Pittards Share Discussion Threads

[callumross] 30/3/2023 12:44

Pity the poor souls who have committed to taking up shares at 25p in the placing, given the current price. Is there any likelihood of anything being left for equity holders once the inevitable restructure takes place?

[baner] 30/3/2023 10:08

Maybe ”E” stands for ”Eventual̶1;……R30;given how fast this seems to collapse…̷0;.

[chriss911911] 30/3/2023 09:50

According to their website, next annual report is due tomorrow, says last updated June last year, have they been digging their graves for months ? I wonder if they even make it through to next week, let alone the AGM, which is really an EGM

[baner] 30/3/2023 09:10

It is getting closer and closer - the undertakers are heading towards yeovil!

[smithie6] 28/3/2023 13:01

clocktower wrote
"Best way out is offer 100 million shares at 15p - ...."

good luck with that (& finding subscribers !) !!

[clocktower] 27/3/2023 14:18

Best way out is offer 100 million shares at 15p - pay off debt and write off stock to 10p in the £1.00

I should have added - keep the current CFO and offer the CEO a job as Vice President (as he has knowledge and expertise) and get rid of the rest.

[baner] 27/3/2023 12:40

smithie

nope, not a single share. this has been heading for admin for years now - which is a great shame, given Pittards fantastic product quality and the low cost facilties in Ethiopia. this boils down to incompetence at the BOD/management level, as simple as that. sad story.

[smithie6] 27/3/2023 09:47

btw

baner, you own any shares here ?

hopefully you have don't & haven't suffered from the big price fall.

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so much for the new chairman that arrived X years ago who was supposed to shape things up a bit (was/is he ex Mulberry or something)

been a waste of space it appears
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Likely write down of stock value. yes, surely likely & surely painful to the accounts.

The banker might be asking their mates from other banks, at lunch, if they fancy taking over this 'opportunity' !!

[baner] 27/3/2023 07:32

As stated before - likely to be very close to an administration process - possibly a pre-pack in which shareholders will be left with absolutely nada. Hopeless BOD. Needs a new team and a significant haircut on debts. book value of stock needs to be cut by 50% = £8m.

[smithie6] 26/3/2023 21:08

If they raise £3 million more via loans, the accounts will look even more unstable/risky.

[smithie6] 26/3/2023 21:06

...I agree with the criticism of the directors.

The MD has been in power for ~15 years I think & seen the share price go from 150-200p down to 25p.

The old chestnut of X millions of assets in product or leather. Yr after year the co. could not reduce it. Few posters here ever believed that. A big write down of that value looks likely in the turmoil ahead imo.

The co. spent £0.8 million not long ago on a vacuum drying unit. That was arguably yet another poor decision, since the co. is desperate for any money.

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The FD left not long ago. Another red flag.

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The directors' scheme to enrich themselves.
Does not give confidence in the directors.

[chriss911911] 25/3/2023 10:32

What a speedy turnaround, March last year was only 0.1m in deficit on currency audited, profitable, bank facility, supplier days 65, outlook positive. Then, in Sept, an upbeat outlook, revenue and profit up, going on to buying a struggling business to expand, and dividend paid just a few weeks ago. Then, all of a sudden, it all changes, a 1.5m currency loss, no money, no facility agreed, no audit, suppliers now far outside of terms by millions, now saying they need 3m to continue. Just a few weeks ago directors buying at over 50p to put cash into the business, now 25p to put even more cash into the business, next week what 12p, 0p, up for another award, for fastest negative turnaround ever, and the second award for one the fastest capital loss ever.

[meijiman] 25/3/2023 10:03

How does the ceo retain his job when he is utterly useless? My mate says he has compromising photos of the Chairman, Haha
It's like a family company run by inbred types.
Shame ..no vision

[clocktower] 24/3/2023 21:18

A lack of vision, the last CFO caused a major pile up and you can go back even further than that, when the company was loaded with debt which they have had hanging around their necks like stones being attached to a body that was thrown overboard in the middle of the ocean.

That is why they are waiting to see if the revaluation throws up enough assets to be able to raise £3 million to pay creditors and leave a bit of working capital.

This is a train crash that has been waiting to happen for some time.

Those that increased their stakes recently must be kicking themselves now.

Very sad situation for all the staff in Yeovil and Ethiopia, and this might cause a lot of problems for businesses they supplied with shoes, leather, gloves and produced finished leather goods for, bag makers and many other luxury suppliers.

They supply top quality leathers and have technical expertise and produce specialty leather skins.

The big shareholders are going to take a huge haircut or loose their shirts as the chances of turning this around is as slim as trying to get a rope through a needle head.

[volsung] 24/3/2023 16:42

Oh they are 23p now
Will have another look next week

[baner] 24/3/2023 16:37

better clean this up via an admin procedure/pre ack - better have the creditors lose some money before asking shareholders to pour more money down the drain. shares may well end up at a 0 value.

[chriss911911] 24/3/2023 16:22

There's a Friday special if ever I saw one what a great bit of theatre, was only a few weeks ago they paid a dividend, that's some change in fortune, if all goes well in April, they can waste yet more shareholder money for a few more weeks or it's bust, great couple of options there.

At least they are also wasting some of their own money this time. Guinness world record on the cards, in various categories, including the most desperate placing ever, or smallest placing ever, or least compelling placing ever, surely got to win one of those.

Hang on a minute, they need £3m to keep going, and pay back suppliers, not £0.2m, so looking for the most deluded blind lender ever, I missed a category, they won already the most deluded board ever when this RNS came out.

[bookbroker] 24/3/2023 15:36

Be very sad to see this company go, great history, product and technical know-how. Many other brands utilize their knowledge for ensuring leather is able to withstand the elements. Dubarry Footwear for one, and many others!

[volsung] 24/3/2023 15:31

Might pick some up next week at 23p