Member Info for RKBeekeeper

AIM Rule 26

Today Footasylum updated their AIM Rule 26 with the current shareholdings.

We already know there are only 104,474,390 shares and we also know that the “family” control 63% (not 63.01% as stated on their website)

JD Sports now hold via their Pentland Group Plc 21.34%

There are technically only 16,355,560 shares “available” that can be extracted “at a price” from private investors.
JD Sports have already clearly stated that they may acquire up to 29.9% which is 31,327,843 and as they already have 22,299,964 this means that they may attempt to acquire an additional 8,937,879 shares from the new free float of 16,355,560.

As at the time of this Post there have been 496,778 shares bought and sold.

We all have our own goals and a share is in my opinion held as an investment until I believe it has attained its full potential. The family will make their decision in the fullness of time and I am prepared to wait until then.

RKB

Price Increase

Almost a week ago I posted a retort to an infamous poster on and added a PS at the end. I believe it is only fair to inform you that there has been a price increase (see below)

“If any of the above post has affected you so much that you may consider a one way ticket to a special clinic in Switzerland, there is a free phone number you can call 14 14 14 141 141. Calls currently cost 12.7p a minute next week 14p next month 15p and each subsequent month it increases substantially. See what you have done D14Mond? Brought us all closer together on the day for lovers".

Update: calls currently cost 15p a minute and who knows what they will cost next month after incoming news?

RKB

Good afternoon Babbler2

Sorry I missed your tweet and I am not that good at tweeting. I tried to reconcile the large buys with what we know from AIM Rule 26 but I think this is out of date and if I was into this share as deep as some of my other shares I would have taken BoD to task.

I bought last year as sell-off was overdone and I had a limit order in to sell at just under 54p and somehow I managed to stop it going through even though there were several notices to say “already being executed”

I have not seen the Guardian article but I would agree with it. I have a Contact at the Sunday Times and I am sure they will know what is going on.

Still stand by my Post that Market Makers will be caught short on this one right to 75p.

RKB

Think about this

AIM Rule 26 details significant shareholders.

If none of the significant shareholders have sold recently then they come to about 68.75%

JD Sports have said they have as at 8:20am this morning a position of 8.31%

There were two large buys at 8:53am & 8:54am for 6,390,994 & 2,512,202 which combined is about 8.52%
In total 85.57% (68.75 + 8.31% + 8.52%)

The JD Sports purchases and the two large buys come to 17,579,964.

Total shares traded about 27 million and increasing. So deducting the 17.59 million above from the available shares means that about 10 million shares have been traded from the small “free float” of about 15,070,560 (104,474,390 less 71,823,866 = 32,650,524 then deduct 17,579,964 balance 15,070,560)

What this means to me is that Market Makers are really short of shares and will be caught short right up to about 75p.

RKB

PS my average is 31p from September last year.

PPS AidanOwens said at 10am that the free float is tiny; I would say it is miniscule see also his post at 10:13am

Sistemi esperti, banca e finanza by Francesco Gardin

From summer 2015 when FG re-joined the Board he and RE (and their two staff) have been working diligently for the past 3.5 years on our behalf.

The strategy was set-out at the start, which was basically to reduce (or remove) debt and at a substantial discount and to recover assets through the court process. This was proven on many occasions when debt was bought back at a substantial discount of over 80% (you will need to do your own research as I have posted the actual amount and the massive discount on many occasions)

The book Sistemi esperti, banca e finanza is Expert systems, banking and finance. FG has the knowledge, background and CONTACTS that enabled him to achieve this debt reduction. Even though it currently appears that some of this excellent work in reducing debt has been temporarily thwarted (prevent (someone) from accomplishing something) with the inability of the local court to understand the meaning of a “First Charge” over the Mediapolis Land so now FG has the option to go to Court of Cassation (Supreme Court)

We were informed on 1st Feb 2019 that our Legal people have been instructed to draft and file a legal appeal.

To re-cap FG did not work for the past 3.5 years to just let this die. We are going to the Supreme Court and who knows? We may just get an early conclusion to this like we did with Fortune Cookie.

RKB

PS Vincenzo at time of posting the above you have 9 “likes” and I would expect you will receive a few more. Thank you.

