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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Parity Group Plc | LSE:PTY | London | Ordinary Share | GB00B1235860 | ORD 2P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| -0.05 | -3.7% | 1.30 | 49,278 | 15:53:49 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 1.10 | 1.50 | 1.35 | 1.30 | 1.35 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Computer Related Svcs, Nec | 41.6M | -1.72M | -0.0166 | -0.78 | 1.34M |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| 15:52:00 | O | 47,500 | 1.222 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 21/11/2023 | 15:57 | ALNC |  Parity shares up as proposes sale to become cash shell |
| 21/11/2023 | 14:43 | UKREG | Parity Group PLC Proposed disposal of PPL and notice of GM |
| 29/9/2023 | 09:51 | ALNC | EARNINGS: Personal Group trading "robust"; Parity loss widens |
| 29/9/2023 | 06:00 | UKREG | Parity Group PLC Interim Results |
| 04/8/2023 | 06:00 | UKREG | Parity Group PLC Trading Statement |
| 15/6/2023 | 15:05 | UKREG | Parity Group PLC Result of AGM |
| 15/6/2023 | 12:25 | ALNC | IN BRIEF: Parity eyes continued momentum in year ahead |
| 15/6/2023 | 06:00 | UKREG | Parity Group PLC AGM Statement |
| 22/5/2023 | 06:00 | UKREG | Parity Group PLC Annual Report & Accounts and Notice of AGM |
| 16/5/2023 | 16:22 | ALNC | IN BRIEF: Parity Group widens pretax loss and reports dip in revenue |
Parity (PTY) Share Charts1 Year Parity Chart |
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1 Month Parity Chart |
Intraday Parity Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 23/11/2023 | 22:58 | Parity - A New Beginning | 7,060 |
| 21/4/2021 | 07:52 | Final Results for the year ended 31 December 2020 - Investor Presentation | - |
| 05/12/2017 | 13:53 | Parity - contractors working on BLOCKCHAIN tech | 2 |
| 31/12/2014 | 11:36 | Parity - 2015 the year of wearable technology | 11 |
| 15/9/2004 | 20:34 | Parity - large dump at 7p | 37 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|
| Top Posts |
|---|
Posted at 02/12/2023 08:20 by Parity Daily Update Parity Group Plc is listed in the Computer Related Svcs, Nec sector of the London Stock Exchange with ticker PTY. The last closing price for Parity was 1.35p.Parity currently has 103,076,000 shares in issue. The market capitalisation of Parity is £1,339,988. Parity has a price to earnings ratio (PE ratio) of -0.78. This morning PTY shares opened at 1.35p |
Posted at 22/11/2023 18:38 by hedgehog 100 "The Board feels that the Group's core business is sound and Parity's position in the public sector is attractive but that it is subscale and would benefit from being a part of a larger group.""For the year ended 31 December 2022, Parity Professionals Limited contributed GBP378,000 of profit before taxation to the Group's consolidated set of accounts." So a business that delivered £378K. of pre-tax profit in 2022, on revenue of £40.6M., in depressed markets, is being sold to a major PTY shareholder for an enterprise value of just c. £3M. The PTY share price fall today to just 1.2p shows what the market thinks of this. I was expecting an EV value of at least double that. When markets recover, this sale value should look like an absolute steal. Let's see if what looks like a very low-priced sale attracts a rival bidder. |
Posted at 21/11/2023 16:22 by hedgehog 100 21/11/2023 14:43 UK Regulatory (RNS & others) Parity Group PLC Proposed disposal of PPL and notice of GM LSE:PTY Parity Group Plc"Proposed disposal of Parity Professionals Limited and notice of GM Parity Group plc (AIM: PTY), the data and technology-focussed recruitment and professional services company, announces the proposed disposal of 100% of Parity Professionals Limited ("PPL"), the Company's primary operating subsidiary, to Network Ventures Limited (the "Purchaser") for cash consideration of up to GBP3 million (the "Disposal"). Overview of the Disposal: -- Under the terms of the SPA, on completion of the Disposal: - 100% of the issued share capital of PPL will be acquired by the Purchaser; - cash consideration of GBP2 million will be payable immediately; and - a further GBP1 million will be retained by the Purchaser for adjustments based primarily on the working capital position of PPL at completion. -- The Disposal constitutes a fundamental change of business of the Company under Rule 15 of the AIM Rules and accordingly requires shareholder approval. If approved, the Company would become an AIM Rule 15 Cash Shell on completion. -- On completion, the proceeds of the Disposal will be utilised to remove the pension liability from the Company's balance sheet and in seeking to identify and execute a potential acquisition. -- It is also the intention of the Directors to change the name of the Company to Partway Group plc following shareholder approval and the relevant paperwork being filed with Companies House. Further