Pittards Share Discussion Threads

[my retirement fund] 08/12/2023 13:00

Even the brand name was worthless then !

[somertrade] 13/9/2023 12:54

Chriss911911
Interesting summary..

The post: clocktower 23 Feb '23 - 15:13 - 469 - "I doubt they have the funds or access to them and think of R H's age - hardly a Wizz kid having struggled with the business for so many years after being lumbered with big loans by the previous bunch that were running the business into the ground.R H has done a pretty good job but the magnitude of problems he took on were to heavy I believe to really have given him a chance in hell.Everything has played against him and his team imo."

RH was in charge for years. The previous people didn't take on huge loans. In fact it was under RH that more loans were taken. Grand plans including Ethiopia (and a middle east tannery that was nowhere near ready to do what RH claimed when announcing - another boys club agreement?)
Chairman Stephen Boyd in 2006 onwards(?) got company onto an even footing.
The previous MD A.G.Marriott actually set aside money for roof repairs etc. That all disappeared under RH.
Luxury goods manufacturers will only buy from tanneries with certain environmental standards and certification which I understand Pittards did not have.
No one to blame but themselves (i.e. the BOD)

[clocktower] 09/9/2023 11:44

Well according to the Somerset Gazette everyone has been made redundant in Yeovil.

[chriss911911] 08/9/2023 15:39

the only pre-pack I can see is on isle 3 at the local Tesco metro, but if you meant the charity establishment in Ethiopia, they would have more chance extracting teeth from a crocodile with Phyria. If you put a nail in a coffin what's the point, they are still dead, and sometimes dead is better.

[clocktower] 08/9/2023 13:25

If they could have run faster than the pace of interest on the loans increased they could have got away with it but the US$ farce was the nail in the coffin that seemed to have woken the bank up to look at the books more closely. Then, they had no way of clearing that way over valued stock, so curtains.

Is a pre-pack still on the cards?

[dorset64] 06/9/2023 15:59

Vauch, the site was built on an old amenity dump, so there's no way you'll get houses approved on it imo.

[dorset64] 06/9/2023 15:58

Everyone has been laid off and the doors closed. Shame, but it's now over for pittards.

[clocktower] 06/9/2023 15:46

Dragging their feet and it is still not clear what is going on.

[vauch] 06/9/2023 13:50

I think of how this has been manipulated to have no value then buy it cheep and f the shareholders.do Pittard's own the land, as you can get a lot of houses on that site.
the site with planning must be worth at least 10 mill

[my retirement fund] 05/9/2023 13:43

Well, outright criminal fraud is very different to selfishly enhance your personal wealth at the expense of other stakeholders. One method is generally legal (subject to testament), and the other is not. I'm think Barry Bridge, a significant shareholder in Elektron for example, who tried to sue directors who watered down shares with cheap options and selective fundraising, but was bankrupted in the process of launching his own legal campaign.

[vauch] 05/9/2023 12:01

Well many years back Langbar International took millions of some of the directors.
But it was the case that that company was the biggest fraud on AIM at the time.
I can see why the company value would be written down if you wanted to take it over.

[my retirement fund] 05/9/2023 10:29

I've never heard of a shareholder suing a director in the UK successfully, I followed a few cases where they have tried but inevitably the level of liability insurance PLC directors are afforded ensures they quickly end up with the best magic circle legal outfits who end up bankrupting even the most determined of disgruntled shareholders

[clocktower] 05/9/2023 09:23

Vauch, the potential profit for lawyers would not justify the time or risk for bringing any action against the BOD imo.

[vauch] 05/9/2023 07:24

It seems to me that the shareholders are taken for a ride if stock was written down by 10.5 mill.
And if the co is taken out then I hope that the shareholders get together and sue for mis management. but you will need to find a no win no fee as it wont be cheep.

[clocktower] 04/9/2023 21:07

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.

[vauch] 04/9/2023 18:19

Well 2 directors registered a new company. if you look up the directors at company's house you will find it.
Is this a management buy out, if so it will then be delisted and holders will get nothing.
I had looked at this just before suspension, glad I kept out.

[clocktower] 04/9/2023 17:21

It depends on how cheaply the assets are purchased for.

Pittards Factory and assets £....... (Book value)

Ethiopia business and assets £............ (Book Value)

Stock £500k down from £11 million maybe.

Goodwill Zero

[triskelion] 04/9/2023 17:07

Wait till Wednesday?
But who'd fund them given the company's history?

[clocktower] 04/9/2023 15:36

Well there it is, and it seems they have agreed a deal and it is just a formal process tomorrow but one thing is certain there will be zero for shareholders and the bank etc will get their payback, even if it is with a haircut. How big that haircut will be is the question.

Is it the new company set up by two of the directors that have pulled this off?

[clocktower] 04/9/2023 14:45

Nothing signed and sealed yet it seems but all hands to the pumps I guess.

[vauch] 04/9/2023 10:23

So yet another stock wright off.