Member Info for RKBeekeeper

Annual Results

The FCA require Our Company to publish their Annual Results no later than 30th June 2020.

Since FG & RE rejoined the Board in July 2015 they have presented the Annual Results on the last available day.

2015 Annual Results published 30th June 2016
2016 Annual Results published 7th July 2017 (after short suspension)
2017 Annual Results published 29th June 2018 a Friday
2018 Annual Results published 28th June 2019 a Friday
2019 Annual Results published ??? June 2020

I am at a loss as to why Our Company always have to take our Annual Results to the wire. We do not manufacture anything, we don’t produce anything and we could have had our results Audited months ago but for whatever reason FG & RE take it to the wire, why?

RKB

I do not think the Truspine Directors would have been appointed (recently) and the tidying-up of certain legal documents (see Companies House) or their Website being “under construction” with a banner to say “pending listing on the Aquis Stock Exchange” would have all been set-in motion unless they were going to list by the end of July.

You could always ask your broker.

RKB

Good afternoon Messi1966

I think you will do very well with your 66,667 shares in TruSpine Technologies Plc, along with Brian, Douglas, Jamil, John Cecil, Simon & Yan.

RKB

Arps

Have you ever look at the Annual Results?

If you had taken even 30 seconds and looked at the LTV (for numpties that is Loan to Value) then you would realise that MTRO will not have any real issue with defaults or realising their original loan (advancement)

RKB

Good afternoon Bigsmoke

I was re-reading the Annual Accounts and refreshing my mind as to why I liked the Balance sheet of Metro Bank.

Most Posters on our B.B. will not have looked at the Annual Results and most likely the 11 rather large Posts that I complied were too complicated for them to fully assimilate. But with Covid-19 we all know that many Businesses will be impacted and for a Bank the goal is not to be too over exposed.

As you have correctly pointed out but I believe it is worth noting again (just to keep the shorters on their toes as they will be running away soon) that Consumer Lending of over £3.9 billion, the clients that are up-to date with their payments is 99.26% and the balance of 0.74% is between 1 to 29 days past their due date.

Conclusion: There is not a problem with Residential Mortgages, Buy-to-Let Mortgages or Commercial Lending, Metro Bank are good in fact very good at their risk assessment when they lend and they do not have the history of the older established Retail Banks."
If Posters were to take just 5 minutes and scan the Annual Results and see how detailed the information actually is then they may like myself agree that Metro Bank has sound lending principles and post Covid-19 will emerge on an upward trajectory.

RKB

T Boone Pickens

Continued:

So we have two private investors combined (but not a concert party) who have 19.67% and the last TR1 did not have to spend £912 but did so and had to inform the company and this is what T Boone Pickings did. He parked his tanks in front of the BoD and showed them his fire-power.

So what do the two TR1’s know? Is it that they want some investments divested? Do they know anything about our investments that we are not aware of? Are any of them connected either through blood or business that gives them an advantage? Have they been monetising the raw data that is available to us all? Do they know the true potential of Greatland Gold? Do they know when TruSpine Technologies Plc will list on the Aquis Exchange? Do they have an idea the astronomical value of largest single investment in Engage Technology Partners Ltd where we have invested twice as much than we have in Greatland Gold?

RKB

I predict more TR1’s are incoming

T Boone Pickens Continued:

Posters who know about the type of in-depth research that I do will be aware that I have analysed all PRIM’s investments especially any that have documents lodged at Companies House.

You will most likely know from the media that the new currency is “data”, data that can be monetised and the data that I have accumulated on PRIM along with similar companies can be useful.

An example of a fraction of the data I have, (taking just Engage Technology Partners Ltd) is that there are currently 115 shareholders (including the A shareholders who number 9)

People connected to Primorus (including our shareholding) have a total of 85,625 shares (remember we are at present saying Prim only have 72,123 but they have more)

Now having data in a format that you can analyse, you then know that Primorus have the 5th largest shareholding in Engage. Also when you have a list of 115 shareholders and cross-check that with other “available information” you can make some informed choices (in my opinion)

Now re-visiting our most recent TR1 where Rupert Labrum disclosed 15.02% you have to ask the question why he went over 15%. If he had bought 25,356 less shares he would be one share under 15%. So by buying £912 more shares he is forced to TR1. Now I always aim to stay below 3% because if you are over and you top-slice then you have to do a few TR1’s and people will know you are divesting and you may be at a disadvantage.

To be continued.

RKB

T Boone Pickens

Born 22/05/28 Cashed-in Chips on 11/09/19

I posted this Post originally on the 27th September 2019 and have re-posted it today because I think it is appropriate and I have updated the percentages because they have changed substantially (in Rupert’s case from 3.04% to 15.02% today)

As T Boone Pickens has recently passed away I thought it would be appropriate that I should post something as I actually knew this man.

