Good morning, it's Paul here with the SCVR for Weds.

This is a placeholder post, to enable readers to add your comments from 7am. I'll be writing the main report throughout the morning, adding each section as it's written. Official finish time is 1pm each weekday.

Estimated timings today - I'm running a bit late, so will keep writing until 4pm.
Edit at 16:09 - today's report is now finished.

Let's start with the three biggest % fallers today, which are all struggling to find buyers or refinancing;


Proactis Holdings (LON:PHD)

Share price: 32.5p (down 31%, at 10:26)
No. shares: 95.5m
Market cap: £31.0m

Conclusion of Formal Sale Process (FSP)

Proactis Holdings PLC ("Proactis", the "Group" or the "Company"), the global spend management solution provider, announces the conclusion of the formal sale process ("FSP") announced on 29 July 2019.

No firm proposals have been received. That's clearly bad news - I tend to stay away from any share where the company has conducted a lengthy sale process and nothing has come of it. What does that tell us? That potential buyers have had a look, and don't think much of it. There's no other possible conclusion, in my view.

I last reviewed its accounts here in Oct 2019, which I found very poor - in particular the weak balance sheet, loaded up with too much debt, from poor acquisition(s).

Today's update tries to sound positive, with some figures on new business wins. However, there is no clear statement about performance versus market expectations. It does say this though, which some people might think is positive (I don't, because it side-steps the key issue, of how they're trading versus market expectations)

As communicated within our recent trading update, we have delivered a significant improvement in new business and dramatically improved retention rates and we expect a return to revenue growth in the second half of this financial year. Our progress in the short-term has been encouraging and we are confident that the long-term prospects are significant."

My opinion - nothing's really changed. It's still an over-indebted software group, with patchy performance. The fact that nobody wants to buy it, confirms my negative view of this one. Maybe it might recover, who knows? There are some positive noises made today. The strategy of abandoning the sale process, and concentrating on cost-cutting,…

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