Six degrees of separation

Good morning Vincenzo

Sorry I could not reply sooner but I was at a lecture in Stirling University last night given by the Consulate General of Japan in Edinburgh a Mr Nozomu Takaoka which was “Brexit – Japanese Perspective”.

I am only informing you of this as Mr Takaoka like Francesco has written four books and he has also served as Ambassador in three European Countries including Italy.

You may think this is irrelevant but I met Mr Nozomu Takaoka just over a week ago at another event sponsored by the Consulate General of Japan in Edinburgh on how to play the board game Shogi (similar to chess) not easy even for myself who is a reasonable player of Chess.

So as I had met Mr Takaoka before and then he gave a very interesting talk we had a very long chat afterwards and Italy came up. Lawyers came up and as we were in an University, professors came up.

What a small world we live in. I read somewhere long ago that we are all connected with each other in the world by only six or fewer people. This is known as “Six degrees of separation”

Now I am not able to say what I discussed with Mr Takaoka but he knows a few educated Italians who play chess and are CONSTANTALY involved in litigation and all I can say without this post being removed is that the whole lecture on “Brexit – Japanese Perspective” that we have nothing to fear from Brexit AND for all LTH of Clear Leisure and Clear Leisure 2017 also have nothing to fear as it is almost over.

RKB

PS I took some photos of the presentation for reference and I have tweeted them.

https://en.wikipedia.org/wiki/Six_degrees_of_separation

Twitter

#Brexit Excellent talk last night at Stirling University on “Brexit – Japanese Perspective”by Mr Nozomu Takaoka the Consulate General of Japan in Edinburgh. Conclusion is we have nothing to fear with Brexit.

Saint Valentine’s Day

As today is Saint Valentine’s Day and it all about “Love” maybe we should cut him (her) a bit of slack.

According to legend, Saint Valentine restored sight to the blind daughter of his judge.

Now we all know D14Mond could be “blind” to all the exiting opportunities that HNR will be able to deliver from their various projects & assets as he / she is only focused as he / she has on several occasions said that they have sold on a tiny spike (see post earlier in week if you are able to wade through his / hers numerous posts) assuming they have not been deleted which appears to happen on a regular basis (allegedly)

I think D14Mond is a bit of a thespian i.e. entertainer • performer • trouper • showman • artist • player • musician • singer • dancer • actor • actress • thespian • comic • comedian • comedienne • clown • impressionist (take your pick)

Entertainer: well he / she certainly entertains us.

Performer: 8 out of 10 for trying.

Artist: Three letters from coin added to man.

Showman: well he / she does turn up like a bad penny.

Player: That’s a given.

Musician • singer • dancer • actor • actress • thespian: Well he / she could be any of them.

Comic • comedian • comedienne • clown: Take your pick.

Now one of Williams Shakespeare’s famous plays was Romeo & Juliet. If D14Dmond is a thespian and he was to play the part of Romeo (as it is Saint Valentine’s Day) would he act out the part to its conclusion? This would then reduce the constant negativity on our B.B. but as in the play we would all be reconciled again and we could revert to adult posting which sadly at times it is not.

RKB

PS if any of the above post has affected you so much that you may consider a one way ticket to a special clinic in Switzerland, there is a free phone number you can call 14 14 14 141 141. Calls currently cost 12.7p a minute next week 14p next month 15p and each subsequent month it increases substantially. See what you have done D14Mond? Brought us all closer together on the day for lovers.

PS Vincenzo

As tomorrow is Saint Valentine’s Day would you not think it would be a good day to drop an RNS? You could say we would “love that”

RKB

Good evening Vincenzo

Was beginning to think you had gone home and forgot about all the LTH here.

Personally I feel that have one additional creditor for €104,179 will have no impact on what CLP 2017 will receive when the correct decision is made by the Court of Cassation (Supreme Court)

I believe that all the hard work Francesco has done over the past 3.5 years will be rewarded (soon, i.e. this month) and this will put paid to a few on our B.B.

I look forward to any news that will arrive.

RKB

District 8 Holdings, LLC

HNR have a pilot project with District 8 Holdings LLC and we received an initial $8,000 for the treatment of 50 cannabis plants (or $160 per plant) where we supplied District 8 with some nice hydrogen.

