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Hi, iosbyios,
good to see new posters here. Thank you for the posting.
CRV paid $8m for just under 30% of the five Swedish companies. That values each one at around $5.3m.
What is there to justify that value? Scant net assets, scant turnover and expected losses. Far too much was paid for these companies.
As the Magazinos app is free to use; Magazinos must pay its way by advertising. As you point out yourself the advertising you receive from Magazinos is from Rosedog, another of the 5 companies. So there is no NET income to the group of companies, just moving tokens around between them.
How and when is Magazinos going to produce a return to shareholders?
Rosedog sells omega oils and skin care products. This is a very very competitive field with wafer-thin or non-existent margins. Such companies are two a penny. Again it's hard to see how Rosedog will make money, let alone the sort of profits to justify the price paid.
Peter Gyllenhammer is an extremely successful value investor; I'd be delighted if he DID have something to do with the Swedish companies. But he doesn't.
The Magazinos App is Free to use, the advertising you get by using the Magazinos App is for Omega 3 products that CRV is the owner of. By that Magazinos is a marketing tool for Omega 3 products for the Swed's / CRV's own products
I do not understand why some on this chat are so negative to the Swed companies?
Check them, the team behind the Swed companies, they have nothing to do with Peter Gyllenhammer or Mark Pajak
Just for the record, Magazinos that CRV owns is a Free service, Nr 1 in the world by content with over 10.000 magazine titles to read for Free. That is disruptive............
CJ RNS 1st May
All outstanding loans and fees owing to the Investment Manager (c.$540,000 as of March 2020) will be assigned to CIH.
Hi CJ
I'm now retired mate, health forced it unfortunately. As for investment? I have my shares and have far too much in CRV/CIH, so I am not happy...
As for the performance fees? He said it was being transferred to CIH, it is there mate I just can't be bothered to find it and put it up.
It is well documented in my previous posts about Pajaks " investments " He has wasted and lost money on every continent and it comes to many millions. I have written the money off...
I have an email stating that it was still his view to buy shares back from investors. Remember the RNS and paying up to $10 a share spending was it $5m? Has allegedly...raised millions by issuing shares at $10 a time, but no takers for $5 a share when you put your price in. Represents a 50% discount...I questioned him on that and no answer .
He is a liar mate.
Hi Tully,
re fees, this is from the interim results, late Feb: "The Investment Manager has again confirmed that it has agreed to waive $1.66m in performance fees which are payable to them under the terms of the Management Services Agreement in place with the Company. Additionally, the Investment Manager has offered to permanently eliminate the performance fee from the management agreement. The Board welcomes this decision by the Investment Manager as it, once again, emphasises the Investment Manager's desire that their interests remain aligned with all other shareholders."
I take that to mean there are no management fees payable and there won't be in the future.
- I'm assuming the reason we haven't been informed about the matched bargain facility is that it doesn't exist.
I don't know what your investment stance is, but I'm a "full-time" investor; I don't have another job. I follow a classic asset-based value approach, which is a well-proven strategy, and one that CRV has always claimed to follow. This year has been golden for value investors throwing up numerous fantastic opportunities. Yet, Craven has shunned them all, in favour of paying massively over-the-odds for some start up web businesses.
Hi CJ
I do believe that future fees are waived but ones still owed are transferred to CIH as per RNS April. RNS of May stated:
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. It is anticipated that this will be best managed via monthly share auctions whereby the highest priced buyer is matched with the equivalent price seller whose shares have been listed for the longest time. So, sellers who have been waiting the longest and are willing to accept the buyer's offer are matched first.
" will not be significantly hindered" " regular communication "
I have heard nothing, have you? If people don't know there are sellers of shares in CIH how are they supposed to buy them?
Good luck with the e-mails mate.
Regards
Hi Tully,
although it's been de-listed, it is still a public company. Hence it has to meet minimum standards. We are due an update from CIH.
There are public statements about the matched bargain facility. This issue can be followed up with the NOMAD.
I note that Craven House Cap is worth 1.4m, giving a value of 4.67m to the five Swedish companies. That to me sounds optimistic still. Though, to be fair, a couple of listings of two subsidiaries has taken things forward somewhat.
I thought he'd waived all performance fees? Correct me, if I'm wrong.
I admit I'd put Craven to the back of my mind and given zero value to the shares; but that's too pessimistic. The various assets are worth something, if their potential can be realised.
I'll contact the company and try to find out what's going on!
