Member Info for Adastra

Your purchase shows as a sell! Heyho - running through mud as they say :))

WITHOUT Rosbunker is 22.69p! We are wide open to a private equity buyer at this level.

was perhaps premature as we have reentered the Sisyphus mode!! Talk about pushing the stone uphill. 22p on the table offered by Belphar in October[no doubt to be re-tabled in June 2014 if we don't shake a leg]; all systems at capacity and Rosbunker resolution due giving NAV 50p. Only the AIM market could possibly carry this discrepancy between MCap and NAV. We need some real concrete news to stimulate PAN at the moment, especially after the RNS fervour that was October/November. You actually do need the patience of Job! It will all be worth it, but one wonders when the market will actually 'wake up' to PAN given all the prospects.

to generate any new RNS with regard to our terminals when we are already working at capacity (see interims) and the recent contracts with the euro energy producer and Monjasa. The nature of our 'transformed' bunkering operations rather than storage allows for roll-over and new business as tank usage allows. Confidentiality of users is often paramount, hence we atevrarely informed who the client is and we resort to informed guessing. That is why boards of this nature stimulate investor interest and informed research. Those of us who have been invested long-term have a bast amount of trawled information on PAN from a variety of websites. These may be Monjasa, Rotterdam port authority, Baltic sea shipping lanes etc. If there were any significant change in our circumstances, then an RNS would follow. The facts, to the best of our knowledge remain. We are still at capacity, we have an increasing use of our Dan Balt facility, business at Baltic Top is excellent but at lower margins, and Rosbunker (by inference) is also at capacity and effectively 'up for sale or mutual resolution' with the 50% owner. This collection of statistics ALONE was sufficient to elicit a cash offer of 22p a share. Importantly, Belphar made the bid without doing any due diligence on PAN. They decided, solely on what we all know, that 22p was cheap enough to buy PAN and make a wad of cash as the sum-of-the-parts vastly exceeded the inferred £23m cost. The current NAV using PANs finals formula is now around 50p a share. Dan Balt, in particular, has a low book value given all the improvements and new-build cost. Belphar asked for no additional access to information (see the RNS when the bid was tabled). The nature of the both the October contracts alone look really strong with top players. How much note are we worth with ongoing contracts of this stature and the new SDM plan being finalised in January?? We are currently so undervalued, that I am frankly surprised that we haven't had a queue of private equity guys banging on the door. Its only a matter of time. All as usual IMHO and substantiated by a pile of research pulled together over 6 years.

I mentioned to Simon at the general meeting (no 2) n November that we usually got a trading update around this time in previous years and he agreed. In reflection, it was usually as an add-on to the acquisitions since we bought PBI in December 2010 and Haar Tank (Dan Balt) in 2011. Prior to that, it usually involved the freezing of all the Baltic ports apart from Rosbunker - which is still the case, but no RNS needed as it's now an 'investment'. We know from the September intermission that all facilities are trading at capacity and trading over the summer months was strong. (Hence the bid by Belphar before we really show strong traction in the figures IMHO). The big additional win of a contract with a major euro energy producer (initially for 20000 cu m capacity at Dan Balt) in October was followed swiftly by Monjasa dedicating a one year old ship to bunkering and a second ship as back-up. This is effectively using our Dan Balt as a shuttle refuelling operation (dedicated!!). The finalisation of our 5yr Safety and Disaster Management Plan to 2019 also gets signed off on January 1st. It is extremely important that we maintain frequent and relevant RNS updates over the coming months. We KNOW that a resolution to Rosbunker is still on target before April 2014 - we know, because we asked if there had been any alteration in the timeframe despite not knowing the 'several' avenues available. The more info the better as we need to kick the share price towards the 50p sum-of-the-parts level to deter another opportunistic bid in May 2014. Everything is coming together so let the fireworks begin - it's kick-ass time! Simon, get yer Chelsea boots on! 2014 will be a Pantastic year and you can bet your life some lucky tipsters are going to put PAN at the top of their multibag 2014 NAP with the April deadline for a £20m+ windfall.

Predictive text is ok - if only it could do what it says on the tin.

The April clock (at the latest) is ticking for Rosbunker resolution and we can expect an imminent trading update. Alekperov is a useful 5% holder as both an enabler and a deterrent. Sooooo! Pantastic - pure rumour and hearsay! I was merely explaining to Davros the benefits of a frictionless exit on the Manx chair after his famous Zorba's dance. The journalist was his niece with whom he had arranged for me to stay at a very reasonable rate; it was only when I remunerated her in Drachmas that she threatened a scandalous exposure! I have a reliable witness in the young 'boy in the bubble'-car who was amusing himself in a lay-by across the square. Enough of this skulduggery. Adastra my friend Adastra - per a spear ad Astra! (Through hardship to the stars!) ps - don't know anyone who's in the market for 5kg of Vaseline ? Virtually unused as my Manx chair now has a leg-over.

to a flat 19.5p in a couple of weeks so we really need some news to move prospects as the share price forms a significant 'wedge'. Everything is pointing to a strong move north before mid February. Trading update, Rosbunker or asset revaluation would all be perfect catalysts since I've given up on West house ever giving us a broker price that reflects true value. Come on BoD, let's have a real humdinger of a pre-Christmas release to warm the hearts of all us PAM stalwarts :))))

Like it. After nearly 1500 posts as Sisyphus on PAN its time for a proactive kick-some-butt evolution. We've fended off the derisory 22p offer so time to kick ass. Dan Balt - due a sizable revaluation and time to grab-the-cash from Rosbunker.Bring on 2014!

Adastra predicts that the new aggressive PAN will be transformed into the Pan European terminals vehicle that it has all the potential to be. The Belphar stance was a wake-up call and I expect the next period running into 2014 to be exceptional for news and events - all positive! Bye bye Sisyphus - we head for the stars ;-))))