PVO

[upside_umop]

still on a rampage?
i think some people have good knowledge or are just taking this a bit far...

[Dr_Who]

Another one of my stock on the move. Whats up? Anyone have any news? All good. :)

disc: PVO holder

[Ted2]

Now we know. Someone else obviously knew before we did!
https://www.directbroking.co.nz/DirectTrade/dynamic/announcement.aspx?id=1753801

[warthog]

Implies $0.85 for PVO given current CTL or $0.14 given current PVO. Would appear that this is recognition of the proportionally higher value of the merger for CTL.

[Dr_Who]

I feel a merger between PVO and CTL in the future. :D Just a feeling and thats all it is. :D

Hey Bling, do you have a crystal ball?

Wonder how much cost benefits from the merger. Must be significant.

[The Doctor]

Implies $0.85 for PVO given current CTL or $0.14 given current PVO. Would appear that this is recognition of the proportionally higher value of the merger for CTL.


reflected in current trades....close today...PVO-69,CTL-16.5.wHICH ONE TO BUY?

[warthog]

reflected in current trades....close today...PVO-69,CTL-16.5.wHICH ONE TO BUY?

If you're set on buying either, then consider that the ratio has been struck and you're buying into Mergeco - it's just a matter of which option represents the cheaper entry price ... the market has a slightly different idea of the value differential than PM et al.

[Scuffer]

If the market is self correcting it doesn't matter which you buy unless you can pick it on the dicrepency longer term holding is where it will make a difference,could be a good time to try.

[KiwiBear]

A classic chart of 'Buy on the rumour sell on the fact"now!

[winner69]

Article in the NBR today "Industry doubts over Efpos merger plan" interesting view

Sort of says that 2 loss making payment tech companies might still be too small to compete on the international stage ... even a merged entity would struggle to compete againt the likes of VeriFone and Ingenico.

[warthog]

Article in the NBR today "Industry doubts over Efpos merger plan" interesting view

Sort of says that 2 loss making payment tech companies might still be too small to compete on the international stage ... even a merged entity would struggle to compete againt the likes of VeriFone and Ingenico.

A valid point, but separate, they are completely lost.

Nimble companies - especially if they devlop IP/product that can be rolled-out to a global client-base of larger companies - can be worthwhile trade sales which is another exit scenario for PVO/CTL holders.

disc: hog holds neither

[winner69]

Take it that the proposed merger of PVO and CTL still going ahead

Interesting that the combined market cap day before announcement was $140M and that is currently 23% lower at $108M so the punters have written down the value of 'mergeco' quite a lot

Must mean something ........ goodness knows what ........ maybe an opportunity?

[Mr Murphy]

Anyone know when the independent report and the shareholder approval is set for? Also do we know if commerce commission approval has been granted?

Cheers
Murph

[Steve]

Also do we know if commerce commission approval has been granted?

Yes (http://www.directbroking.co.nz/directtrade/dynamic/announcement.aspx?id=1854711) it has!

[Mr Murphy]

What timing!

[winner69]

Another half year announcement comes out -- the one thing about them is that they are consistent -- performance wise and the commentary

No wonder the shareprice down below 40 cents

Combined value of PVO and CTL now about $80M -- from $140M when the merger was announced so 'mergeco' down nearly 60% since then

Will await the glossy report -- always good for a laugh

[upside_umop]

Yeah your so right winner...i once owned a small parcel in this company after the todds bought in...
What a mistake, never really fully understood how they will get reoccuring revenue in such a competitve market. Held on way to long and took a good size loss...

Who here still holds and why?

[Year of the Tiger]

Yeah your so right winner...i once owned a small parcel in this company after the todds bought in...
What a mistake, never really fully understood how they will get reoccuring revenue in such a competitve market. Held on way to long and took a good size loss...

Who here still holds and why?

I first bought in on 1 Jun 06 at .89cps. Then bought some more at the SPP in August 06 for .85cps. I started getting jittery about this one early in 07 so bailed in Feb 07 at $1.03.

I didn't have a big number so the profit wasn't too big either, but at least it was a profit.

I see now as the share price has fallen into the well, that I was wise to act when I did. I remember that my initial fears were brought about by reading some obscure overseas news article and thinking how that could possibly affect PVO. When the price started to drop a bit, I figured it was time to jump ship.

Probably more good luck than good management, but the thing I did learn at that early stage was to read, read, read and when you are done reading, read some more.

YOTT

[Steve]

I didn't have a big number so the profit wasn't too big either, but at least it was a profit.

It's not the size of your profit that matters, it's how your profit is relative to your investment that matters. Think %, not $! :)

[winner69]

Combined value of PVO and CTL now about $80M -- from $140M when the merger was announced so 'mergeco' down nearly 60% since then



Quote back in MArch --- merger all done and savings of $7m plus when they finally restructure .... and great plans for the future .... but market cap even further down .... to $60m this morning

Amazing that so much can be fitttered away during a merger .... obviosly not many believe the combined outfit will be better than the parts ..... certainly proved that the sum of the parts is often better than the whole .... but that's not putting it into context.


Is this the next step to the eventual demise of Advantage / Cadmus / Provenco or is the phienix going to rise from the ashes .... a name change will do wonders .... maybe Phoenix is a good one.

Any holders still .... must be painful .... sorry to bring it up

[moimoi]

and looking rather sick on reasonable volume today.....

The biggest concern with this mob is the position of ANZ....PVO breaching covenants earlier in the year....and as we have seen recently in OZ and in NZ, the ANZ is not known as a fellow who will hold the umbrella over ya head when its raining...lest i utter the morbid code of FTX.

Tough to understand why they bank ANZ when ANZ operates a competing eftpos network.

[bermuda]

and looking rather sick on reasonable volume today.....

The biggest concern with this mob is the position of ANZ....PVO breaching covenants earlier in the year....and as we have seen recently in OZ and in NZ, the ANZ is not known as a fellow who will hold the umbrella over ya head when its raining...lest i utter the morbid code of FTX.

Tough to understand why they bank ANZ when ANZ operates a competing eftpos network.

Honestly guys,

Sell up and buy some vpeo. Leave this one to the suckers.

[Dr_Who]

If this company is fundamentally sound and the merger can bring in the benefits as projected, I see this as a T/O by the Todds. I will keep an eye on this pup. I understand PVO has good contacts and specialise in the energy sector. Well, the energy sector is booming and if they can consolidate and grow in that sector, they are onto a winner.

I will need to read up more on their future business plan and forecast numbers, assuming their numbers are correct.

[upside_umop]

They do concentrate on the energy sector overseas...but not directly, so to speak.
They do payment solutions at petrol stations, and probably wont benefit from increasing petrol prices as thats less transactions etc etc..