information regarding the proposed Disposal can be found below and in a Circular which will shortly be posted to shareholders and made available on the Company's website at www.parity.net (the "Circular"). The proposed Disposal is subject to shareholder approval at General Meeting of the Company to be held on 7 December 2023 at 1:00 p.m. Notice of the General Meeting and further information regarding voting and attendance is provided within the Circular. Unless otherwise defined, terms used in this announcement have the defined meaning given to them in the appendix at the end of this announcement. ... The Board feels that the Group's core business is sound and Parity's position in the public sector is attractive but that it is subscale and would benefit from being a part of a larger group. The Board has exhausted a number of initiatives to source additional funding to invest in further growth, none of which it believed were in the best interests of shareholders. For the year ended 31 December 2022, Parity Professionals Limited contributed GBP378,000 of profit before taxation to the Group's consolidated set of accounts. 3. Transaction details The Disposal will take place in the form of the sale by Parity Holdings Limited, the Company's subsidiary, to the Purchaser of the entire issued share capital of Parity Professionals Limited for a cash consideration of up to GBP3 million. Of this consideration, GBP2 million is payable at Completion and the balance of GBP1 million will be retained by the Purchaser to set off against the expected negative working capital position of PPL as at Completion and other minor adjustments. That working capital position will be determined from a set of completion accounts that will be agreed following Completion. To the extent that PPL's negative working capital position at Completion is less than GBP1 million, the difference will be paid by the Purchaser to PHL and to the extent that PPL's negative working capital position at Completion is greater than GBP1 million, the difference will be paid by PHL to the Purchaser. Some basic warranties of a type normally given as regards PHL's title to the share capital of PPL and its ability to enter into the Disposal have been given by PHL. Under the terms of the SPA PHL and the Company have also entered into certain restrictive covenants and given various undertakings in respect of PPL and its business after Completion. Subject to the passing of the Resolutions, Completion is expected to occur shortly after the General Meeting has been held. 4. Details of the Pension Scheme The 'Parity Group Retirement Benefit Plan' is a defined benefit pension fund with assets held separately from the Group. This fund has been closed to new members since 1995 and with effect from 1 January 2005 was also closed to future service accrual. As detailed in the Company's final results for the year ended 31 December 2022, the Group made payments of GBP300k to the Pension Scheme in that financial year. It was also noted that the Directors were exploring a buy out of the Pension Scheme. The Board has now reached an agreement with the Pension Scheme trustees to settle the Group's obligation to make future contributions to the Pension Scheme for a fee of GBP589k. Part of the cash consideration from the Disposal will be used to pay the settlement fee and therefore settlement of the Pension Scheme is conditional upon the Disposal being approved by shareholders at the general meeting, failing which settlement of the Pension Scheme will not occur. The Company has also agreed with the trustees to pay GBP50k towards the costs of the trustee's advisors associated with the transaction. The settlement of the Pension Scheme will remove from the Company a liability which would be likely to limit the future strategic options available to it, further details of which are set out below. 5. Strategy for the Company following the Disposal The Company's proposed strategy, following completion of the Disposal, will be to acquire one or more companies and/or projects which are either cash flow generative or show significant potential for growth and a profitable exit. Leveraging their knowledge and contacts, the Directors will seek to identify suitable investment and/or acquisition opportunities. At this stage, the Directors would not seek to exclude any particular sector or jurisdiction. In selecting suitable investment and/or acquisition opportunities, the Directors will consider various factors relevant to an opportunity, including the: -- ease with which capital can be raised to meet the working capital requirements both initially and in the future; -- growth potential and outlook for future cash generation; -- likely resulting liquidity in the Company's shares following acquisition(s); -- short, medium and longer-term exit strategies for Shareholders; -- possible synergies with knowledge and contacts of the Directors; and -- suitability for a public listing, either on AIM or another recognised market in the UK. 6. Use of proceeds The Initial Consideration will be used to pay the settlement fee and agreed costs to the Pension Scheme totalling GBP639k, cover the costs associated with the Disposal, expected to total approximately GBP240k, and to provide the Company with working capital whilst it progresses with its strategy. ... 