Member Info for lemmink

K Soulsby appoined as a director (again and again?)

Lol.. no worries ... work does get in the way a bit!

If your'e stuck for something to do? ... It would be nice to know how much of pok's pain is or is not factored into CAD's new balance sheet... Personaly I think a 70p balance sheet warrants a little short term complacency while its sub 40p .. GL ;o) *** This link might be behind todays movement? *** http://www.bloomberg.com/news/2012-05-01/freedom-from-gazprom-tempts-ukraine-as-exxon-hunts-shale-energy.html

Bought 50,000 at 31.somethig pence each, holding 110,000 ... results say book value is circa 70p ??? ... not had time to look at why ?? ... hope its realistc!! GLA

Gutted(lol)... I can't really argue with 15p - it seems fair, but I wont pay more than 12p - GL

15p!!! ... Cant believe this running away to the north, with the UK economy back in the dog house!

It's behind you!

1 day limit order placed to buy 5000 shares at 95p ... GLA!

Sold 60,000 at 28.85p holding 60,000 (Round 2 Average back up to a deplorable 51.2p) ... Macro economy stuff seems wobbly again, hence sale.

Per share ... Cash 17p ... GPS receivable with big debt collection issues 9p ... other stuff (a guess) 14-16p * Cash on 18/11/11 £43.5 million (18.8p) and on 25/08/11 £45.7 million (19.7p)

Holding 110,000 shares (oops!), limit orders (exp 24 April) placed to buy 10,000 at 25p & 24p ... RNS says Eni dont want Pok. * Hello Savo13, Lol, not the best of days! ...GL + I think if it looks like bad news it probably is, but the price may be getting justifiable?!

Holding 80,000, limit orders (exp 24 April) set to buy 10,000 shares at 28p, 27p & 26p ... feels more like placing blind bets than investing at present ... hopefully when it gets easier to price, this level will seem cheap?

Bought 40,000 at 11.5p, holding 400,000.

Sold remaining 80,000 at 13.525p ... impatience got the better of me... GLA

Holding 80,000 shares, limit orders (exp 9 March) set to buy 20,000 @ 12p and to sell 20,000 @ 15p

*** AR11 page 56 section entitled: "Annual performance related pay". *** Reading the gibberish is hard going (even for such a small amount of text) ... I think it says the Directors' were given a fairly substantial bonus for succesfully arranging what I consider to have been a poorly communicated, unpopular and coercively priced rights issue in 2011. *** Comment *** A bonus for making a cash call to shareholders ??? FFS WTF !!! etc.

Underlying EPS of 1.77p is indicative of a share price (intrinsic value) of 17.7p using a PE ratio of 10, justified theoretically by generic assumptions of zero EPS growth and a sustainable dividend cover of 2, combined with a 5% dividend yield. The certainty of further dilution via warrants, options and options yet to be created suggests there is not much of an under-valuation here at an SP of 13.5p.

Holding 105,000 shares, orders (expiring 2nd March) set to sell 25,000 at 14p, 15p & 16p.

AR11 pages 54 to 64 (inc) ... 11 pages of waffle! * The directors appear to have a "Right Plethora" of reward schemes for themselves. * I feel it has been a particularly "un rewarding" waste of my time trying to understand this distasteful gibberish. * ... The TSR chart on page 61 did make me smile though! * *** Further Comment *** When the share price was on the floor, any potential threat posed by this sort of stuff was neutralised (IMO). * An investor who is serious about paying 13p + might need to consider the directors incentivisation schemes more carefully than I have... I am very much inclined to dismiss the whole set up of schemes as just a "market milking scam"

Quote from page 33 ... "The Groups key measure of return to shareholders is underlying earnings per share" * A brief look at page 56 suggests Directors performance related pay is linked to "Adjusted EPS" * Underlying EPS of 2.3p is mentioned on pages 7, 30, 67 and 89... no attempt is made to explain that it would be more realistic to calculate it as £25.1m / 1,420 m = 1.77p (or with possible dilution 1.7p say) * *** Non GAAP measure *** GAAP = Generally Accepted Accounting Practice (or something like that). * Underlying EPS is labelled as a Non GAAP measure on pages 67 & 89. * *** Extract from page 89 *** The directors consider that the underlying earnings per share figure provides a better measure of comparitive performance.