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Thanks for that, just have to see if anything unfolds during the day then.
Keep up all the good work posting by the way, I often look in so very much appreciate your efforts.
You are correct mate. Currently...can sell millions at $2 and it's $2.40 to buy.
It is always a reasonably good sign when MMs are willing to take shares from you online, there have been plenty of times when you couldn't sell 5 shares.
LMFA dropped a further 10% yesterday, their figures are supposed to be out 13th November, but whenever Pajak gets involved anywhere times mean nothing..
Has it been a long while since the limits have been cut TC? I remember years back this was a fairly regular occurrence.
Currently...Can only buy 2 shares online or it's NT.
Quote from Mr Gylenhammer, it gives an insight perhaps as to why he is putting so much in here. He has backed losers of course but is definitely a player. " Badly managed " " Not managed in the best interest of all shareholders " " Implement change " That certainly describes the Management here.
We already know his investment style because he owns stakes in a number of companies in the Thrifty 30 portfolio. In his own words, it's to:
Pick up bombed-out shares trading at a large discount to net asset value. If they are badly managed or not managed in the best interests of all shareholders, then implement change. This typically takes you into operationally risky situations and some of the investments go bad, but the risk/reward in aggregate is attractive.
Stockholm might be a good option!!
I wonder where the AGM will be held? Suits me just fine if it's in the North of England but i think that's doubtful...
I hope it is in the UK but could be Ireland, US, Angola, The moon, Hartlepool?
Below is the Pajak comments when the GEM financing was announced. The 1.25p mentioned was before consolidation which converts to $12.50c or so...Wonder why GEM got their shares at $2.70 and $2.06? Another lie..Why hasn't the Nomad said to Pajak " What about what you previously said?" Why hasn't Pajak explained himself to his shareholders?
Craven House Chairman, Mark Pajak, explained, "This agreement provides Craven House with significant permanent capital to support future acquisitions. Having fresh capital available will speed the rate at which Craven House can continue to build value for shareholders over the long term. As with all previous issuances of new Ordinary shares, we do not envisage issuing new shares below 1.25 pence per share. We now have a strong financing partner in GEM. We look forward to working with them in seeking transformational acquisitions for the Company and are currently evaluating a number of opportunities; there are no guarantees that any of these will be completed, but further announcements will be made as appropriate.
There was a time when a significant holder increasing their holding in Craven would have meant others taking note and buying a few ( think Kalimtgis ). But such is the damage inflicted on this company by Pajak who steadfastly refuses to do anything whatsoever to actually promote the company, interest is so far zero..
I find it very hard to believe that someone such as Mr Gylenhammer would make the sort of investment he has made in Craven without doing his due diligence. We aren't talking about a few quid here but fortunes. I would also suggest that when Winters and Pajak went scuttling off to Stockholm to talk to them they gave a full picture of exactly what's going on.
Anyway, I have enjoyed all the points raised and the discussions from posters today on the board. Look forward to doing it all again tomorrow..
Online sell limits have doubled and they want the full £2.20 to buy ( i never dreamed i would be writing that ).
Our Swedish friends are now getting seriously involved, I sincerely hope they know a lot more than we do and if i had to bet I would say that's a certainty. They also have more than enough for an EGM should they wish.
Gives me a bit of heart if nothing else!
Swedes have increased to 17% and that was yesterday. Have they bought them privately? No trades went through apart from 2 sells, or were they buys? They might be you know as previously the big sells were going through at 1.75, they went through at 1.80.
Rough calculations...But since the 3rd July which oddly enough coincides with Craven statement of final formalities being completed in the proposed buyback, over 250k shares in lumps have been dumped including yesterdays. That is a fair amount percentage wise yet no announcement regarding the seller!!
Our Swedish friends have taken a few but it looks like they are done for now. Questions are obvious, who is the seller and when are they finished? Pajak knows don't you worry about that! so does the broker but silence..
Morning CJ
I agree absolutely that any " spare " money should be put into the proposed buyback. But before they can do any buying they need to have confirmation that it has been approved. As we know the " final formalities " were announced to be taking place the 3rd July and still we are no further forward. I do wonder if the buyback process will ever be approved and as for the acquisition which was supposed to be completed by 30th September, I have concerns that wont happen either. It is already a month overdue..
