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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Pittards Plc | PTD | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 5.375 | 00:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 5.375 | 5.375 |
| Industry Sector |
|---|
| PERSONAL GOODS |
| Top Posts |
|---|
Posted at 04/9/2023 21:07 by clocktower Vauch why you would have ever considered buying stock in PTD after the first dilution beats me.It was destined to fail the day that interest rates started to rise and they were forced to write off over £1 million due to the the former CFO US dollar exchange arrangement, that the board must have signed off on. Which goes to show how grossly incompetent they collectively were. I doubt we will ever know the truth behind what is currently going on but the directors have a lot to answer for. |
Posted at 14/8/2023 12:48 by bookbroker If it is then there no chance for PTD., it is they who have contributed to the downfall, and buying the carcass without the liabilities will achieve nothing. They need a business to function, and the building and plant are likely secured against any loan. |
Posted at 14/8/2023 08:17 by clocktower So what PTD are trying to do it seems is to arrange a pre-pack that keeps creditors at bay. You can be sure nobody is supplying them with goods or services unless paid up front, so I cannot see this situation lasting long.Customers that need goods are I expect being told they need to pay on collection/delivery because they are also not going to pay for goods until they are in their hands. What a sorry state of affairs for the staff. |
Posted at 10/8/2023 13:37 by clocktower In case anyone missed yesterdays late RTNS:Pittards (UK): Constituent Deletion Changes in FTSE UK Index Series 09 August 2023 Following the appointment of administrators and suspension of trading in Pittards (UK, constituent), please see details of affected indexes and effective dates below: Index Effective From Start of Trading FTSE AIM All-Share Index 14 August 2023 |
Posted at 08/8/2023 17:00 by triskelion Ah I just saw it at top"...The board is taking this action to protect the interests of its creditors...." |
Posted at 08/8/2023 15:15 by clocktower No I sold at a profit luckily Smithie6, well before the last CFO helped £1.5 million disappear.I have been in and out of the shares over many years and even when the shares were £1.26p which tells you how long ago that was, and in and out at the right times but always followed the fortunes of the company, as I really wanted to see a good outcome for this very old established business that must have lots of first class long standing staff members in Yeovil. However, when you pointed out the management were awarding themselves so many shares if they reached just 70p, rather than looking after the loyal staff in any share scheme, I was disgusted and have not invested since. I just find it all so appalling the way people act in situation's like this. First they paid a dividend when the money should have paid off debt, secondly, they bought shares with company money, to keep in treasury, that also should have been used to reduced debt, as it is a way of tunneling money out of companies for the BoD's benefit. Nearly all share buy backs in cases like this are not in PI'S interests, still it was an opportunity to make money as well,if you caught the bus at the right time. Plus, they should have set a priority of reducing the stock pile years ago, even if if it meant taking a huge loss and coming back to shareholders for a raise when they were over £1 to rid themselves of debt. They would rather keep drawing salaries than deal with problems, and the auditors and bankers should be brought to book. |
Posted at 07/8/2023 10:49 by smithie6 Clocktoweryour post about the info for paying for skins before you know what % will produce grade 1 leather after processing bit late now but if PTD kept buying raw skins that produced a high % that was not grade 1 & just added to PTD's unsellable stock mountain (!!) could PTD not have said to where they bought raw skins 'look 'dude' the last skins we bought from you produced too low a % of grade 1 leather & just added to our mountain of unsellable grade 2, 3 leather so either we will never buy any more skins from you, ever or we first process the skins & then together we grade the resulting leather & we pay you according to the results of what % is grade 1 & what % is not grade 1. Agreed ?" |
Posted at 29/6/2023 14:06 by clocktower Crazy just raising £1.5 million.They need to raise sufficient to wipe out all the debt and that appears to be around £10.1 million. "The Company is pleased to report that it has agreed indicative terms for the restructuring of its existing debt facilities for its UK business with Lloyds Bank, for approximately £10.1 million. The principal change being the restructuring of the Company's existing overdraft facilities into a two year term loan of £7.7 million with the other facilities remaining largely unchanged. The proposed new debt facilities are conditional, inter alia, on the Company completing an equity fundraise of £1.5 million." Of course Lloyds Banks plc are hanging in there, as they will not want to right off most of the debt, because as soon as the administrators get their foot in the door, they will bleed every penny out for themselves that they can, by whatever means they can. I expect they have the security on the property in Yeovil and in Ethiopia. plus all the stock and equipment.Not that the stock is worth a light,if the administrators have to deal with it, as on the website they have had a sale on for months now and next to nothing seems to move. However, PTD months ago stated it was all being revalued but the value is only what someone will pay for it in the current market. It's clear to me (and understandable)that they are just trying to save their own skin and that of the two major shareholders, whom clearly are working hand in hand with them but either unwilling or unable to put up the funds they feel are required to save the business. If they have not been able to drastically reduce the stock to reduce the bank debt over the past months/years, what hope have administrators of selling it? Remember they say: "In the meantime Company continues to operate at or around the ceiling of its bank facilities." "Plans for the equity raise are underway and include discussions with a cornerstone trade investor. Shareholders should note there can be no certainty of the outcome of these discussions. Accordingly, in light of the Company's reducing cash position, should the Company be unable to complete the £1.5 million fundraising, the prospects for recovery of value, if any, by shareholders would be uncertain." So who is the cornerstone trade investor - I would suggest it could be Vivobarefoot. Who are the existing shareholders in Vivobarefoot, well the main ones are: That's is a member of the old Clarks shoe family. 1.Stella Investments Overseas Ltd: 17.5% 2.Clarks Family: 75.5% 3.Crowdcube Investors: 7% |
Posted at 12/5/2023 12:31 by clocktower Not the MD the Chairman and certain others also need to carry the can - The Chairman being the biggest issue impo.As far as I am aware Mulberry do not source their leather from Pittards - although a board member sits on PTD's board, I believe it is more historical. Dr Martins has also suffered has it not recently? Spot on about being the brand owner S - however gloves have been a traditional product of PTD but who the heck is looking for a brand in standard leather gloves. Maybe in Motor Bike Gloves/ Golf Gloves etc but they are going to go with top club brands anyway, I guess if it is golf gloves. Top brands are only going to want the very best of the leather, be it in gloves or saddle leather - Headphones covers - clothes (jackets in the main) or even shoes - so what do you do with the rest of the leather? Make things for other people that are demanding a certain end price rather than the very best. Hill & Friends website - you only seem to be able to buy refurbished bags - nothing new. Very odd. Still plenty of bags on SALE on Pittards website though - Bargain Prices as well. |
Posted at 12/5/2023 10:14 by smithie6 old leather stockDr Martins boots is I think a customer of PTD, yes ? they use shed loads of leather every year, they have global sales. clearly they have never wanted to buy that old stock. nor Mulberry, another client of PTD. |
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