I fully agree. Shareholders have been forgotten, just a comfy life for directors. It floated on AIM in Dec 2004 at 44p per share.Break up or get an agreed takeover to produce value for shareholders. |
Stephen King has now left the company and his roles have be taken on by existing members of the board. As per the last accounts his total remuneration package was in the £60000-70000 range.
By not replacing him this reduction in costs will help to offset the NI increase. I believe that they need an earnings enhancing purchase, but the acquisition of the security division might have scarred them. Should it start to generate meaningful profits don't forget it's goodwill was written down to zero so that would generate an increase in hidden net assets. |
Anyone else feel this should be broken up and sold off? I feel in that scenario shareholders could get back at least 50p a share. This company exists to provide the Exec Directors with a lifestyle. |
Pleased I sold out.
AGM statement gave the clues |
The 64 thousand dollar question is;
Will he retain his shareholding?
or agree for the Company to buy them back?
or be approached by a third party(existing board member or predator)?
Interesting times as I hope the security division continues to improve as we look forward to the next results. |
It is time for a change of strategy. Old CEO had run out of ideas. |
I wonder whether we might see some corporate action here. |
Indeed.
Stephen King has 19.15%.
They have just appointed a "corporate financier" who has "successfully advised growth-focused companies on financial structuring, equity and debt capital raisings and M&A transactions" to the board earlier this month.
I assume the two board changes are related. |
It's too small & there does not appear to be an acquisition strategy.
More like CEO retirement mission. |
Marlowe plc turned themselves from a smallish company to a much larger one by buying many small companies in the service sector.They paid generous prices and the market liked the concept by awarding a high p/e ratio. They are currently being bid for themselves! PHSC were doing the same but got scarred by the switch from physical shopping to online when the security section made large losses. Hopefully it is now making consistent profits. They then repositioned to share buybacks and increased dividends to increase the share price to close to net assets. They could now do either a cash acquisition,issue shares with no asset dilution or agree to a takeover themselves. All to play for! |
according to ADVFN, mcap is £3.5mn.
MBO would save all the listing fees & management time / expense of being quoted.
PHSC is too small, HQ overhead too large.
Appears to a nice group of small business with good cashflow. |
management would pay more & save the listing fees |
I'm not sure a trade buyer would necessarily want the whole group. As far as I can see it's basically a small collection of mostly tiny, unrelated consultancy businesses generally producing excellent margins. The real winners are the two founders. |
I have been a shareholder for many years and have not sold any on the many recent buybacks. I like the cash generative nature of the business model and the consistent (and now dramatically increasing) dividend policy. Now that the security division has turned the corner I foresee possibly a 25% increase for the current year,remember it's goodwill was written down to zero. For a company with these characteristics I believe it should be trading in excess of its net assets. On my assumptions, 2.5p dividend, positive cash flow, increasing profits, I believe that a price of 35p (7% yield) is achievable.
Breaking up might yield more ,but a trade buyer could pay more. |
I would guess that the only two notifiable shareholders other than the Directors have given up their shares in the buyback.
I reckon these shares are potentially worth far more if the group was broken up and sold off. It's a hotch potch of small consultancy businesses that would be better off in private hands.
Anyone else agree? |
divi has been increased. trading appears stable. |
173,617 is the number of shares bought from directors on 28 March, however the RNS states "the Buyback Shares above therefore include Ordinary Shares acquired by the Company from Stephen King and Nicola Coote".
They've forgotten to add them in to the total. Correction awaited. |
The share count has decreased by 753,384 from 11,034,237 pre-bb to 10,280,853 now, so there must have been an unannounced buyback of 173,617. |
Today's announcement makes no sense.
- The buyback was for £200,000.
- On 27 March they bought 353,384 shares ave 26.59p = £93,964.81.
- On 28 March they bought 226,383 shares ave 26.5p = £59,991.50.
Total £153,956.31.
How have they "effectively reached the authorised amount for the Buyback Programme"? Costs cannot be £46k. |
Some volume coming through today so presume it is the start |
Nice to see the buyback start again |
"Any shareholders wishing to sell Ordinary Shares pursuant to the Buyback Programme should contact Novum on 020 7399 9427." |
Good to see further buybacks. Another £200000. Still cash flow positive after all the increased costs mentioned in previous announcements. |
Marlowe (MRL) disposal.Is this of any significance to PHSC ? |
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