Photonstar Led Share Discussion Threads

[beeezzz] 28/5/2013 14:05

My only hope is that they get taken over by bigger UK LED company like DIA, which may want to break into the consumer market.

[varies] 28/5/2013 11:44

"Further operational challenges and reduced activity in the building section" suggest that the figures for the first half will be poor and we need some good orders to cheer us up.

[gwr7] 28/5/2013 10:34

Nice bit of foresight there bigboyo. Surely they could have mentioned the first quarter operational challenges in the April trading update. I'll be interested to see the auditor's report.

[bigboyo] 15/5/2013 09:50

Pug , profit warnings come along like buses ... but the new CFO would need to be pretty silly if he did not use the trading update to clear out all the bad news (or even hint that more bad news was to come).

Usually new CFO's try to clear out everything they can so that they then start with a whiter than white clean sheet.

The interesting thing with the April trading RNS, for me anyway, was that it gave no indication on whether the outstanding orders from Dec 2012 had been signed off in early 2013 ... nor did the update give any update on current trading ... the RNS title was, in my opinion, a little economical with information in that respect.

[sammy_smith] 14/5/2013 08:46

Interview with James Mckenzie, CEO, Photonstar LED - DECC grant awarded
Click the link below to listen

[pugugly] 02/5/2013 09:52

Offer now down to 10p - Is Mr Market sending us a message ??

Possibly (imo) YES _ Remember the old adage - Where there is smoke- there is fire.

[pugugly] 29/4/2013 16:22

Further thoguths re further delay in accoutns date.

Could they possibly be trying to get another placing away?

If so any guesses as to the price ?

[gleach23] 29/4/2013 11:29

yes pug it was, a modest amount - showing as sells as usual :-)

[pugugly] 29/4/2013 11:16

Loss now indicatd to be slightly less than expected but still futher posponed. Message I take is that the ledgers and stock contol were SNAFUed - Lets hope they have now uncovered all the problems though the further delay is worrying. (imo)

Still on the side despite today's small bounce. Looks aas though a small bit of buying at 10.3 - gleach23 - Was that you getting in again ?

[gleach23] 29/4/2013 10:18

well the accounts may be further delayed but at least there was some reassurance over results today...had a few to trade on that news as hopefully price will be bolstered until 27th may

[pugugly] 26/4/2013 10:52

gleach23:> Agree re gut - Same reason I am sitting on the side - Technically management are I think good - I suspect that they may be still having difficulties adjusting to being a plc rather than a private company.

Really need a lot more data on how they stack up against teh ferocious competition in this market particularly in the high end niche of wifi tuneable lighting.

[gleach23] 26/4/2013 10:13

given the prices at which I've traded this over the last 6 months and the successful recent placing at 12p I'm sorely tempted to a trade PUGUGLY...can buy at 9.88 although gut feel isn't good...am thinking I should wait and buy a few if the results are reassuring

hardly any trades recently so will mull over for the rest of the day

[pugugly] 26/4/2013 09:18

Pushing the revised timing accounts to the limit ?/

On the bright side - The new FD wants be be sure all is OK going forward and will be working over the weekend to make sure all is correct.

Storm Clouds - More problems have been found and all are rushing around to bolster the finances.

No idea which of the above - or somewhere in the middle is correct - Any other views?

[clocktower] 22/4/2013 17:13

LED Sales Boom -

[gwr7] 10/4/2013 16:17

I'm on the sidelines as well. I dodged a bullet with a company called Solar Millennium that developed a conveyor belt for finance directors. I have a feeling I may have done the same here.

[pugugly] 10/4/2013 10:37

GWR7:> Market getting nervous - Bid has fallen to 10p - Chartwise if 10p does not hold looks as though not much support above 7.5p - 8.0p (Just IMO) Very difficult to predict as you truely say on very low volume.

Very much agree re your 455 comments re departure of the previous FD.

No news in this type of situation is generally (in my experience) bad news BUT LED lighting is a growth market BUT competition and pricing pressures are intense and PSL are a minnow.

Still very much sittig on the side.

[gwr7] 04/4/2013 16:24

I wouldn't read anything into the share price moves unless there is significant volume. You'll soon know if anything is amiss. I wish they'd given a reason for the departure of the last FD. It's normal for the departure of a key board member to be accompanied by a reason. Saying nothing suggests there is something they need to 'manage'. It'll come out in the wash.

