Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
AGM 30th June 2022
We are due our AGM later this month.
There are six Ordinary Resolutions and two Special Resolutions.
I am voting for all Resolutions.
The Special Resolution that I particularly like is Resolution 8
“To authorise the Directors to make market purchases of the Company's shares.”
If you have read our recent Annual Results and form the same opinion as myself that our share-price does not reflect our Assets (Investments) then in my opinion purchasing our shares in the Market will begin the process of closing the gap between what we are at present (circa 3.3p – 3.6p) and what we should be (circa 7p+)
Remember we have no debt and a BoD who are changing the perception of what an AIM Company can achieve.
RKB
Thanks RKB you have produced an abundance of information and anyone considering investing here would do well to read the excellent research of information on the assets we have.
Over the past few weeks I have been taking advantage of the current low share price and topping up here.
GLA
£10 Million Assets
Fresho £1,759,274
Payapps £1,754,071
Engage £2,032,228
BMN & Loan Note £1,369,205
Alteration Earth £528,200
SOA Energy £99,897
Clean Power Hydrogen £933,333
Rambler Metals & Mining £433,477
Nomad Energy £300,000
Sport80: £100,000
TruSpine £72,222
WeShop £302,500
Stream TV £238,000
Supernatural Foods £49,898
Mevie £50,000
Rogue Baron £12,470
Total excluding cash-in-hand £10,034,775
RKB
PS No Debt
£10 Million Assets
From our Annual Report published yesterday our BoD had our NAV as at 31st December 2021 was £8,990,000 (including cash)
I have over the past two days calculated (in my opinion) a conservative NAV (excluding cash) of £10,034,775
Current Market-Capt @£0.031p is about £4,334,760
So, I calculate that our investments are worth about 231.5% of our Market-Capt.
Note:
We have no debt
We have no Warrants
There are only 139,830,968 shares in issue.
Our Bod hold 31,071,759 or 22.22% of our shares.
I believe one day (soon hopefully) the “Market” will realize that we have some interesting Assets that will increase our share-price to substantially more than the current £0.031p
If we were to trade at say a 25% discount to my calculation of our Assets then our Share-Price would be about £0.054p (£7,526,081 / 139,803,968 shares)
My calculation of £10 million does not in my opinion take any account of the potential of
Fresho
Payapps
Engage
BMN
Alteration Earth
Clean Power Hydrogen
Rambler Metals & Mining
Or even WeShop
RKB
Legacy Assets: Rogue Baron we purchased 831,358 shares I believe on or about 10th March 2021 @ £0.07p
https://find-and-update.company-information.service.gov.uk/company/11726624/filing-history?page=1
Two days later Rogue Baron lists on the Aquis Exchange.
On the 8th of November 2021 the Broker that I can’t name did a placing (called a “Premium Placing”) @ £0.07p and maintaining their Modus Operandi, they had the customary warrants @ £0.07p and for 5 years (shows you how confident they are the share-price will increase in 5 years)
At yesterday’s Bid Price of £0.015p this Investment will be worth about £12,470.
RKB
PS If you have been paying attention, then you will know I am no fan of Aquis Exchange or a particular Broker.
Legacy Assets: Mevie Ltd we purchased 223,790 shares I believe between September & November 2019@ £0.31p I do not believe our previous BoD informed us of this purchase.
https://find-and-update.company-information.service.gov.uk/company/07780380/filing-history
We are still on the shareholder register on 23rd September 2021 (shareholder 11) with 223,790 shares.
On our Company Website it states we have 161,290 shares so I assume that our current BoD have sold some shares over the past 9 months.
This investment is worth £50,000
RKB
Legacy Assets: Supernatural Foods we purchased 285 shares at £175.08p on or about 8th August 2020. (See Companies House document filed on 3rd September 2020)
https://find-and-update.company-information.service.gov.uk/company/10441682/filing-history?page=1
I do not believe our previous BoD informed shareholders of this Investment.
This investment is worth £49,898
RKB
Legacy Assets: Stream TV we first invest $200,000 for 50,000 @$4 in 2017. On our website
https://primorusinvestments.com/our-investments/
You will see we also have 83,333 shares at no cost (do not know why, cant find my own notes on laptop from this legacy investment.
We also have a Loan note of $7,050 and a further 11,750 shares at no cost. In total we have 145,083 shares and using the only figure available of $4 these are worth $580,332 with the Loan Note of $7,050 that = $587,382 which converts to £475,779 and because I am not a fan of Stream TV I will only value this Asset at 50% or £238,000.
RKB
Legacy Assets:
WeShop: We invested £861,510 for 150,199 shares @ an average of £5.74
There was a lot of activity around WeShop last year and for this Investment I would recommend that you do additional research to satisfy yourself that I have a conservative vale for this Investment.
We had an RNS in November 2021 and at that point we had 3.1% of WeShop shares. Then a company called Boanerges (a SPAC company) acquired the business, assets and name of WeShop Limited for 33,333,333 shares in Boanerges.