I'd be careful..very speculative, and check the historical earnings of both companies. Shocking!

[Steve]

If this company is fundamentally sound and the merger can bring in the benefits as projected
...
I will need to read up more on their future business plan and forecast numbers, assuming their numbers are correct.

Well, the two seperate companies were obviously not fundamentally sound, so it will be interesting to see what you come up with for the merged entity...

[golden city]

hopefully peter maire's magic can turn this one around

[Steve]

hopefully peter maire's magic can turn this one around

Hey GC, I'm surprised that you didn't suggest that Brent King should become involved to solve all their problems... ;)

[moimoi]

Trading Halt!!

Don't tell me ANZ has pulled the pin?

or

Major shareholders taking the company private?

or

capital raising.?

:-)

[moimoi]

and now lifted...with no explanation.

Oh yes your honour, we are in a fully informed market.??

[zigzag]

and now lifted...with no explanation.

Oh yes your honour, we are in a fully informed market.??

Totally agree with you. What the hell was that all about? and what is the average punter supposed to read into it ?????????

[Toddy]

and now lifted...with no explanation.

Oh yes your honour, we are in a fully informed market.??

Oh no, is the NZX being pro-active now days. The way that the media reacted to the NZX enforced trading halt may well mean that there is a story on the street.

PVO says no story to answer to.

[Dr_Who]

hmmmm.... something fishy is up. The company should at least come out and explain.

[moimoi]

well we got an explanation today.

Thank you.

Moi.

[moimoi]

ATTN: directors.

can we have an update as to the status of negotiations with the ANZ please.???

Your merge document registerered this as being the biggest risk to the company's ability to continue...!!!

Its fine for you big boys in at 10 cents but the small scallops on the seabed are being tortured via a thousand small cuts!! :-(

Thanks
Moi.

[winner69]

Am I the only holder then?

Take away the smart ones who own most of the company probably you are belg!

Mergeco market cap $140m once ,,,,, PVO market cap $15m now

[Corporate]

a look at the 2 year chart is horrific!

[winner69]

a look at the 2 year chart is horrific!

The 10 year chart is even more hilarious

I think Belg is hoping that it'll repeat the rise from 20 cents in 1998 to $5.45 in March 2000


Nothing has really chnaged ... I'd hate to think that accumulated losses have been over the years ... and still plenty more on the balance sheet to go

[Corporate]

well i can't even get onto there web site to see what they do...!

[dragonz]

One notes the SP has semi-stabilised ... (I've been helping just a little bit :D )

Have you stoped buying Belgarion. Shareprice in freefall:eek:

[winner69]

What a disaster .... jolly decent giving the notes holders some hope and offering them a 'concessionary' 2% interest rate ..... and telling the greedy buggers that were on a good wicket with the 9.25% they were getting anyway was a bit below the belt

They have the choice to convert into shares ... funny if they did because if all did another 400 million shares would be issued (only 200 million now)

Great buy at 2.5 cents now Belg .... wonder what the recapitalisation will look like when it comes

Maybe share worthless soon

[moimoi]

and with the spectre of the ANZ hanging over them...They have till Friday for a debt extension approval....

Smells like Feltex.!!!

[Balance]

Could be sleeper stock for 2009. I can remember this stock down here in 2000 (?) and going back up to $1.00. Bought a few for a punt at 5 cents.

[Snow Leopard]

Could be sleeper stock for 2009. I can remember this stock down here in 2000 (?) and going back up to $1.00. Bought a few for a punt at 5 cents.

I remember Advantage, as it was then, rising to over $5.50 in early April 2000 and then dropping steadily over the next 18 months to 30c followed by a low of 16c in early 2003, a high of over a $1 in early 2007 and now it has come to this.

Perhaps you are thinking back to the 1990's, when we were young and our brains worked better?

Happy punting
Paper Tiger

[Balance]

When everyone is getting out and I read nothing but negative comments, it's time to have a boo-peep. If it goes down the gurgler, the Todds, Peter Maire and Steven Tindall have plenty more to lose. Good checks and balances there.

As I said, just a punt - for old time's sake.

[tobo]

is there anything that the Todds, Peter Maire and Steven Tindall could do to help turn this around, or keep it from the grim reaper, or are they as powerless (and kept in the dark) as little shareholders.

Are you saying that they will not let the company fail (because they would lose so much), or are you simply observing that they have more to lose than you.

Not meaning to be negative, as am genuinely interested in thinking this through. 5c seems cheap for a company that has such a lot of the market.

[Balance]

is there anything that the Todds, Peter Maire and Steven Tindall could do to help turn this around, or keep it from the grim reaper, or are they as powerless (and kept in the dark) as little shareholders.

Are you saying that they will not let the company fail (because they would lose so much), or are you simply observing that they have more to lose than you.

Not meaning to be negative, as am genuinely interested in thinking this through. 5c seems cheap for a company that has such a lot of the market.

Todds and Peter Maire now control Provenco so they know what's going on. They can let the company fail but they will lose a lot more than me with my punt money. Example - they have underwritten $8m of additional bank funding for the restructuring period. So let them do the hard work and go for the ride. And it will be a rough and bumpy ride.

[Balance]

Good on you Balance. Today's bid offer spread comes in at 6.7/10 with the sell depth looking very empty indeed ... 100% for you (and me) if the first sale is at 10c .... :D

One big seller getting out. Buy high, sell low.

Bit like Rakon - big seller disappears and company races up.

PVO is no Rakon however. Company still needs to sell Vantex or reach accommodation with banks. Todds, Peter Maire, Tindall and Hubbard in there are big positives.

Here's to the 100%. Don't hold your breath.

[moimoi]

Hi Balance,

What makes you think a big seller has been getting out.?

Suspect the recent pause in selling pressure has more to do with extension of bank facilities than anything else.

[Balance]

Hi Balance,

What makes you think a big seller has been getting out.?

Suspect the recent pause in selling pressure has more to do with extension of bank facilities than anything else.

Have a look at the top shareholders' list. You will see a big institutional shareholder selling out and the likes of Hubbard buying.

Does not mean company is okay. Simply mean that selling pressure is gone (for the moment).

[Phaedrus]

All too often, I find myself posting charts that highlight people's thoughts and actions that are wildly inconsistent with market reality. People buying in downtrends, selling in uptrends, ignoring significant changes in volume etc. etc.

For a refreshing change, take a look at this. The comments in blue are by Balance who I presume uses fundamental analysis as his primary investment tool, but see how every action, comment or observation is backed up by TA. Each point is easily seen, graphically illustrated and his entry is exactly where it "ought" to be, technically.

Isn't that spooky, possums?

http://h1.ripway.com/78963/PVO316.gif

[Balance]

Phaedrus,

Do the same with RBD and my comments. It's all about reading the tea leaves at times, eh?

