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So...It was Mr Gylenhammer who sold those shares on Monday. He obviously thought it was the right decision and has taken a view on the true valuations of the 5 companies. He was happy to take $1 a share which seems about right? He still of course retains significant holdings in Craven Industries as do other holders.
Hard to be positive currently BUT
The Omega website had stock of $3,500,000 back in March
No way of knowing if that was paid for and if its sold some or all of it, but at least its something.....
Hi Tully,
You ask, "How anyone could invest fourpence in the lunatic Swede……."
There's the rub. The Swede must have something about him, if he got Mark P to fork out $8m for a handful of websites. This is the same Mark P, who sweet talks investors into paying $10 per share for pre-split CRV.
Either the websites are a colossal error or there's some vital info we are lacking.
Please let the latter be true......
Hi return to go,
You will need to follow developments on the company website. It's not up and running yet.
Any news will be relayed here.
The underlying reality remains: the last quoted, implied price for Craven Industrial was at an eye-watering discount to net tangible asset value.
If the rationale for de-listing - to escape onerous AIM regulations that stymied transformational deals- proves to be justified, it makes obvious sense not to sell Craven Industrial, unless one has to for other reasons.
I won't be selling for the moment - either share.
Anyone know how you go about trading the Craven House Industrial shares now? I have not seen much info from the company, except a short high-level description in the circular.
Hi CJ
A friend of mine received something similar, i didn't share because obviously it wasn't my place to do so. I myself got brushed off with the valuations.
I have looked and looked at these acquisitions and still can't understand how these valuations have been arrived at. They have been done for a specific reason of course, but what that is for is at this time unclear. How anyone could invest fourpence in the lunatic Swede who cavorts round town drinking champagne, lounges in 5 star hotels whilst doing drawings that make little sense to any normal person, it makes the mind boggle..
PS I have been in contact with Mark Pajak.
The long reply he sent me was cogent regarding de-listing and overall approach , but no answer given re my enquiry about the rationale behind the website purchase.
The matched bargain facility would be potentiated by the company itself declaring an intention to tender for shares at a minimum price - say 5 quid- through the facility. I hope this idea which benefits shareholders who want to exit and those who want to carry on holding (increases NTAV per share) is given due consideration.
I'm afraid so.
Several start up web sites are worth very little indeed. Nothing we've seen so far indicates otherwise, sadly.
So now the market gets to value Pajaks latest online start up purchases......
I hope there's a court case at this rate and whoever did due diligence gets their just rewards........
Hi CJ
m.pajak@cravenhousecapital.com
Tully, good post.
Do we have an e-mail for M Pajak?
I'm going to try and put just a little positivity on here and believe me it isn't easy...
The holders of shares in Craven Industrial Holdings will not be significantly hindered in this regard and will receive regular communication outlining opportunities to sell their shares or increase their holding.
So..we will receive " regular communication " outlining opportunities to sell or buy shares. That will be a first having regular communication from Pajak. Do i believe that? nope...
Currently and i do stress currently, the MMs are wanting shares and are willing to take many thousands. There may be a buyer...May.
If i wanted to sell now i can get out but..that means i don't get my shares in the other company. Surely...I will be able to sell my shares in the new company at $2.50+ per share? Maybe not...after all Pajak got some to pay $10 a share.
Should I get even $2.20 a share from the new company should their be a buyer...and say $1.25 a share here, it's a lot more than what is currently on offer. More than double in fact. Sometimes you just have to accept situations for what they are, i'm never going to get back what i put in here and i accept that. But i would like to limit losses and i'm willing to take the chance as I have missed numerous opportunities to get out and that's my fault.
Only just caught up with this RNS. So it didn't spoil my weekend. Commiserations to fellow holders.
In the last year, this is the third company I hold shares in that has gone private.
-I expect a positive return at M-Pay (I invested post-delisting announcement).
-I am confident that management/owners are aligned with minority interests at Peel Hotels and have a strategy for realising shareholder value and returning cash to shareholders.
So I'm not, per se, against de-listings.
Also, it does make operational sense to split the web sites from the other assets.
However, there are at least three over-arching strategic problems with this de-listing:
1. We don't save costs: CRV Capital plc remains listed.
2. There is no strategy for realising value for shareholders at Craven Industrial Holdings.
Shareholders will be able to sell their shares, but matched bargain prices tend to be very low.
3. Even if M Pajak did have a declared strategy for realising value for minority shareholders, he seems incapable of sticking to strategy.
The strategy at CRV was working OK in terms of buying assets trading at deep discounts. Real tangible book value was rising.
So why not stick to the declared strategy? The lurch into flogging fish oils from copy-cat websites went against everything that he claims to believe in. There can be no confidence in management's strategic seriousness.
The assets at Craven House Capital plc - embryonic web sites - are optimistically worth nothing. They have almost no turnover and are loss-making. I, personally, would ask to be paid to take on such value-destroying "companies".
What will happen to CRV Capital's share price, post-split? CRV current market-cap is 8.7 million sterling. The assets of CRV Capital post-split are worth theoretically $8m - nearly all intangibles -
or around 6.4 m sterling. I think it's unlikely that CRV's share price post-spilt will trade at book value. So we might expect the share price to fall significantly post-spilt. (Halve??)
I've nothing further to add at the moment.