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27-09-2016, 02:47 PM
#1071
Results delayed 2 days
Bugger - 1+ 1 didn't = 3. .......or is it what the heck do we do with couple a million of old stock that we thought had already been sold.
“ At the top of every bubble, everyone is convinced it's not yet a bubble.”
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29-09-2016, 04:41 PM
#1072
I think it says - although not obvious from the headline numbers we are back on track
Morbid fascination of impending train wrecks means I need to have a closer look later
https://www.nzx.com/companies/PPL/announcements/290002
“ At the top of every bubble, everyone is convinced it's not yet a bubble.”
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29-09-2016, 05:50 PM
#1073
From the commentary:
"The twelve months to 31 July 2016 has been a period of major change for Pumpkin Patch and represents the end of the first year of what has been signalled as a four year turnaround period. We believe, reflecting on the underlying improvements made during the year, that very good progress has been achieved although this is not immediately apparent from the headline numbers reported. "
Higher loss, negative operating cash flow, higher borrowings. A long way to go!
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29-09-2016, 06:51 PM
#1074
Looking back 2 years ago, they said this in their FY2014 result.
The Company completed a strategic review of all areas of the business during FY14, and has embarked on a comprehensive 24-month transformation process. The main areas of focus in the early phases of the process are redefining the brand and product proposition, connecting to our customers in a more engaging manner, and development towards a truly omni-channel business model. Steve McKay, whose appointment as Chief Financial Officer was announced recently, will have the responsibility for driving the transformation process.
The full impact of the strategic transformation process will not start to be seen until early FY16. However the Company is expecting lower inventory levels and a continued disciplined approach to capital expenditure and other major spend items to be reflected in lower bank debt in the latter part of FY15.
We've just come to the end of the 24-month transformation process. I think it must be early FY2016 by now? I don't see much impact of this strategic transformation process... a bunch of stores closing down I suppose.
Now we are one year into the four year turnaround period.
Always seem to be in some kind of process or period eh????
I think 24 months wasn't enough time, so they've given themselves another 3 years to turn it around.
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29-09-2016, 08:36 PM
#1075
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05-10-2016, 10:48 AM
#1076
I often wonder if this is patch's real strategy
Last edited by winner69; 05-10-2016 at 10:49 AM.
“ At the top of every bubble, everyone is convinced it's not yet a bubble.”
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10-10-2016, 06:31 PM
#1077
“ At the top of every bubble, everyone is convinced it's not yet a bubble.”
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10-10-2016, 06:43 PM
#1078
“The potential for growth through these partnerships is significant but will take time to develop,” he says.
I don't think they have the luxury of time. ANZ have given them till October 20 to address the capital constraint issues facing the business.
Asset backing at balance date was less than 5 cps and that probably includes heaps of intangible assets. Assuming ongoing losses since then and a business model that appears to be systemically flawed surely the patch has had its time to find its own unique "patch" in the retail market already. Anyone holding gift vouchers would probably do themselves a favour to go and spend them before 20/10/2016.
Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.”
Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine
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21-10-2016, 10:21 AM
#1079
The end of the road?
Pumpkin Patch Limited (PPL) - Material company update 10:10am, 21 Oct 2016 | GENERAL Pumpkin Patch Limited (PPL) – Material company update
As detailed in PPL's Full Year Result Announcement 2016 (released to the market on 29 September 2016): "The business remains significantly over-leveraged and capital constrained. Banking facilities are in place that provide the working capital necessary to enable the company to trade and to fund a limited level of essential capital expenditure. Our ability to move forward from here is impacted by the lack of available capital for debt reduction and reinvestment. This represents a material risk to the ongoing viability of the business."
As highlighted in the financial results of PPL released with its Full Year Results Announcement, PPL had undertaken to its bank that options would be tabled and considered by 20 October 2016 to address and consider the company’s capital constraints. (Agreement was subsequently reached with the bank that this date would change to 31 October 2016.)
Since 29 September 2016, PPL has undertaken further work on these options. This further work coupled with discussions with the bank and certain key stakeholders has generated substantial uncertainty, which remains ongoing, regarding the company’s future in the context of its current financing arrangements. Shareholders should note that it is highly unlikely that there is any residual value in the company’s equity.
PPL expects that further work and discussions with relevant stakeholders will be completed in the next few days and that, when an outcome is clear, that will be announced to the market.
ENDS
Peter Schuyt
Chairman
Luke Bunt
Managing Director
21 October 2016
https://www.nzx.com/companies/PPL/announcements/291271
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21-10-2016, 10:29 AM
#1080
Who do you think will go bankrupt first? Pumpkin Patch or Wynyard?
After this annoucement, it would seem Pumpkin Patch may win this unfortunate race...
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