Cheers,

Out-of-Balance Today!

[Contrarian]

Gidday

Just be aware of $10,680,000 of PVO020 that can be converted to equity based on the VWAP between this Wednesday & 15 April. The current market cap is about $13mill

Could be some major dilution to existing shares & selling pressure after 15 April.

Provenco are presumably wanting people to rollover their notes, but offering 2% pa going forward isn't that juicy.

[moimoi]

Have a look at the top shareholders' list. You will see a big institutional shareholder selling out and the likes of Hubbard buying.

Does not mean company is okay. Simply mean that selling pressure is gone (for the moment).

Balance,

can you post the list your referring to.?

cheers
Moi.

[Phaedrus]

So, Ph, will you report to us at some time in the future it was "smart money" getting in or "dumb money" getting in? Neither.
Look back through my posts and you will see that whenever I have spoken of "smart money" it was in explanation of a large and abrupt "step" in the OBV plot. We don't have that here with PVO.

[Contrarian]

Gidday

So I take it the possibilty of just about doubling the number of shares on issue ( with an associated $10,000,000 reduction in debt) isn't worth discussion, or even a question, oh well...

[moimoi]

Gidday

So I take it the possibilty of just about doubling the number of shares on issue ( with an associated $10,000,000 reduction in debt) isn't worth discussion, or even a question, oh well...

Contrarian, do you view such a possibility as a positive or a negative.?

Personally, such an offer to noteholders smacks of a bank stipulation in relation to its recent short term extension of debt facilities. That is, to provide note holders with a "claytons" offer to rollover at 2%, thereby shifting the debt holders over into equity holders, which as we know are extremely unlikely to have anything in the event of firesale / liquidation / re capitalisation.

cheers
Moi.

[Contrarian]

Gidday Moi

Time will tell, I just wanted to poke a stick in the wheel of Phaedrus' chart.

No hard feelings, I have alot of time for his posts, but just in this case, there is an event ahead, for eg Todds paid about $1 for their shares & now half the company could change hands for 5 cents & there is nothing they can do about it.

A bit simplistic, but not too far from the truth.

[moimoi]

Hmmm it would appear then we need a top 20 list of the noteholders....

[Phaedrus]

I just wanted to poke a stick in the wheel of Phaedrus' chart..... But, it's not my chart, Contrarian!

The text was provided by Balance, the price/volume data came from the NZSX.

I merely posted both and drew attention to their correlation.

[Balance]

But, it's not my chart, Contrarian!

The text was provided by Balance, the price/volume data came from the NZSX.

I merely posted both and drew attention to their correlation.

A broken stick in an iron wheel does not a poke maketh!

PVO noteholders can have their shares now or in a year's time - there is no cashout option. If you are the Todds, what would you do? Get the share price moving along so that the dilution is not major. Watch the share price action in the next few weeks.

My pick is that they will announce a sale of Vantex and a JV with an international player for the international business.

BTW - it's ACC who has been selling out. Buy high, sell low.

[Contrarian]

Gidday

Major shareholders (IMHO) are skating on thin ice if they try to mess with VWAP. I think this happened a few years ago with another company & NXZ did an enquiry.

BTW the $10,680,000 can be converted to equity at the LOWER of the price over the next few weeks, or the price in a year. So a rise over the next year could turn into something more dilutive next year.

[Balance]

Gidday

Major shareholders (IMHO) are skating on thin ice if they try to mess with VWAP. I think this happened a few years ago with another company & NXZ did an enquiry.

BTW the $10,680,000 can be converted to equity at the LOWER of the price over the next few weeks, or the price in a year. So a rise over the next year could turn into something more dilutive next year.

Let's say they announce the sale of Vantex and the share price goes up by 100%. Does that constitute messing around with the VWAP?

BTW - whatever happened to the NZX enquiry on Feltex? Big fat yawn.

[Balance]

Next stop 10 cents, Belg?

NZX enquiry must surely follow? Just like Rakon's share price doubling after a big shareholder sold out?

Buy high, sell low.

[Nitaa]

Next stop 10 cents, Belg?

NZX enquiry must surely follow? Just like Rakon's share price doubling after a big shareholder sold out?

Buy high, sell low.
Balance. less than $1,000 traded so far. Completely illiquid stock. Put an order in for $20k and you might get a 10 bagger.

ps. are you trying to ramp so you can dump?

[Balance]

Balance. less than $1,000 traded so far. Completely illiquid stock. Put an order in for $20k and you might get a 10 bagger.

ps. are you trying to ramp so you can dump?

Illiquid? There were millions done on the way down to 2.5 cents. Why are those punters not selling and providing liquidity? Afterall, they are sitting on over 100% gain? Thinka bout it and you will find something interesting about who has been buying.

Ramp? Read my comments - this could be the sleeper stock for 2009.

Cheers.

[moimoi]

Illiquid? There were millions done on the way down to 2.5 cents. Why are those punters not selling and providing liquidity? Afterall, they are sitting on over 100% gain? Thinka bout it and you will find something interesting about who has been buying.

Ramp? Read my comments - this could be the sleeper stock for 2009.

Cheers.

The "millions done on the way down " probably accounts for about $100k in total. One could wipe out the entire sell side for less than $80k currently...hardly a suggestion of anything interesting at all.

cheers
Moi.

[Nitaa]

Illiquid? There were millions done on the way down to 2.5 cents. Why are those punters not selling and providing liquidity? Afterall, they are sitting on over 100% gain? Thinka bout it and you will find something interesting about who has been buying.

Ramp? Read my comments - this could be the sleeper stock for 2009.

Cheers.
Penny dreadful. You want to own 1 share of Warren Buffets company or 1,000,000 of pvo?

[Balance]

Penny dreadful. You want to own 1 share of Warren Buffets company or 1,000,000 of pvo?

Make 100% on PVO or 15% on Berkshire Hathaway?

Interesting choice! I know what I will do.

Glad you guys only deal in big ticket stocks.

[Balance]

The "millions done on the way down " probably accounts for about $100k in total. One could wipe out the entire sell side for less than $80k currently...hardly a suggestion of anything interesting at all.

cheers
Moi.

LOL ...... so why are you so interested in PVO? Ever heard about sour grapes?

[Balance]

100% coming up today, Belg?

[Balance]

Oh well ... so much for being a penny dreadful.

[Ponda]

Someone has put a massive rocket underneath PVO today. Up 57% and is still rising.
Where will it stop??? Nobody knows. Belg and Balance have got to be happy campers.
Who else is going to jump on for the ride???

[Balance]

Not that happy though - If I dump - the price will go south very quickly given the small volumes - might re-weight tho and lock in some profits - a prudent thing to do methinks. [evil grin]

Go on, take some profit. There's over 600,000 done so far with several buyers chasing stock. Let's see how real the buying is?

