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(continued):

This is from the accounts and it shows historical performance which has been poor:

"Primorus Investments plc ("Primorus" or the "Company") has a strong balance sheet with total assets as at 31 December 2019 amounting to £4.865 million (2018: £5.276 million), and net assets of £4.757 million (2018: £5.158 million)"

Also some shareholders didn't want the company to go private by giving dividend in specie shares in the unlisted shares this is effectively what will happen as shareholders will not be able to trade those shares if and when they list on the stockmarket.

One of the better models I have seen is in Allied Minds - it has been a terrible long term investment. However, it has decided to effectively wind down and support its existing companies - it has around 3 promising companies. It will return funds to shareholders when exits are achieved in each of the pf companies.

This BB has repeatedly said we have promising investments in Truspine, Engage etc. So in this scenario at some point ggp, Zuuse, Fresno etc would be sold - those were exists have been or are nearing and the bulk of the funds returned to shareholders.

Sufficient funds would be retained to support the existing promising companies - the 2 main ones are Engage and Truspine with further funding etc until they can be exited profitabily.

I'm not too sure on WeShop - I can't see what traction or market share they are gaining? Perhaps a sale of this if progress at company is slow? We will have to wait and see who the new investor in WeShop is that Prim rnsd recently and what that means for our investment - the BOD did put a lot of money into it when the concept seems very weak to me, maybe I don't understand it properly.

With this model costs can be drastically reduced as well - lease costs, director remuneration can be reduced say £50k for chief executive?

I can't see how the company will grow when costs are circa £0.5 million it will just be standing still or going backwards - it's rare to keep finding spectacular investments like ggp.

In the last accounts the current BOD has already allowed for these possibilities so the new proposal (s) are nothing new - the only difference is that the current BOD may have no real intention to follow through on this statement in the accounts - after all they are the only ones doing very well from Prim now and for the last few years:

"In addition, the Directors may consider from time to time other means of facilitating returns to Shareholders including dividends, share repurchases, demergers, and schemes of arrangements or liquidation."

Apart from ggp there has really been nothing spectacular so far though I agree there is potential for the future - but the future is uncertain. We were led to believe good things about TSP but it listed at no profit to us after all these years and now we have to wait for FDA etc - FDA applications more often than not are delayed due to preparation etc. So we will have to wait further now to see a return on that - hence why there were no tweets it RNS about the listing when it listed.

This is from the accounts and it shows historical performance which has been poor:

Dividend in Specie is a good idea but imv would only work with ggp - smaller shareholders wouldn't be able to do much with £ 25 £50 or £100 shares in TSP, Engage etc.

I was wondering about that - has SVE ever mentioned returning any proceeds to investors from sales?

We must be at a 50% discount to nav now?

Routy1

Not read all the messages yet. Yes I agree like someone said here before what's the utility in self testing? To be effective it will need recording by medical people. Best way to do that is by having test taken at the medical facility.

That negates a lot of the benefits of "rapid testing". Think the US Abbott laboratories rapid test needs administering.

Timmit

Thanks for highlighting these figures in an easy to read way for shareholders - your accountancy skills are assisting all shareholders to get an objective view here.

If it is wasn't for ggp we would have little to show here after all the money that is being taken out.

barnyards

Are you even a shareholder here and why would you be doing detective work if you are not.

I don't recall seeing any of your posts before today especially when sentiment was really low here with the share price recently going under 3p. Where were you then to support shareholders?

What's your solution to the very high costs of running the company compared to market cap - do you agree that AC and Board should be paid so highly? I've noticed that the supporters of AC sidestep this issue and therefore seem content for the status quo to continue.

With respect to your statement: "after promising shareholders significant short term (similar to what he is doing here now)" - in my view that was more than delivered have you considered the share price history? You suggest you have but there were many opportunities for shareholders in that other company to sell on a "short term" basis as you say during 2017, 2018 and 2019 for 50%to 100%+ returns - have Prim shareholders had such an opportunity?

Posters today criticising the proposed incumbents need to first confirm that salaries of current BOD are too high and need to be cut in half and then you might have more credibility.

Activist shareholders add value - one example from many is De La Rue.

TurnerShilling
When I first read your£8.00-£12.00 in your original post I thought it was a typo and you meant to instead say 8 to 12 pence.