9. Related party transaction The Purchaser is a wholly owned subsidiary of Pertemps Network Group Limited, a company in which Timothy Watts has a direct and indirect interest of 33.1%. Mr. Timothy Watts is a 22.8% shareholder in Parity and is therefore deemed a related party pursuant to the AIM Rules. As a result, the Disposal constitutes a related party transaction for the purposes of AIM Rule 13. During the last 12-18 months the Directors have evaluated a number of potential opportunities to create long-term value in the business, including the acquisition and/or merger of other businesses in order to create a business of greater scale and value for shareholders. During this period, the Directors have had exposure to the value ascribed to Parity's business by other interested parties, for example, the vendors of potential acquisitions considering Parity's equity as part of a structured deal, and the appetite amongst Shareholders to support a fundraise. The Directors have also had three separate approaches to acquire the Company's recruitment business assets from medium to large independent businesses with verified access to funding. Whilst comparing the potential relative values from these activities with the offer made by the Purchaser, the offer from Network Ventures represents the best available proposition for shareholders amongst those evaluated by the Directors. The Directors have also considered the speed, certainty and relative cost-efficiency with which this deal can be executed compared to the alternative of initiating a full sale process. Recognising the risk and the near-term funding requirements of the business, the Directors believe this deal represents the best available value for Shareholders. The Directors consider, having consulted with the Company's Nominated Adviser, that the terms of the Disposal are fair and reasonable insofar as the Shareholders are concerned. ..." |
Posted at 27/10/2023 12:07 by hedgehog 100 LSE % Gainers Top ListsEPIC Name % FA. Fireangel Safety... +210% 27/10/2023 07:00 UK Regulatory (RNS & others) FireAngel Safety Technology Group Rule 2.7 Announcement LSE:FA. Fireangel Safety Technology Group Plc "RECOMMED CASH OFFER FOR FIREANGEL SAFETY TECHNOLOGY GROUP PLC BY INTELLIGENT SAFETY ELECTRONICS PTE. LTD Summary The Boards of Intelligent Safety Electronics Pte. Ltd ("ISE") and FireAngel Safety Technology Group plc ("FireAngel") are pleased to announce that they have reached agreement on the terms and conditions of a recommended cash offer to acquire the issued and to be issued share capital of FireAngel not already owned or controlled by ISE (the "Offer"). ISE is a company incorporated in Singapore and wholly-owned by Siterwell Electronics Co., Ltd ("Siterwell"), a leading manufacturer of intelligent security protection for life and property which utilises an advanced smart security ecosystem technology. ISE currently holds approximately 17.46 per cent. of the issued ordinary shares of FireAngel Safety Technology Group plc. Under the terms of the Offer, the shareholders of FireAngel ("FireAngel Shareholders") will be entitled to receive: 7.40 pence per share in cash for each FireAngel Share -- The Offer of 7.40 pence per share in cash for each FireAngel Share (the "Offer Price") values the total issued and to be issued share capital of FireAngel at approximately GBP27.68 million. -- The Offer Price represents a premium of: o approximately 252.38 per cent. to the Closing Price of 2.10 pence per FireAngel Share on 26 October 2023 (being the last Business Day prior to the date of this announcement (the "Announcement")); o 46.53 per cent. to the price per FireAngel Share of 5.05 pence, being the price at which FireAngel undertook its GBP6.1 million (before expenses) equity fundraising in June 2023; and o 198.20 per cent. to the volume-weighted average price per FireAngel Share of 2.48 pence for the last three months to 26 October 2023 (being the last Business Day prior to the date of this Announcement). ..." So another takeover, at a huge premium, for a company whose share price has fallen massively this year on trading headwinds. Earlier this week, SCS announced a takeover of itself at a 66% premium:- 24/10/2023 07:05 UK Regulatory (RNS & others) Poltronesofa S.p.A. Recommended Cash Offer LSE:SCS Scs Group Plc PTY could be next. Last December, PTY sold just its name for nearly a million pounds. If the name alone was worth that much, then how much are PTY ten's of millions of revenue etc. worth? Fireangel Safety Technology Group (FA.):- |