I guess only problem is that it could go back up to 20 cents (even more evil grin).

Smelling like Vantex is going to be sold for a good price and company reaps the benefit of cutting out all the wasteful businesses they have been funding?

[Balance]

Stock Exchange Inquiry coming up?

Hope you sold a few, Belg. Always nice to lock in some profits especially when it is more than 100%.

[Balance]

All too often, I find myself posting charts that highlight people's thoughts and actions that are wildly inconsistent with market reality. People buying in downtrends, selling in uptrends, ignoring significant changes in volume etc. etc.

For a refreshing change, take a look at this. The comments in blue are by Balance who I presume uses fundamental analysis as his primary investment tool, but see how every action, comment or observation is backed up by TA. Each point is easily seen, graphically illustrated and his entry is exactly where it "ought" to be, technically.

Isn't that spooky, possums?

http://h1.ripway.com/78963/PVO316.gif

Good technical chart, P.

Shows that at turning point, still plenty left.

Your call on where it could go from jere?

[Phaedrus]

P........Your call on where it could go from here?I don't do "calls" !

Given that today was a long white Marubozu candlestick (opened at the low, traded higher all day and closed at the high) the most obvious answer, though, is "Up".

One thing to keep in mind here is that PVO is a very lightly traded stock and as such, candlesticks (and other technical indicators) are not quite so reliable. For example, a "Four price Doji" (open, high, low and close all the same) is usually a rare pattern, representing total uncertainty as to market direction. With PVO, there have been 26 so far this year. Here they simply mean that very low volumes were traded on those days, perhaps perhaps with only a single trade.

[Contrarian]

Gidday
Go Guys..

I've been thinking about Big holders manipulating the VWAP period we are in right now, & have realised that probably the big 3 , Todd, Maire & Tindall can buy up to 0.999% each, without disclosure & for a few hundy grand each can ensure the debt holders don't sneak in through the back door this year. However the new notes terms convert at the lower of now or the price in a year. Big guys won't back it up next year.
All said, Congrats to the penny traders, Huge % between 3 & 4 , 8 & 12 etc

PS is Insider buying at any price, when there is a conversion event live, Legal???

Disclosure required??

The big guys have to keep pouring dosh in to valadate the VWAP price for 2 weeks & run the risk of running out of .999% wriggle room, what will crack first?

Re Vantech sale, ATM cash is king & no one is buying anything...

Just a tipsy rant...

[Balance]

Gidday
Go Guys..

I've been thinking about Big holders manipulating the VWAP period we are in right now, & have realised that probably the big 3 , Todd, Maire & Tindall can buy up to 0.999% each, without disclosure & for a few hundy grand each can ensure the debt holders don't sneak in through the back door this year. However the new notes terms convert at the lower of now or the price in a year. Big guys won't back it up next year.
All said, Congrats to the penny traders, Huge % between 3 & 4 , 8 & 12 etc

PS is Insider buying at any price, when there is a conversion event live, Legal???

Disclosure required??

The big guys have to keep pouring dosh in to valadate the VWAP price for 2 weeks & run the risk of running out of .999% wriggle room, what will crack first?

Re Vantech sale, ATM cash is king & no one is buying anything...

Just a tipsy rant...

Insiders buying to boost share price? Todds, Maire and Tindall going to risk their reputations? Yes, I can just imagine them doing it. LLC (Laughing like crazy)!

Me thinks it's more a case of keeping some nice juicy announcements to make in the next few days and weeks ahead. Like sale of Vantex, agreement with the banks, profit upgrades and a JV with an international player from a country straring with 'I'.

BTW. Vantex has little to do with ATM and Eftpos.

[Contrarian]

Gidday Balance

Maybe Insiders don't have to worry about their reputations, It might all be perfectly legit.. I don't know. The low price (driven down by lack of buyers & probably no chance of a takeover at any time soon) would probably on it's own be a good enough reason for big players to hoover up shares at good prices, That would inevitably boost the share price, & good on them. If it conicides with the debt to equity swap all the better. Probably explains why they have got millions, They are smart.

BTW, my ATM was "at the moment"

Like you say we await news......

[Balance]

Gidday Balance

Maybe Insiders don't have to worry about their reputations, It might all be perfectly legit.. I don't know. The low price (driven down by lack of buyers & probably no chance of a takeover at any time soon) would probably on it's own be a good enough reason for big players to hoover up shares at good prices, That would inevitably boost the share price, & good on them. If it conicides with the debt to equity swap all the better. Probably explains why they have got millions, They are smart.

BTW, my ATM was "at the moment"

Like you say we await news......

Thanks for clarification re ATM!

Todds are not that smart as they have blown away millions so far on PVO. But as we have seen with Wrightson and the McConnons, it helps to have cornerstone shareholders with deep pockets. Comes down to whether they believe there's a viable business to back.

PVO has mentioned that discussions re sale of Vantex is going well so we are going to have to take their word for it. A JV with a global company who can lever off PVO's IP in the oil industry makes sound sense and that's the Maire connection. Profit upgrade is a strong possibility as PVO had been blowing tens of millions to achieve nothing in previous years.

Where's the NZX enquiry re price movement?

[Balance]

Speed warning issued to PVO by NZX.

Prediction - watch share price drift back and the likes of Moimoi surfaces again with the doomsday talk.

[Nitaa]

Speed warning issued to PVO by NZX.

Prediction - watch share price drift back and the likes of Moimoi surfaces again with the doomsday talk.How long do you give PVO. 12 months or not that long?

[Balance]

How long do you give PVO. 12 months or not that long?

PVO will survive.

Underlying businesses are good businesses. The company was buggered by incompetent management and directors all chasing the glory stuff. The glory stuff is gone and it's now back to basics.

[Dr_Who]

PVO sp upwards didnt last very long.

[Balance]

PVO sp upwards didnt last very long.

Don't you just love these price movements?

Must be time for another NZX price enquiry?

[Balance]

Not that happy though - If I dump - the price will go south very quickly given the small volumes - might re-weight tho and lock in some profits - a prudent thing to do methinks. [evil grin]

You have gone quiet, Belg.

Assume you have take your 100%? There was plenty of buying interest and volume for you to bail out.

[I'm Me]

Can someone explain something for me cause I'm newer to this than most people on here probably. The other day PVO came out saying they had agreed to sell Vantex (just one part of the business) for approx $22.5m. Before the announcement the market cap was only $19.2m... I'd have expected if part of the business is worth $22.5m in an upcoming sale the market cap should be over the $22.5m sale price. On the day the shareprice FELL from 8.9c to 8.5c!!! Up to 9c now (Market Cap - $19.4m) but why has it not gone up over the $22.5m mark (10.4c)? Do people value the rest of the business as NEGATIVE $3m??? I was looking for a way out to take up the $5000 spp for xro and thought the announcement would send it up a few cents for me to sell into but the market seems to ignore that Vantex has had a buyer agree to pay $22.5m for it... What am I missing???