Assuming the pilot is a success then Highlands anticipates sales in far greater volumes. Furthermore, Highlands has agreed to appoint District 8 as its distributor for horticultural and agricultural cannabis and industrial hemp growing operations in the United States and Canada. Cannabis plant production is increasing significantly in the US and Canada with millions of plants grown annually. Highlands believes that capturing even a small percentage of the market would have a significant impact on the Company’s revenue.

Looking into District 8 more closely you will see there are currently 122 locations in the State of Colorado (where it is legal!) to purchase said product. A back of the envelope calculation is that with 122 “shops” to supply in Colorado there is going to be a fairley large order for our product.

DYO smoking providing you are over 18 (excludes you know who)

RKB

https://www.thedistrict8.com/where-to-buy/

PS not advocating anyone buys just if you are over in the USA you should go to a reputable retailer.

WeShop

We know that our investment in WeShop was a good move and I believe we are going to receive some information before the end of the month.

I would like to think they will inform us as to when WeShop plan to list on the main market and then you will see a massive increase “on paper” of our WeShop investment. I personally believe WeShop will get taken over before they can list on the main market and I would not be surprised if it was MAIL that will make an offer for WeShop that they just cant refuse.

DYOR as it can be profitable.

RKB

Every picture tells a story

Meaning: scene of happening that explains hidden reality or hidden or unsaid explanation behind an outlook or sight.

When you look at the posting history of JJAL you will only find HNR posts (493 and 43 in past 30 days paints a very clear picture to me)

Now we all know the first rule of investing (assuming you are INVESTED) is to spread the risk.

Our friend JJAL maybe wise and put all of their eggs in East Denver or wherever but what new investors have to consider is where to look to back-up their own research.

I still stand by my statement that HNR will issue a maiden dividend in 2020. (for my explanation you will have to do your own searching but obviously JJAL will not be able to assist you.

RKB

PS for the record I am not in any private group but I do communicate not only with the BoD but also other serious investors.

Two Shields Investment

Hello Timmit

I am now also invested in Two Shields Investments Plc.

Over the years I have improved my criteria for investing and learning (sometimes painful) lessons.

I search out undervalued companies which have little or almost no debt, no convertible loan notes, assets undervalued by the market, ideally Bod have a reasonable stake in the business and lastly and most importantly the company has to be under the radar.

What I particularly like about Two Shields Investments at the moment is their investment in WeShop. This particular investment is going to be listed in excess of £100 million on the main market in 2019. Our £350K investment will be worth a minimum of £1.2 million in my opinion. There will be further enlightening news on WeShop before the end of the month that will be informative and will confirm for myself why I believe I have made an investment in a grossly undervalued company.

Please DYOR look for WeShop research on B.B. it is not too difficult to find.

RKB

Quarterly Update Continued

SOA Energy AC said “We expect to hear from SOA very soon that the final farm-in deal has reached commercial close”. “SOA has reaffirmed that it will be seeking a listing on the AIM market in 2019”.

Stream TV AC said “We are expecting more significant news soon on industry participation into StreamTV and perhaps then we can quantify what that may mean for our potential return on investment then”.

Sport:80 AC commenting on the delayed IPO from late last year said “So, whilst the delay to the IPO is a little frustrating because I am personally keen to demonstrate a full investment exit, the important point is the quality of the business and its leadership underpins the eventual value of our reward and we are prepared to be patient when investing”.

TruSpine AC commented “We look forward to a more fruitful 2019 for TruSpine as we haven't changed our view on the company itself, but we have had to adjust or estimates of timing to exit accordingly”.

To the detractors who will no doubt put their biased view to this Post all I would say is look at their history and then make your own choice as to who does their own in-depth research and who attempts to be negative just to put fear into others.

RKB

Quarterly Update

You could not have a more detailed insight to our investments and their potential.

AC has always said the goal is to achieve a market Capt of £25 million. When you look at his comments regarding:

Engage Technology “Now is the important Quarter for scalable product releases” AC also said “We believe all of this means that the 2019 plan to commence IPO documentation in the summer is still very much on track and I believe Engage has the potential to be a step-change investment for Primorus in terms of meeting our stated aim of growing the balance sheet to at least £25m”.