Posted at 29/9/2023 16:43 by hedgehog 100 Arthur,PTY isn't "just a recruiter": it's more of a hybrid recruitment-consulta "For over 45 years we have been connecting our clients with the best data, technology and transformation talent. We place over 1,200 skilled professionals each year as well as provide fully-formed teams to deliver projects and managed services." That gives it the opportunity to win bigger contracts, at higher margins, such as this contract win from the Scottish Government:- 01/02/2021 07:00 UK Regulatory (RNS & others) Parity Group PLC Contract win LSE:PTY Parity Group Plc " ... Under this new contract Parity, which brings 45 years of data and technology experience and skills, will provide a managed service supplying Digital Technology skills for the R100 programme's Project Management Office and Deployment Management function to ensure quick and efficient build-out of the superfast broadband infrastructure. The award represents a total opportunity of up to GBP5.0m over the next three to six years for Parity strengthening the Group's order book and providing further visibility to underpin its current expectations for Group performance over the period. ..." I'm not aware of another listed company of this nature, so it seems to me to have quite a rarity and scarcity value. PTY has clearly generally been a bad investment for shareholders, but its share price has had its moments: e.g. quintupling between late 1998 to early 2000, during the tech stock boom then. And the numbers aren't that bad for the tech sector: H1 revenue of £17.634M., and a pre-tax loss of £649K. Compare that to AGL for example (your "favourite growth share" as at 19.12.22, at multiples of its current s.p.): the figure are more like the other way round: H1 revenue of £1.2M, and a pre-tax loss of £10.612M. And AGL has a market cap. of about £40M, compared to PTY's of below £3M. at 2.75p. |
Posted at 29/9/2023 15:01 by hedgehog 100 29/09/2023 07:00 UK Regulatory (RNS & others) Parity Group PLC Interim Results LSE:PTY Parity Group Plc"INTERIM RESULTS FOR THE SIX MONTHS TO 30 JUNE 2023 29 September 2023 Parity Group plc ("Parity" or the "Group"), the data and technology focused professional services business, announces its half year results for the six months ended 30 June 2023 ("H1 2023"). Headlines -- In spite of challenging market conditions, revenue for the first half of 2023 was just 10% lower than the second half of 2022. -- Close to break even on an Adjusted EBITDA basis for H1 2023. -- Net debt significantly reduced. Mark Braund, Executive Chairman of Parity Group plc, said: "The team has completed the task of rebuilding the core recruitment business after years of underinvestment, to position Parity as a recruiter of strength in the UK's public sector, at a time when there are increasing headwinds affecting the broader recruitment market. Whilst our business in the public sector has been resilient, we too have been affected by these headwinds in areas where we sought to grow such as the UK's commercial private sector. The changes made to the business have enabled Parity to act quickly, tuning itself far more rapidly than before to operate at a fit-for-purpose scale and cost base. As we reflect on Parity's position in the market, we continually review the Company's businesses to determine the best medium and long-term direction for Parity for the benefit of its shareholders." ... Overview After years of underinvestment and neglect, the team has completed the task of rebuilding the core recruitment business to position Parity as a recruiter of strength in the UK's public sector. In the year prior we had removed the substantial overhead associated with the previous management team's failure to build a profitable consulting business and reinvested a small portion into re-establishing Parity's heritage as a well-recognised recruitment brand. In line with many others within the recruitment sector, Parity has seen market conditions become more challenging with economic uncertainty resulting in clients and new business opportunities deferring hiring decisions. As a result, first half revenues were 10% lower than that achieved in the second half of 2022. During H1 2023, Parity successfully won a place on the coveted public sector RM6277 framework, which has an estimated spend of circa GBP2bn over the next four years, though it is not possible at this stage to quantify what level of revenue might accrue to Parity. This framework, which went live on 25 July 2023, represents a significant opportunity for Parity to expand further into the public sector at a time when there are increasing headwinds affecting the broader recruitment market. In spite of the lower H1 performance, the business has improved its working capital management and reduced net debt to GBP0.7m as at the 30 June 2023 (compared with GBP2.3m net debt as at 31 December 