showing that the bonuses were paid in 2015 when this should have read that the bonuses were actually paid in “2016”. Nevertheless, the income statement for 2015 reflects the salaries correctly and the bonuses will only be reflected in the income statement of 2016, so the annual report is correct in all respects, except for the typo in the note. Q2. “Please explain the changes to the Management Participation Scheme for executive directors (Mark Pyrah, Pete Holdsworth and Mark Taylor) which were announced on 22 June 2016?” A. The Management Participation Scheme was created in 2011 and is structured through a subsidiary company, Paragon Entertainment Investments Limited. In summary, it provides for executive directors to participate in 10% of gain in PEL’s shares above 4p per share (ie the share price at which the shares were admitted in 2011), provided that the growth rate in share price is over 12.5%: At 12.5%, the share price needs to be 7.2p by December 2016 when the initial 5 year term expires. The scheme is therefore underwater and is neither an incentive nor a retention tool. The new amendments comprise the following: The base share price target (ie the strike price) of 4p is unchanged. The scheme is extended by 5 years to December 2021. The hurdle rate is reduced from 12.5% to 5% from inception. The company must have achieved a minimum rolling 12 month EBITDA of £800k at the time of exercising the option. The amendments therefore require that the share price target must be 6.5p by the end of 2021 for the executive directors to be permitted to exercise their options. By comparison, at 12.5%, the target share price would have to have been 13p. Note that, at the time of announcing the amendments to the Scheme, the share price was 1.40p. The management EMI scheme for non-directors will be amended to achieve substantially similar economics so that the entire management team is aligned with shareholders. Q3. “What governance process did you follow for these remuneration changes?” A. In case of both the salary increase and the management participation scheme, before seeking the changes, we, as executive directors, asked ourselves if we felt that we were being fair to the company and its stakeholders. Being satisfied with this, we consulted extensively with both our NOMAD and Paragon’s biggest institutional shareholder, and we sought their advice and approval before proceeding. We did some benchmarking against other AIM companies and at the current levels of remuneration, remuneration is fair and in line with other AIM companies. Finally, based on this information, the independent non-executive director of PEL made the final decisions and the executive directors abstained from voting. In respect of the management participation scheme, we also sought an independent option valuation from a firm of professional advisors which confirmed that the benefit conferred on the executive directors was minimal. The directors will pay tax on this benefit. The consequence of the various changes is that the executive directors are each paid a modest but reasonable salary, they have the benefit of a discretionary bonus based on performance, and they are well incentivised to grow the share price through the management participation scheme. We hope that by now we have built up a body of useful Q&A responses to help you think about our business. If we haven’t covered everything that interests you, please continue to engage us by emailing your questions to us at - See more at:
cautoussid: HI Aphapig , only seen your post today ,looks like more sellers clearing shares after Fridays rise ,planning to build up some more shares myself hopefully before pel share price moves back up to much ,like using this board now ,hope you have a successful year investing , has been a difficult start to this year for investors ,atb
pj 1: My AGM summary below. The most relevant towards the end as its not in any priority order. Unfortunately, I do not have the full time need to write it up more fully.As always IMO and DYOR apply. Feedback/ questions welcome. PJ Paragon Entertainment (PEL) AGM 11 December 2015 12:30 Venue- Head Office Attendees Mark Taylor Executive Chairman (MT) Mark Pyrah CEO (MP) Peter Holdsworth Production Director (PH) Martin Barratt NED (MB) Jarrod Marsden Financial Controller (JM) X2 Private Investors, including myself and X2 PI’s via telephone connection. No recording of the AGM was made and this is a representation of my notes and understanding of comments made including interpretations by myself. I am not, nor have I ever been, qualified to give financial advice and nothing in this article should be taken as such. All comments should be taken as in my opinion only (IMO) and as always it is imperative and vital to undertake and do your own research (DYOR). As per the 2014 AGM a presentation was given and questions allowed during the presentation. This resulted in some digression but relevant to the meeting therefore this article does not follow the exact route of the meeting, nor is