T Boone Pickens was back in the day a Corporate Raider. I knew him through the work our company did for Messa Petroleum which was based in Amarillo Texas and I met him in November 1979 at the height of his “Corporate Activity”. I stayed at the expense of Mesa Petroleum in a hotel for one week and met T Boone Pickings in their office in downtown Amarillo, one of the most genuine, approachable people in the corporate world I have ever met.

T Boone Pickens style of corporate raiding I do not think would be allowed today but back in the 1970’s early 1980’s he got away with a few “things”. His MO he told me was to find un-loved and under-valued companies, buy a stake and then get the company to buy his stake at a premium. He made a lot of money and was a billionaire but his recent obituary puts his wealth at only $500 million.

So why mention this on our B.B.? Well I believe LTH (not the day-traders) believe PRIM is un-loved and under-valued. So recently we have had some TR1’s with a Stephen Labrum and then a Rupert Labrum. We do not know if they are connected or related or even if they are brothers or cousins all we know is that they have 4.65% and 15.02% (note RNS says S Labrum has 4.6% but it is 4.65%)

So we actually have two maybe unconnected private investors who CURRENTLY hold 19.67% which is 27.5 million.

To be continued.

RKB

Greatland Gold

Good Morning Scottiemalottie.

I was re-reading our Annual Results and comparing them with the recent Quarterly Update and noted:

As at the end of the financial year in December 2019 our Net Assets were £4.757 million.

Also in the Annual Results there is only one investment that is listed and it is valued at £706,000 which implies that our 37 million GGP shares were valued at 2p.

Now for ease of calculation you can subtract 2p from current GGP share price and the answer is currently over 10p and that implies £3.7 million should be added to the Net Assets and all things being equal that would imply £8.457 million Net Assets.

Now we are at the minimum of 6p a share (£8,457,000 / 140,000,000 shares) which is a nice round figure for the BoD’s Warrants in December.

The above excludes any IPO for TruSpine Technologies Plc (due within next two months) and Engage due hopefully later this year and Fresho which will be monetised as per AC quarterly updates.

RKB

BBR391

I do not know if you are in lock-down due to Covid-19 or if you have been locked-up for the past 5 years.

Nilesh Jagatia resigned in July 2015 shortly before Francesco Gardin was re-appointed to the Board.

If you have to mention Directors in your “Brief Posts” then there are only two, FG & RE.

RKB

PS Annual Results due in 13 business days, lucky for some! Now what will FG be “forced” to include within “Post-Balance Sheet Events”?

Hello Panderman

I am well and I have never been to South Africa, I stay on the other side of Hadrian’s Wall.

RKB

PS I think the shorter’s will be needing a ventilator shortly.

Hello Zccax77

I estimate that 95% the Posters on our B.B. will not have the foggiest idea about ECL let alone what it means.

For AM91 (and the others who pretend they are ignorant but are maybe not) ECL means “expected credit losses”.

Nobody really knows what any Bank’s ECL’s will be but as I know about the Big 4 UK Banks and their inability to lend wisely all I can really say is that Our Metro Bank will suffer a lot less.

Historically the Big 4 have made stupendous lending decisions basically because their “Lending Managers” are inept. Metro is different that’s all I will say.

I am now retired from Financial Services but my experience of a large Scottish based Bank with an Australian parent was that their qualified staff were less qualified than myself and made decisions (approval of loans, mortgages, credit cards & overdrafts) not on a customer’s ability to re-pay but for “achieving targets”. If it was flavour of the month to have say another 3,000 Credit Card Accounts then they offered a “Bonus” and when you incentivise staff like that you get in my opinion “poor lending decisions”

Metro Bank has I believe more staff proportionately (than the Big 4) with meaningful qualifications and they have a totally different culture.

RKB

PS I really do not want to Post too much as I can attract some detractors and I would not want our B.B. to degenerate (like before) and there are more than sufficient good, no excellent Posters, who are well informed and you can learn from them.

Hello Cuddothisnow

From memory I believe you were one of the kinder Posters on our B.B. after I had dissected the Annual Results but unfortunately there were are few who had a different view to my Posting and “bullies” tend to shout & shout and make a lot of noise.

All I can really add is that MTRO is grossly undervalued and I remain confident that our share price will be multiples of my original buy-in price.

Most Posters on our B.B. do zero research and are happy with their 10% but I think we are different.

RKB

Hello AM91

Most Posters will have looked at your posting history and probably think you have multiple log-ins but it does not bother me if you are a “new investor”.

I first invested in MTRO last November at about £1.93 after doing extensive research and toped-up in late February after performing an in-depth analysis of the Annual Results. Further top-ups in May at an unbelievable price of 69p and earlier this morning I am in profit.

I do not trade, I seek out undervalued shares and research them 24/7 and then sit-back and wait.

