They are a great little company who got caught on the wrong side of PPT selling in February last year.
I made numerous posts at the time, pointing out among other things that the stock was trading at a p.e. multiple of 1 (one) ludicrous!!!
As per my post of 23 Feb 09,
"Well, aside from PPT reducing their holding the latest substantial holder notice shows Paradice have reduced their holding by 2.8 mio shares at 30c. According to my research this still leaves Paradice with the same amount on their books - fair bet that it is their broker sitting on the offer for a large chunk also at 30c.
Interesting that only today Credit Suisse issued a report rating MCP as Outperform, forecasting interim profit of $12.2m and a target price of $1.25. The profit forecast is consistent with the companies last guidance.
Results are due out at the end of the week. For better or worse, and based on following MCP for several years, I have taken a reasonable punt on the fact the Insto's are wrong/quitting MCP for other reasons. Time will tell!"
The chunk purchased at the time was at the princely price of 38c - and I am still holding about 80% of those bought!! - tks vm PPT!
MCP Price at posting:
$3.00 Sentiment: None Disclosure: Held
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