it in any order of priority. At the time of writing (15th December 2015) I hold a long position in PEL. NOTE- A 7:00AM RNS was issued on the morning of the AGM. • Previous market guidance for 2015 EBITDA unchanged at £0.2m, though 2015 turnover likely to be approximately £8.5m and; (from £9m turnover) • Board guidance for 2016: Turnover of £11m and EBITDA of £0.5m • Mark Pyrah will now resume the position of Chief Executive Officer with immediate effect • At the request of a major shareholder the Board will not now be proposing resolution 5 (allotment authority) and resolution 6 (disapplication of pre-emption rights). The primary purpose of resolutions 5 and 6 was to ensure that Paragon was able to meet all and any legal commitments it might have to issue shares Recently over a number of months prior to the meeting (and continuing after) the share price had been subject to increasing volatility and increased volumes including both Amati and Vulcan Holdings (ex Director interest) reducing below the 3% notifiable level and exiting as shareholders. On the morning of the 11th December the shares actually opened up 4% but were quickly sold off and at one point were down over 30% on the day (with selling continuing post AGM date). Over this same period whilst the ADFN Bulletin Board remained quiet as it usually was, there was a noticeable large increase in the mention of PEL via social media in general. If the reduction in 2015 Revs was taken as another profit warning (although note EBITDA remains the same) or the £11m turnover guidance for 2016 being below expectations, or a combination of the 2, were perhaps the reasons remains to be seen? The volatility on the day prevented at least 3 Private Investors missing the meeting that I know to. The meeting was delayed by 20 minutes for a late arrival (PI), opened and chaired by Mark Taylor. Mark Pyrah then did the presentation and I have tried to comment from the questions raised in the order of the presentation. Page 3. No current focus on the Attractions division although not ruled out medium to long term following exit from Quest Merry Hill. Main focus is on the Design and Build (D&B) as this is the bread and butter and what PEL currently do best. Licenses are secondary; however there could be some future overlap similar to Hamleys license with NERF for example. Whilst Quest failed financially it did open doors to Hamleys and other (unknown as not divulged to us yet) relationships. No further accounting needed for Quest exit (I assume that meant post 2014 write offs) Page5.Trail of profit warnings needs to stop and has contributed to little sentiment towards the Company in the Market, also compounded by covenant breach and late 2014 Results due to disputes. (Kidzania?). Covenant breach is now in the past and trading with terms, although currently in overdraft. BoD looks light as MP has sales and design strength, MT and MB managing attractions strength but no manufacturing. New COO to have more manufacturing experience to compliment the team and release MP and PH more to their relevant levels of strength and focus (Note COO is accounted for in any 2016 projections) Page 9 &10. Main focus going forward on Hamleys, Lambda, Majif Al Futtaim (MAF), Olympic Committee, Dubai Park (motiongate, DreamWorks), Golden Hall (Lamda) as all offer substantial repeat projects. Note-Hellinikon Athens (Lamda project, LOI signed but nothing expected for 2 years due to size of project and Greek Government involvement) Page 11. Current D&B capacity around £12m to £13m not space constrained although the set up is spread over a number of Sites (far from ideal), and it does seem on easy in/out and short term lease’s. Currently no problems recruiting direct staff. Project Managers are included in cost of sales (i.e. in Gross profit) Strategic alliances, framework agreement and partnerships are starting to bear fruit but have taken longer than hoped. For example Hamleys has taken over 3 years to get the framework signed. Page 12.Order book at record high. No figures were given for (contracted) order book or overall Pipeline. It was stated PEL need to be consistent in reporting these in future. Page 13. Licensing. Target for some growth but secondary to D&B. Note Funlandia is the old ‘soft play’, HiLo challenge domes still includes possibility of Bear Grylls but some capex required so on a back burner. Page 14. Emphasis was placed on advising the Co. to move to and include eps predictions along side EBITDA as soon as possible EPS and free cash flow positive by end 2016. Margins- Guidance was given for 22% Gross Profit. This is lower than previous guidance at the 2014 AGM of 25%; however, as repeated by the Co Margin improvement is a key target. Headcount has reduced from 100 to roughly 80. However that is just a headcount, No of part time etc not included. More use of stated Freelance may explain it No major use currently of use of sub contract. Any major project sub-contracting reduces to 10%margin so PEL trying to keep all in house. Page 15. Note Co has increased turnover in 4 out of the last 5 years. 