@Merlin - yes, a very big break
The NAV of the counter is around 750c based on the December interims, and, assuming they do flat earnings for the year, NAV should be around 850c for the 2014 financial year. Maybe a discount to NAV will be a decent entry point into the share, giving a margin of safety. A clean, untarnished company like Mustek is trading at 700c with a NAV of 785c, at a decent discount to its book value.
The concern for PNC is not the 2014 results (remember we were already 9 months into the FY when the news broke), but the 2015 results. Growth for 2015 was very dependant on a large acquisition (DCT), which is not going to happen. Given the state of the economy, the cloud over the company, the potential cancellation of all government tenders and some corporate tenders if the accused is found guilty, and the high level of debt in the company, it is still very overvalued at 1095c. I think soon we will see their stake in DCT up for sale. Any major slowdown in their turnover is going to put their ability to service their corporate bond debt at stake, so I assume they will cut their 2014 dividend to zero.
Management must be panicking with their price plummeting (bankers and issuers of their corporate debt must be getting nervous as well), so I am sure the spin doctoring will start soon.
Gladly, I don't own the shares.