Member Info for norb

What is the treshold of a controlling interest according to AIM rules ?

We should expect more from NORTH than from a PI. If there is a real interest from someone with a deep pocket they probably called NORTH a long time ago. So I am sure NORTH has not sold. Still sitting at their 12,6 mill shares. I am also open to the idea that whoever is buying, they might do so based on an agreement with NORTH. You are probably right about the merger as the main reason for their previous selling. They had to pay almost MGBP 2 in dividends to a minority interest (Chairman and advisors) prior to the merger which was approved by Company Register in Norway on July 28th.

Tobin/Dana, you need to buy more NORTH. We are running out of steam here, and need your support:)

norb

Tobin, take a look at
https://www.oslobors.no/ob_eng/markedsaktivitet/#/details/NORTH.OAX/overview
288K is quite unusual for a day. Their associated company REACH came out with good news on Thursday, and they seem to be attracting more interest now than in a long tome. Q2 will be good, and the discount compared to NAV is just silly. It should at least trade around NOK 2 before Q2 and more news from TXP.

I was referring to Q2. Due on August 31st.

Tobin, your purchase makes sense. .TXP is still valued below zero if you look at the consolidated BS of NORTH compared to MCAP. And Q has ended with profits close to MGBP 0,5. Even if they only have preserved cash with no new investments.

NORTH moving up today based on new contracts and a better outlook for their associated company - REACH. Still cheap compared to NAV, with TXP almost valued at zero. Congrats to those of you who took a bet.

Welcome as a new shareholder in NORTH. SP is still only 50% of NAV. Manipulation at its best.

If we dont see a RNS tomorrow I suggest we can conclude that NORTH is done with their selling. At least done selling to the open market.

Tobin, your figures makes sense. We havent seen any sign of new investments since Q1, and after the final settlement with the tax authorities in early April. Thats why I argue they still sit at MGBP 11,7 in cash. During Q2 they have paid a dividend of MGBP 1,8 to their major shareholders from a group entity owned 80/20 which they now are merging with NORTH. This could also be the main reason why they sold +5 mill shares in TXP in Q2 - to keep their cash balance more or less unchanged after the dividend.

TXP came as a surprise 3-4 years ago, and they may pull something like that out of the hat one more time, but I expect that their assets as of today looks like something like this:

+ Cash MGBP 11,7
+ TXP MGBP 9,3
+ REACH MGBP 4,4
+ IOX shares MGBP 0,27
+ IOX Bonds MGBP 0,6
= Total assets MGBP 26,7
Total shares 119 million each GBP 0,22
Last closing at OSX GBP 0,12

Major positions could be a problem, but in the case of NORTH I dont see that as a problem other than in lack of supply and demand of shares.

I would also like to make an other note about NORTH which most likely has no material value, but interesting nevertheless. NORTH has an interest in Interoil Exploration listed at OSX - ticker IOX. Both in their shares and bonds. In 2017 they sold IOX bonds in exchange of cash and shares in Andes Energia prior to the merger between Andes Energia and Trefoli Holdings which led to PGR - Phoenix Global Resources - listed at LSE. The previous major shareholders of Andes Energia (and also the current PGR) are now the major shareholders of Interoil.

The interesting part here is that TXP and PGR are using the same broker and advisor - Shore Capital. So whats my point ? Well, if NORTH is going to sell their position in TXP, I think they would sell their whole lot. In that case, they may call upon Shore, PGR and their shareholders. Just like they did in 2017.

Have a nice evening.

Dana, you dont need to worry much about their cash burn - approx MGBP 1,7 per year. What you should worry about is the major shareholders. Including the chairman Anders Onarheim (CEO at BWLPG). Top20 is controlling 56% . Hence a very low turnover of shares on a regular basis.

Anyway. MCAP is unreasonable low, and probably due to uncertainty about their position in TXP. Will they stay, or will they go ? The market doesnt seem to appreciate their solid cash position.

Here is a rather funny fact about NORTH as it seems to be a really cheap entry to TXP compared to AIM and TSX based on its current MCAP. It closed at NOK 1,45 on Friday which equals a MCAP of MGBP 14,7. Of which cash equals 11,7. If we assume that the rest of their assets excluding TXP (no debt other than some minor liabilities and accruals) of MGBP 5,3 also can be sold to their current market value (primarily shares and bonds listed at OSX), their position in TXP is in fact valued with a negative amount of MGBP 2,3 on Friday July 24th.

If someone offered NOK 2 per share of NORTH - a total of MGBP 20, they would acquire the 6,9% stake in TXP at a discount of 65% compared to the last closing price at AIM - GBP 0,735. Further more, to make it even more exciting - you would still have MBGP 17 of cash at hand to increase your position in TXP.

Go figure.

Is this the rule applicable to NORTH`s position ?

AIM rule 17 (Shareholding notification threshold) - A holding of 3% or more in any class of AIM security (excluding treasury shares) and any increase or decrease in such holding through any single percentage point.

If so, any speculation about a change in their position seems unfounded unless a new RNS is due the next few days (last RNS was dated on June 8th. Treshold was met June 4th, and issuer was notified June 5th)

ok, but this one is listed with voting rights ?

The long spread bet mentioned in the major holding of David & Monique Newlands today, what kind of instrument is that ? And who else is holding such voting rights ? And are they convertible ?

hm, here I am trying to defend NORTH, but this one......made me a bit worried.

I am told last trade today was 500K ?

You never get tired of this nonsense about NORTH do you ?

Get NORTH out in exchange of what ? More PI`s. You think thats a much better solution to your own position long term ? I disagree. I would welcome more institutional investors if I was directly invested in TXP. But that could happen very soon for all I know. Even without NORTH selling 12 mill shares into their bidding.