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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 02/8/2023 10:05 by dorset64 Report in local rag suggesting that Pittards have stopped the open offer and fundraising as they couldn’t raise enough or anywhere near the amount they needed…&helliHowever, in an update to investors, bosses at the firm said they had decided to "terminate" fundraising after the amount accumulated, around £330,000, was deemed "not sufficient". The board said the company was now considering its options, which include "an orderly sale" of the business and its assets. Trading in the company's shares on the stock market are currently suspended while the results of its previous financial year have been delayed. In a previous statement the company’s leadership said: "Should the company be unable to raise a minimum if £1.6m of additional capital the company would be unable to continue to trade and would most likely be placed into administration in which case the prospects for recovery of value, if any, by shareholders would be uncertain." |
Posted at 20/7/2023 15:29 by baner Clocktower - spot on, total agreement. The bank is likely to try to give investors false hope in order to extract some further money from shareholders - while their only interest is to get out asap with as little pain as possible. |
Posted at 20/7/2023 12:56 by clocktower While it is still up in the air follow todays RNS, it does seem they are putting a few acrow props in place to stop the bank closing in at this point in time but it really is only like putting a sticking plaster on to stop the blood while the bank works out a way to get more of their money back, as any company that is as deep in debt as this, at a time of increasing interest rates, has as much chance of survival in the long term as Putin has of over-running Ukraine.Whomever the trade investor is, they must have big orders to fill and in desperate need of finished leather. |
Posted at 30/6/2023 09:29 by chriss911911 I can only imagine they were all sleeping, because in 2007, were told things are bad because of currency, fast forward 16 years, same excuse, same leader, consuming investor and bank money consistently over that time, with sales in terminal decline throughout.The bank gave them more money this year, but only if shareholders put more money in, which key shareholders and board did, (50% investors /50% bank) that's a quick way to burn through £0.6m of cash. Were now told all money gone, so we are "pleased", really, pleased about what, not getting a bank renewal, not finding an investor, being late producing accounts, having a poor start to the year again, having shares suspended, or having burnt their own money and that of others so quickly? The situation is now worse, back at the ceiling of enlarged facilities and having spent the shareholder and additional bank cash, the bank harden position further, and will not match equity injection, nor provide any more cash. If no equity injection of at least £1.5m, on or before 31.07.23 it's game over if not sooner, but then 5p (versus 55p just a few months ago) or 0p, more or less same answer, disastrous. They should be sorry and regretful to shareholders and indeed now their staff whom they have lead to this sorry path; the blind arrogance is as overwhelming as the share price collapse. To summarise, either asleep or just blind arrogance, are the likely reasons, otherwise if not, I don't know, and doubt they do either. |
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 10:23 by smithie6 the MDmy guess is that the MD has had loyalty to the workers too close to his heart, over many years & as a result has not taken dynamic or hard decisions over the years as an exec. director should but has chosen instead to 'lets plod along much the same as last year' while I guess he did try to make a success of the Ethiopian venture & that venture branching out to make shoes but that clearly hasn't produced the profits to support the group. ======= imo making stuff for other people, where you have to compete on price against competitors & you don't have patents or unique technology is almost always a waste of time for investors. The buyer will always ensure that the margin is small. One needs to be the brand owner, imo, Adidas, Burberry, Lluis Vuitton, Dr Martins, Benetton etc. |
Posted at 18/4/2023 08:22 by chriss911911 Doesn't sound like an investor to me to just give 250k for nothing, the placing took place already at 25p which was taken up fully at 365k.Do you imagine a further placing to raise 250k more cash, that would need another 2m shares to be admitted at todays market price further diluting holders, but they need 3m in cash anyhow, so it implies negative value for the group. If they don't even know what happened in 2022, how can any investor take interest in the now or future. |
Posted at 04/4/2023 14:34 by baner clocktoweryou are probably right re the banks. which is a pity as i doubt any sound investor will put money into this without a haircut on the loans. that will leave them with a prepack as the best option. in which case the banks will face a haircut !!! |
Posted at 04/4/2023 07:54 by baner clocktoweri believe you are absolutely right - there is no good reason why Pittards should not be able to trade profitably. it is the strongest brand in the leather world, with tremendous craftsmanship skills that should be retained. however, they need sharper top management and directors, while they clearly need to get rid of excess stock as well as ditto debt. if the banks take a serious haircut - say £3-5m - and investors (preferrably a new anchor shareholder with some relevant skills) put in a further £3m, this will turn Pittards into a sounder entity, capable of taking a tougher stance towards customers who currently squeeze their margins, as they know Pittards are desperate for cash. |
Posted at 23/2/2023 14:52 by clocktower True but I expect the largest shareholder and a couple of other big investors might be or have already been looking how to resolve Pittards long term troubles - hence the small directors buys not long ago.Expect news before long imo - and a bit more buying maybe. Bear in mind that is also a reason why they said : " As a consequence of a high inflationary environment in Ethiopia we have undertaken a revaluation of our assets there, subsequently we have revalued our assets across the Group. This will result in a significant uplift to our assets. " |
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