PBS Technologies IPO by PSL, page-10

They are mucking about potential investors. The most recent prospectus does not have an application form! I've been in phone contact and the broker says there will be a new prospectus this week. Also, profit for the last three years has been trending down. Prospectus contains nothing of market positon, except to say that they are the largest barter operation in Australia. Some industry analysis would go well.

7.5% dividend yield is good, but I have my doubts that they can keep the profit up. Dangers are - new business in US not taking off, technology sales not happening.

Bartercard also change two fees on buy and sell side, totaling 12.5%. High IMO.

I was initially keen on BPS, but too many negatives and potential negatives, plus being mucked around re applying. If it already fully subscribed and the stags are in there for a quick profit, I won't be buying off them after the float on principal.