Pci-pal Takeover Rumours (PCIP)

Have this on my secondary watchlist, I did own a few at one point. Looks like the company is free to move forward now, but if the EPS isn't expected to hit 4p for another 12-18 months, OK Mr Market looks forward to an extent, but a P/E of 16 on today's SP isn't super cheap? Unless people are waiting for a takeover as some have suggested, on the basis of a cashflow multiple and long-term forecast growth?

Eck didn’t give a TU this time last year either. So I wouldn’t read a lot into that. The sp movement doesn’t really give off takeover vibes. Generally speaking shares drift when there is no news. I have a couple in the same situation of no update when expected and they have both underperformed.

It's not healthy to leave investors hanging on a string. Even if they are in talks I don't think they are precluded from issuing a trading update to the market. Some people are buying this share on takeover speculation. I have thought of PCIP as a hyper-professional operation who were truthful and correct about the patent dispute. This period is testing my belief in the company, you don't leave a trading update so late with an Interim CFO.

Looks to me as though some of the volume that moved in expecting a takeover has moved out today on the back of the Cavendish calendar. Always affects the share price more on the way out than the way in!

The offer today is the tightest it's been for numerous trading days. Can't even get 10K, whereas you could get 30,000 to 50,000. With the previous offer being available in scale it made me doubt a takeover offer.

Feels a bit binary now: A. Interim CFO and auditor have found something and are ironing out the headline figures. B. Takeover offer being discussed amongst large shareholders. You'd expect that William Good would have handed over all the TU figures when he left July 15. They've only missed a July TU once and that was waiting for the trial result in 23. Has Sycurio returned with a knockout offer - 110p/120p, with lots of inducements for PCIP's top management team?

I'm also not sure about the CFO appointment meaning no takeover offer. They said mid July for a TU just a few weeks ago, so if there is interest then it's very recent.

Re a possible takeover: at least we know the big holders are firm that this won't be sold without a significant premium. They already rejected 90p from Sycurio/Livingbridge.

Hi Adam, Share price action has been interesting in July. There was some two-way with plenty available on the offer. The price is in a stasis waiting for news. I thought it was waiting for the TU but maybe more is brewing behind the scenes. I'm sort of discounting the idea of a takeover offer because they've just hired a new CFO who starts in October. Making a bolt-on acquisition whilst in between CFOs would be odd.

It should do Simon. Quite a lot of investors would have been put off by hte patent nonsense so good that its out of the way. As I've said a fwe times before, the blessing of it has been that acquirors would also be put off by it, which has allowed PCIP to grow more without receiving a derisory offer. It is more of a takeover candidate now however I sincerely hope they dont receive an approach for several years given that this has multi-bag potential. I don't want someone coming with a 150p offer or something like that and people feeling compelled to sell. Hastings - good luck with James. I've found him very approachable and open when I've spoken with him over the years

Takeover candidate now.