[moimoi]

Gidday,

What you might be missing is the $40 million odd debt that PVO has with the ANZ.

After selling vantex, probably the only aspect of the business with any sales, they are still left creaking under a mountain of debt.

The only glimmer of positivity is that the sale would not have been agreed to without ANZ's blessing.

[I'm Me]

Thanks MoiMoi,

So after getting $22.5m from selling Vantex they'd still have $17.5m in debt. By valuing PVO at $3m less than the sale price of the Vantex Division does it mean people are only valuing what's left of the company after vantex goes at $14.5m ($3m less than the debt they'll still have)?

Anyone have thought's on whether that's fair price for what's left. Like you said MoiMoi, ANZ must have had some say in the sale arrangements and wouldn't have agreed to it if they thought what was left of PVO was worth less than the debt they're owed by the company...

[Balance]

Gidday,

What you might be missing is the $40 million odd debt that PVO has with the ANZ.

After selling vantex, probably the only aspect of the business with any sales, they are still left creaking under a mountain of debt.

The only glimmer of positivity is that the sale would not have been agreed to without ANZ's blessing.

ANZ's blessing? More like a kiss on the cheeks from the mafia these days.

Very disappointing price PVO has obtained for their cash-flow jewel in the crown, almost half of what the company thought it could get last year when it was approached to sell.

Oh well, Todds, Maire and Tindall will just have to bite the bullet and come out with more capital. Will not look good for Todds or Maire if they walk away after promotiong the merger.

This is PVO's third close shave with death.

Belg, hope you are out.

[Contrarian]

Gidday
There is a buyer for 250,000 at 9 cents ($22,500), back in the day that would have cost them 1/4 million. Or even $1.25 mill in 1999.

What do we have to do to find a winner? Telcos nope,property nope,manufacturing nope,Ag/hort nope,Tourism nope,

I suppose I'm just going to stick to my contrarian line,Buy & hold them all & keep fingers crossed.

[moimoi]

Hello,

did anyone attend the meeting today.?

If so was there anything of any promise mentioned.?

So they've sold the business that was according to the 2009 interium report

"" The first six months trading saw Vantex
perform well, with Australia and Asia recording
double digit revenue growth year on year.""

For half the price that was previously expected.

That represented $65M of the $89M total sales for the period.

And still they are left with $43.9M in debt. (i thought they had converted some of the capital noteholders into shares)?

Any ideas on how one recapitalises a company when shares trade at 7 cents.?

cheers
Moi.

[Balance]

Hello,

did anyone attend the meeting today.?

If so was there anything of any promise mentioned.?

So they've sold the business that was according to the 2009 interium report

"" The first six months trading saw Vantex
perform well, with Australia and Asia recording
double digit revenue growth year on year.""

For half the price that was previously expected.

That represented $65M of the $89M total sales for the period.

And still they are left with $43.9M in debt. (i thought they had converted some of the capital noteholders into shares)?

Any ideas on how one recapitalises a company when shares trade at 7 cents.?

cheers
Moi.

Yes. You do a 5 to 1 consolidation and then, do a 3 for 1 rights issue.

Company has kindly advised shareholders of a capital raising on the way.

That tunnel looks really long and dark all of a sudden!

[bermuda]

Yes. You do a 5 to 1 consolidation and then, do a 3 for 1 rights issue.

Company has kindly advised shareholders of a capital raising on the way.

That tunnel looks really long and dark all of a sudden!

I am sorry to say that PVO had a competitive advantage...and now it hasnt. As you say Balance, this tunnel has got a lot darker.

[moimoi]

yep...and i can't even see a glow worm at the end of it. :-(

[nwood]

Seen better days

http://www.stuff.co.nz/business/market-data/2682516/ProvencoCadmus-seeking-cash

[COLIN]

I'm afraid that writing has been on the wall for quite some time.

[Awamoa]

Time for the lead bullet for this dog.

[Ekrub]

I wonder how they'll raise cash, to keep them going until they can raise cash, again. C'mon Todds, open up the chequebook!

[Hoop]

I betcha that seller of 200,000 shares today at 6c 15 minutes after that shocking announcement couldn't believe his/her luck.

A great TA textbook example for the Newbies on how to invest to lose money. Decending triangle, falling indicators, price sitting exactly on a major support level....and then a terrible announcement

[Dr_Who]

Follow on from Hoops post. Another good example to never follow the so called "Smart" money. The money dont look so smart after all.

[winner69]

I wonder how they'll raise cash, to keep them going until they can raise cash, again. C'mon Todds, open up the chequebook!

.... looks like the chequebooks closed

Further Market Update

Further to the market update earlier this week regarding urgent short term
funding, discussions with the group's bank, and approaches to other
stakeholders, are ongoing. Some of the largest shareholders have declined to
fund further working capital, however other shareholders, and broader
restructuring avenues are still being pursued. The group continues to face
risk and uncertainty with its forecast cash flows. The payments business is
continuing to trade positively.

Rick Christie
Chairman

[moimoi]

ummm...i wasn't aware that any other shareholders other than the Todd's and Peter Maire had provided any working capital recently. ( from the announcement ...."to fund further working capital")

So why the wording "some"?

Surely it is either 1 of, or both of, the largest shareholders have declined to.....

??
moi.

[tobo]

I expect they are being intentionally ambiguous.
They, of course, will be hopeful of solving the funding somehow, so just want to say that not every avenue has been closed, that there are still stones that could be turned.

"The payments business is continuing to trade positively" is to say that they still have a viable business activity.

It must be hard for them to find positive spin.

[winner69]

Trading Halt .... surely not the last rites

Glad Belg and balance got out on the last run up in the shareprice

[Dr_Who]

Game over?

[moimoi]

bank facilities were extended to 30th August...surely not quite dead yet?

[winner69]

bank facilities were extended to 30th August...surely not quite dead yet?


Yes indeed (prob for repayment purposes) .... but maybe no more advances .....and can't pay this weeks wages

Just a guess

[Contrarian]

Gidday

This company may be essential infrastructure with their market share of payments & terminals.

Look for a bank? to absorb them.

[Stranger_Danger]

I could be wrong (or out of date), but didn't ANZ own Eftpos NZ? Do they still?

Given that it is ANZ the money is owed to, they'd have first dibs presumably.

[moimoi]

stranger i think you are right.

I believe ANZ also owns ETSL.?...the larger of the 2 electronic transaction facilitators.

Which is one reason why i could never understand why PVO banked with the ANZ.

