Pressure Technologies Share Discussion Threads

[arthur_lame_stocks] 16/11/2022 18:38

I'm happy to see some shrewd money going in, but I'd be happier still to see the Directors stump up for a meaningful amount.

[cerrito] 16/11/2022 18:34

I am feeling comfortable with my holding with the 3 big investors taking 6.6m of the 7.6m shares raised. They have a pretty good shareholder register now.
Surprised that given the logistical hurdles that so much raised from the retail offer.
I see in the factual note that Singer put out they said the Prelims come out on December 1 which would be good bearing in mind on the last 2 years it had been in January.I would not expect PRES to get their Prelims out in 2 months.
I guess Lloyds will be happy when the shares are issued and the debt owing to them is paid down.

[darrin1471] 16/11/2022 15:52

"The Fundraising has conditionally raised aggregate gross proceeds of GBP2.28 million pursuant to the placing of 7,097,708 Placing Shares and subscription for 502,292 Retail Shares"

"Schroders Investment Management ("Schroders"), Harwood Capital ("Harwood") and Peter Gyllenhammar AB ("Gyllenhammar"), each a substantial shareholder of the Company (as defined in the AIM Rules), have conditionally subscribed for 2,333,333, 3,333,333 and 1,000,000 Placing Shares"

"Certain of the Company's Directors have agreed to subscribe for, in aggregate 199,999 Placing Shares at the Issue Price"
Nicholas Salmon 100,000
Chris Walters 33,333
Tim Cooper 33,333
Mike Butterworth 33,333

[andyview] 15/11/2022 10:13

Done well to get it away at 30p imho, although to what extent is yet to be seen. I’d think probably get them in the market at that price in the coming weeks

Gla

[wilmdav] 15/11/2022 10:10

Unsurprisingly Charles Stanley have phoned back saying the short notice does not allow them enough time to take part.

[cerrito] 15/11/2022 09:34

I am passing.
I overslept, have a busy morning, have never heard of Lex and do not have the time to deal with Barclays who are never very speedy.
If they had used Primary Bid where I have the systems set up and they used last time I would have bought a few.
I understand the short turn around and indeed we would have had it in the Primary Bid one.
On the basis they get the £2m or thereabouts a good deal for all and will be interested to see who takes up the shares.

[wilmdav] 15/11/2022 08:14

Retail offer closes at 12 noon today subject to brokers willing to take part! Seems highly unrealistic. Have phoned Charles Stanley who are going to look into it and call me back when able to do so.

[baner] 28/10/2022 10:17

PRES shares are firm - maybe they have now resolved the financing issue, in which case the shares should pop back to the "pre-crisis" level of 60-ish pence.

[cerrito] 07/10/2022 07:52

Thanks 40 Fathoms for that link.
I note that they are supportive of the CEO and they welcomed the appointment of the COO. I think they are right in their comment that PMC would do better with another owner. As they say CSC has a lumpy order book/ cash flow but if you have good relations with your bankers should not be material if you are privately owned or publicly listed.

[40 fathoms] 07/10/2022 02:13

This link will take you to the section in recent investor presentation by Rockwood Capital/Harwood who hold @13.4 % of PRES where they provide some thoughts around their thinking and outlook for the business. They seem to suggest they favour a sale of PMC and eventually a privatisation of the business. It would suggest they are not sellers at this point.

Earlier in the video they show (and this is clearly post the fall in PRES shareprice given the market cap they have used)that they expect PRES to have an EV/EBITDA of 5x for FY2023.

[cerrito] 05/10/2022 14:13

I am very interested to see the RNS of the sellers unless all of them have had sub 3pc. Interested to see what Greshsm House does.

[cjohn] 05/10/2022 09:08

I've followed this company on and off for years and had an investment about a decade ago at one of its periodic lows.

I have no position at the moment.

On perhaps, ten occasions over the last couple of decades, I've also had holdings in companies into which P Gyllenhammer has subsequently bought.

The outcomes for my investment in those companies has been no different from the overall trend of outcomes of all my deep value investments.

I regard P Gyllenhammer an an epiphenomenon, a marker of deep value, but not a catalyst for out-performance.

So I agree with My Retirement Fund about that.

The update is poor. And if you look back over results for the last ten years, the company nearly always struggles to make profits. What's more the management tends to over-optimism in looking forward.

[baner] 05/10/2022 07:49

40fathoms - total agreement - these guys are money managers, not manufacturers,so any sensible offer will be considered constructively. what do u believe could tempt them price-wise? are we talking 25p, 45p, 65p ?

[40 fathoms] 04/10/2022 22:41

@Cerrito - Yes it all gets very interesting with the increasing Peter Gyllenhammars stake.

The shareholder structure is such that a takeover does not look straightforward. With respect to a traditional offer both Harwood and Schroders have blocking stakes, if it was done via a scheme of arrangement Schroders has a blocking position and Harwood is close enough that they would only need to convince a handful of other investors to also be in that position. That said I am sure they are both open to sensible offers.

[baner] 04/10/2022 13:36

my retirement - no i probably do not understand the meaning of this word. let´s stop this nonsense here, you clearly have had a pint too many for lunch.

[my retirement fund] 04/10/2022 12:36

banner, respect - do you know the meaning of the word? They managed to dump a massive position at 22p takes some respect !

I am quite sure there are many fund managers out there who simply wouldn't have the contacts in their phone book to find someone who may want to take such a large holding of them!

[baner] 04/10/2022 11:23

my retirement - you cannot possibly say that Miton has justified any respect from the handling of their investment in Pressure Tech though ?

[cerrito] 04/10/2022 10:45

PG vs Harwood Capital.
May the best man win

[my retirement fund] 04/10/2022 10:05

Miton ? they are highly respected right, not the careless shooting fish in a barrel types!

[my retirement fund] 04/10/2022 10:02

interesting read

[baner] 04/10/2022 10:01

could the reason be that Miton are not as competent an investor as Gillenhammer?

[my retirement fund] 04/10/2022 09:57

Peter Gyllenhammars style is to get a majority stake then force an undervalued offer and often through senior lending to the company too.

He did that to AIM listed Chapelthorp. Chapelthorp directors advised remaining shareholders to sell up too whilst admitting Mr Gyllenhammar’s offer undervalued the group. The price was below the prevailing market price, he managed to get 56% before forcing the issue.

That's his style, its not usually a good thing when he rears his ugly head, lets put it that way!

and of course there's a reason mitton sold their stake to him for 22p

That said, who knows how this will pan out for him, he doesn't always get it right and the other side of the coin it could be good for the equity too.

[arthur_lame_stocks] 04/10/2022 09:50

Peter Gyllenhammar is now up to 7%.

[baner] 03/10/2022 18:50

there is no need for a discounted funding here !