In order - Yes Caketin but I approached the company at the time and it was an ex director who wanted out if memory serves correctly that they matched. I was a bit of a fool I did not take them all up - needed to let the comfort level grow over time.
There is a lot of history with regard to this company and before it was medical and the present management came on board it was a bit questionable with over promise and no possible chance of delivery. I think it may well be those that saw it rise last year and were encouraged only to see it fall back and now are selling into the capitulation. I met one holder at an AGM who told me a bit about that time and it seems that many stuck a lot into the company at that time.
Who knows really and in some ways who cares but I do think that in fact the clearing out is good - I am hoping it gets all out in the twenties so that any good news isn't flooded with sellers.
I am still supportive of the company and think it will do well over time but it has always needed critical mass and a business to pay for monthly overheads - something close to consumables - its closer to that with L&R but I would still like a real consumable overhead payer to be in the fold as well. maybe this tightening of the economy will flush one out.
I see Firsova says no cap raising under 37c - never say never - I wont be happy if they did that but who knows what the world will bring.
The biggest change from 18 months ago is the gearing - They owed plenty and in my opinion it was the only thing that cautioned me and made me uncomfortable. They solved that and I think it has not really been recognized. The business can just pay down the debt and in fact it will improve the business. Of interest is also the dividend - I personally think they went too high - I would have preferred them to have started last year with 0.5c and then equaled that at interim with the same - 1.5c fully franked is too high for a 30c share thats 7% (inc franking) I would have rather had around 1c to 1.25c and build up a lot slower let people pay for growth.
However I am relatively happy and I think they were looking to support a 40 to 50 c share price.
PGC Price at posting:
27.0¢ Sentiment: None Disclosure: Held
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