This presentation was the beginning of the rot - over promised and under delivered, as well as not being ruthless enough in getting cost out / integrating. Slide 2 of the presentation outlines the $250m revenue target. I was told by an insider that was to push up market value and get greater broker exposure that comes with being a top 300.
I took my full 1 to 2.8 entitlement (@5000 at $0.73) but fortunately sold these at $0.75 five months later when things started going south. The rest of my holdings were bought early / mid 2017 and I now only hold part of these in the hope they turn it @.
Unfortunately something drastic will be required to enable PGC to be considered a growth stock again and I think it will languish as a sub 10 P/E for some time to come. Based on current and projected EPS that will be a few years. I held both Zenitas and PGC. PGC is my "if only" stock as it had so much potential far more than Zenitas. I will be more than happy to eat my words...
PGC Price at posting:
51.5¢ Sentiment: Hold Disclosure: Held
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