It is probably worth correcting a small mistake made in the interview. While they do provide the software that was described and that is certainly where the future of the business lies, this is not what they do for the mentioned Apache or Challenger programs. For these programs and others such as Ajax, Genfly, and Wildcat, they design and build PHYSICAL maintenance and procedural training products. This is the business line that they have been restructuring to focus more on the upgrades to existing platforms and on after sales services. |
Good to see some Director buys albeit nothing earth shattering. CFO's is a maiden purchase, having only been permanently appointed in November. |
Vox Markets - 31/1/25:
The Exchange with Richard Staveley of Harwood Capital
-1:06:25 Pennant International |
Anyone have any fresh thoughts here..? Lots going on behind the scenes..? |
Brett Gordon has been buying - he's now gone over 12% with 5.24m shares: |
Shares seem well supported now, looking forward to future contract news....... |
gone pretty quickly....... |
A 4th property has gone under offer, that brings the total asking price of units under offer to GBP 2.1mn - that will go a good way to clearing the overdraft and there are still 2 units available to be sold. |
Looking forward to seeing them on IMC, glad to see they are re-engaging with the market. |
Agreed there.Also, nice to see that they're acting on the presenting front this week too."This week is shaping up to be a busy week at Pennant! We're thrilled to showcase Auxilium, our innovative System Support Software Suite designed to maximize operational efficiency at #TDWLive on the 19th to 21st November. Attendees are in for a treat with two presentations: ?? 20th November, 14:20 - Pennant's Systems Support Software Auxilium, presented by Stuart Hooker ?? 21st November, 13:15 - Support Solution Modelling & Analysis, presented by Mark Willis MSc CEng FRAeS Additionally, one of our Business Development Managers, Matt Hill will be attending Specialist Defence and Security Convention UK (SDSC-UK) this week. Email sales@pennantplc.com. |
It is a good sign that the interim CFO, who is young and has a very decent CV, would want to become permanent after only a few months. It suggests to me that there are not too many nasties lurking in the financials and business outlook is decent. |
Very interesting insight, thanks........ |
Thanks for posting Simon.Whilst it may not emulate the CNC transformation, it's treading a nice path.A a much strengthened board/management team and an acceleration of recurring revenue and much improved margins, should provide notable upside in due course. |
 Rockwood - 19/11/24
Pennant International (Defence training, maintenance and software services): This investment is currently the fund's smallest in NAV weighting, however we have been conducting significant engagement to help the business get to position where it can realistically scale in size and have purchased c.10% of the equity. We believe the CEO and the foundations of the current operating business has the potential to achieve this. Our thesis involves the potential provision of further equity investment to support value creative acquisitions in the defence sector via a 'buy & build' strategy. During the period we provided modest additional financial support, through equity investment, as they handle lumpy contract cashflows. We introduced new highly qualified Board members to the group with the skillsets of UK small company corporate finance, financial experience and defence m&a. Software expertise also joined the Board and an Interim CFO was appointed. Restructuring is underway and the company's pivot to software services almost complete. Rome was not built in a day and Pennant is over 125 years old, but it is about to enter a new chapter, our average price paid is 32.8p to date. On current market expectations, the shares were valued on an EV/Sales of 0.8x for their financial year 2025, at period end. |
Two units, are now under offer. |
So having had a bit of a more detailed look at the particulars for the properties that have been reposted. What appears to be missing is the plot vacant land, that had been included in the previous listing package and had an asking price of @225k. |
May be helpful p1nkfish.https://www.zoopla.co.uk/for-sale/commercial/property/gloucestershire/staverton/ |
Any idea when the property downsize goes through and a rough idea of what cash it may release? |
Yes, good to see... |
Rockwood increases again. |
Just a small observation, either yesterday or today, the 5 units in Cheltenham came off the market. 1 unit, I assume the one held by the 3rd party, remains on the market. Could be various reasons for this but being under offer would be among the more obvious ones.
EDIT - some of the properties have now been reposted individually so it looks like we might in fact be looking at individual unit sales rather than a grouped sale. |
Clearly not immediate but rising defence budgets tell you everything..... |
Many thanks for that. A decent sized player and apparently the US military's top supplier of small drones! |
The Auxilium contract is most likely with AeroViroment ... That was the AV maker name that was referred to when they accidentally linked to the wrong presentation some months ago on their website. That had a potential value of £600k against it. I suspect that was for a capital sale and so as they have gone from a subscription, it is likely in the £200k per year range. |
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