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Today's announcement, under the guise of updating shareholders on the considerable progress made in merging CTL and PVO should be taken as a profit downgrade and balance sheet alert! High debt, negative NPV, difficult conditions and possible asset sales, combined with a "previously advised" capital raising in 2009... looking rather like a bargepole job...
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  • 7 months later...
  • 6 months later...

... certainly has been a bargepole job! Now in receivership.

 

Sad to see it go. Always hoped there might have been a turnaround story in it one day - plenty of revenue, but the margins and capital structure looked unhealthier with every report and left too late for any radical turnaround measures to succeed.

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