Member Info for pernickety

Polemus is an investment company that raises money to seek opportunities but probably due to the weak natural resources sector have done very little by way of purchases. Paternoster is more proactive and saw an opportunity to take 24.6% of Polemus for £150,000 worth of PRS shares plus PLMO holds a cash or cash equivalent balance of approx. £400,000. Basically another cash shell like MTR, MXO and PPG were, so, something, hopefully exciting will be looked out for it in due course, and, now with the financial expertise of Amanda van Dyke on board, securing investment opportunities be easier.

I have spoken to Nick Lee a couple of times (once fairly recently) and find him quite approachable. Companies in mining, oil and power sectors have still to recover (down since 2011 mostly across the boards). PRS has however done well with Metal Tiger and Plutus Power Gen. Big sofa is in video, and, now with the expansion in investment strategy. the company is less restricted in what it can get involved in, there should be more opportunities.

If it is the same article as I read it is dated May2013 unless there is something more recent. Sorry for getting peoples hopes up if it is the same one.

There is mention of a London listing for Bison, I read an article on Sky news recently and Paternosters name was mentioned in it. I think PRS put £300,000 into unlisted Elephant oil (1,185,770 shares @ 25.3p ) for 5.5% of the company but the continuing low oil price has not helped. Elephant Oil holds a 100% interest in Block B onshore Benin and last we heard (June last year) they were doing an Environmental Impact Assessment in areas where future surveys and drilling were to be done. Hunt Oil is operator of an adjacent block and Shell and Petrobras had also been doing work on blocks nearby but a lot of companies are looking for an upturn in the price of oil before spending too much. It is onshore however which would make it cheaper to extract if successful. If there were finds from the bigger companies in that area, Elephant may be able to do a deal.

Commodities sector cycle has been bad since 2011 but some companies are now beginning to improve, lets hope others follow, it cant stay low forever. It will help with PRS going into other sectors of the market like big sofa going into video with big name customers, and I am sure they will have something looked out for Polemus. PRS have decent investments and trade at a large discount to its NAV, but market sentiment is generally still low. I made my first purchase when PRS was then called Viridas at around .50p and it traded at a premium to its NAV with little assets compared to today. I have added and averaged down since then and intend to buy more until things improve, but can sympathise with you as monies are basically tied in unless selling at a rediculously low price.

good luck with your large holding. I think you will do very well in the next couple of years.

The Bison Energy Services listing never happened and that was over 3 years ago. PRS had �171,000 invested in it then and still hold. Looks as though they are considering a London listing through W H Ireland, which, if it does will be the first fracking services company to list on AIM. Enthusiasm from institutional investors apparently. It would give investors exposure to the fracking boom sweeping the U S energy market.

Yes the £150,000 invested giving 24.6% of the company is more than 50% up and at .065p PLMO still has a market cap of just under £1 million. Not bad considering the listing is probably worth around £500k and it also has around £400,000 in cash. I wonder what delight Nick has in store for us with Polemus, and, after working with Adam Reynolds it may not be in the metals, mining or power sector, which would further broaden the companies spectrum along with Big Sofa.

I do not think so either. NEW currently trying to dispose of Blue Creek Production Sharing asset in Belize which expires on 31/10/16. They still has a bit of work to do on dissolving the subsidiaries associated with its Danish licences relinquished in September 15. All well under control I am sure. In my opinion NEW placing and rights issue will be later on in year.

Paternoster was mentioned recently (16/08) in the Justin Waite Vox markets podcasts No 560. sharepickers.com Lasts for about 48 minutes and starts with Thor Mining, but after around 21 minutes Justin spoke with Doc Holiday and he seems to think that since Amanda Van Dyke came on board they may start to change direction and also taking a stake in Polemos (PLMO) which will be another shell. Investment companies like PRS trade at massive discounts to their NAV and it is how to unlock the value that is obviously there. The rest of the Podcast is an interview with the shareholder activist Ben Turney, who, ( with a group of other New World Oil shareholders) were instrumental in getting rid of the reluctant old management. Adam Reynolds and Nick Lee in charge now with PRS having a decent stake in NEW.

I had some more @ .129p, didn't think I would get them that low. Seem to be holding on to money for now, will need for the funding of big sofa, hopefully at a good price.

At the moment MTR and PPG stakes cover our market cap. with 52k left over, everything else and cash for free. Now that NEW (suspended at the moment and PRS own 8%) has cleared out all the old management Big Sofa will be soon ready to go. Adam Reynolds and Nick Lee in charge of NEW now with money in the bank. This will be a reverse takeover, and possibly a rights issue for current NEW holders, hopefully on favourable terms, which could help our undervalued share price. Adam has a good track record and specialises in turning round these type of companies and it will be also be something different to the typical PRS holding which may attract another type of investor.

Ant I am aware George Sztyk has just stepped down. Badgers post stated that Peter Sztyk was possibly still on payroll, and I replied that he did not seek election to the board after his retirement in November last year so what was he getting paid for.

RNS of 17/11/15 states that Peter Sztyk did not seek election to the board following his retirement by rotation. Why is he still on the payroll?

It will inspire more confidence than not buying at all. £20,000 is a decent purchase out of ones own pocket.

To vote at the EGM on 17 th June, is it a case of downloading the voting form and sending it completed to Computershare in Bristol, or to the registered offices in Jersey. Would appreciate a reply, have done this before but not for shares held within an ISA.

A share price of .175p gives PRS a market cap. of £1.615 million, less than half of the £3.5 million worth mentioned by Nick lee. Lack of newsflow does not help but PPG is doing well and a change of direction for NEW may help.

Nice 3 million buy this morning. Lack of news flow keeps the PI's guessing but at a current price of .175p PRS has a market cap. of £1,615,001. The quarterly report to 31/12/15 shows a cash balance of £464,570 which would have been confirmed by the raising of £300,000 on 24/11 and the sale of 25 million shares in PPG for £275,000 on 01/12/15, both after the purchase of NEW in September. The only acquisition since then was Alecto but this was a convertible loan. There have been 2 further sales in Metal Tiger since then for a total of £506,500 which would make the cash position around £971,070 which is quite healthy considering the suspension and possible RTO and rights issue in NEW. If one takes the remaining stake in PPG of 69,333,334 shares at the current price of 1.075p giving £745,333 and adding it to cash the PRS market cap. is more than covered, which gives a bit of scope for upside. Still waiting for the latest Quarterly update but Metal Tiger has gone from .88p at 31/12/15 to over 4p now and PRS still holding 14.2 million shares which will only increase its discount to NAV. Possibly waiting for flow rates from Aje and an update from MXO before publishing it.

In with the new. Reynolds and Lee know exactly what they want for long suffering shareholders and it is not oil. You have to trust what they are doing to EVENTUALLY clear out old management and get a new direction for the company in something more tangible. Money is lost so easily in oil exploration but Big Sofa has the potential to be much better.

Soon to reflect first quarter valuations. 4 trades today all buys.