I am selling out of PVCS which I entered at 21.68 at 24.5. I already exited half at a 7% loss. This half I am exiting at a 13% profit. (+3% overall – so poor)
I am concerned returning the cash is taking too long and that they will try to invest it rather than return it – which is what lots of the value investors in this want.
Note they said on 15th March:
“Following receipt of the funds from the arbitration award mentioned above, the Group is expected to have a substantial net cash position. In the light of this the board intends to explore options for the future of the Company in order to maximise shareholder value. These may include a cash return to shareholders, the acquisition of an existing business or a combination of these alternatives.”
They have had ample cash for quite a while now – if they wanted to return it they could have.
So I am out here. Best of luck to holders.
Deep Value Investments Blog 
[…] Article by Rob Mahan, Deep Value Investments Blog […]
Hi Rob- It might be worth another look at PVCS. They have plans to return 24p to shareholders in Q2, which will leave approx £8m plus a German business with 20 employees and E0.5mpa revenues which could well end up with an MBO and they “plan to optimize their Official LSE Listing” so at 25.3p I bought a stake on Friday. Most of the business issues are gone now, perhaps some lease costs and E2m for tax and net liabilities but for a net cost of 1.3p it looks like some deep value may come out in due course. Good luck!
Yes Steve, good thinking – I bought a bit more again for a touch less than you (avg 24.9)