Member Info for pernickety

I see i3E has made a move upwards in the last couple of days. The problem as far as I am aware, is that shareholders here do not know how many shares PRS own in them or the price they paid. The same applies to the other spin off from Glenwick Cora Gold. Did they get better terms than private investors? With shareholders being kept in the dark regarding news it is difficult for potential shareholders to know whether to buy in or not.

I held more than 1% in the past but as far as PRS is concerned nobody cares about the personal investors and keeping them up to date with happenings. IMO Nick has not done his duty well enough in his paid position within the company to keep shareholders informed. Lets hope Melissa does a bit better. .

What do you mean by a Hong Kong year ?. I know we have Far East share holders but I would prefer PRS to stay in London.

This would be a perfect time for the share buy back then that was mentioned by Nick some time ago, to enhance the value of the company. It has never happened.

The stake in PPG is worth �88,000 more than than PRS whole market cap. excluding cash and all other assets. Communications have been so bad here I do not think anyone cares whether it is undervalued or not.

Yes, PPG holding now only £150k short of PRS market cap. excluding cash and all other holdings.

EGM in NWOG (N Lee Chairman) called for 28 th Sept with a proposed change of name to Eridge Capital Ltd based in British Virgin Islands. £256,688 was put in for the 8% in NWOG and there is an outstanding loan to Big Sofa (BST). PRS market cap today is £1.372 million with the PPG stake worth £1.06 million with other irons in the fire, but due to a lack of communication with shareholders, seems to have lost its feelgood factor. There is also an open offer at the moment, 2 new for 1 old shares at .00912p in GWIK for existing shareholders, will PRS get involved ?.

PPG done well today, PRS stake in them(49,333,334 shares at 2.05p) worth just over a million £. Should really have had some communication regarding the Glenwick stake turned into i3 shares which stated in the last quarterly update that they would be at a significant discount to the price that any new shares in i3 are subscribed for by investors at the time of the IPO.

That sale is approx. 5.6% of Paternosters shares in issue and Polemus would have had around 9.2% so it could have been them. The £150,000 satisfied by the issue of 93,750,000 shares to Polemus worked out at .16p per share, so that sale would have been at a loss.

PRS also had over £256k invested in New World Oil and Gas which has subsequently been delisted from AIM. NEW had loaned, I think from Memory, over £1 million to Big Sofa Technologies (BST) with a view to a reverse takeover which did not happen due to past company irregularities within NEW, but at some time in the future the NEW money within BST will have to get sorted out as as the loan is still outstanding.

Scotty As you say when Glenwick starts trading you may have to pay a greater price than the likes of PRS who will be in at a pre set price the same as current GWIK holders. Nobody knows what will happen, but when that Liberator field deal was initiated oil was a fair bit less than it is today. Dana petroleum owned it and they were shifting on some of there assets at the time. The gold play is a bonus for me as I did not expect it. Mon the VIR.

Amanda starting to prove her worth. This is an excellent deal for Paternoster, getting in with a decent rock bottom stake in Glenwick, so much potential. I am also a Glenwick shareholder and have been following the story. It may make Polemus think again short term before selling any further shares in PRS, as IMO, when these deals are done there could be a fair bit of upside.

Hi Scotty As far as I can remember PPA was going bust and with an injection of money became Astar which then became MX Oil. Brady became Metal Tiger. PPG cost very little for what it is now, I think PRS got their lot of shares for .25p each and it is around 10 times greater now. Seems to be all about making the correct choice of companies into these shells and the good starting price that goes with them.

Amanda says that Paternoster will continue to concentrate in buying into shell companies and turn them around for a margin. Nick has done this in the past with MTR, MXO and PPG and has been recently involved with Adam Reynolds,who has an excellent track record in doing similar. New World Oil (delisted) has proved to be a very difficult one, due to unforeseen circumstances (that has emerged from its previous poor management), but NEW have given Big Sofa loans, so not lost to shareholders. Pires(PIRI) and Polemus(PLMO) in which Paternoster has 24.6% holdings for both are now in the frame for a makeover, for which they will have cash in hand plus the option to sell something from current holdings if needed. The future looks bright and open to sectors outwith metals, mining and oil if the right opportunity arose.

Alecto (suspended this morning) in RTO talks for the proposed acquisition of a copper mine in NE Botswana. PRS holds 12.1% of ALO.

Thanks for the responses. Jarvis Investment Management are very efficient and charged me £10.00 to get them out in certificated form.

Does anyone know if these can be converted out of ISAs to be held in certificated form, and would it be beneficial to do so in being treated equally going forward.

At .165p PRS market cap is £1,677,403. The 69,333,334 shares in PPG that PRS hold at 1.625p is worth £1,125,666. So everything else held by PRS including cash is valued at around £550,000. Discount to NAV has not reduced very much at all, if any, despite the statement within the RNS of 16/09 that strategic steps are to be implemented with a view to addressing under-valuation. Buying back some of the undervalued shares would be one way of increasing shareholder value.

Generally commodities, oil and gas shares have still to recover from a 5 year decline. Moving into other sectors will help. Just waiting patiently until sentiment improves.

I would not read too much into selling Andiamo and buying Ortac. Andiamo is an unlisted company that Ortac has given quite a bit of support in recent years to now own 27%. Although small Ortac is London listed, giving PRS far more control of its investment in the future and still be connected to Andiamo. I also noted that Paternoster has also reduced its holding in Shumba ( Botswana and Mauritius listed) last year from 2.5 million shares to 500,000. Lack of a London listing would also have made it more difficult to trade. Just need to get something done with Elephant and Bison now. Looking forward to The Big Sofa listing .