Pressure Technologies Share Discussion Threads

[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.

[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 11:17

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 08:52

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 03:13

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 15:13

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 10:08

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 08:49

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 ?