Pressure Technologies Share Discussion Threads

[sspurt] 09/3/2023 14:28

...or maybe just a push from the Vox markets Rockwood interview 😒

hxxps://www.voxmarkets.co.uk/media/64072e05f9ceb85db408d9d7/?context=/?mediaAssetId=

circa 53.30 mins

[sspurt] 09/3/2023 09:30

Looks like news must be inbound imminently as you say 40F, more than 2x daily vol traded already.

[40 fathoms] 09/3/2023 06:20

In this VOX interview, he confirms that their is an ongoing process for all or some of the PMC division. The fact he will not discuss valuation to my mind suggest that there is imminent news and he maybe on the inside.

[40 fathoms] 07/3/2023 23:51

It is not just PRES, the whole AGM process is now so anachronistic. All AGMs should have a live Webcast, with an ability to ask questions over the internet to the board.

As to the AGM notice, it is a strange it would be a very brave board to call the AGM without certainty they can deliver the financial results, after all accepting the accounts is the first resolution on the agenda. Also today was not the last day for giving notice of the AGM, so it is a little odd. Also if there were some negative surprise in the accounts it is not clear to me what advantage would be gained by splitting the AGM notice and the release of the accounts.

A sale of PMC at a decent price would be very welcome and could have a very meaningful impact on the share price. I guess we cannot rule out a takeover either, given the Harwood shareholding, an all share offer from Avingtrans has always seemed possible to me.

[cerrito] 07/3/2023 09:18

I assume the reason that they are announcing the AGM before the figures are released is that the AGM has to be held 6 months from fiscal year end and x days of notification have to be given.
I hope the delay in giving us figures is not because there is a skeleton in the cupboard :I would be surprised if that was the case.It could be that they want to tie in a sale announcement of PMC with the release of figures

To me a 930 start is a message that you are not welcome.

[darrin1471] 03/3/2023 15:39

Steve Hammell joins "second quarter of this calendar year."

Calendar year rather than financial year. So April to June.

Steve Hammell still shown as working for Sheffield Forgemasters on Linkedin

Independent Non-Executive Director Mike Butterworth has been a Chief Financial Officer of FTSE 250 company.

If Pres sell PMC Chris Walters looks surplus to requirements as his experience was in oil and gas.

Tried a dummy buy and was able to buy at 37.7 but was not able to get a sell price for even 500 shares.

[cerrito] 27/2/2023 11:46

I am going on basis that finals out tomorrow

[darrin1471] 27/2/2023 11:00

200k of sells at 40p this morning.

[darrin1471] 27/2/2023 10:56

Singer said full year results are expected on 28th February.

James Locking will be stepping down as Chief Financial Officer at the end of February 2023.
Steve Hammell will join the Company and Board in the second quarter of this calendar year.

Anybody heard of any different dates?

[cerrito] 22/2/2023 15:03

I note that in their interims this morning AVG commented on pick up in their North Sea business in recent months and be interesting to see if PMC has the same experience.

[darrin1471] 06/2/2023 21:51

Thanks Cerrito, I was being a bit lazy as I should know what I am invested in.
Looking back they were bought a long time ago and any current valuation is irrelevant to what PRES paid.
My main interest is the long term hydrogen play. PMC's oil and gas recovery play was secondary.
Hydrogen market looks massive but it is still a few years away.

I watched ITM's capital market update webcast on the weekend to get an update on hydrogen. The impression I got was that hydrogen projects have been pushed back 9-12 months. PRES were saying hydrogen would be weighted to H2 23. This could be filling stations or projects ITM are working on. Having listened to ITM there has to be a risk that H2 23 becomes H1 24 or worse.
I bought a few PRES 15 months ago and trebled on the fall in September. After the rise this morning I have sold the shares I bought in September and kept the few I bought in 2021. They were not easy to sell. Every sale knocked the price down and there was another seller. Sorry.
Contract win announced today should already of been in the numbers of the big shareholders so the 20% jump today was caused by private investors IMO.

[cerrito] 06/2/2023 16:13

Cannot remember off the top of my head.
They have had the Welsh facility-Almet- for 10 years plus and they had a rush of blood to the head in about 2015 when they bought Roota and Quadscott and then the market collapsed.
I listened back to question 4 of the July IMC presentation and they emphasised their commitment yo get PMC into profit but stopped short of saying they would remain within PRES.
I know they have looked at synergies between PMC and CSC.
The impression I get is that they are subacale and consume alot of management time and hopefully they can find someone who can make them work.
I go on the basis that the institutions who went into the November equity raise had given the company the benefit of their views.
Fun and games for the new Chairman
Having topped up in the last fortnight, I have not bought today and will watch the market.
A lingering fear of PMC sold, they decide CSC too small to be quoted taken private and people like me shafted, although I take comfort from there being several big beasts on the register.

