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PRSC Pressac

20.20
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Pressac LSE:PRSC London Ordinary Share GB0007011546 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 20.20 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Pressac Share Discussion Threads

Showing 1776 to 1797 of 1925 messages
Chat Pages: 77  76  75  74  73  72  71  70  69  68  67  66  Older
DateSubjectAuthorDiscuss
18/4/2005
20:23
Transfer of wealth. Banks lend money on easy terms, Company defaults on debt repayments, Lender takes control of assets. Pressac a perfect model.
eriktherock
18/4/2005
20:15
Taken from the RNS...

New Facilities and delisting of Ordinary Shares

A circular is being posted today setting out the terms of the new facilities which have been agreed with
the Group's lenders which provide for an extension of the Company's existing facilities to 30 June 2006 (or
30 June 2007 with the approval of the providers of the new facilities) to enable implementation of the
strategic plan outlined above.

The new facilities require the pursuit of this strategic plan and are conditional upon, inter alia, a
delisting of the Company's Ordinary Shares from the Official List of the UK Listing Authority. The
circular that today has been posted to Ordinary Shareholders outlines that the Company is to request a
delisting of its Ordinary Shares effective on 13 May 2005. Further details are contained in an additional
announcement made to the London Stock Exchange today.

....

With regards to whether to get rid of your holding now or hang on its a vwery difficult call at the present derisory price.

The thing is you cant get rid after the company is delisted you will have to hope for a cash payout once the company has either been bought out, wound up etc.

The problem is the sector its in is in decline. Any potential buyers will not want to pay any sort of premium cos the company is desperate to pay down debt. The debt level is very high indeed. Most assets dont go for there asset value in bad markets.

Its more like a flip of the coin! Hope you arent heavily exposed.

fusebox
18/4/2005
20:04
Does anyone know a date for the delist? Is it worth hanging on or take what you can............
c3jns
18/4/2005
17:32
FLOJO:

Someone at Bronnsstadet thinks shareholders will get something out of the delisting.

mcfctrader
18/4/2005
13:35
In compliance with Section 134 of the Companies Act 1989, this Company has
received notification today that Bronsstadet AB has an interest in 2,650,000
Ordinary 5p shares, representing 3.07% of the Pressac plc issued share capital
which is 86,810,475.

Can anyone explain the above...........if the company is delisting.............

flojo
15/4/2005
17:28
kiwihope.
you are correct.
nevertheless i have a nagging feeling that over a few years we have been subtly mislead by the directors.starting with the 'ttg' stakebuilding, then a profits 'upgrade' that took the stock to .26pence
if it was so plain to see that prsc was destined for the knackers yard [not that you said that], then to my mind nothing really seems to add up now.
that i was suckered into a dead cat bounce. mea culpa.

cg1953
15/4/2005
15:21
I'm not saying there was any conspiracy. I'm just saying that with the few months the bank have given the directors to dispose of the assets, TTG with their prior knowledge of the company (having bought a sizeable stake some time ago) must have a trading advantage. Nothing illegal about that.
kiwihope
15/4/2005
14:44
there is no legal reason to suppose that tt will have better terms for disposals than anyone else - in fact it would be actionable if they did, so you are silly billy paranoids to suppose this.....investors could put together a bid for the company before it delists....all imho ntch!
ydderf
15/4/2005
13:11
jacknife/kiwihope
cant fault your general thrust and arguments.
nevertheless cant agree that 'ttg' with there minority stake frustrated the executive directors in any cash raising/disposal exercise. to do so would have been contentious if not illegal.
then again do i hear that dreaded word 'collusion',and small shareholders getting shafted !!!
anyway its all academic now for me.
good luck to all ttg holders, including 'eaglet' whom i understand have a large shareholding in ttg.

cg1953
15/4/2005
11:14
Volex another loser today down about 8%.

Volex is another high debted company and will have to renegotiate its debts.

Investors in Volex will be hoping that the lenders dont force asset disposals there.

However Volex is highly debted and it would appear lenders are getting increasingly impatient!

fusebox
15/4/2005
07:54
I always thought TTG were clever when they bought their original stake. If pressac had survived and prospered their stake would have made a good profit for them and they would have been influential in the future of the company. However as it turns out, in this scenario they are definitely in pole position to pick up cheap assets. It's even better than a liquidation as then the receiver would be in charge. Don't forget pressac management are still in control and can determine who they sell to. TTG had both outcomes covered ...

No, the real loser in Peter Webb and his Eaglet fund. However I think he had written pressac off some time ago ...

kiwihope
15/4/2005
07:12
Todays article in the independant online seems to bear out my previous comments on a quick disposal bringing in low value for various operations...