Pursuant to the terms of the share purchase agreement, DLC will acquire Blacktail for $3.5
million US dollars. Payment will be satisfied through the issuance of approximately
18,452,000 common shares in DLC to the shareholders of Blacktail. These shares will be
subject to the mandatory holding period as defined by the TSX Venture Exchange (the
“Exchange”). The transaction is scheduled to close no later than September 30th 2019.
Hi Tully,
The share buybacks were to happen when there was cash available and when there was no other "opportunity" available.
Capital has been invested in the ski resort and LMFA. The director clearly thought these represented a more rational use of capital than buybacks.
At the current price, any free capital should be absolutely used for buybacks, in my opinion.
I personally think it's unlikely that LMFA or the ski resort represent a better use of capital than buybacks, but it's very difficult to say, given as non-insiders, we don't have access to the figures for LMFA and the ski resort.
There's the reason for the drop...Once again I say it's a bloody scandal that CRV or the Nomad don't insist that the seller releases a TR1 form so we can actually see who the seller is, a decent company would..
Unless of course it is Emma Burrows ( Winters wife ) who is getting rid of the 7% holding she never declared or did until we noticed and it disappeared..
I would love to know why Winters departed so suddenly without a parting word.
How can the stock go down with no trades? How does this work?
Something appears to be very wrong...
Net Asset Value
As of the end of May 2019 the Directors estimate that the combined value of the other assets and liabilities of the Company represent a total liability of c.$2.6m. Of total liabilities of c.$3.6m, the majority (c.$2.4m) comprise intercompany loans or are due to related parties.
The approximate Net Asset Value of the Company therefore stood at c.$25.0m as of May 2019, equating to an NAV per share of $9.99 (vs. $8.57 as of November 2018). This estimate is prior to calculation of any performance fees due to the Investment Manager, which will be finalized following completion of the year-end audit.
I hate to repeat it once again but...
Our Current MC is $4.78m yet just in Angola we are owed $7.9m besides all the other assets throughout the world. WTF is going on??
Craven House Angola LDA ("CHA") - 100% owned by CRV.
Craven House Angola continued to provide local currency financing to Angolan subsidiaries of US and European companies in the consumer electronic and energy sectors. The carrying value of CHA's loan portfolio reduced from $8.9m to $7.9m during the six-month period to May 2019, reflecting the repayment of a portion of the outstanding loan facilities, in accordance with the terms of repayment. The proceeds of the repayments were passed to the parent company and utilized for general working capital purposes and for investment into Craven House's North American subsidiary.
No trades visible but now sitting I believe at an all time low...
$1.80 - $2.00
This isn't good is it? it's been bad for some time but I would prefer some sort of explanation regarding what looks like total capitulation. I would encourage others to contact the company/Nomad/Broker but i suggest it's a waste of time and effort.
From July RNS about news releases: They state the financial results will be released SEPT/OCT instead of the usual last possible day in November. As CRV never seem to adhere to any timetable I'm not confident we will see them before the 31st..
Going forward, the Company intends to follow the below financial timetable:
Anticipated
date
Portfolio and NAV update July
Preliminary financial results (for previous financial
year) Sept / Oct
Portfolio and NAV update December
Interim Results March
Not looking likely the Swedes are coming in to pick up more, that's fair enough. It could be because they feel they have enough or maybe because there are still plenty available and don't see why they should oblige our nameless seller?
Just think of all the cheap shares Pajak could be picking up if he had got the buyback done..I realise it's only been 14 months since it was first announced, but he is probably dedicating all his time along with our " world class team.." getting the DLC acquisition done.
I personally think he couldn't organise a raffle never mind a buyback.
Another 25k sell appeared from yesterday priced at $1.75, great isn't it? This is a lot of shares sold yesterday, on reflection i reckon it's the ones held by Winters wife aka Burrows daughter. Her 7% holding was never explained when it suddenly disappeared.
Morning Lee
Have to hope they come in and add to their already considerable holding. Nobody else seems interested and it has been like that for quite a while.
When you think about all the considerable holders or even past holders for that matter, it is mildly concerning that nobody sees fit to even stick a grand in. What about LMFA? surely Pajak will be speaking to his new best mate Rogers in America telling them of the extraordinary opportunity here? What about Ms Spink? She allegedly..has numerous contacts in the states? All the funds that were talked about years ago? the list is endless..
Nobody trusts him do they?