[pugugly] 03/4/2013 13:13

beeezzz:> Looks as though Mr Market could be waking up to possible problems. (SP now 11p/11.75p) At the moment slow drip of selling - Possibly old Enfis holders selling for a Tax Loss (optimistic view) or nerves about departure of FD. The volume buyer could be holding back for a better entry point or has filled quota.

Still very much on the side. . Chartwie 1st support at 11p . If 10p does not hold then free fall back to 8p (imo etc - Any chart expet able to advise if I have interpreted correctly)

[beeezzz] 28/3/2013 16:50

GW...Whatever the goings on at the company doesn't seem to have affected the share price

Your right the company should have been more forthcoming as to why David Holloway decided to leave, it might well have been personal reasons, or something more relevant to the company accounts or accounting system. Whether this will be made public when results are announced is difficult to say, if not then there maybe questions to answer at the AGM.

DCD...That one line statement doesn't fill one with confidence maybe you could enlighten us about the Ark episode.

[pugugly] 28/3/2013 16:45

duncandisorderly


Use the link in my post no 446 above. . U will find (amongst others)

Ark Therapeutics Limited
03351628
Retired: 25 Feb 2011 - 13 Apr 2012 (1 year, 1 month, 16 days)

or open link below in a new tab.

https://www.duedil.com/director/908900492/russell-anthony-banks

[duncandisorderly] 28/3/2013 14:45

IF the new cfo is the one from Ark,run for the hills......

[gwr7] 28/3/2013 09:37

Interesting timing for this statement (a bit late in the day) and that increases my concern. I agree it's a positive that the share price has not reacted adversely, but I'll be treading very carefully with this and on any sign of disquiet you won't see me for dust. Between publication of final results for 2011 and 2012 there will have been four different people responsible for the books! Here's a timeline for the FD saga:
28th March 2012 FD Ceri Jones announces his intention to stand down on the day the 2011 final results are released.
25th May 2012 CFO solutions to provide services pending recruitment of new FD
8th June 2012 Annual report published and auditors give a qualified opinion on the accounts
3rd September 2013 David Holloway appointed FD. "We continue to grow rapidly, and thus David will help us to achieve that growth in a controlled manner. We welcome David on board."
12th February 2013 Photonstar expects to release results in March
28th February 2013 David Holloway stepping down and will leave the group. No departure date given. No reason given. Russel Banks appointed new FD with effect from 2nd April.
28th March 2013 Results to be delayed to late April due to appointment of new FD

It's clear to me the books are in a mess and changes will be required to accounts published after the Enfis transaction. I have a number of concerns about this, but the one that bothers me most is Holloway's departure. The company could have told us on February 28th that the results would be delayed due to the new FD starting on 2nd April, but they left it until today. It seems to me they thought Holloway would sign off the accounts before he left but he wanted nothing to do with them. The question is, did he spot fraud? It's also possible he decided life was too short to put the mess right. The fact is we don't know.

Here's the relevant bit from the annual report:
"An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonabIe assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the group's and the parent company's circumstances and have
been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall
presentation of the financial statements. In addition, we read all the financial and non-financial information in the annual report to identify material inconsistencies with the audited financial statements. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.
Basis for qualified opinion on financial statements
Because we were appointed auditors of Photonstar LED Group PLC during 2010, we were not able to observe the counting of the physical inventories for certain of the company's subsidiaries at the beginning of that or the comparative period or satisfy ourselves concerning those inventory quantities by alternative means. Since opening inventories affect the determination of the results of operations, we are unable to determine whether adjustments to the consolidated statement of comprehensive income and opening retained earnings stated in the consolidated statement of financial position might be necessary for the year ended 31 December 2010. In addition we are unable to determine whether adjustments might be necessary to comparative figures for inventories and earnings."

[pugugly] 28/3/2013 08:41

jugu:. From the price action over the last week I had suspected that good news had leaked.

This delay is more of a Grey Swan - and could be subject to a number of interpretations. Historical precedent (of AIM stocks) seems that more often than not there are surprises to the downside in the delayed accounts.

am not saying that this has happened here but I wish there had been greater clarity and possibly a trading update in the rns.

[jugu] 28/3/2013 08:31

Good to see no impact on price. Bad news would have leaked by now.

[pugugly] 28/3/2013 08:23

Accounts posponed. OK new FD but should not (imo) have caused the delay. I am surprised no one else has commented yet on the delay. Could it be that they have expanded so fast that the book keeping has not caught up or something else ??