PRG: Recruitment Co to win from Schools / Health staffing crisis

Hi Cloudfall
In the interims they said they had to pay £1.75m deferred payment for both JCJ and Action First. They were planning to do this either with cash or with shares valued in the region of 130-150p.

The fact that they are paying in shares which are lowly rated now means that they will have to issue over 3X as many to meet these payments. That is the main problem with next years forecasts.

As for Granville Baird's deal it was a bit of bad luck, though they must have known a profit warning was on the way as they have a man on the board. They must have thought it was a good deal at 133p in September.