Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
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 .
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.