Receivers called in...dead!!

[winner69]

So finally after many many years the receivers are called in .... amazing it has lasted this long

Retained earnings (sorry losses) of $120m says it all

Rick Chrisitie must be gutted .... fancy getting involved with this lot

And David Wolfenden didn't see it out to the end ...

[Dr_Who]

PVO gone into receivership.

Pretty much expected it. Another one bits the dust, so who's next?

http://www.nbr.co.nz/article/provencocadmus-transaction-declined-goes-receivership-106900

[winner69]

Remember when (Advantage) this was a dot com darling in 2000 and spiked up to about $5.50 on amazing promises of what their technology was going to do

One announcement back then had a 30 lane gas station being built in Asia somewhere .... because the technology was so fantastic they had a to build a service station to get them ... so Advantage would have you believe

Those were the days

[Dr_Who]

Those were the days

The good (BAD) old Eric Watson and Co days?

[winner69]

Seeing its a funeral one is allowed to recall the good times ... did anything change in the next 9 years?


Roller-coaster ride ends in disAdvantage
5:00AM Saturday Dec 02, 2000
By Brian Gaynor


Evan Christian addressing Advantage shareholders at a rather more sombre annual meeting this week. Herald Picture/Brett PhibbsBY BRIAN GAYNOR

Advantage Group shareholders have learned that 12 months is a long time in business.

Since last year's annual meeting, the share price has gone from $2.30 to $5.65 to $1.22 last Wednesday. At last year's meeting, held at Auckland's trendy LeftField on Princes Wharf, the atmosphere was extremely positive.

Eric Watson and his glamorous wife made fashionably late entrances, while chairman Evan Christian and chief executive Greg Cross pumped out bullish forecasts.

The directors had been seduced by the Nasdaq technology boom, but now that bubble has burst, Advantage's share price has plunged like those of most other internet-related companies.

This year's meeting - held yesterday at the more conservative Carlton Hotel - was downbeat and sombre, and there was no sign of Mr and Mrs Watson.

Mr Christian and Mr Cross continued to make extremely optimistic comments, but investors were relatively unimpressed, and Advantage's shares closed at $1.32, down 22c for the week.

The company's roller-coaster ride began at the 1999 annual meeting on November 19. Mr Christian opened the proceedings by claiming that Advantage was the most exciting growth company on the New Zealand Stock Exchange.

He also announced that he, Mr Watson and Nick Gordon had consolidated their 22.7 million Advantage shares into ePac, an international internet company, which was looking to list on the Nasdaq and to lift its investment in Advantage.

Mr Cross told shareholders that the internet had massive potential and used Priceline.com, a United States-based company that finds cheap deals for consumers, as an excellent example of the net's potential. This was unfortunate as Priceline.com's share price is now $2.50, compared with $72 at the time and a peak of $104 in April.

After the meeting, Advantage's share price took off. In just four weeks it surged from $2.30 to $4.15 on big volume. New investors rushed in, and over the past 12 months the number of shareholders has risen from 1700 to 4780.

Analysts wrote bullish reports, and the company took advantage of the strong sharemarket to issue new shares to institutional investors.

A great deal of publicity was generated over the placement of 1.5 million shares, at $3.45 a share, to a fund controlled by George Soros, the well-known US fund manager.

Advantage also went on an aggressive acquisition spree. The annual report for the June 2000 year revealed that it acquired $55.7 million of net assets, of which $48.5 million was goodwill.

These purchases were funded by the issue of $11.1 million of new shares, cash payments of $37 million and $7.6 million in the form of either cash or shares.

These acquisitions have had a negative impact on Advantage's cash position because the cash cost exceeded the money raised through share placements by $8.1 million.

Staff numbers have accelerated from 60 to 500, and the total amount paid to employees in the second half of the latest year was $14 million, compared with just $1.9 million for the same period in 1998-99.

The sharp downturn in technology and internet stocks in the United States has had a big impact on Advantage. It has highlighted issues that have made investors extremely nervous. These are:

The company bought most of its new assets at or near the peak of the Nasdaq boom. This indicates that it may have paid too much, although insiders argue that the acquisitions were not expensive.

The annual report revealed that 2.5 million shares issued in consideration for KCS Pty are underwritten by Advantage at $2.88 a share. In other words, Advantage will have to make a cash payment or issue more shares to vendors if its share price is below $2.88 a share 12 months after the acquisition date.

Software development costs of $4.6 million were capitalised during the latest year. If these had been charged to income, the company would have reported a loss of $1.6 million instead of a profit of $3 million.

At June 30, goodwill and capitalised software development costs were $53.2 million, compared with group shareholder funds of $64 million.

The highly flaunted FlyingPig internet site was sold last month. Advantage has not disclosed the amount of writeoffs associated with the sale.

Staff morale may have diminished because 3.2 million options issued in recent months have an exercise price of $1.97 a share and are now out of the money.

In October, Anthony Howard resigned from the board and there are now only three directors, Mr Christian, Mr Gordon and Mr Cross. The board is short on experience and independent directors, although the chairman told yesterday's meeting that this was being addressed.

One of the most fascinating features of Advantage's roller-coaster ride has been the role of its aggressive public relations policy and the reaction of sharebroker analysts.

The company has published a huge amount of public relations material, most of it optimistic and short on detail.

This barrage of PR material seduced analysts, and less than four months ago, when the company's share price was in the $3 range, most of them were still producing exceptionally bullish reports. They made strong buy recommendations and were predicting that Advantage's share price would exceed $4 before August 2001.

In August, Bruce McKay, of DF Mainland Securities, who this week accused Advantage shareholders of not being able to use their calculators, was predicting a 12-month share price target of $5.52.

Advantage's share price fell sharply this week when ePac, now called Qixel, announced it was in voluntary liquidation and its Advantage shares had been returned to the original owners Mr Christian, Mr Watson and Mr Gordon.

It was official confirmation that ePac would not list on the Nasdaq and the announcement also gave the false impression that Mr Watson was reducing his Advantage holding.

But the company's problems go deeper than that. Mr Cross reported a surplus before tax and goodwill of $3.81 million for the quarter ended September 30 but indicated that the outlook for the second quarter was not strong.

The first-quarter result included a profit of $2 million from the sale of CommSoft shares, but the next quarter will include writeoffs on FlyingPig and SupplyNet. These losses are expected to exceed $4 million.

Mr Cross warned that total revenue for the year would be in the $90 million to $100 million range instead of the forecast $110 million. He also said that customers were more cautious and "the dotcom meltdown has had a significant impact on our business."

Although Advantage has some good businesses, it was carried away by the internet boom, and employee numbers in its e-Services division have ballooned from three to 320 since October 1999.

This division is important to the company's future performance - if it can produce strong profit growth the outlook is very positive, if not, Advantage's future will be less than spectacular.

