Good morning!Grafenia (LON:GRA)Share price: 8.5p (down 16.1% today)No. shares: 46.1mMarket cap: £3.9mProfit warning - I hadn't realised that the market cap had dropped this low, so will stop reporting on this trade printing company from now on.Today's update explains the structural problems operating in this sector, and what makes it such an unattractive place to invest;Our markets have never been more competitive, with established players, aggressive pricing from new European entrants and domestic commercial printers diversifying into the trade print sector. We are continuing to experience downward price pressure, which has intensified in the second half of the financial year. To combat this, we have increased our promotional activity, incentives and selective discounting.Note how competitor Tangent Communications (LON:TNG) recently said it is leaving the stock market - with a takeover bid from management, although I note there was a higher competing offer subsequently announced. Both these companies are now too small, and struggling, to justify being listed. So I suspect Grafenia may not remain listed for much longer - the threat of de-listing can itself be a time-bomb under the shares, so personally I...
