Member Info for Adastra

Forgot the k - should be 400,000 m3! Heyho - almost half a million cubic metres.

As I keep harping on - we are ridiculously undervalued at this level. If we were to shut up shop tomorrow and sell all our assets at HALF price with no business leads we would be worth £24m! Crazeee! We are cash generative, [increasingly so]. Our European assets alone are worth more than our MCap. Our Russian investment in 50% Rosbunker is highly cash-generative, secured under Russian Law, and valued at £26m. We have recently signed 2 new contracts at Dan Balt with major Euro companies. PBI/Dan Balt/Baltic Top are ALL working at current capacity [see interim statement]. We control 400 m3 of bunkering and storage capacity. Monjasa have assigned at least one vessel as a DEDICATED shuttle vessel for refuelling from Dan Balt. The new rebuild cost of Dan Balt alone was stated at £26m - we bought it for £7m and have reconfigured it, upgraded it and the Aabenraa dock can now handle 80000dwt vessels - up from 400000 dwt. If this company is not worth a darned lot more than its current £21m then I absolutely give up on all measures of intrinsic company valuation parameters! It WILL rerate because it MUST rerate. We must go well over 30p in 2014 and probably significantly more as analysts wake up to the transformed world of PAN. All IMHO and there to read.

I'm pretty certain there's a lot going on behind the scenes at present - there must be. Logically: Belphar fired a shot across our bows at 22p a share - totally out of the blue. It was immediately regarded as derisory given our trading and assets. So what is the immediate defensive reaction to this???? 1] Drill into your trading figures and the quality income stream from your new trading partners. Look at cash generation and cash in the bank. Draw up projections for the current and next year based on increasing income. 2] Get an absolute up-to-date independent valuation of your assets based on ALL the information at your disposal. Current value of Dan Balt, PBI and Baltic Top/TDNK plus your fundamentals on Rosbunker - its value and capital release schedules for 2014. THEN, and only then, can you sit down with your BoD and any other interested shareholders and discuss just how much you are worth. That figure is going to be seriously twice our current MCap or more. THEN - you can start to look at all the new avenues that are opened when people wake up to your actual intrinsic value. All IMHO, but THAT is what I would be doing, hence the current lull in news. It doesn't indicate that nothing is happening - exactly the opposite. Do I expect news soon - YES; because it is a logical progression of events. Do I expect the re-rate that I keep indicating is overdue - yes. Because it is a logical progression of events. Will it be a good Christmas - I hope so. Will it be a Happy New Year - without a shadow of doubt - Yes.

The Oracle at Delphi predicts that a bunkering operation in the north will see strong tailwinds into the New Year. Expect great things.

Hear hear! And so say all of us!

Something's afoot - three consecutive buys!!, ;)))) and the price goes up 0.75p almost 4%! Just imagine what would happen if my scenario plays out - Whoohoo! The waiting game is almost over. 2 bagger in 2 months? We have all the pieces in play.......

Unusually quiet as this is usually a very active time of year for PAN - 2010 saw acquisition of PBI and 2011 saw acquisition of Haar Tank (now Dan Balt). I suspect we are consolidating post Belphar approach. What would you be doing? I'd be looking at all my assets, checking cash-flow projections and working the hell out of a rapid Rosbunker resolution. I'd also be running the ruler over any decent Euro terminals on the market for around £10m with a significant discount to new-build cost. Then..........I'd grab the Rosbunker money, pay off the loan note, take on a new terminal and release a special divi to existing shareholders. At the same time I'd announce a maiden and progressive dividend policy of 50% profits paid a third at interim and two thirds at final - easily covered as we would be tri-terminal , cash-generative and debt-free. Transformational and bid-protected below at least 50p a share. Simples!

137k sell and a 150k buy - interesting transactions.

Can sell 150K but only buy 25k - MM's running low on stock and wanting to hold more??

Can sell 100k but only buy 25k - trying to lure out the last sellers so the price can move up? This bodes well running into end 2013 and beginning 2014. Loads to come here imho.

You've had your recommendation 'under review' since September [http://capita.moneyam.com/broker-views/PAN/Pan-European-Terminals]. That's more than 2 months ago and quite frankly 'sucks' even without the new contracts signed in October and November. Talk about being a waste of time; fancy a job Pantastic?? If only!

Am I alone in thinking It's about time you earned your crust!! You've given us 4 brokers notes this year, one of which indicated that you had a marginal understanding of the word trans-shipment, the other three that you had just learned to do joined-up writing!! Seriously, why you are still our brokers GOD only knows. Our prospects have soared over the past year and what did you do in June?? DOWNGRADE us?!? Are you for real, or sponsored by Belphar?? It's about time the CEO kicked ass or kicked you out and replaced you with someone competent enough to comprehend the fact that our prospects are vastly improved and our assets are actually worth TWICE your prospective derisory target of 27p. Get your abacus out and do the maths for goodness sake - how on earth are we going to stop treading treacle when our own brokers are pouring it! There are so many excellent, pro-active brokers out there who are hungry to support good AIM companies it really is time to earn your crust.

with a 50,000 buy there then!

The price is showing a 0.25p fall but the spread has reduced from 18.5/20 to 19/20 so the effect is actually an increase. Expect a further rise as we clear the last of the sellers and move into positive territory over 20p in the near future. This is now getting the 'coiled spring' effect. IMHO - invest;watch;wait.

I haven't tried dummy buy/sells today as was very busy from 10.30 on. Buy and sell quantities have been noticeably tighter this week as I think MMs are also seeing news on the horizon. Lots to come of that I am certain; just a matter of when. As you say, it's a share to be on board before it hits the runway rather than chasing your ar*se to catch the plane when it's too damned late!

Shake out that there tree!! Small numbers but big proportional rise - MM's are scavenging for shares and no-ones selling anymore. When demand increases and supplies dry up........the price on the shelf goes up. Market forces ultimately rule over AIM tactics and we also know there are loads of positive possibles as regards RNS. I'm expecting one from Santa Simon any day now - the waiting game is over, let the show begin :):):):):):):):)

The 80000 was a BUY and NOT a sell :)))

We have lift-off! This is the one with all sellers gone from the playing are - The Christmas Present that patient PAN holders have waited so long for - all totally IMHO!!!

Surely the MM's have now hammered the sale price to the limit that all sceptical holders have now gone. I agree with WHL that a strong bounce and sustained rise MUST occur from here on every single measure of company value. You would even get a 15% rise back to the Belphar offer price so this is purely down to 'market forces' and the Black Art that is AIM where you throw the logic book out of the window. Sisyphus would look at the rock at the bottom of the hill and start to push it up.........again! But this time, having taken pity on this victim's thankless task, Adastra intervenes and the rock flies up the hill.........and beyond! Talk about Homers Iliad! As Gerry Anderson said ..... 5 - 4 - 3 - 2 -1 We have lift-off! over to you PAN...........

It is bl**dy frustrating because we know what the assets are worth. The current MCap of £19.94m is an absolute joke for assets of almost £50m - it's 50% below fire-sale level!! I sincerely hope we do readjust to more of a normality value and totally agree with your views on where the price should be headed. Hopefully Santa will put us in his sack so we can join the annual 'rally' and then run into the New Year on our merits alone. Perhaps we should all sing - Rudolph the red knows Rosbunker!!!!