Investors are sceptical. When Mr Christian told yesterday's meeting, "I think Advantage stock is ridiculously undervalued by the market," one seasoned shareholder turned and chuckled, "That's what Bob Jones used to say."

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=162854

[winner69]

stranger i think you are right.

I believe ANZ also owns ETSL.?...the larger of the 2 electronic transaction facilitators.

Which is one reason why i could never understand why PVO banked with the ANZ.

Receivers called in...dead!!


ETSL is owned by ASB, Westpac, ANZ and BNZ

[Nigel]

Does anyone here know anything about SmartPay (SPY)?
They are in the Payments game and are run by Cadmus founder Ian Bailey.
What does the demise of PVO mean for SPY? Good, bad?
SPY have just said they're doing okay through the downturn, are cashflow positive at an operational level and are on track for their maiden profit within the next financial year.
Will the demise of PVO now present more opportunities?
Thoughts?

[Yetti]

Christie is a clown. He should not be able to do business in this county again. Along with the other directors who are as hopeless. What a joke, i lost 7k on these mugs. Swings and roundabouts this market. One day you up 10k on FPA next you down 7k on PVO. What a joke. Another crap NZ business run by more crap NZ businessman. And before anyone asks i own my own business and most of my clients are in the US. I think i will stick to business in future. I been in shares for 10 years and it's been good and sometimes bad but to be honest there are better places to make money at the moment.

Selling the lot tomorrow. I am out before this market drops 500 points. I will take the gains and thats me.

[ratkin]

Yetti , if you are going to jump in and out of the basketcases , then you cant be suprised when one actually falls over.
Its just gambling , you won on FPA and lost on PVO , you cant blame the NZ market for that

[Yetti]

The issue i have is that PVO is run by people who should not be in business. They are not businessman/ business woman, they are just people sitting in for the ride. Hochin is the same, along with the people behind the 25 financial firms that have destroyed the NZ business landscape.

After been in the share market for 10 years plus, property market(last 8 years) and for the last 4 years in business i feel that when i look at the numbers i have decided to pull the plug on the share market and focus on my business which employees 45, i feel i can do more for them and more for myself than the sharemarket and property market put together (still own my house of course).

Ok i can look back and see results with the market but at the end of the day they are the same and not any better than the average of every broker in town. So if they are not retuning the results i won't do much better even if i sit near them or just under them each year (NZH)

Tomorrow i am dropping my portfolio on the market and focusing back on running a good business and growth in the US. Why put your money in the hands of Kiwi mugs trying to do business who are in for the ride.

PVO is a business run by failures. There are to many of them in NZ and they are not doing well enough as a whole.

[winner69]

Yetti ... I hope you didn't buy Belgies shares when he bailed out with his tight stops .... if you did he'll be laughing all the way to the bank

Sharetrader member forest is off to the Wakefield AGM on Friday ... that company looks pretty successful and Rick is a director ... I'll get forest to tell Rick that he is a clown and that he shouldn't be in business

That guy Maire is one big clown eh ... what a mug selling his Navman business and makig $100m plus eh

You join a list of esteemed shareholders left holding this baby

Whatever happens good luck with your own business ... pretty big one if you have 45 employees ..... do you export to the US or something?

[ratkin]

Below is a post i made two years ago , the writing was on the wall back then


NZ was one of the most advanced in the world at cashless transactions , we have become so used to using eftpos that we forget that in most countries such as britain they are only now adopting this sort of stuff en mass.
Despite this wonderful opportunity , head start and great technology the company has still managed to screw it all up , even now after all this time they cant even turn over a profit.

Now its too late , the rest of the world has caught up , competitition has increased and they have totally ruined their first mover advantage. Incredible really.

These have been my worst investment in recent times , bought at 1.00 when Todd was building a holding , wrongly believing he knew what he was doing , ended up bailing out at 70 cents when i realised they were totally incompetent . It was my worst investment because i should have known better, its not the sort of company i normally invest in , was silly enough to follow the so called smart money.

At least i wont be following that so called smart money down the khazi , because thats where this company is heading

[winner69]

Another great call ratkin ..... this has been an amazing story since last century.

It is sad how many people have been seduced over the years by the riches that could have been made .... but it never came to reality

retained losses of $120m over the years ... and still $10m of 'capitalised' research sitting on the balance sheet to be expensed

Somebody else said earlier that they essentially ended up being a manufacturer of the 'infrastructure' need to run retail businesses .... no more no less and nothing special to make them different

Maybe the Maires and Todds of this world thought that this time, maybe just this time, things will be different ... even tonight maire is saying that it is a pretty good business really

At least you didn't get too burnt ratkin and cut your losses early on

[winner69]

I have had a morbid fascination with Advantage come Provenco since last century -- more so of just reminding me that hyped business models do not always deliver.

Even there have been changes in senior management and 'company direction' over time many of the board have been there for many years ... in particular chairman Wolfenden .... so to a large extent the current Provenco is not that different (culture wise) than the old Advantage

Never has a company hyped itself for so long without delivering. Quote from this piece from Gaynor in the Herald in December 2000

One of the most fascinating features of Advantage's roller-coaster ride has been the role of its aggressive public relations policy and the reaction of sharebroker analysts.

The company has published a huge amount of public relations material, most of it optimistic and short on detail.

Worth reading the whole article ..... nothing changed much has it ..... could change a few bits and put in a few names like Todd and publish the same story next week and prob be a true reflection of what Provenco is today

Lizard has pointed out some of the financials .... the pathetic performance of Provenco is reflected in their cash flow statements.

The new Provenco (since 'restructured' and 'refocused') has generated a pathetic amount of cash generated from operations - over the last 5 years they have collected $542M from customers but cumulative operating cash flows are only $2.9M (2007 operating cash flow was -$11.6M which wiped out the last 2 years cash flows but the most that Provenco has generated in one year has been $5.4M)

Another Lizard topic is these capitalised IP development costs - some $14M of cash has been spent on these (classified as investing cash so not included in the above numbers). If they were you can see that Provenco is still burning cash even though it has a significant revenue base.

Something wrong with their business model? - I think so - and suppose the morbid fascination I have with Provenco is from a business study perspective and trying to see what they are doing to fix a stuffed model.

it is their total inability to turn so many great things and opportunities into cash that amazes me

Thats what i thought back in 2007

[winner69]

I don't think the Todds are fools, .............
.......But then, this could be the one that the Todds stuff up?

and balance got it right in 2007

[ratkin]

Yes , exactly . Great product , first mover advantage and they still managed to mess it up.

At least back in 2000 advantage group could blame the dot com bubble burst , part of the reason they shot up from 30c to 5.00 was because people could see what a great opportunity they had.
What we didnt know was how incompetent they all were.

