Pursuit Dynamics – the penny drops!
Shares in one of the most over hyped AIM stocks of recent times have finally fallen to earth following the announcement of its full year results and news of a proposed Rights Issue to raise net £8.88m at a discount of approx 50% to the Closing Price on the day before the announcement.
Much was expected of Chief Exec Roel Pieper who was appointed back in Sept 2009 but he has now resigned for “personal reasons”, to return to his venture capital activities. Mr Pieper has no doubt benefitted from a handsome salary during his time at PDX (2010 combined remuneration appeared to be approx £377,500) and holds few if any shares other than interests via a huge number of options – why are institutions prepared to go along with such ludicrous remuneration packages? Preliminary results for the year to 30 September 2011 offered the usual disappointment with revenue in the period only…