2013 peaked at circa £9.5m Page 16- Rough 26% Management and 26% II holdings Page 19- Note Framework is for Hamleys World. Pi’s have found to date 11 possible Hamleys worlds for next few years. Also plans for expansion via smaller stores but unlikely any work for PEL (airports etc) Note any Hamleys over 3 for 2016 and/or 4 for 2017 will be above any current forecasts LAMDA-Possible 4 projects excluding Hellinkon Athens MAF-significant opportunities above and beyond 2016 (INCORP) Page 22. High profile customers and relationships. Hopeful of new representation deal early in new year. Page 28. Targeting 20% growth per annum over the next 5 years. Turnover has doubled since 2010 Communications/ Strategy/Performance. As the meeting progressed there was quite some digression and discussion. The feeling from PI’s was that the good news ref. Hamleys and Dubai Park had not been communicated in an effective way to maximise the share price and deliver share holder value. It has to be said though that this news has been tempered with a string of profit warnings from the Company all related to delayed or rescheduled contracts. There was also an undercurrent of feeling that PEL do not understand the working of the Market. This will always be a live threat the PEL turnover as they are not often in a position when if one contract is delayed that another can be pulled in to its place. However it also needs to be stated that bespoke short term contracts for quick delivery can be forthcoming, but generally a risk to turnover remains. 2014 resulted in 2 profit warnings which I assume to be kidzania related. Looking at the opening of that project in London I suspect KZ also fell into 2015 through no direct fault of PEL. I am also of the opinion that PEL have always predicted their then total contracted order book for that year. I.e. contracted order book for 2014 £10m so prediction equals £10m. So any delays equals a miss and profit warning, Pel are left with no where to go. In fact looking at 2015 I wonder if they predicted more than the then current order book as it appears Dubai Park was delayed until Q3 hence profit warns in 2015? In some ways it was not an easy meeting as the BoD were hit around the head with previous profit failures a number of times, despite increases in turnover. It appears (please refer to previous notes) that ‘unofficial’ market expectations for 2016 projections were much higher than the £11m predicted, and that a significant % of the Company was in the hands of short term traders, hence the sell off on the day of and following the AGM? PEL have reviewed part of their procedures and strategies which I understand to be- • The Management will not focus on short term share price movements. They commit to generating shareholder value as has always been the goal over the medium / long term • No immediate dilution (Note- if my understanding is correct then it would require an EGM for that to happen before the next AGM). Nor are their any plans for dilution. • They are looking at ways of reducing reliance on overdraft from a number of ways including pre-payments. One customer offered a substantial pre payment (I believe Dubai Parks) up to £1m but this can be counter effective as a Bond as ‘insurance’ needs to be entered. The full pre payment was not taken up, but indication some of it was. • The Company is usually under a Non Disclosure Agreement (NDA) with contracts and Frameworks which greatly restricts the amount of particularly financial detail which can be communicated, as it could compromise the position of the Client (customer). Hence no direct financial detail with Hamleys. • RNS will be forthcoming as per Market regulations and taking advice from the NOMAD (Finncap) including any NDA restrictions, and within the remit of their Q& A statements on the web site • Whilst no current contracted order book figure is available the Company strives to reduce the chances of further profit warnings as they realise the effect on sentiment and share price performance this leads to. To that end the BoD are endeavouring to find a % of order book to predict with the goal of eliminating future profit warnings to a minimum by allowing for a certain amount of contract deferral. It was stressed that both contracted order book and total pipeline are both at record highs. (Note x10 fold increase in pipeline since listing at end 2014). It was stressed the Co needs to communicate the order book and pipeline in future communications in a uniform way. Therefore my understanding is that the current contracted order book for 2016 is well in excess of £11m. • My understanding is that 2 years of revenue visibility is not currently realistic. However ,my understanding is that some works are already contracted for 2017. • The BoD will endeavour to promote the Company via presentations and meetings etc. Proposed Resolutions. All were passed but note as previous Resolutions 5 and 6 were withdrawn at request of a major shareholder. My understanding is that this prevents any dilution other than at an EGM. Please also note that the Company have verbally committed to bring the next AGM forward to a more logical date of June 2016 (6 months away) The meeting was closed but unfortunately MT had to leave promptly which can be annoying to attendees and hope is not repeated next year. (Unless personal reasons prevailed off course)
