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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
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
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:
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/
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: 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: 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: 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: 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.