"At the small cap end of the market, Pressac crashed 1.95p to 1.05p as the engineering group issued yet another profit warning. Pressac also announced plans to de-list its shares and sell off various businesses. Bridgewell Securities believes this move is likely to be beneficial to TT Electronics, down 6p at 210p. It notes that TT controls 24 per cent of Pressac and argues that this factor puts it in a great position to acquire parts of the group at a low price, especially as Pressac is a forced seller."

fusebox
15/4/2005
07:01
There has been some comments that it would be quite easy to dispose of the co quite easily at the present low price....

However its not that simple. At a nothing share price ie the company was given away there is still about £45 million of debt.

That debt has to be serviced and at a great cost.

For every penny increase in the share rise the market cap rises so the cost of aquisition including the debt increases.

So where is the incentive.

Its a simplstic way of proving even at less than a penny a share there isnt much value here.

Moreover the trading yesterday was very deceptive...the bid and offfer of 1 to 1.25p on average was misleading.

Quite a lot of trades went through at 0.5p and over. That said the majority probably at below the stated mid price.

Any holders will not be able to sell there shares once delisted imho and will have to await to see if there is any value left after the asset disposal.

Should the co have to go in administration i would doubt that.

Very risky indeed im afraid. Its a gamble !

fusebox
14/4/2005
20:54
a sad day indeed.
however i am at a complete loss as to why some posts believe both here and on the ttg site that this is some sort of victory for 'ttg', or indeed that 'ttg' have some sort of lien on prsc assets. they do not.

ttg have lost over 5million cash on there equity stake.

the directors/administrators will now have to achieve the best prices possible in the market place for pressac assets.
ttg will/can have no pecuniary advantage [it would be illegal to have such] other than thru there non exec directors on the board perhaps knowing what the 'books' really look like.

cg1953
14/4/2005
16:02
Buys are showing up as sales a tick up in the morning.......
flojo
14/4/2005
15:17
Brumont and the rest of the posters....

You say there aint going to be a fire sale !

Thats not quite true there seems to be a time limit on this one and the company will be expected to dispose of assets as quickly as possible

The delisting will save the company a small amount of money but be under no illusion then the shares become almost worthless. All the delisting will achieve are some savings.

As for nett asset value....there again most assets when they have to be disposed of quicklyu realise anything like the book value.

As an example when EKT bought Arcolectric...they bought the business and assets at only a fraction of the book value....if you dont belive me check the announcement in Dec 03 and the subsequent news on EKT following the aquisiton.

The only thing the banks are interested in are getting as much back as speedily as possible before the debt increases again.

As for shareholders again bottom of the list and any buyers or holders now are very foolish indeed.

Cannot understand anyone buying now after the co has indicated a delisting...however there could be settlement of shorts going on which some what confuses the true trading in shares.

fusebox
14/4/2005
13:41
lenders 1 shareholders 0
empirestate
14/4/2005
12:52
shares holders will as usual get nothing seen it too many times.
sirshagalot
14/4/2005
12:38
Monty, the shift happened long ago. One gets better at spotting it. I very much doubt there will be anything for shareholders. Ever. Watch out with V if you're still in.

Farsight - 5 Apr'05 - 14:07 - 769 of 772 edit
How you doing guys? It's not good to hear talk of delisting and "no known reason for recent share price rise"... to thruppence. Jeez, and to think I made a grand or two when I bought at twenty something and sold at thirty something. I guess with experience you get better at spotting the signals. I look out for when the RNSs always seem to be bad news, even when there's profits coming in, and reckon it's down to cosy chats between directors and creditors that somehow seem to end up with shareholders losing out.

farsight
14/4/2005
11:01
looks like another great example of shafting the investors, long firm comes to mind, aim is a haven for them
vision88
14/4/2005
10:04
HOw about a bid for the shell? there has to be some value for a competitor at this price?
Alik

alikan
14/4/2005
09:34
While the doom and gloom is understandable and reasonable as on delisting the share will become virtually untradable, we should not ignore that the net asset value of this company is still aprox 13p per share. This does not include 10m of unrecognised tax assets which should stay unrecognised (by all until there is a plan in place to use them.)

I take the view that it is pointless selling out at these levels, so I am prepared to sit on my hands and wait and see what time will bring.

THe lenders are being supportive through some asset sales so there aint going to be a fire sale and values aproximating book value could be acheived.

Dont lose site of the fact that this company is asset rich and there is still shareholder value there.
After a delisting, just dont expect to get any of it soon.

brumont
Chat Pages: 77  76  75  74  73  72  71  70  69  68  67  66  Older

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