Progility Share Discussion Threads

[graham1ty] 27/3/2015 07:44

Just read on. PGY is so short of profit and therefore cash that they have had to issue another £500,000 of Loan Notes.....to Wayne Bos of course. Just for working capital

[graham1ty] 27/3/2015 07:29

smithy........amazing accounting for the Indian acquisition. He has immediately WRITTEN UP the acquisition by £3.2m !!!!!!! Buy something cheap, persuade the auditors it is worth more, then magic £3.2m out of thin air to put through the profit and loss !!!! Even before it has made any contribution.

Meawhile the rest of the business continues to lose money......

[smithie6] 12/3/2015 16:00

The loan notes are listed....Channel Islands...

I wonder if Wayne sells em....the 18% ones at say 200p per 100p of loan note...
to quickly double his money...
and giving a yield to the buyer of 9%

[smithie6] 12/3/2015 15:54

"Progility Finco Ltd
GBP7,150,000 12% Redeemable Loan Notes

Progility Finco Ltd
GBP2,133,220 18% Redeemable Loan Notes 2016 "



so at 12% and 18% it looks like Wayne is doing OK !

2 yrs at 18% would be 36% !...3 yrs is 48%

( I assume that shareholders get 0 % return !)

and if cant pay...well Wayne can just call in the loans ...and own all of the co.

[smithie6] 12/3/2015 15:43

some good posts there Graham

"Graham1TY
30 Sep'14 - 19:59 - 47 of 51 1 0

"profitable and growing platform". Er Wayne you have shrunk £26m to £16m.....not growing. And call me old fashioned, but you just reported a loss of £0.4m"

----

Not sure what Wayne is doing...

BUT

if the loan notes can not be paid....then the loan note debts can be called in...and if the co. can not pay....then, surprise surprise, the loan note holder (ie. Wayne) will own all of PGY and its acquisitions
with 0 for shareholders.

Be interesting to see what happens, from a distance, (bargepole job for me)

----

And yes, as you say, someone selling 1M annual profit for 1M euros lump sum. Very fishy.

[graham1ty] 11/3/2015 10:44

Oh my word, it looks like a dog, barks like a dog, smells like a dog.

PGY has been abandoned by Paul Lever the last link with ILX. As a completely wet Chairman he allowed all ILX holders to get completely shafted, recommended the disastrous Australian acquisitions and now jumps ship. I suppose cannot blame him, though I do hold him responsible as Chairman for fundamentally failing to look after his shareholders interests.

Now trades at 4.6p which capitalises PGY at less than £10m. IT IS A DOG. Get out

[graham1ty] 20/12/2014 11:32

There is more to this than meets the eye. Why did Unify sell a business making £1.1m profit, with assets of £7.6m for just €1m ???? The RNS says that a restructuring " will be disruptive....and has been reflected in the price paid". But surely if PGY are going to restructure the business, it is at their cost, their risk ? Anyhow, why restructure it if it is making £1.1m anyway. He'll of a lot more than PGY makes in profit. This is very very fishy.....

[graham1ty] 19/12/2014 07:40

Where is the catch ? Paid €1m for something turning over £19m and making £1.1m profit.......typo ? Or more to this than appears ?

[graham1ty] 30/9/2014 19:02

"growing".... Smithy, for proper comparison they do have to take a stab at what it would have looked like lastbyear, had it existed, and last year £40.9m, this year £38.8m......er which meaning of growing is he using ?

[graham1ty] 30/9/2014 18:59

"profitable and growing platform". Er Wayne you have shrunk £26m to £16m.....not growing. And call me old fashioned, but you just reported a loss of £0.4m

[graham1ty] 30/9/2014 18:51

And he says "we bought Progility in 2013".... Not exactly Wayne. You reversed it in at a grossly inflated price relative to ILX.

The Srarkstrom acquisition was recent. So take that off the £16m Market cap and "the rest" is being valued at £6m.....er but Wayne you sold it to ILX for £16m. And that excludes any residual value in ILX. So, unlike 2+2=5 Rob Terry.....maybe you are 2+2+2=3 Wayne !!!!

[smithie6] 30/9/2014 13:44

" As our business reports its results under merger accounting it reflects current and historic revenue as if the merged companies had always been combined, meaning prior period revenues of the two companies are aggregated."

hence imo the accounts are hence...

false !

(had always been combined)
----

ah
PS
note that with such an accounting method.....
the prior period revenues are aggregated...

but
I assume that the loan costs for the new loans in order to make the acquisitions are only for X recent months......
so WAyne might be including the historic profits and turnover while NOT including the loan costs for the same period of time !

If I am right ....then the PBT is in reality MUCH worse.

Fulltimeinvestors.com

[graham1ty] 18/9/2014 09:18

Oops. Wheels come off. When asked what the real bid is, even in just 50,000 shares......er 7p. Saw the other day the WHI research. All sorts of guff about solid platforms and revitalising companies. WB has been in post since Aug 2012. And still it is an unprofitable hotchpotch of businesses. Only winner WB when he reversed his awful Oz investments into ILX

[smithie6] 25/8/2014 19:04

anyone buying this is...imho...nuts

whatever happens I have a suspicion that there will only be 1 person to benefit in the end...
and his first name starts with a W !!

[davidlloyd] 07/8/2014 09:48

That is very positive - suggests that someone is indeed keen to get their paws on (y)our shares. Your broker is clearly on the ball too (makes a change to my experience!)

Bring it on.

DL

[4lexandertg] 06/8/2014 17:20

I was called today by my broker, just seeing if I had noticed the uplift in the shares, which I had. I hold appx 800,000 shares. Apparently there are not many sellers, and presumably some demand from somewhere.

[davidlloyd] 06/8/2014 13:48

Why does this seem as though it is being walked upwards? - someone actually acquiring in the background or general feeling that it is undervalued? Or A N Other.....

DL

PS not complaining....

[davidlloyd] 30/7/2014 16:29

going in the right direction for whatever reason......

DL

[graham1ty] 21/7/2014 07:40

Revenues actually fell last year despite the acquisitions ( blamed on currency.....well the £ is still strong, so Oz operations going to be hit even harder now). Loss of £1.1m and confirmed higher costs as they "invest" in new areas. The acquisition of Progility ( a complete rip off for old ILX holders) was valued at £15.97m. the whole company, including ILX, the two earlier acquisitions, and this announced one is now worth...........er, £15m. This is a crock if sh*t

[p1nkfish] 20/7/2014 08:26

Still think it sensible to be wary here.

[fillipe] 16/7/2014 11:33

A rather chunky Dir buy this morning!

[citytrader007] 14/7/2014 12:29

anyone buying this ? or just jacking it ?

[graham1ty] 14/7/2014 11:46

See all my comments from the farcical takeover of his Oz businesses last year. Zero corporate governance. Anyhow, they can train telecoms engineers in the Australian mining sector to cross sell medical kit. And then get them a job when they fail.....

[1littlefish] 14/7/2014 10:21

ah
if Wayne can get the cos. to be owned by his loan co. after 5 years...and still Ok...even if not paying the full loan costs...

then he gets to own them personally ....for half price...since he will have rxd 4 years at 12%...48%