Because of Boanerges “doing an RTO” (in my opinion) of WeShop there was further dilution of our shareholding to about 1.21%
It is my understanding that they used a SPAC to ensure a listing, but it appears even Boanerges are not a fan of the Aquis Exchange and they moved to a matched bargain basis with JP Jenkins.
On Companies House WeShop Company number 08223448 changed their name to Community Social Investment Ltd
https://find-and-update.company-information.service.gov.uk/company/08223448
You may find the RNS information on this link helpful to understand this SPAC Company Boanerges Ltd and what they are aiming to achieve.
https://www.investegate.co.uk/Index.aspx?searchtype=3&words=BNRG
You may want to read the RNS dated 20th October 2021 where it clearly states that they issued WeShop with 33,333,333 shares at a price of £0.75p which valued the assets they acquired at £25 million.
As Primorus Investments currently have 1.21% of WeShop I calculate that they valued our shares in WeShop at about £302,500. But when I look at the JP Jenkins website https://jpjenkins.com/company/boanerges-limited/
Under Boanerges Ltd their shares appear to be listed under WeShop Holdings Ltd. But this does not make sense as the last price the “WeShop Holdings shares changed hands was at £350 on 28/04/22 and in January 2022 they changed hands at £325. It would be good if Boanerges shares were changing hands at £350 as our 33,333,333 would be worth £11,666,666,550 so something does not compute.
I think I will pencil in WeShop shares at the price Boanerges gave us the 33,333,333 which is £302,500 but I believe in about 11 months (after the 18 month lock-in period expires) our Investment in WeShop will be worth multiples of £302,500.
RKB
Legacy Assets:
TruSpine: We invested £550,000 for 1,805,554 shares @ an average of about £0.30p
Our previous BoD had high expectations for TruSpine and they listed on the Aquis Exchange.
I am not a big fan of Aquis Exchange, or of one of TrueSpine’s Broker-Financial Advisor.
The Broker was recently active with their Modus Operandi and there was a placing @ £0.05p with the obligatory Warrants @ £0.075p
After the recent placing and before the Warrants are exercised, we have about 1.53% of TruSpine. When TruSpine listed on Aquis in August 2020 we had about 2.06% In a few years we will have 0.000001% if the Broker-Financial Advisor continues with their Modus Operandi.
I had high expectations for TruSpine, maybe our new BoD believe this investment will eventually deliver, but if I held the shares, I would take the hit now before we are diluted to 0.000001%
If we have not sold any of the 1,805,554 shares, then at yesterday’s Bid Price of £0.04p this Investment will be worth about £72,222
RKB
https://investors.truspine.org/
I like this RKB, using conservative numbers you have shown our assets to be worth over £9m, this is without taking into account the growth in our main holdings, so presently fair value is closer to 7p per share Than the 3.1p we are currently trading at. Hopefully true value will shine through soon
Legacy Assets:
Sport80: We invested £100,000 for 2,500,000 shares @£0.04p in March 2020. Since our investment, Sport80 have not had to raise any additional capital.
On Companies House you will be able to access a lot of information about Sport80 and you will see from their most recent accounts (lodged last month) that they had profits after tax of just over £200,000.
I believe our investment in Sport80 will be worth a lot more on an IPO but I do not think they are planning to IPO in the near future.
So, I will value Sport80: at cost of £100,000
https://find-and-update.company-information.service.gov.uk/company/08798940
RKB
Legacy Assets:
Nomad Energy: We invested £300,000 for 40,000 shares @ £7.50. It is impossible to calculate the true value of this investment as information at Companies House is limited and on their website there is restricted access “for investors”
https://www.nomad-energy.com/investor-relations/
So I will value Nomad Energy at Cost £300,000
RKB
Rambler Mining & Metals (RMM) We invested a total of £453,941 in Feb & March 2022 for 1,699,910 shares at an average price of about £0.267p
If we have not sold any of the 1,699,910 shares, then at yesterday’s Bid Price of £0.255p this Investment will be worth about £433,477
RKB
PS our first eight investments in my opinion are worth about £8,909,685 or about 205.54% of our Market-Capt.
PPS I will attempt to value our legacy investments over the weekend
Nomad Energy
Sport80
TruSpine
Weshop
Stream TV
Supernatural Foods
MEVIE
Rogue Baron
Clean Power Hydrogen (CPH2): We invested £1 million in Feb 2022 and acquired 2,222,222 shares at £0.45p.
If we have not sold any of the 2,222,222 shares, then at yesterday’s Bid Price of £0.42p this Investment will be worth about £933,333
RKB
PS our first seven investments in my opinion are worth about £8,476,208
SOA Energy: It is not possible to put an accurate value on this Investment.
We have 14,977 shares with an original cost of £6.67 for an investment of £99,897
On Companies House in 2021 SOA Energy issued shares at £2.02 & £17.19.
