Announcement • Jun 10
Partway Group Proposes Cancellation from Admission to Trading on AIM Partway Group Plc provided update in relation to its activities and the consequences in relation to the admission to trading on AIM of the Company's ordinary shares. Over the last six months, the Directors have assessed a number of potential acquisition opportunities that would have constituted a reverse takeover under Rule 14 of the AIM Rules for Companies (‘Reverse Takeover’ or ‘RTO’). The criteria the Directors have used in assessing these acquisition opportunities have included: the opportunity to generate future value for the Company's shareholders; the likelihood of delivering a RTO within the timeframe set out in Rule 15 of the AIM Rules for Companies before the Company would be delisted, being 9 December 2024; and the significant potential costs and risks associated with undertaking an RTO. The Directors have also been very conscious of the ongoing use of the Company's existing cash resources associated with its continued listing whilst the search for a suitable Reverse Takeover candidate progresses. Suspension of trading on AIM: As outlined in its announcement of 8 December 2023, following the disposal of the Company's main trading business, Parity Professionals Limited, Partway became classified as an AIM Rule 15 cash shell from that date. As neither a reverse takeover nor readmission to trading on AIM as an investing company have yet been completed, trading in the Company's ordinary shares on AIM will be suspended with effect from 7.30 a.m. BST 10 June 2024. Proposed cancellation of admission to trading on AIM: Under Rule 41 of the AIM Rules, it is a requirement that the cancellation of trading on AIM in the Company's ordinary shares must be approved by not less than 75 per cent. of votes cast by shareholders at a general meeting of the Company. In addition, any AIM company that wishes for the London Stock Exchange to cancel the admission of its shares to trading on AIM is required to notify shareholders and to separately inform the London Stock Exchange of its preferred cancellation date at least 20 Business Days prior to such date. Accordingly, the Board has noticed the London Stock Exchange of the Company's intention, subject to the appropriate resolution being passed at a general meeting of the Company, to cancel the Company's admission of the Ordinary Shares to trading on AIM on 9 July 2024. The proposed entry by the Company into the MVL and the cancellation of trading on AIM of the Company's ordinary shares are matters which require the approval of the Company's shareholders. A circular convening a general meeting of the Company in relation to these matters will be sent to shareholders in due course, and a further update will be made when appropriate. New Risk • Apr 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 45% per year over the past 5 years. Market cap is less than US$10m (UK£901.9k market cap, or US$1.12m). Minor Risk Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Announcement • Dec 09
Network Ventures Limited acquired Parity Professionals Ltd. from Parity Group plc (AIM:PTY). Network Ventures Limited agreed to acquire Parity Professionals Ltd. from Parity Group plc (AIM:PTY) for £3 million on November 21, 2023. Under the terms of transaction, cash consideration of £2 million and earnout of £1 million. Post completion, the name would change to Partway Group plc. Transaction is subject to shareholder approval of Parity Group. Allenby Capital Limited acted as financial advisor to Parity Group.
Network Ventures Limited acquired Parity Professionals Ltd. from Parity Group plc (AIM:PTY) on December 8, 2023. New Risk • Nov 23
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 13% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 45% per year over the past 5 years. Market cap is less than US$10m (UK£1.24m market cap, or US$1.54m). Reported Earnings • Oct 05
First half 2023 earnings released: UK£0.011 loss per share (vs UK£0.003 loss in 1H 2022) First half 2023 results: UK£0.011 loss per share (further deteriorated from UK£0.003 loss in 1H 2022). Revenue: UK£17.6m (down 16% from 1H 2022). Net loss: UK£1.11m (loss widened 276% from 1H 2022). Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 31% per year, which means it has not declined as severely as earnings. New Risk • Sep 17
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 56% per year over the past 5 years. Market cap is less than US$10m (UK£2.83m market cap, or US$3.51m). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Share price has been volatile over the past 3 months (7.7% average weekly change). New Risk • Sep 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 56% per year over the past 5 years. Market cap is less than US$10m (UK£3.35m market cap, or US$4.22m). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Share price has been volatile over the past 3 months (6.9% average weekly change). Announcement • Aug 04
Parity Group plc Provides Revenue Guidance for the First Half Ended June 30, 2023 Parity Group plc provided revenue guidance for the first half ended June 30, 2023. The company expecting first half revenue to be 10% lower than that achieved in the second half of 2022. New Risk • Jul 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 56% per year over the past 5 years. Market cap is less than US$10m (UK£3.61m market cap, or US$4.58m). Minor Risk Share price has been volatile over the past 3 months (7.2% average weekly change). Announcement • May 22
Parity Group plc, Annual General Meeting, Jun 15, 2023 Parity Group plc, Annual General Meeting, Jun 15, 2023, at 11:00 Coordinated Universal Time. Reported Earnings • May 16
Full year 2022 earnings released: UK£0.017 loss per share (vs UK£0.006 loss in FY 2021) Full year 2022 results: UK£0.017 loss per share (further deteriorated from UK£0.006 loss in FY 2021). Revenue: UK£40.6m (down 13% from FY 2021). Net loss: UK£1.72m (loss widened 170% from FY 2021). Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 19% per year, which means it is performing significantly worse than earnings. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Non-Executive Director David Samuel Firth was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 30
First half 2022 earnings released: UK£0.003 loss per share (vs UK£0.005 loss in 1H 2021) First half 2022 results: UK£0.003 loss per share (improved from UK£0.005 loss in 1H 2021). Revenue: UK£21.1m (down 19% from 1H 2021). Net loss: UK£295.0k (loss narrowed 44% from 1H 2021). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 27
First half 2021 earnings released: UK£0.005 loss per share (vs UK£0.003 loss in 1H 2020) First half 2021 results: UK£0.005 loss per share (down from UK£0.003 loss in 1H 2020). Revenue: UK£26.0m (down 13% from 1H 2020). Net loss: UK£525.0k (loss widened 82% from 1H 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Non-Executive Director David Samuel Firth was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 23
First half 2021 earnings released: UK£0.005 loss per share (vs UK£0.003 loss in 1H 2020) The company reported a poor first half result with increased losses, weaker revenues and weaker control over costs. First half 2021 results: Revenue: UK£26.0m (down 13% from 1H 2020). Net loss: UK£525.0k (loss widened 82% from 1H 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 60 percentage points per year, which is a significant difference in performance. Executive Departure • Jun 16
CEO & Director Matthew Bayfield has left the company On the 9th of June, Matthew Bayfield's tenure as CEO & Director of the company ended after 2.3 years in the role. As of March 2021, Matthew still personally held only 51.28k shares (UK£2.6k worth at the time). A total of 2 executives have left over the last 12 months. Under Matthew's leadership, the company delivered a total shareholder return of 21%. Executive Departure • Apr 28
Independent Non-Executive Chairman John Conoley has left the company On the 21st of April, John Conoley's tenure as Independent Non-Executive Chairman ended after 4.0 years in the role. As of December 2020, John personally held only 345.27k shares (UK£31k worth at the time). John is the only executive to leave the company over the last 12 months. Reported Earnings • Apr 24
Full year 2020 earnings released: UK£0.005 loss per share (vs UK£0.011 loss in FY 2019) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: UK£57.8m (down 28% from FY 2019). Net loss: UK£470.0k (loss narrowed 57% from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 96 percentage points per year, which is a significant difference in performance. Reported Earnings • Sep 23
First half earnings released Over the last 12 months the company has reported total losses of UK£1.12m, with losses widening by 433% from the prior year. Total revenue was UK£65.8m over the last 12 months, down 25% from the prior year.