Pittards Share Discussion Threads

[meijiman] 05/5/2023 13:19

Yes that's right. A loyal hardworking workforce repeatedly let down by rank incompetent management. The ceo is unemployable so will presumably stay until fired. Why he has not been fired is a great mystery.

[clocktower] 05/5/2023 11:20

Hill&Friends website back up and running but not fully working: meijiman - it is fair to say they have been running the business with blinkers on for some time, and had to many irons in the fire without knowing how to make the best of any one of them.



Let us look what they have been doing:

Running the Tannery - The Main Core business

Supplying Leather to a wide range of trades and exporting from both factories.

Making Glovers - a old business - maybe needed reviewing years ago

Making small leather goods and bags - No marketing skills or brand that could have made this more successful.

Running an online business with a website that is years out of date.

Making shoes for third party - was this even ever profitable?

A great workforce on the shop floor is a huge assets but one they did not know how to treat well, when they turned a profit a few year ago, they awarded themselves a large number of options but did not give a fig for the hardworking staff, not that they ever got the benefit of those options as it turned out..

[baner] 02/5/2023 07:29

Clocktower - i guess you are very close to reality here. Hopeless BOD so good if they lose control over the Yeovil business, which basically is very sound - fantastic craftmanship but commercial/financial clowns.

[clocktower] 26/4/2023 15:07

callumross - I would suggest that they are working as a team with those two major stakeholders to put forward a solution that allows them to retain their jobs for a limited period of time, and then getting a reward to recover their investment and cooperation to ensure the two major stakeholders do not lose their shirts, as I expect some sort of pre-pack with maybe the sale of the Ethiopian business, that would reduce the money owed to Lloyds Bank plc.

[callumross] 26/4/2023 10:20

judging by the share price nothing left for shareholders I presume. Which begs the question as to why the board and others subscribed for shares at 25p just a couple weeks ago?

[clocktower] 20/4/2023 14:39

Surely they would have received the re-valuation report by now, and I would expect are working through how they can best tackle the situation with the bank and creditors to see if they can come up with a solution and save their skins and that of the shareholders.

However, I do not see how they can, as they left a funding raise far to late, instead of doing so 18 months ago when rates were low and they were starting to turn a profit.

Mind you the last CFO has a lot top answer too as well.

[chriss911911] 18/4/2023 20:29

Expect both, they are not mutually exclusive, better to lose untaxed income

[clocktower] 18/4/2023 16:42

"Stephen Yapp, non-executive chairman has today, sold 200,000 ordinary shares at a price of 13.5 pence per shares and then purchased 200,000 Ordinary shares into an ISA account held by him at a price of 13.5 pence per shares."

So, is he taking a loss on the ones he sold and/or protecting a future profit?

[chriss911911] 18/4/2023 08:22

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.

[dorset64] 17/4/2023 11:58

I hear that last weeks meeting resulted in another £250k being given by its shareholders/investors and that would give them another couple months to re-arrange their bank accounts and/or new funders.

[clocktower] 17/4/2023 10:06

Well done getting that sorted out dave4545 but there is a buyer of size now but they might have done the same as you did last week.

[dave4545] 17/4/2023 07:34

I bought 20k last week then realised what a huge mistake that was especially when they would not let me sell them, waiting for certificate rubbish so I thought this could be a write off, then this morning the box to sell was lit up so I managed to sell them for 13p when 14p bid, sigh of relief thought I could be losing much more

[baner] 17/4/2023 07:28

Seems to be very close now……230;…

[smithie6] 13/4/2023 17:07

..also selling eyelets & eyelet rivets.

[clocktower] 13/4/2023 13:28

Taking a look at the company website and I noticed they have slashed the price of their ladies bags and maybe other lines if anyone is looking for a top quality product at a bargain price now is the time to grab it but I suggest one pays by credit card in case the company folds.

[clocktower] 13/4/2023 11:32

So between William Black and John Rendell they own around 40% of PTD - so it will be interesting to see how this turns out.

[clocktower] 12/4/2023 16:08

Well John A Rendell has suffered dilution as he now has 25.41% of PTD rather than 27.70% previously but then in truth he will have to be part of whatever deal they are cooking up I expect.

A total of 3,653,000 shares at market mid price valued at £547,950.00 but in truth next to worthless I assume.

He must have taken a very big hit having been a very large holder from way back. Even at 50p he would be down well over £1 million and I would guess his average was more like 70p , so around £2 million down to date.

DYOR

[baner] 12/4/2023 06:35

Without the bank taking a substantial haircut, there will not be new Equity injected into Pittards. The stock of old leather needs to be written down by 5m or so. But most importantly - Pittards urgently needs a competent BOD to support the management in Yeovil - there is so much skills at the factory level, but they need commercial support. Obviously. The Administrators probably sits on the train to Yeovil already - i would put my money on a pre-pack within shortly. Which means 0 share value.

[smithie6] 11/4/2023 18:11

temporary minor fund raising done at 25p

mkt price is 15p

& needs to raise/borrow an extra £3 million.

not pretty.

[dorset64] 11/4/2023 16:50

Clockmaker, total buys today was about £4k.

[clocktower] 11/4/2023 11:23

The buys are coming in now!!!

[clocktower] 11/4/2023 10:56

If you were putting up money to buy new shares at 25p - why would you not be buying in the market at 14p