Hopefully “The Shorters” will have a sleepless night and the LTH can sleep easier after today’s re-rate.

RKB

Good Morning Testing321

It is not an exact science on how to value a Plc on Listing on an Exchange.

What we do know is that TruSpine Technologies Plc (which owns many subsidiary companies) will list on Aquis Stock Exchange (the old NEX Exchange)

We also know that certain legal processes have to be completed and a number of them have already been completed (see previous Post re: Companies House)

What we also know is that when Primorus Investments Plc originally invested our £500,000 in August 2017 for 1,666,667 shares, we paid £0.30 a share and we were originally told we had 3.33% of the issued share capital (but as there were 60 million shares at the time then we actually had 2.78%)

We also know that as the number of shares increased from 60 million to the present 83,744,460 that when shares were issued to “new investors” it was always at 30p (some staff received Bonus shares but paid pennies or nothing) Fortunately for us no new investor managed to acquire shares at less than our entry price of 30p (ignoring staff above)

I have Posted previously that I am not going to say how much our TruSpine Technologies Plc shares will list at, on the Aquis Exchange, but I have said to a few trusted friends privately what I think they will list at.

What I focus on, is the investment of our new Director Ms Annabel Schild of £1 million at the same 30p as us and her family background and how they managed to grow a previous medical company to a phenomenal amount (100’s of times it original size when it first listed on LSE)

RKB

As always it pays to DYOR

Thank you Amthekkel

I listened to the podcast of Huw Birrell the Co-Founder & Co-Managing Director of Fresho.

I took extensive notes during the podcast only to discover at the end that there was a full transcript!

Rather than write a tome about everything that was in the podcast I will just list a few bullet points:

Began as a food delivery business with a model of business to business (B-B)
Due to Covid-19 pivoted to business to customer (B-C)
Fresho were always going to have a B-C but Marketing Costs would be prohibitive.
Currently have 50,000 B-C customers (note no marketing costs)
Pivoting to B-C with zero marketing costs
Prior to Covid-19 monthly sales B-C were A$60 million a month
Deliver to 30,000 venues across Australia, New Zealand & UK
Raised A$7 million last year to expand in UK

I could go on and list many other things but you should listen / read for yourself.

Primorus Investments Plc have invested about A$421,000 at increasing amounts (1,111,111 @ A$0.27 197,368 @ A$0.38 & 107,244 @ A$0.475

When you have a business pre Covid-19 with a turnover of over A$720 million and expanding in to other Countries with a business model that is able to pivot seamlessly and at no marketing expense then you will understand why our BoD initially bought into Fresho.

RKB

https://cogent.co/podcast-18/

TruSpine Technologies Plc

All the documents are now available on Companies House to confirm:

TruSpine Technologies Ltd is now called TruSpine Technologies Plc
Auditors Statement confirms accounts have been properly prepared,
Auditors Report also confirms accounts have been properly prepared,
Balance Sheet: Total Assets £1,668,205 Total Equity £1,395,491 Current Liabilities £272,714 and Total Equity & Liabilities £1,668,205,
Re-registration of Memorandum & Articles completed but I noted that resolution 6.2.1 it said that the Nominal value of the Company’s share capital must not be less than the authorised minimum (being £50,000),
And that Norman Lott was appointed the New Secretary.

The document that was lodged to change TruSpine from Ltd to Plc also confirms that the aggregate amount of nominal capital is £8,374. What this confirms for me is that currently there are only 83,744,460 shares in issue. Primorus Investments Plc now have 1.99% of the current shares in issue.

It also confirms to me that an IPO is imminent.

RKB

https://beta.companieshouse.gov.uk/company/09345973/filing-history

Truespine Technologies Ltd

There are only six shareholders who hold more than 2% of TruSpine shares.

Haleride Ltd 55.24% (and this is really a Director & Company Secretary)
Focusplay Retirement Benefit Scheme 7.01% (they pop up on a number of my shares / research)
Ms Annabel Schild 4.11% (recently appointed director who invested £1 million)
Prosperity Global Holdings Ltd 3.39%
Charles Wood 2.06% (Ex Director)
Primorus Ltd 2.05%

I have said to a few trusted friends how much TruSpine will list on Aquis Stock Exchange (NEX) and they will know if I have valued TruSpine correctly.

RKB

Truespine Technologies Ltd

There are currently eight documents being processed at Companies House and it is going to be confirmed shortly that TrueSpine Technologies Ltd is going to be a Public Limited Company.

Primorous Investments invested £500,000 originally and all we now need to know is the price our shares will be listed at. Happy Days, you could even say Golden Days.

RKB

https://beta.companieshouse.gov.uk/company/09345973/filing-history

Good evening Testing321

Thank you for this important information.

Excellent news for LTH.

I wonder if AC will RNS Monday?

RKB