Member Info for Quiggers52

Think PMO are confused. They might have 14 days to lodge an appeal. No judge is constrained to hand down a judgment within 14 days. Some judgments take several months to be handed down; depends upon the facts, workload etc. This was a 1-day hearing so it ought to be fairly quick one hopes.

https://www.bailii.org/scot/cases/ScotCS/2020/
when the judgment is handed down, that is where you will find it.

when it is published, it might be on BAILII
https://www.bailii.org/
if you search on "Premier" you might get a hit

sliding again..to break 200 by close at this rate.

Thanks for that.
Buffett acknowledged that his mistake with Tesco was in not exiting sooner than he did "thumb-sucking" he called it. (Ironically, a certain Mr N. Woodford did just that - wonder whatever happened to him...?!)
Agreed that it is clearly in creditor`s interests to extend support should it be required.
Hard to think of what ELSE could act as a catalyst in terms of bad news here to further push this down. There has been talk of erosion down to 1 pound or even below. But that is just speculation clearly. The sp is holding for the moment.
Obviously hard for holders.
Without wishing to come over as self-righteous, I`m in PMO and that has been devastated. Although I did make a 47% return on SXX. My 8-yr old picked it 7 Jan 20, 24- hours before the takeover announcement. The news came on the radio as I was driving him to school the next day and we both laughed like lunatics. Made all of the princely sum of about £50 profit lol.
But great learning for him. My losses are his gains as I teach him what I know (which isn`t much). That`s the way I look at it.

luddite - with negative wc how long can IAG keep going? I see the price is stable at the moment. There must be 000s of PIs all thinking the same thing: when do I make a move ? and one of the factors in that is what will HMG come up with by way of a rescue plan?
In situations like these all of the fundamentals or technical analysis go out the window. It boils down to instinct and calculated risk/gamble. You mention Buffett and he is always prepared to break his own rules.

There are the boys over the water of course, should have included them. Not sure how much they have been impacted.

EUR (1,421) bn
current:
assets: EUR 11,327 bn
liabilities: EUR 12.748 bn
I expect many people like me will be thinking of when to step-in with IAG for the long term.
As a comparator, the SP of the largest 10 airlines has fallen (from 11/2/20) as follows (Relative size of market cap is shown in [*]) : IAG [7th]: 64% | United Airlines [3rd], Delta [1st]: both 62% | American Airlines [4th]: 61% | Air France- KLM [10th]: 54% | Lufthansa [8th]: 44% | China Eastern Airlines [5th]: 41% | China Southern Airlines [6th]: 36% | Southwest Airlines [2nd]: 34%. All Nippon (Japan) are no 9.

Hi All
So I have seen those letters oft-repeated. I`m guessing they stand for "do your own research"? Never truer a word uttereth!
I was reading IC the other day. (Bear in mind this is a FT-owed publication. So the journalists ought to be top-drawer.) Anyway, Simon Thompson presents his bargains for 2020 a la Ben Graham-style. So top of the pile is CIP Merchant Capital (47.5p) They hold various equities amongst which is Coro Energy whom CIP hold a 19.1% stake. ST writes:
"Admittedly, some of the holdings in the portfolio haven’t performed well, including its largest investment, Aim-traded Coro Energy (CORO), a southeast Asian upstream oil and gas company. CIP invested £6m in purchasing 150.2m shares (19 per cent of the equity) in a placing in April 2018 and a further £3m in a €22.5m eurobond issued by Coro in April 2019. I reckon these two investments have a combined value of £5.6m, although the company was also issued with call warrants on 85.2m Coro shares which have an exercise price of 4p and expire in April 2022".

Hmmm...turns out that equates to an 81% loss of £4.8m!
Undeterred, ST ploughs on:
"The region possesses some of the world's fastest developing economies where demand for gas currently significantly outstrips supply and is supportive of commensurate growth in energy demand. Coro’s growth strategy is being targeted on countries such as Indonesia, Malaysia and Vietnam where there is significant 'yet to find' hydrocarbon resources as well as numerous fallow discoveries for commercialisation and development. "
Now, reading that you might presume that this is ST`s view. You`d be wrong. These words are extracted virtually word-for-word from Coro`s published int. results. I suggest that is a trifle misleading.
Worse than that however, in a previous IC article expressing a view about a UK listing with a Malaysian sub in the air ventilation industry. The article talked-up the fact that the Malaysian Govt were introducing new laws which would positive benefit said-sub in a big way. This was expressed to be a fact. Unfortunately, in a later trading update, the UK entity were forced to admit that the law they were expecting to be passed...well, it wasn't. It never reached the statute books. The effect was a subsequent profit warning on the basis the Malaysian sub would need to re-think its R&D (and no doubt re-tool its line as well).
Again, ST had just "cut n pasted". He hadn't checked to establish and validate that the law he referred to had actually been passed. Had he done so, he might have qualified his "buy" recommendation (or even withdrawn it).
This doesn`t have much to do with PMO granted.
It does have a lot to do with "DYOR". As they say, take nobody's word for it!
Like many others here I too hold PMO and am hopeful the bad news is now all baked in to this sp.
GLA.

As bad as I feel with PMO I look at Berkshire Hathaway and its 15% loss in the last month or so, that's just over $50,000 (per share). Debt wasn't an issue at PMO a few weeks ago when the results were announced. The mood from the analysts was fairly buoyant. Now, with this black swan and its impact on poc, there is understandable panic from PIs.
As others have said, look for single digits (?) - buy in - and wait... But, undecided.

To calculate "owner earnings" I took the MOST conservative approach I could think of and simply took "net cash used in investing activities" (for 2019 -2011) average: $728.3m, and used that as maintenance capex. Adding back D&A (only..not incl. non-cash items) to NP of 102.5m gives cash yield of 16.5%. My "Graham" number (stripping out goodwill) is showing PMO is trading at 57% below the max. price ps of 138p. GLA.