In my opinion SOA Energy do not provide meaning information on their Annual Accounts so I will value this Investment at cost of £99,897
RKB
PS our first six investments in my opinion are worth about £7,542,875
Alteration Earth (a SPAC company) This company is due to list by the 1st of July 2022.
We invested £350,000 in October 2021. There was a Seed Round Investment for 2.5 million shares @ £0.04p and a Subscription Round Investment for 2.5 million shares @ £0.10p. We also have 1.8 million Warrants @ £0.001p
I have valued our 5 million shares + our 1.8 million Warrants all @ £0.10p after deducting the cost of the Warrants of £1,800 at a total of £528,200
Current Market-Capt @£0.031p is about £4,334,760
So, I calculate that our Investment in Alteration Earth is worth about 12.91% of our Market-Capt.
RKB
PS our first five investments of Fresho, Payapps, Engage, BMN + Loan Note & Alteration Earth are worth about £7,442,978 or about 171.70% our Market-Capt.
Mustang Energy / Bushveld Minerals. We originally had a $2.5 million convertible loan note in Mustang Energy in April 2021.
We received back $1 million of the convertible loan in January 2022 along with interest of $72,054. This left a balance of $1.5 million which was / is attracting interest.
On the 29th of March 2022 the convertible loan note and accrued interest was worth £1,208,988
In April 2022 we converted 1/3rd of the Loan Notes and accrued interest for 4,157,645 shares in Bushveld Minerals. The balance of the Loan Note outstanding in April 2022 was £1,007,490
Yesterday the Bid Price of Bushveld Minerals was £0.087p.
BMN shares are currently valued at £361,715 and along with the Loan Note this investment is worth about £1,369,205
Current Market-Capt @£0.031p is about £4,334,760
So, I calculate that our BMN shares & Loan Note are worth about 31.59% of our Market-Capt.
RKB
PS our first four investments of Fresho, Payapps, Engage & BMN + Loan Note are worth about £6,914,778 or about 159.52% our Market-Capt.
Engage Technology Partners Limited ("Engage") we currently have 92,374 shares where we paid prices of £15 £17.60 £19.29 £22 & £24
Paid in total £1,791,844 and using the most recent funding round in July 2021 @£22 our shares are worth about £2,032,288.
Current Market-Capt @£0.031p is about £4,334,760
So, I calculate that our Engage shares are worth about 46.88% of our Market-Capt.
RKB
PS our first three investments of Fresho, Payapps & Engage are worth about £5,545,573 or about 127.93% our Market-Capt.
Payapps (formerly called Zuuse) We currently have 3,065,058 shares. Some were in exchange for interest due, some were purchased @ A$1 & A$0.86 and some were after exercising warrants @A$0.50.
Paid in total A$2.36million and using the A$1 funding round our shares are worth about A$3,065,058.
Using todays conversion rate of A$1 = £0.57p then our Payapps investment is currently worth about £1,759,274.
Current Market-Capt @£0.031p is about £4,334,760
So, I calculate that our Payapps investment represents about 40.47% of our Market-Capt.
RKB
PS so our first two investments of Fresho & Payapps are worth about 81.05% of our Market-Capt.
Good update and the BoD are quite clear in their vision and what they want to achieve with their investments. As at 31 Dec 2021 Prim had total assets of ~£9mil, around double our current market cap. Still tremendously undervalued. Not sure why this positive RNS was released almost at the end of the day on a Friday though! Quick back of a packet calculations - I've used our initial entry price where I couldn't get a more up-to-date sp figure and don't include cash, so I'm off by about £1mil:
Fresho: £1,752,266
Engage: £1,450,000
CPH: £953,333
BMN: £1,208,988
Payapps: £1,747,083
Rambler: £441,977
Alteration Earth: £350,000
Total: £7.9 million
Primorus Investments Plc Annual Results
Our Annual Results have just been issued.
I will Post a few observations over the coming days.
Fresho: We currently have 3,415,723 shares bought over 4 rounds at prices of A$0. 27 A$0.38 A$0.475 & A$0.575
Paid in total A$1,575,941 and using the most recent funding round of A$12 million @ A$ 0.90 you could say our shares are worth about A$3,074,150 an increase of about A$1,498,210
Using todays conversion rate of A$1 = £0.57p then our Fresho investment is currently worth about £1,759,274.
Current Market-Capt @£0.031p is about £4,334,760
So, I calculate that our Fresho investment represents about 40.59% of our Market-Capt.
RKB
It would be good to know what kind of revenues Fresho is generating.
Any idea of what Fresho could currently be valued at based on the recent funding? It's tapping into a multibillion dollar industry and seems to be going from strength to strength.
Fresho Secures USD10 Million in Series A Venture Funding Round - MarketLine
07-Jun-2022 22:51:43
Fresho Pty Ltd, an Australian cloud based software platform for the food industry, has secured GBP8 million in Series A venture funding round from Primorus Investments, Capital Zed, Andrew Sypkes, and Second Quarter Ventures
Fresho's user base consists of restaurants, hotels, hospitals, cafes, schools, farm shops, QSRs and independent retailers.