2022). With market conditions not expected to improve in the near term and a key commercial client in the private sector signaling a shift towards a more global supply chain, Parity is prioritising resources to exploit its strengths and opportunity within the public sector, and in particular the new RM6277 framework. As a consequence, the new business initiatives targeting the private sector, which included permanent recruitment services, were scaled back, with a resultant reduction in headcount. Historically, Parity's core business, servicing contract recruitment within the public sector, has been one of the most resilient areas when recruitment markets turn down. The Company sees this as a core strength of the business and will be looking at how the Company can leverage this. As we consider the scale of the business, its strength and value in public sector, we continually review the Company's businesses to determine the best medium and long-term direction for Parity for the benefit of its shareholders. ..." The phrase "As we reflect on Parity's position in the market" has an almost philosophical ring to it: perhaps indicating an air of resignation to PTY's days as an independent company being numbered. PTY's H1 revenue of £17.634M., and an operating loss of just $446K., despite the current temporary market challenges, will likely be very attractive to a range of potential acquirers. PTY's depressed share price means that an acquirer can pay a large premium to enable a takeover, but still get excellent value for money. And PTY's need to raise funds means that its directors may feel obligated to accept an offer. The situation here is similar to that of ESCS in Q1, which was taken over at a huge premium:- 31/03/2023 11:55 UK Regulatory (RNS & others) Daisy Corporate Services Trading Ld Recommended Cash Acquisition LSE:ECSC Ecsc Group Plc " ... The Cash Consideration represents a premium of approximately: o 170.1 per cent. to the closing price of 20.0 pence per ECSC Share on the Last Practicable Date; o 138.0 per cent. to the volume weighted average price per ECSC Share for the three month period ended on the Last Practicable Date; and o 46.0 per cent. to the volume weighted average price per ECSC Share for the twelve month period ended on the Last Practicable Date. ... Background to, and reasons for, the recommendation ... In addition, whilst the outlook for ECSC's strategy is favourable, it will require scale to take full advantage of the opportunities available, and to fulfil its full potential. ECSC may also need to access additional growth capital to strengthen its balance sheet. ..." |
Posted at 17/9/2023 10:39 by hedgehog 100 In the eight previous years prior to last year, PTY's interim results were announced on or before 22nd. September, so I wouldn't be surprised to see them announced this coming week - i.e. on or before Fri. 22nd. September 2023:-22/09/2021 07:00 UK Regulatory (RNS & others) Parity Group PLC Interim Results LSE:PTY Parity Group Plc 22/09/2020 07:00 UK Regulatory (RNS & others) Parity Group PLC Interim results LSE:PTY Parity Group Plc 20/09/2019 07:00 UK Regulatory (RNS & others) Parity Group PLC Half-year Report LSE:PTY Parity Group Plc 20/09/2018 07:00 UK Regulatory (RNS & others) Parity Group PLC Unaduited financial report LSE:PTY Parity Group Plc 14/09/2017 07:00 UK Regulatory (RNS & others) Parity Group PLC Half-year Report LSE:PTY Parity Group Plc 08/09/2016 07:00 UK Regulatory (RNS & others) Parity Group PLC Half-year Report LSE:PTY Parity Group Plc 15/09/2015 07:00 UK Regulatory (RNS & others) Parity Group PLC Half Yearly Report LSE:PTY Parity Group Plc 10/09/2014 07:00 UK Regulatory (RNS & others) Parity Group PLC Half Yearly Report LSE:PTY Parity Group Plc If the results aren't accompanied by a takeover of PTY, then we could well see more director share buying at the current depressed s.p., if they're not constrained by insider info. They were buying not that long ago at over 2.6 x the current share price of 2.75p:- 09/05/2022 18:10 UK Regulatory (RNS & others) Parity Group PLC Director Dealing LSE:PTY Parity Group Plc "Parity Group plc (AIM:PTY) (the "Company"), the data and technology-focussed recruitment and professional services company, has been notified that on 5 May 2022, Michael Johns (CFO), purchased 139,082 ordinary shares of 2 pence each in the Company at a price of 7.19 pence per share. Michael Johns now has interests over 139,082 ordinary shares representing approximately 0.13% of Parity's issued share capital. ..." 04/11/2021 07:00 UK Regulatory (RNS & others) Parity Group PLC Director/PDMR Shareholding LSE:PTY Parity Group Plc "Parity Group plc (AIM:PTY) (the "Company"), the data and technology-focussed recruitment and professional services company, has been notified that on 3 November 2021, Mark Braund (Executive Chairman), purchased 134,660 ordinary shares of 2 pence each in the Company at a price of 7.412 pence per share. Mark Braund now has interests over 134,660 ordinary shares representing approximately 0.13% of Parity's issued share capital. ..." |
