Ten Entertainment Placing and Porvair AGM Arrangements

Ten Entertainment (TEG) did a placing yesterday. It was done at 155p to raise £5 million and represented about 5% dilution. Although I hold some of the shares I was not too unhappy because I only have 50 shares left worth less than £100 having sold most of my holding at 270p and higher. I suspect this is one of many placings we are going to see in the near future to enable companies to strengthen their balance sheets and avoid going bust. TEG runs bowling alleys which are now closed so as I pointed out yesterday, valuing such companies is getting very difficult.

Porvair (PRV) another of my now miniscule holdings have made an announcement about their Annual General Meeting (AGM). It’s now going to be held in their offices in the remote location of Kings Lynn. Although the company points out that under its Articles the company cannot hold virtual meetings, it advises shareholders not to attend in person. Instead they are asking shareholders to vote via proxy and are planning to provide a conference call facility to enable shareholders to ask questions.

This seems to be an eminently wise approach that should be adopted by other companies until the virus epidemic is over. I will certainly not be attending any physical meetings for the foreseeable future being one of those quarantined on the basis I am exceptionally vulnerable. It’s equivalent to being on gardening leave, which I did some of yesterday.

Roger Lawson (Twitter: https://twitter.com/RogerWLawson )

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