[darrin1471] 06/2/2023 14:30

Cerrito. I see you have held PRES for a number of years.
Do you know what they paid for PMC or parts of PMC?

PMC was forecast to turn profitable this quarter. Would PRES be selling at the start of a recovery cycle.

I would assume substantial shareholders would have agreed on this at the time of the placing. Did other major shareholders take part in the placing. They could be looking to sell their positions if the nature of the business changes from an oil and gas recovery stock.

Personally I would be happy to hold just CSC as the hydrogen potential is the big prize for me.

[cerrito] 06/2/2023 13:45

We are waiting for the full year 21/22 results for the FY ending end of September.
To answer my own question about the delay perhaps they hope to have sold PMC by then and do not want to be in a situation where they have to comment on it.
Probably I am putting 2 and 2 and making 5.

[darrin1471] 06/2/2023 12:21

H1 ends 29th March so Feb 28th does not sound right.
New CFO starts in Q2
Old CFO leaves end of this month.

[cerrito] 06/2/2023 08:37

Singers have put out a note suggesting that it relates to Dreadnought which is a fair assumption and I would have been surprised if CSC had not got the contract.
Singers say we should expect Prelims on Feb 28.. No idea why the delay and why the company could not tell us.
I was interested to see Singers refer to the expected divestment of PMC.. I had not realized things were that well advanced. I guess a good time to sell and begs the question if CSC is big enough to justify its own AIM listing.

[arthur_lame_stocks] 06/2/2023 07:19

That's good news, a large contract award. I assume that the award of this contract was already factored in to forecasts hence there won't be any upgrades for the stock or am I wrong?

[darrin1471] 30/1/2023 12:45

I particularly like "I focus my skills on helping high potential businesses scale-up, by building sustainable finance functions"

[darrin1471] 30/1/2023 12:45

Worth noting PRES have a new CFO in Q2

Steve Hammell CFO from Sheffield Forgemasters

From his Linkedin:
I am currently CFO of Sheffield Forgemasters, the heavy engineering specialist serving the defence, nuclear, energy and power generation sectors.
Prior to this, I was CFO of ECSC Group plc, an AIM quoted cyber security specialist, and Group Finance Director at eBECS, a high growth, international IT consultancy, that I successfully guided through a divestment process to Computer Sciences Corporation.
I am an accomplished finance professional with 20 years deal-making experience, having worked on M&A transactions with a combined value of £1.3 billion whilst at PwC, Yorkshire Bank and Grant Thornton, advising PLC, private equity backed and owner-managed clients.
I focus my skills on helping high potential businesses scale-up, by building sustainable finance functions, partnering with business lines to improve operational execution and performance, driving cashflow and by delivering first class communication to shareholders/investors.
I deploy specialist skills in financial reporting, business intelligence and operational KPIs, budgets/forecasting, management of due diligence processes and finance raising to deliver successful corporate and shareholder events.
I qualified as a Chartered Accountant with Arthur Andersen, am a member of the Chartered Institute for Securities & Investment and hold a first class honours degree in Economics & Management from the University of Leeds.

[darrin1471] 30/1/2023 12:41

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 at the Issue Price, respectively.

[cerrito] 30/1/2023 11:09

If my reading of the RBS's is correct of the 7.6m shares issued in the November fund raising is correct Harwood took 4.3m and Schroders 2.1m but feel very free to double check

[cerrito] 28/1/2023 22:59

I have to say in the last couple of months PRES has been rather out of sight out of mind as far as I am concerned and the lack of activity on this board suggests the same for all of yiu
I have no idea where E&Y are with the review and indeed where we stand with Lloyds covenants. Perhaps the equity raise has meant all this sorted which would surprise me somewhat.
We are due the Prelims. A few years back when the AGM was held in Sheffield it was in Mid Feb so the timetable is really slipping.

[cerrito] 28/1/2023 22:43

FT has an article talking about the bumper year of the US oil services group whose shares rose 59pcin 2022 and quoting the heads of both Baker Hughes and SLB/Schumbleger of good prospects for the coming years with SLB referring to an early stage of a structural up cycle.
Be interesting to see how much filters down to PRES.

[sspurt] 15/12/2022 12:21

Both Schroder and Harwood have increased their positions here recently. And a bit of volume today I see has pushed the price up. Looks like the placing indigestion is over.

[cerrito] 04/12/2022 18:46

I have not given PRES much thought in the recent weeks.
I saw the result of the GM RNS and that voter turnout was about 60pc.Given the holdings of institutional investors I was expecting it to be a bit higher.
I also saw the links to the Chesterfield and PMC websites.
The PMC one does not seem to have been updated recently as they had a big thing on Covid precautions and talked about Quadscot which I thought had long been closed.
The Chesterfield one had no news section-probably sensible unless constantly updated- and seemed functional but not inspiring.
They had a careers section and no surprise looking for a wide range of people but not very enticing.