Posted at 02/8/2023 17:23 by hedgehog 100 Recent Share Trades for Parity (PTY)Date Time Trade Prc Volume Buy/Sell Bid Ask Value 02-Aug-23 12:13:56 3.00 13,750 Sell* 3.00 3.50 412.50 O 02-Aug-23 09:45:41 3.00 20 Sell* 3.00 3.50 0.60 O Chris, I'm rather surprised that a sale of £412.50 can create 'desperation' in you, especially as the ask price wasn't reduced afterwards from 3.5p; just a bid price price reduction to 2.5p, to lower the mid price to 3p. We did have an update PTY quite recently, on 15th. June; which the market took negatively, though I thought that the update was quite encouraging considering the wider economic challenges at the moment. So personally I'm pretty positive here. Of course I could be wrong about PTY, but I like the risk-reward ratio: and on average I make money buying into these sort of depressed situations. Time will tell whether this will pay off or not, but I'm quietly confident that it will from this share price (3p). |
Posted at 27/7/2023 15:13 by hedgehog 100 PTY's share price did move dramatically ahead of that announced possible move to AIM and fundraising, but the move was on far higher trading than now, and was commented upon by the company.The move was also actually upwards. 10/05/2013 13:12 UK Regulatory (RNS & others) Parity Group PLC Possible fundraise and move to AIM LSE:PTY Parity Group Plc "The Company notes the recent movement in its share price and confirms that it is in advanced discussions with new and existing investors to raise funds in order to be in a position to pursue its previously announced strategy to acquire businesses in the UK digital media market. The Company also confirms that, subject to shareholder approval, it is proposing to cancel its current listing on the premium segment of the Official List and to apply for admission to trading of its ordinary shares on the AIM market. Further details will be announced in due course." (PTY Chart 1.1.13 - 10.5.13) |
Posted at 09/7/2023 13:18 by hedgehog 100 The share price of tech stock GLAN has more than doubled this week, to a market cap. of c. £10.5M., on takeover hopes.And it's share price has trebled since the start of April, after falling badly before that. This sort of share price recovery could happen to PTY at any time. 05/07/2023 11:17 Alliance News Alliance NewsTOP NEWS: Glantus shares surge as mulls potential takeover bid LSE:GLAN Glantus Holdings Plc 05/07/2023 10:41 UK Regulatory (RNS & others) Glantus Holdings PLC Statement regarding recent share price movement LSE:GLAN Glantus Holdings Plc "The Board of Glantus notes the recent share price movement in its shares. The Company confirms that it is in discussions with Accel-KKR company, LLC ("Accel-KKR") and its investee company Basware Corporation in relation to a possible cash offer for the entire share capital of the Company. Following this announcement, the Company is now considered to be in an "offer period" as defined in the Irish Takeover Rules, and the holding and dealing disclosure requirements listed below will apply. ..." Glantus Holdings (GLAN):- |
Posted at 04/7/2023 12:21 by hedgehog 100 PTY's £40.6M. of annual revenue is over eleven times its market cap., and its losses and debt are small in relation to this.An acquirer may well feel that they can save costs if PTY is part of a larger organisation, and also benefit from cross-selling opportunities. ECSC was also lossmaking, but that didn't stop if from being taken over, at a huge premium (170.1%): for c. £5.4M. of cash, compared to its latest interim revenue of £2.77M. PTY also looks to have a turnaround underway, with good positive momentum, and I think that the H1 trading update (announced on 25th. July last year) should highlight this. As regards a potential predator for PTY, I wouldn't be at all surprised if SThree (STEM) has already been sniffing around. STEM's market cap. is c. £453.95M. (134,501,400 shares x 337.5p), compared to PTY's of £3.61M., i.e. c. 125.75 x higher. That obviously considerably reduces the range of potential acquirers for STEM. STEM is more likely to be an acquirer than an acquiree, and PTY looks like a very appropriate bolt-on acquisition for it, which it could easily afford. STEM's revenue last year was £1,639.4Bn., i.e. (coincidentally) 3.61 x its market cap. And that's at a depressed share price that is down from 600p in 2021. In comparison, PTY's 40.6M of revenue last year divided by 3.61 gives a value of £11.25M. So even allowing for STEM's cash, and PTY's debt, you can see that a takeover value for PTY of c. £10M. or so looks quite reasonable, considering that tech takeovers generally demand a big premium. Especially as PTY has considerable scarcity value as an acquisition target. |
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