‘We want to restore PNC Telecom to its former glory,’ says Joe Case, on a mission to recover missing funds from the one-time high-flying AIM star-turned shell and drive value for disappointed shareholders in the fast-moving mobile phone ‘grey market’.

Yachting enthusiast and major shareholder Case and chairman Leo Knifton, the colourful City wheeler-dealer chairing the company, took control of bombed-out PNC in August 2004. The pair are now successfully recovering some £500,000 of ‘misappropriated’ funds from former directors.

No-nonsense Case, who has spent his career in consumer electronics, set up an early mobile phones specialist KJC in 1986 and built it into a thriving business that he sold to PNC Telecom for £62.5 million at the height of the tech boom. He left shortly after.

In a recent update for a mere six-week period to 16 September, the company reported £4.6 million sales and more than £160,000 of profit. Case has been running a mobile phones retail and trade finance business for no pay as he tries to revive fortunes at PNC.

‘For me, this is not just a lifestyle company,’ he adds determinedly, ‘it is going to succeed.’

PNC Telecom	AIM	£0.8m	0.12p	0.00p
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