PVO

[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.

[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