The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Before anyone buys here, remember the company has just done a placing because it ran out of working capital.
100m shares being released on Wednesday, I’d wait.
Not worried at all, the news article was published by Alliance News on the 14th Nov. It was a cut and paste job from the London Stock Exchange website. Monty, you're a fool.
Chelverton will be selling eventually though.
hxxps://www.chelvertonam.com/wp-content/uploads/2017/11/CGT-Annual-Report-2017.pdf
PPG holding is on page 47 of the report. That was 31st of August 2017 though.
They had 33m shares in PPG last year and I've not seen the annual report on what they hold now. They could be out already or they could hold hoping for the share price to recover within their two year wind down window. Many scenarios in play here but lack of delivery from PPG makes me wonder if Chelverton are not the only company winding down. Only my opinion though.
CHELVERTON GROWTH TRUST PLANS TO WIND DOWN AS NET ASSET VALUE FALLS
[ 14 Nov 2018 17:30 ]
LONDON (Alliance News) - Chelverton Growth Trust PLC on Wednesday announced plans to wind up the company after posting a substantial drop in net asset value in its most recent year.
As at August 31, Chelverton's net asset value per share stood at 60.48 pence, a 29% decline from 85.63p per share reported the year before, as a result of a drop in the value of its investments.
Meanwhile, the micro-cap investor's benchmark, the MSCI Small Cap UK Index, increased 7.2%
The most significant decline was seen in the trust's software firm Touchstar Group LLC holding, which diminished in value to GBP374,000 and represented 11% of its portfolio. This compares to a GBP621,000 valuation when it represented 14.7% of the portfolio last year.
Furthermore, shares in IT service management company Universe Group PLC, which constitutes 0.9% of the trust's portfolio, fell by around 9.5p to 3.85p over the year after a potential new client went into administration.
Chelverton's Universe holding was valued at GBP31,000 at the end of August, compared to GBP61,000 the year before when Universe represented 1.4% of its portfolio.
The most significant event during the year for Chelverton was the takeover of Lombard Risk management, in which it held a 7.7% stake, via a recommended cash offer of 13p per share.
Net asset value reduction, coupled with tender offers that reduced the company's size, have negatively impacted Chelverton's expense ratio. This has ultimately led the board to outline its strategy for winding down, a process that is expected to take up to two years.
Chelverton said it will realise its AIM-traded shares as and when their liquidity is restored, using the proceeds to settle liabilities and then to return value to shareholders. Depending on the value of any remaining illiquid assets, Chelverton will examine "the most tax efficient manner" of returning value.
A continuation vote is not expected to occur in 2020.
"There are currently significant macroeconomic headwinds including the tortuous path to a Brexit deal," said Chelverton Chairman Kevin Allen.
"However, the companies in the portfolio have generally made progress over the past year and we hope, and expect, that the investment and development that has taken place in the past few years within the investee companies will bear fruit over the forthcoming period," Allen added.
Shares in Chelverton were untraded on Wednesday at 55.50p.
Because I choose to
CM revenues suspended, dwindling triad revenues, running out of working capital by paying themselves huge salaries, more debt than asset. This is a dead company staggering and not long for this world.
Looks that way which would indicate insider trading. The BOD are a bunch of shysters and not to be trusted.
Not yet, someone wants out.
Looks like they are banging the doors down for this 10p malarkey. What you are suggesting is Fantasy Island stuff and I'll see Lord Lucan riding Shergar before it happens.
CM contracts will pay £360K each for 3 sites (2019) and £450K each for the other three (2020), which is about a third of the TRIAD revenue. So your statement is not correct. The CM contract just about covers the admin costs for a SPV per year.
Pump it Savvy...lol
No losses incurred, got out with my capital and a £10k profit back in April.
Must be hard for you jumping on multiple boards trying to educate idiots. You are making it an enjoyable wait for news though. Thanks
Not bitter and no agenda, PPG is not investable in my view. Just trying to present an opposite view to jam tomorrow, multi bag and 10p in three weeks.
I have an interest in what happens here to confirm my investment decisions made and what I do with my time is my choice. The CM contracts alone are not enough to make the SPVs profitable, hence my previous statements. As for your £20 - 30m valuation, it is way off the mark. The asset value of a SPV is around £4.2m x 6 = £25.2m. 45% of that is £11.34m but the SPV's have £2m of debt each, which makes PPG worthless currently.
Where are the projections that the diesel SPV's can demonstrate a long term income after TRIAD ? STOR & FFR will not be as lucrative. Also all the SPV's have a debt to pay, circa £2m for Attune and probably the same for the other 5 SPVs. The profit made by Attune was £440k last year on 100% TRIAD. It is not yet known whether the other revenue streams can match that. If PPG could produce projections for diesel as they did for gas then that would clear that up. As for gas funding, who is going to give £125m to PPG to build 10 gas sites with no assets of note ?
and the pump has started