pj 1: ramas 7 Dec'15 - 19:04 - 1077 of 1077 0 0 I have been doing some research but I am struggling to see the opportunity here , what am i missing ? – PEL has a track history of net losses even at a recent revenue peak in 2014 at £10m / 0.53p loss per share. I see gross profit compression from 30% to 20% over 4 years results so its a competitive environment – maybe explaining the ‘take it or leave it’ framework for the deal with Hamleys. The big problem are PEL admin costs which needs some serious attention. I didnt see if contracts are open or closed book deals but the relative GP consistency over the years implies formal or informal open book approach. PJ you mention that with the Hamleys good news turnover might reach the dizzy heights of £10m but to me this means more losses unless they can hit 40-50% GP margins and control admin costs aggressively. I also note 14 million of additional share dilution in the last year which will likely continue to keep insiders happy ? To justify todays share price of 2.5p on a pe of 10 would require £467k profit after tax (or 0.25p eps) – applying some metrics to current data suggests £20m turnover minimum. For PEL to rise on fundamentals turnover would need to be much much higher – say 300% – is this really a possibility ? Seems very early stage with risk and potentially a lobster pot if you own in size (like another favourite of mine AEO but paying a 10% yield). I have no doubt Paragons customers love the work they do and given a few years this could translate into bottom line profits and maybe a dividend – I will keep observing and wish holders good luck ================================================================================ ramas, you raise some interesting points. Have you been drinking? Id stick with AEO and nothing else if I were you. Turnover in 2014 was £7.7m. where has £10m come from?# GP suffers from previous use of Sub-contract at lower margin hence variances. If you had spoken to the Company they would have explained. 25% seems a fair average from your figures Yes all business's are in a competitive market! ''Revenue from Hamleys may reach the dizzy heights of £10m'' Have I said that? Or did I infer the framework could include an estimated amount over a number of years based on Web comments from Hamleys? Did I use the word ''dizzy''? ''unless they can hit 40/50% GP'' Agree. I do not believe PEL can hit that % GP ''14 Million share dilution in the last year to keep insiders happy''? what dilution? what insiders? Do you mean 2013/2014? ''To justify todays share price of 2.5p on a pe of 10 would require £467k profit after tax (or 0.25p eps). I agree with the maths and the P/E ratio used,However.... Incorrect. Markets are historically forward looking not backward looking. I'd make a note of that if I were you "applying some metrics to current data suggests £20m turnover minimum'' Disagree. PEL have a previous 5 year target to hit £20m turnover by 2019 but that may have gone back 12 months due to 2014 delays. Why is £20m a minimum t/o target? What is AEO's 1, 3 or 5 year target? ''For PEL to rise on fundamentals turnover would need to be much much higher – say 300% – is this really a possibility ?'' 300% is unreasonable yes. I cannot see in the foreseeble future PEL achieving >£30.8m turnover. However you need to check your future fundamentals imo Agree AEO pay a 10% current dividend. Pel pay no dividend Have you phoned or called the directors of PEL? I suspect not somehow? Who did you talk to? What are PEL's plans for the future? You fail to mention it so I assume you have not researched this area in any depth or you are not interested in the future but past performance? What are AEO's future plans (financial?) PEL hold their AGM on Friday (no doubt despite all your research you were obviously not aware). I shall be attending. I will guarantee that when I ask about future plans and estimated future turnover and profit margins that it is not be responded to in the AEO way of '' we are not going to get involved in that Rubbish!'' (2014 AEO AGM) I strongly suspect PEL will have broker forecasts. Will AEO? I would also expect PEL to dispute and remove any false forecasts, if any existed in the market and replace with more accurate ones. Do AEO have a history of that? Please supply examples! I am currently unsure of your agenda here as well as your ''research'' I really look forward to your reply# Regards PJ EDIT- for the avoidance of any doubt I had my first squash match after 18 months out injured tonight, 2 stone heavier and I got trounced. I have also had a drink after,
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