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PTD Pittards Plc

0.00 (0.0%)
07 Dec 2023 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Pittards Plc LSE:PTD London Ordinary Share GB00BM8NGB73 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 5.375 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 5.375 GBX

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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 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
your 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
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 04/8/2023 21:51 by smithie6

"Yes that's the sad part. Good products and a superb loyal workforce. Lions led by donkeys springs to mind here."

not so sure the products are 'good'
have you seen the prices !!
very expensive.
anyone can set up a website & try to sell a few bags at very high prices but you need skilled dirs &, managers & decision makers (& designers) if you are going to pay for a big building, heating, expensive dirs & a lot staff,

and clearly Pittards did not have that, well not sufficiently to compete well, been on downhill slope for last 20 years, just look at the share price chart.

some possible causes of failure

- ok, not having a clue, springs to mind !....such as buying different small product companies. Did any of them produce even a glimmer of action or did those buys just indicate that the dirs were completely clueless & phps that buying something might give the impression they were showing some initiative !!
..& phps keep the big shareholders away for a while


the never ending (claimed) humungus value in stock....which the dirs were never ever to make the slightest dent in reducing it...
...if you can not control your stock then it shows that the dirs. don't have a clue.
(if you ain't selling it then you put a block on buying !, dirs are supposed to direct ...& monitor the incoming data & make prudent decisions...
....if the millions spent on that stock had not been spent would the co. now be sitting on a good chunk of cash & not be teetering on the edge of administration ? I think so.

How did big shareholders allow the MD to stay in place year after year as the sh. price just relentlessly ground downwards...

the shareholders are also to blame there, they kept voting for the poorly performing dirs to stay !!


imo the morals of the dirs to vote themselves 5% of the co. if the sh. price went up, after being the ones that got the share price down that low to start with.
disgraceful imo.
but hey, a fair % of dirs of AIM are not famed for having morals.

as is often the case the CEO/MD has surely done very nicely, despite the ship probably going down with him at the helm for many years (15-20 ?)
(15 years x say 200k = £3 million !!
surely has a big f off house, & all the other stuff to go with it. :-( )
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 30/6/2023 07:17 by smithie6

the co. has said that the shares might be worthless is the cash raise fails...

that doesn't help attract new money

The share price has fallen from ~200p to 50p area over past 10-15yrs, if ignore this last drop. Such a down trend does not attract new money.

What is your idea(s) to make the company profitable ?
If new money people can not see that it would be profitable with their investment then I can't see them investing.

Who might invest ?
An Asian company wanting the name & image ?
but not a very famous brand imo

How to make Pittards business more profitable ? (by increasing revenue or reducing costs, or a mix of both ?)

I have no ideas.
But sadly the current ND has imo shown that he can't do it. But it is difficult with high UK labour costs, high energy costs, high business rates....
Posted at 19/6/2023 11:35 by clocktower
I just noticed a bit of buying going on, is someone taking a risk or is there news of a deal being done that would bring the share price up towards the price they last raised?
Posted at 01/6/2023 10:08 by clocktower
Dr Martins numbers today will have done nothing to help PTD I suspect, as at one time (if not now) they were using Pittards Leather.

The longer this drags on without news the lower the share price is likely to go.

The workforce must be desperate to find out their future.
Posted at 31/5/2023 11:35 by smithie6
your post criticising the MD.

you have my vote.

(& despite crashing the share price for shareholders, under his leadership....he & the other dirs. put thru a scheme to give 5% of the co. to them, despite shareholders losing lots of money !
morally disgraceful/shameful imo.)
Posted at 11/5/2023 13:06 by clocktower
Seeing the share price drop again on very small volume and what looks like a buy, suggests to me that it's days are very numbered now.

The bell tolls unless they can raise and wipe out the debt but at what price 5p?
Pittards share price data is direct from the London Stock Exchange

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