PCH issues statement on SEC’s price band

• Reiterates Brilliant Company Performance 

 

PC House PLC (PCH) announced that following the imposition of the price band by the Securities and Exchange Commission (SEC) on Wednesday, the Company had met with senior officers of the SEC to inquire as to the reasons for such imposition. They were informed that such bands come into effect automatically on any counter which exceeds a pre-determined level of price movement and volume traded based on each listed company’s free float over a period of 5 days on a daily roll-over basis.

PCH pointed out that listed companies have no control whatsoever over price movements that occur in the stock market. The share market is purely a secondary market for the purpose of trading listed shares which is totally controlled by buyers and sellers who operate through approved stock-brokers, and the entire market is regulated by the SEC.

The Company acknowledged good performance so far this year and expect to comfortably surpass its financial targets for the year that will end in March 2011. The Company is also set to launch its new Knowledge Process Outsourcing (KPO) operation through its fully owned subsidiary, Procifinity Limited, by February 2011. Simply put, PCH will implement all its plans as laid down in the Prospectus issued in connection with its Initial Public Offering in August 2010.

The Company is extremely bullish about its prospects, given its position as the number one ICT service provider in the country coupled with the fact that the ICT Industry is one of the fastest growing sectors in the economy. The natural consequence of this should be that all present and prospective shareholders of PCH could look forward to extremely attractive returns from the continuous appreciation in the value of the Company’s shares and future dividends.

The Company said that it was very concerned at any possible negative consequence that the SEC’s price band had against its good reputation, and reiterated that what happens in the stock exchange is totally independent of the operations of PCH.