Member Info for knee

Who was the Nomad?

The website does not yet appear to have details of the agenda of the general meeting. Where is it?

It should never have listed. Surprised as the Board looks decent but it has been one disaster after another. CEO should resign, Management salaries cut, delist and hope the bank is feeling generous enough to allow someone sensible to try to sort out the mess.

There are no assets and no business to manage. I can see no unique situation that needs his specialist minerals company expertise. The RTO may require his talents. Is he the new chairman? If so that may give a clue on the future direction.

If he is Peterhouse appointed director does it suggest a mining RTO?

Pathfinder was a mess so the new director should be right at home. Is he the Peterhouse appointed director?

The tick up in price on the back of small volumes is normal for PRS. There has been no new news on strategy, no new investments, same old board and the price goes up! A good opportunity for long term holders to sell out and move onto better companies? Until the board or the new investor, and advisors, make their positions and strategy clear PRS will still be in the same old muddle. Nick may get yet another paid NED position out of it of course so he will be alright.

Looks like someone acquired all the shares in one go as no TR1s were made to the market. Charterhouse are the likely arrangers of this stake. There is very little information on the acquirer so investors are not yet informed of their likely intentions. Will the acquirer look to change the board and strategy? If so at what cost? Beginning of the end or end of the beginning?

Investment research.

I believe that there is value in the Company. However the gap between Net Assets and Market Cap is large . This differential in a more liquid stock would be arbed out by value investors. However the deficit is there for a number of reasons. These may include the market's view on the BOD, the strategy, profile of the Company , etc. I can see plenty of sellers and few buyers. There appears to be an overhang of stock looking for new homes which will restrict share price increases. However it is an extremely illiquid stock so any excessive demand/supply will be amplified . The stock could run up to 30p of course but it needs a catalyst for that sort of movement. I can't see the BOD looking to be the catalyst at present.

It needs a number of things to happen to make this an investment that potential buyers want. It is at present drifting in whatever direction the market wants. This is of course not related to net asset value. The Company needs to "educate" the market and to be seen as having effective BOD.

Try c/o the JobCentre

PotterTony, Apologies if my maths are off. I agree that buybacks may help the share price. However I think it will take more than a token buyback to get the share price up towards net asset value. The story does not appear to being told as widely and aggressively as it should. The Board appears to have lost the trust of a number of shareholders which also needs some careful thought and remedial action.

I suspect Alecto and Polemos will see the issue with New World and look to sell their PRS shares whilst they are sitting on profits. This could depress the share prices as there are few buyers especially if 10%+ of the company comes out....mind the gap...........

I am certain that Nick declared this holding and declared any potential conflict at all the relevant meetings and press releases. A pity that PRS shareholders are not sitting on such sizeable profits IMHO........

There are a fair amount of shares offered not many on the bid. It looks like utter nonsense to have only one NED and she does not appear to stand up to Nick. Another NED should at least get some accountability from Nick. How many of the PRS investments boards does Nick sit on? How much does he get paid for these? Shareholders should be informed so they can make a judgement when Nick is up from re-election as a director of PRS.

This is bad news. The mentioned legacy issue is not really discussed in any depth in the press release. However it has stopped the transaction so it was serious. Nick Lee is on the board of New World so he should have known what was going on. Of course he gets paid by PRS and New World. Shareholders of both companies , unlike Nick Lee, are worse off. Maybe Amanda was unaware of the issues at New World, maybe Nick Lee did not tell her. Maybe Amanda as "independent director" ( not paid by New World at least) should investigate and report to shareholders. With no RNS from PRS I suspect the share price will go down further.

It looks to me that there are few buyers of this stock and the market makers have little appetite for buying many. The two block of share that were issued this year to Polemos and Alecto will weigh on the market until they have sold out completely. There were rumours of a block looking for a home at below these levels. The story needs telling properly to get this stock moving.

If RMX has a new board I would expect them to refocus on an Australian asset. Thus Batangas will be sold by RMX new board. They will look for a buyer of course. The obvious one is BMV. BMV has an existing contract to buy up to 50%.The cost of BMV moving from 25% to 50% is the same as the current RMX market cap. There may be a right of first refusal for BMV to match any third party bid for the part of Batangas it does not own. This will be one of the conditions in the joint venture agreement. A copy of this is not on the corporate website.

How did it go last Saturday?