time to buy more, page-55

I suspect your right Joe. But there maybe more buying interest than is evident from watching the last few weeks. There is at present no need to buy the offer, so sitting on your hands and waiting for it to meet you makes sense. That is only going to last so long though, if these desperadoes can leave the sell button alone for a few days we might see actual buying again.

I'm at a loss to explain the selling strategy. 101 is create a bit of interest and sell into it, then stop for a few days, then start again. These chaps can't wait a few hours before dumping more stock on a totally illiquid company. It is this that suggests, as you say, June should offer up some even better bargains. If not, so be it, but I have a decent war chest in case it does. A little guidance from the company that all is on track never goes astray.

I totally agree they need some consumables in the mix, or at least maintenance contracts. The company I manage survives largely through maintaining and repairing products we sell. During slumps in capex we depend on it almost entirely, and last year was an example in point.

46% margin though, that leaves a lot of room for trimming even if it is a labour intense sales team. Most repeat sales must largely take care of themselves. I'll see if I have any contacts in the sector that can help give their impressions of what PGC are like to deal with. Margins that high worry me a bit. Companies get lazy and over staffed when margins are fat.