Member Info for oldstockbroker

Last NAV announced for end Sept. For some reason not on LSE but is on Stock Exchange site.

Received Newsletter-next NAV will be 11th Nov. All figures re tourism etc sound good. Subscribe on the MPO site to receive.

Company has confirmed was paid-though was in notes so no news.

See Note 18-performance fee paid. Charles

I will check in performance fee has been deducted. My est NAV of £2.75(post completion of sale) assumes it has.

The management fee is in the accounts-they are(Sniper) paid Quarterly in advance a fee of 2% of NAV-see note 18. Not totally out of line with normal Property Fund charges, and we are seeing some good returns.

Have a look at report and the video conference. AMA is now producing at $700. The big call is the next two mines-should hear soon.

The 4 major aircraft leasing companies listed on the NYSE are trading on an average 2014 P/E of 10.1x. AVAP is trading a significant discount to these companies..

Summit is valued more than my estimate-must have bought more, or my shareholding figure was wrong. No matter the fund has performed well and really should be at NAV or a premium-not many funds acheive these sort of returns and future looks good. Happy holder but as always looking for other undervalued asset plays-just gone over-weight in AVAP, have a look if you want-posted some research, but a different asset play than a fund.

Sorry should have posted update not updated. Looking like eps growth of 25% and then 40% for 2015 with divividend growth of about 10% per annum. I have seem a forecast suggesting that the Company is trading on a p/e ratio of 3.5* based on 2016 earnings- it is currently on a forecast p/e of 6 times for 2014. Do your own research please.

Revised my NAV assumption.I am now coming out with an NAV of £2.60p. Purchased more share to-day. 13 ATR72 aircraft at cost $ 18m re depreciated cost v. $ 24m value due leases.- 13*$6m= $78m.Options to purchase 27 further valued at $1m * 27=$27m(They have a value as in short supply).That gives me $105m on top of the £1.25 in b/s. In £ terms £66m. So gives me another £1.35 per share-total NAV =£2.60. A a commercial jet has a economic life of 25-30 years.Older aircraft can have a second life as a freighter due to an abundance of parts and familiarity with the aircraft, essentially an aircraft will be sold for close to scrap before being refitted as a freighter. Scrap value is made up 90% of the engines. Normally it will be between 5-10% of the original cost of the plane. All looks good to me, and the company looks like it could expand operations further over the next couple of years.

Stock Exchange site

Summit Corporation plc £1,341,666 24.7% Plethora Solutions Holdings plc £968,749 17.8% Arrowhead Research £562,557 10.4% Synergy Pharmaceuticals Inc. £276,949 5.1% Ampliphi Biosciences Corp. £207,319 3.8%. Please to see NAV was in line with estiamte. £3,357,243 61.8

The market still does not understand the core value of AMA. Move's it with the gold price, based on old earnings. I am expecting positive news re new mines late Nov. I am very patient.

" Lombard Medical Technologies PLC Thursday said that it has entered a new mutually beneficial licensing agreement with medical technology giant, Medtronic Incorporation. The specialist medical device company, which focuses on the treatment of abdominal aortic aneurysms, said that it has been granted a non-exclusive license for US patent, which will now allow it to focus on launching its flagship product, Aorfix, which is an endovascular stent graft, commonly used to reinforce a weak spot in an artery. As a result of the signed deal, Lombard Medical said that it has withdrawn its validity review request on the Jervis patent. "The signing of this licensing agreement, the terms of which are advantageous to both parties, will allow Lombard Medical to focus our resources on the US launch of Aorfix," said Chief Executive Simon Hubbert in a statement. Lombard Medical also said that it is experiencing growing sales in Europe, and anticipates regulatory approval for Aorfix in Japan in the first half of 2014. It said that it plans to extend its facilities in Didcot in Oxfordshire, in order to meet increase demand.

Yes NAV Cash is 17.2p. "As of the reporting date (30.6.2013), the cash and bank balances of the Group was RMB2.14b and there were approximately 1.23b shares in issued. You may refer to P.94 and P.96 of our annual report. SO RMB2.14bn / 1.23bn =RMB 1.738 Apologies, I am normally accurate-must have made a decimal error.

Just received a hard copy of the accounts I requested(my holding is in a SIPP)-like to see rather than an as a PDF. Old fashioned I guess.Interesting reading and will set up some more Google alerts for key properties. I monitor Macau Property prices, and looks OK- one report tried to talk down , but seen this before. The bridge from HK will increase demand and MPO have a good programme in place to sell at premium prices.

Been away. I have asked the question- my math's is normally OK-but could have got a decimal place wrong-it does happen. Not that worried-8p or 18p, look at future earnings growth and pretty confident for that.

I have some answers re NAV. The aircraft are value in the balance sheet at depreciated cost, although in many cases the realisable value is in excess of the B/S value. The Company has 6 ATR72 aircraft delivered 2013 in the balance sheet at $18m, but they came with a 10 year lease to Virgin Australia-so Value is closer to $24m. A further 8 ATR72 will be delivered in 2014. Overall the Company has 13 aircraft with an average age of 1 year and average lease to run for 9 years. The company also has purchase rights and options for future delivery of 27 ATR72 in the coming years. Currently aircraft are sold out, so rights/options have a real value-no value is attributed to these in the balance sheet. It would seem to me that therefore the true NAV is significantly higher than the figure shown in the Balance sheet. It should be at least 15% higher, but hard to come up with an exact figure for the Rights/Options so have not included that. I therefore think we are looking at £1.43 minimum NAV. I suspect that the rights/options will have to be given a value in the Balance sheet in over the next couple of years. The aircraft cost between $16m and 20M- so if you values the option at 2% of $16m-with 27 options= $8.6m. But I am guessing at option value-I have no idea. That would be another 15% increase in NAV. Please do your own research-and if any-one has an idea of Aircraft option values would love to hear.

Been away for a few days.Tend to avoid Software companies as such a fast moving industry-but will have a look. I operate on the fringes of this and my area is changing dramatically at the moment.Hopefully in tune-I supply hardware not software. Will chase up NAV info.