Hi CJ
What those two bob Swedish companies were valued at by Pajak is quite frankly a disgrace, stinks to high heaven. Only Pajak knows the reason. No sane company would have touched them with a bargepole. This man has lost millions of pounds with his ridiculous investments on every continent. Asia, South America,Europe, Africa, USA, North America. He is arguably the worst businessman I have ever seen. How he has the front to take performance fees beggars belief. Whilst we have done our money, he is still doing very nicely. He got out of AIM because of the awkward questions he had no answer for, so took it all private. These Swedish companies will never make money, the clueless "Director " of one of them is a complete moron who scribbles pictures and puts them online.
I never got a reply from anyone such as Pajak, our Nomad, advisor, when questioning about that " investment ". Can see why Winters left can't you? His investment of circa $1.8m in LMFA buying the bulk at $2.40 is currently at 57c...
It takes some doing to be that useless.
Hello Tully,
For me, the company was going tolerably well, until the decision to pay grossly over the odds for the Swedish on-line concept companies.
That decision illustrates starkly the risks of not having strong non-execs on the board. You can make a serious error, if there's no one there to tell you that it's a mistake.
As for the matched bargain facility, I will contact the company and see what they have to say.
The reality is, in any case, matched bargain facilities always produce sell prices well below intrinsic value.
CIH is still a public entity and has to meet certain minimum requirements; so we are due an update shortly.
I would agree CJ. If the fact isn't actually out there that shares are available in CIH, how in Gods name could anyone else other than current holders buy them? We have been done up like kippers..
It is possible that at some point in the future we could be approached by Pajak to sell him our shares, but you can bet the offer will be derisory. The man is a liar and a charlatan,
Thanks, Tully, for the information.
I'd have thought the only likely buyers of CIH stock are existing holders.
I imagine most existing small holders wouldn't want to buy more. So the likely buyers are the company itself and the other large holders.
If any can be bothered the contact e-mail address is : info@cihplc.com
Hi Steve, i tried and got nowhere...You are supposed to put in a price you will accept. I did that and heard nothing...If you read the RNS on May 1st there were supposed to be "regular communication ".
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.
I have heard nothing in 6 months and i understand that no promotion or awareness of this is taking place. We have i believe been mislead as some people go off into the wild blue yonder with our money.
If anyone believes that someone is going to contact CIH and say excuse me but are there any shares available? they are naive imo..I asked certain questions which were ignored, such as how many people have contacted you regarding this? how many trades have taken place?
Pakak stated it wasn't his job to match buyers with sellers, there is also no platform to look at what is available. Lie after lie.
Good luck if you contact CIH.
Has anyone had any experience with the trading facility? I'm not too hopeful they will have but be good to know if it really exists.
Well well well, so you came back to rub peoples noses in it. I sold many moons ago but never wish ill on any previous holders. I occasionally look in to see if there is anything that has changed. Sadly not
You were a vile horrible poster back in the day and the absolute pile of lies you were telling from your little two up two down was laughable. We all knew exactly who you were and yet again here you are doing amazingly well elsewhere. What a sad individual you are. I will however agree with you regarding one point regarding Mr Pajak. Absolute joke of a CEO who has failed year after year to deliver any shareholder value. Another vile arrogant individual. You two would get on very well.
rougepierre BTW...
Having lambasted me and banned me from the ADVFN Board, an apology would be very welcome now...
Or you could point out how I was wrong in my views on CRV...
It is, and always was, a crock of spit...
Anyhow, no hard feelings, been making a mint in ATYM and SOLG...hope you are all well and prospering guys...I know Pajak will be....
Cheers
Thanks, Grawostac.
I have looked on Android Play Store and would you credit the download is free so it must be dependent on those annoying pop up adverts to generate revenue or onselling their subscribers' details.
I was wary of venturing further into the app in case I got stung for any disguised charges.
It will be interesting to see what Spam I receive in the coming days having delved into the app.
I hope this helps.
Do you know how much they charge for the app?
I can see that MAGAZINOS.COM just launched an APP for Android where you can read for Free over 10.000 magazines
A (partial) sale of Magazinos would also be positive.
So Readly is a competitor to Magazinos.
They've floated, so we're going to float too.
Still, in spite of the unfortunate way the RNS is worded, it's a bit of positive news:
Magazinos is going to list; they say they're making a profit. (Have to be a pretty big one to justify the price CRV paid for its share in the company.)
So the second of the Swede companies to list.
More than strange. I have no idea how the nomad allowed it ! Utter pajak madness