But you have chosen to repost the same figures which left me wondering that you really mean £8 to £12!

Not even the new incumbents are promising anything remotely like this and as far as I know no one anywhere on the stock market! 3 pence to £8.00 in 5 years is a 266 X increase or more than 26000 % on you figure of 8.00 - I don't even want to try to consider the thousands of per cent more for £12.00.

Not even Buffet or Peter Lynch achieved those kind of returns and such figures are not worth discussing because they are clearly fantasy on a grand scale.

That is why I think it is a typo and you mean 8p to 12 pence but please confirm.

On 8 pence to 12pence - again on what evidence have you come to these figures?

That's less than the current BOD are alleged to have said (off the record I believe as I I have not seen it in an rns) to get the company to £20 million market cap.

8 pence is hardly enticing - that can practically almost be achieved now by liquidising the assets and distributing among shareholders so why would shareholders instead want to wait for the uncertainty in 5 years of getting or not the same kind of return?

As I have said the share price has halved in the last 5 years so what makes you so certain that they will increase it to 8-12p in the next 5 years?

What's wrong with the proposal to take salary in part in shares - it aligns the interests of the BOD with those of shareholders. Dana said it was for discussion only so shareholders would decide.

The current BOD should have failed to deliver shareholder value and have destroyed it - the share price reflected that before the current proposal and so the market had given their verdict on the current BOD tenure.

The current BOD should hand over in a peaceable manner I would not be happy for our funds to be spent on mounting an expensive defence.

jonnyg

Are you suggesting that there should be no reduction in salary? Or alternatively why would it only be a small reduction in salary for what is effectively a part time job at best? A 50% reduction in salaries to begin with and then minimising admin expenses etc.

With a small operation like ours it's all about cutting costs.

The Reuters link may not open so here is another one:

http://www.labnews.co.uk/article/2030641/gsk-partners-crispr-discoverer-to-develop-rapid-covid-19-test

This is what has been announced previously about a rapid test from GSK:

https://www.reuters.com/article/us-health-coronavirus-gsk-mammoth/gsk-ties-up-with-gene-editing-start-up-mammoth-for-covid-19-test-idUSKBN22W2HM

With companies like these unfortunately nothing much changes unless there is an activist investor. What is being proposed now is an activist Board (who also have big shareholdings) which is even better than a purely activist shareholder.

Chances like this don't come very often and shareholders would be unwise to dismiss this in a routine manner.

Good post Saintsmith. Good to get these reminders from posters who spent time researching in past. Look like compelling reasons.

Noticed also that Thermofisher had (haven't checked recently) our test for sale outside US but not in US.

Exactly betterupthandown.

Any buying now by the Board would just be seen as trying to protect the gravy train.

Where was the buying before this if the shares were such good value?

Looks like the last time AC bought was in December 2018.

Keep hearing this "long term" - is 5 years during which share price has halved not long enough a time?

A quick return will at least allow long suffering shareholders an an opportunity to re-invest their money in something else where they can get better returns.

Great to see. About time, some poor shareholders have been waiting more than 5 years during which time the share price has gone down.

AC was appointed on the 30th November 2015 when the share price was around 7p (I can see share price closed at 7p on 27th November 2015 but can't see price for the 30th November).

It has never closed higher than 7p from what I can see on the Google chart since then! The share price has fallen and more than halved since that time!

The share price is at a 52 week high now because of the proposed changes to the BOD - so what does that tell you - the market likes what is happening.

If we don't support the resolutions at the general meeting the share price will collapse again back to 3p levels and the gravy train will continue while we see the erosion of our personal investments.

I have no confidence in the current BOD.

Kaeren

Sorry to hear you lost money on gdr.

There was a 4th February 2020 announcement from gdr where they referred to delays in commercialisation and shipping. It'll be a similar story this time. Directors being paid fat salaries - what shareholder value are they creating?

4uk - sad state of affairs at gdr think they are still waiting on country approvals after all this time if you can't sell tests during a pandemic when will you do so? They need a clear out of existing management as come up with same excuses for lack of sales at results time. They seem to be satisfied with just a show of sales to appease shareholders as I've said before.

Good management makes all the difference.

Here's hoping we have continued to sell well to date.

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