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Hi Primforall, I gather this is the handle for Mr. R Labrum. I wonder if you’d be willing to comment on the NZI chat about any concerns you may have around the current delay to its return from suspension given the apparent size of your stake in it?
(Apologies folks for the off topic comment. I’m not a premium member here so can’t send direct messages(
Rgds
L
Whilst I agree with your notion - the board who hold 20% (now higher) of the company are also being paid for this. There has been very little movement of the share price since taking over apart from the consolidation. I believe there are performance related incentives that were put in place, do you not want to achieve these.
I look across the portfolio and there are some cracking investments but after 4 years, nothing has materialised. Doesn't matter who's in charge if nothing is happening. I'm happy to come on board as CEO and get paid £20k (another huge pay cut) to deliver exactly the same as what the current board are offering.
This company is bleeding money chasing rainbows - one day something might come off and the board will make a lot of money. Is there enough money in the bank to make sure that happens as realistically it's 3 or 4 years away still.
Well there's a vote of confidence
Many of the investments held are speculative. The past few years have been rough globally and in my opinion is the main reason growth has been slow. Funding for growth in these businesses may have also been stymied.
I will continue to hold as I think the portfolio has value in the long term.
DYOR
A_D
MKx007, Im glad you agree that the company needed turning around - we also did and that's what's been happening over the last 2 years and also cutting salaries to a third of the previous directors pay( although you would know that).
The directors own over 20% of the stock so clearly we have an interest unlike certain other directors of AIM companies( again this will be very clear to you)
Your opinion on the prospects of the company is 'your opinion" and clearly we differ in our opinion of where value is.
Good luck with your other investments.
All the best RKB - I went a lot earlier than you but my concerns were the same. The Board have no interest in turning this around and pushing it forward. Somehow they've take a company with plenty of prospects to a worthless company with plenty of prospects - not good!
I agree, your input will be missed RKB. All the best.
Welcomed up tick today with only 1.5% of issued shares traded.
RKB, sorry to see you go as it was all your analysis that made this stock stack up. Looks like you may have gone a day or two early and something may be cooking with the trading today. But who knows and as you say cash is low.
Timing ??
Are you skint
About to recover
Divested
I sold the last of my shares this morning.
An excellent company that the Market failed to value correctly in my opinion.
One of Prim’s larger Investments Engage is almost impossible to fathom, their contact phone number is an answerphone and they do not engage (ironic)
I believe PRIM have to sell some of their Investments as cash is running low.
I believe some sort of funding will be required (unless they sell something)
Rupert will not want to dilute his shareholding of 21.1% and unless something is sold then the only solution is some form of debt.
I do not believe the BoD would take on an external loan so maybe they will provide some sort of loan until one of Prims excellent Investments mature.
I wish all shareholders well and especially the Board.
RKB
https://www.inter-pac.co.uk/2022/11/01/interpac-sells-first-cold-corrugator-in-europe/
https://www.lse.co.uk/rns/CPH2/operational-update-itbrv4aly849d53.html
Surprised no one has commented on this as the company has £1m in this.
Seems CPH2 listed too early before finalising product.
Odd thanks I've just tried again and it looks okay now. Must have been a temporary bug!
Thats bizarre, the website is working on my PC?
https://primorusinvestments.com
ok, thanks for letting me know. I will get it sorted out now.
Hi Rupert the Prim website has been broken for a number of days - this is what it looks like: https://imgur.com/a/3VgvPf4
Thanks TT54. PRIM also has the disadvantage that, as in times past, they might hear positive updates from the non-listed investee companies which they aren't always able to release publicly. I'm sure these investments will outperform in time, but may not be much in the way of fireworks until some kind of liquidity event...
Patience is a virtue!
Can't understand the difficulty with this. If I can invest in a company AND have a seat on the board then surely I'm in the best position to positively influence an investee company...If PRIM directors also invest in investee companies isn't that an even bigger vote of confidence as it's personal money being used - any loss will be felt personally...
Am I missing something?
Is there an assumption amongst certain investors that Primorus shareholder funds are being utilised to front load personal investments by directors of the company
This appears rather serious
RKB, you have my number. Why don't you give me a call to discuss rather than second guessing and making ridiculous assumptions that the directors are not aligned because we managed to secure a board place on one of our investments and that we personally invest in Primorus Investments at exactly the same investment point. What exactly is your definition of being aligned?
Once again Primorus is not immune to what is going on globally. If investors do not have the risk appetite then they should seriously think about what they are doing.
I remain fully invested with over a 20% holding and still believe there is great value in the company but unfortunately the markets are being very harsh to small caps and timelines are moving as a result.
Best
Rupert
On our Interims as of 30th June 2022 we were informed that our NAV was £8.23 million including cash.
Our cash balance (no debt) was £427,000.
Since 30th June 2022 we have to pay our normal running costs such as Directors Fees (not excessive for an AIM Company) and all the fees associated by being a listed Company on AIM.
We were informed on 1st July 2022 that our BoD invested £226,000 in Landore Resources @ £0.22598 but what we were not told about was if this investment was made before the 30th of June 2022.
It is important to know if this investment in Landore Resources (AIM LND) was before we were informed of our cash balance of £427,000 or after. If this investment had to be paid after the 30th of June 2022 then we have very little cash left.
Some of my criteria for investing in a Company are:
No Debt
Cash in Bank
No Death Spiral Loan Notes
BoD aligned with shareholders
Good communication with shareholders.
I will let you decide if the above still applies to Primorus Investments.
RKB
PS What does the Market know that we do not? NAV “allegedly” of £8.23 million and the Market Valuing our Company at £2.94 million (139,830,968 * 2.1p)
Really does call into question the investing acument of the BoD, what proper due diligence was done before investing £400k in RMM? RMM is a failure, Mustang didn't work out. Seems like they're taking aim with a shotgun in the dark and hoping one hits. I had high hopes here when Rupert took over but expectations are at quite a low point now. No communication from BoD on this suspension either
I quite agree with your frustration RKB
I was contemplating buying more but decided to invest elsewhere until Rupert shows his hand or start communicating like he used too.
I really thought Rupert was a breath of fresh air being open with his bb input but now silence so has he turned like most do in power where monies concerned or maybe not ,but I suppose time will tell.
Here’s hoping I’m over thinking !!