Never did a chart look more like a mountain than that of advantage group

[biker]

Just another (plenty of others) good example not to buy in with the big boys. Can't be bothered looking it up but what have Todds lost on this? About 17mill I think. Drop in the bucket.

[Phaedrus]

Negative market sentiment was clear by early 2007.
You can't fool all of the people all of the time.

http://h1.ripway.com/78963/PVO83.gif

[Year of the Tiger]

I had my first dabble with this on 1 Jun 06 when I bought 2000 @ 0.89c. I bought another 6000 odd on 18 Aug 06 @ 0.85.

I remember reading an international article in Feb 07 that gave me the jitters about this stock. (I can't recall the article). Anyway, I decided to bail on 27 Feb 07 and sold for $1.03.

I didn't make much of a profit but at least there was a few $ in the bank. I've never been tempted again to get back into this one.

My lesson. If you buy a stock, follow it, read everything you can about it, and if you get a gut feel that all is not at one with the world, then bail out!!!

YOTT

[Hoop]

Hi Yeti.
As a first time poster to ST today a friendly welcome from me. I see that you have been a member since Jan 2008 so I gather you have only used this website infrequently to watch & read.

Now some constructive criticism..

I've just had a quick look over the entire PVO thread .....OK..in your defense Yeti.. some posters can be a bit dodgy.. but most posters on this thread are to be respected.... Ratkin and most other posters have written nothing but negative comments about PVO....so my question to you Yeti, is why did you invest in PVO??...it seems you didn't do your homework on PVO.

We all make disasters..my last one was BIO I knew the management in BIO was dodgy at best.but it was my choice to buy in and when BIO unraveled and I bailed out for a large loss I did not blame the management I blamed myself...Will I learn from my mistake...probably not as I will no doubt experience another disaster at some future point...

...Most disasters are unseen but in PVO case it was foreseen..

It's a pity Yeti that you have decided to stop share investing...however it is not everyone's cup of tea.. To be successful in any business (as you well know), you have to dedicate your time to it and work hard and efficiently...share investing is no different...to make money your have to work for it...I personally spend many hours each day.

Lastly...I disagree with your anti NZ business stance...I don't believe NZ managers are all idiots ..Winner69 has pointed out that PVO had some good caliber people on board...On a Global comparision I think we are near the top of the list for good management practices. 5th in the world I think from memory...some of the reasons are obvious such as compulsory transparency/systemic rules, open mindedness, and low corruption rate.

Yeti... I realise you have limited time due to dedicating that time to your business ...and so it should be ..good on ya...and all the best.

PS: Yeti.. Open up a thread in the future and let us know how you doing.

Cheers Hoop

[Yetti]

Been great in business is about delivering on every cord. He got one right and failed in another which is PVO. Ok he spent years thinking and working on Navman and then sold it in a hot market to a company who didn't do there homework. It's an ok product. I won't say he got lucky but he had two very smart people who have gone on to bigger things. Then he went to PVO and added Zero and was part of a company who tried to be smart in markets that have not taken off. Thats the facts. Interesting to see what he sinks his money into next. Nice guy but who wants to be a one hit wonder in technology. Many get lucky in this market, not many can reproduce.

[moimoi]

this will be one to keep on close eye on to determine who ends up getting the business which in the words of todays announcement...""the directors believe that the underlying trading business is fundamentally sound and capable of generating good returns in the future.""...for whom.??

and as per usual with EVERY listed company failure in this country the end situation is inflamed by extensive non disclosure leading up to it...

""with revenues in the May to July period being less than budget,
putting added strain on cash, which in turn meant even product supplies to
meet current orders could not be secured""

So where was the market update in may or june stating that suppliers to the company were no longer providing supplies.???????? HELLO...its now august!!!!!!

How is the humble shareholder supposed to determine that information for themselves?? Knock on ANZ's door and ask them.??

Cadmus, largely debt free at the time should never have merged with PVO. The debt laden PVO a low margin reseller of offshore made hypercom terminals had no future.

Should never have sold Vantex, their sole method of trading out of the ****e.

""It has always been the intention to recapitalize the group""...ok so why didn't you do it a year ago?? the debt to ANZ was never going anywhere.

I should of known when reading the marketing departments outline of the departure of Jim Doyle and Gavin Sebire recently. The stenchometer must have been dulled by too many Mac's.

And whats with the extensive attempt to suggest that the company "asked" the bank to appoint receivers.??? Even the headline to the announcement "provencocadmus asks ANZ National to appoint receivers"... has the announcement been written by the ANZ's marketing department.??

gave it the benefit of the doubt and stayed in it largely as a result of a conversation with Maire after the last AGM...

never again.!!!!!!!

[Dr_Who]

Just another (plenty of others) good example not to buy in with the big boys. Can't be bothered looking it up but what have Todds lost on this? About 17mill I think. Drop in the bucket.

Drop in the bucket or just one of a number of loses in this financial crisis.

As a Chinese fella told me, 50 cents here 50 cents there makes many dollars.

I ve heard so many times from these so called wealthy people that keeps using the words, oh its only small change for us, but yet it does hurt and hurt alot for them. Alot of well off have been hurt bad in this crash.

[moimoi]

anyone know if PVO shareholders will receive a receivers report.?

It is rank that the "sale" of the business is not being disclosed.!!!

[whatsup]

Moi... I think that can be accessed through the companies office.

[moimoi]

sold $6 Mill ??

Management, Directors, and the 2 largest shareholders............hang your heads in shame!!!

you couldn't come to market for $6m.?

that was all it took to remove the ANZ.!

[Scuffer]

$6 million buys a lot of SPY shares

[Dr_Who]

PVO will survive.

Underlying businesses are good businesses. The company was buggered by incompetent management and directors all chasing the glory stuff. The glory stuff is gone and it's now back to basics.

Oops. What do have here? :D

[Balance]

Trading Halt .... surely not the last rites

Glad Belg and balance got out on the last run up in the shareprice

LOL - you are too late, Dr Who, as per usual.

Try another.

[jonu]

Now, now you two.

I thought this site was for an exchange of advice ,views and general info, not one upmanship.
Good luck to the pair of you:D

[Balance]

Now, now you two.

I thought this site was for an exchange of advice ,views and general info, not one upmanship.
Good luck to the pair of you:D

Fair comment.

What I would say is that there are some on this site who contradicts themselves all the time, and are good bell ringers for the bottom or top of the market for a stock.

[Aaron]

Just out of interest any idea when this company will finally die. I have a painful reminder still showing up on my custodial report each month? Have googled "Provenco receivership" but didn't get anything worthwhile. It is no longer listed so not sure when this might disappear. Next time Bruce Sheppard describes a company as a "pig" I will take more notice.