Member Info for CJohnSpain

The shares could be with the market maker.

"That will be a nice £11 million to add to the MCAP .
Taking us to a new £15 million valuation . IF that occurs .
Best of"

Hi bbr391,

Bear in mind that CRV only owns 29.9% of YRRO ltd!! not 100%!

So the calculation is 29.9% of 130 million Norwegian krone in BSP shares.

or 29.9% of $15.33m , which comes to $4.58m in BSP shares.

This may or may not play through to the market cap of CRV.

"£3000 in CRVSs bank account as at November 2020........?"

Hi Karina,

I think the answer to the pitiful cash position you draw attention to and CRV's ongoing loss - $119k- is found in note 8 from the interims:

8. Related party disclosures

Craven Industrial Holdings Plc

During the period, now commonly owned, former subsidiary Craven Industrial Holdings Plc paid costs on behalf of and advanced loans to the Company. At the period end, the outstanding balance due to Craven Industrial Holdings Plc was $204,241.

I assume this arrangement will continue until CRV gets some income.

Hi Iosbyios,

Readly has subscriber income and has to pay for the organisation to collect that income. So overall it has significant losses.

Magazinos has almost no income - only from almost non-existent advertising - and very low costs: a couple -?? - of web designers.

What is Magazinos's value?

Is the advertising model viable? the fact they have no outside clients suggests it may not be. Time will tell. If the model isn't viable Magazinos is worth almost nothing.

I've tried to get it to work on my PC. But it's very clunky, with Microsoft Edge

Works better on my smartphone.

Peter Gyllenhammer is another sort of animal.

He'd ask very hard questions to the Craven management about the price paid by CRV Capital for their stake in the five companies, which was exorbitant.

There would be no reason for him to work with the Swedish web companies. That's not his business at all.

We just have to hope that he's wrong this time. (But he's usually not!)

I'm sorry to hear that, bbr391.

As you are aware , P Gyllenhammer is a very successful value investor with many years experience.

The fact he's selling is not a vote of confidence in CRV, sadly.

But P Gyllenhammer is not infallible, of course.

He is on the way out, slowly, but surely.

But that's not a positive.

P Gyllenhammer's opinion is well-worth taking notice of!

The company RNS made it pretty clear that there were no new notifiable developments at investee companies. So I'm not expecting any more news.

Small amounts of buying and selling push the share price up or down, as it's a very lightly traded stock.

If the BSP deal goes ahead, this possibly adds significant tangible asset value to CRV. Potential buyers may find this tempting. Perhaps, there have been a few buys for this reason?

bbr 391. You say, "Maybe a re-Integration of both companies and a new BOD is on the way .
About time too !"

I'm assuming this is pure speculation on your part!

Hi leejohn,

I don't know if your question was rhetorical.

But the answer is, if you sell the shares in either Craven House company, you will continue to hold shares in the other.

You are unlikely to be able to sell your shares in Craven Industrial as no one wants them.

I say that, but actually I don't know if anyone wants them, as we have a complete lack of transparency with the "matched bargain facility". Perhaps, if you offered your CIH shares for 2p each, you would find you had successfully off-loaded them. I imagine at that price the powers that be would step in and volunteer themselves as a counter-party.

There will have to be an annual meeting for CIH soon. We need to find out what is going on with this facility then.

According to Yahoo, over 27k shares traded today. Over 81 times the average daily volume.

Still, let's not get too excited: it's only 15k sterling in real money.

Must be the large volume of shares traded..... about 10k since start of December.

Hello Crusty, those are headline quote figures. And should be taken with a pinch of salt.

In reality the spread you trade at is much smaller.

We are still awaiting a trading update or results.

Craven House Industrial has de-listed, but it is still a public company, and therefore has a legal obligation to communicate regularly with its shareholders.

The obligations are less "onerous", because of not being listed. But they still have to be fulfilled.

So the Aheloy resort was planned to be finished in Summer 2020. But COVID interrupted the last funding round and slowed down on-site activities.

This reduces transparency about the precise amount of equity in the project. Once funding is found and the project finished, there will likely be an uplift in the GROSS asset value of the project, and hopefully the NET asset value too.

It remains to be confirmed whether this is a good potential deal for Yrro. Probably is.

Thanks iosbyios. i appreciate it.

Hi, iosbyios,

BSP have an option for six months that gives them the right to do the deal. But there is no obligation and no cost for them, if they choose not to go ahead.

So they will be judging progress at YRRO ltd and may decide not to go ahead.

The deal is a good one, if the resort complex - apartments and hotel and other commercial space - that is BSP's only asset is entered at a realistic value on the BSP balance sheet. And if there is a potential buyer for the complex.

I've tried to contact BSP, but the e-mail I've found is non-operative.

Hi iosbyios, I appreciate your interesting previous post about these two companies.

Currently CRV Capital has a market cap of 1.3m sterling, which values the 5 Scandinavian web companies at about 4.33 million sterling.

For the moment that seems about right.

Magazinos still has scant revenue. It's a bit of a Catch 22. They need to get better known to attract advertisers. Listing might help. But listing when your only advertising client is another company from the same stable is not going to impress investors.

So, reluctantly, I'd say they need to find a publisher to invest in them, first. And they really need to get outside advertisers.

Whether there is equity in the company really depends on how robustly they've valued the resort on the balance sheet.

There is PPE of 255m Norwegian krone on the accounts. About 21.65 million sterling for their 75% share. Or around 29 million sterling for the resort as a whole.

So that works out at around 28k sterling per apartment, if no value is given to the commercial property. So that seems not unrealistic from what I've seen of other Bulgarian property prices.

Couldn't get any further in putting a value on BSP.

The bottom line is that it's a good deal for YRRO, if all is above board and realistically valued at BSP.