WeShop “Expecting movement on IPO this Quarter” SOA Energy ("SOA") “IPO and drilling programme still on track for 2019”.

Fresho “ticks through the A$1m per day gross order value demonstrating further excellent platform growth”, “We are still eyeing a 2019 liquidity event” “Ideally, we will seek crystallise some gains on this investment in 2019”.

UKOG with regards to the sale at a profit AC said “gross proceeds above investment of over £1m returned to treasury” “As I have mentioned in previous Investor updates, we should be judged on our ability to deliver tangible value and this, I am pleased to report, represents tangible value to all shareholders”.

Greatland Gold PLC (GGP) “At the time of writing we have 35m shares representing just under 1.1% of the issued capital, purchased at an average price of 1.71p per share” (note at time of writing) “We will be investigating expanding our stake in Greatland should funds be available to do so as we believe they will be firmly on the radar of industry players looking for potential Tier 1 projects”.

Nomad Energy ("Nomad") and SOA Energy AC said “are both moving forwards following the breakthrough of an impasse in the Ivorian Government and the expected finalisation of a major farm-in deal respectively”. AC also said “There is a sense of confidence at Nomad that a deal may be done in the near term and clearly this would help unlock the value of our US$300,000 investment we made back in 2017”.

RKB

WeShop

As in previous Post there are only 4,338,327 shares in issue and Primorus Investments hold 150,199 or 3.46%. We have invested £875,000 in WeShop.

When I was analysing all the documents I came across a “golden nugget”. Most people would not bother to read the articles of association of WeShop or any other company as they are basically full of lots of small print and mumble jumble. But WeShop changed their Articles of Association on 30/01/18 and put in some “Drag-along-rights” (see link below clause 19A4)

When you read what the “Drag-along-rights” really are, how long they last for and what it means in monetary terms then you may agree this is actually a “golden nugget”.

Basically in simple terms if (when) WeShop has an IPO or RTO then someone or a group of people will receive substantial cash if the IPO or RTO value WeShop more than £100 million. Less than £100 million they get nothing more minimum £2.5 million. The interesting thing to note is that if the buy-out price or listing price is substantially more then they get what I call silly money.

Example: > £100m £2.5M > £200M £10M > £300M £22.5M > £400M £40M > £500M £52.5M > £600M £90M and so it goes on till > £1 Billion they get £250M and if more than £2.5 Billion then it is 35%.

I have spoken to AC about these drags along rights today and yesterday I spoke to a lawyer to find out how common they actually are and if they are ever paid. I know from another company that I am invested in and this company had to take someone to Court to enforce their “Drag-along-rights” and they received an out of court settlement of £1,150,000.

I am not suggesting that WeShop will IPO or RTO at hundreds of millions but what I will say is that there is an incentive to have WeShop valued in excess of £100 Million.

If WeShop was to be valued on a listing at £100 Million then technically our investment of £875,000 would be worth 3.46% of £100 Million or £3,460,000 or 395.43% return. You can do the maths for other possible valuations of WeShop but I am confident that it will be more than £100 Million and I am expecting the main market listing in 2019.

As always DYOR and you may also find a “golden nugget”

RKB

https://beta.companieshouse.gov.uk/company/08223448/filing-history?page=1

see date 30/01/18 Clause 19 A4

WeShop
WeShop's digital platform is focused on enhancing the online shopping experience by combining social media's assets of reviews, likes, and shares with an engaging retail e-commerce offering, specifically tailored to the individual user. Users benefit from gaining access to 1,000s of brands and millions of products on one platform plus a two-way sharing of ideas with friends to participate in a rewards system; while brands/retailers benefit from increased sales and awareness. To date £10million has been invested in the WeShop platform, which has been successfully tested by over one million users.

Led by a highly experienced team including Matthew Hammond as non-executive Chairman, current managing director and CFO of mail.ru, Russia's largest internet business in terms of mobile daily audience and Andrew Lawley, former Group Strategy Director of Dixons Carphone plc, WeShop has secured retail partnerships with major brands and retailers including ASOS, Harrods, Nike, Tesco and Boots. WeShop's planned listing on London's Main Market.

RKB

WeShop

Background: Was set-up in September 2012. There are currently only 4,338,327 shares in issue and Primorus hold 150,199 or 3.46%.

We originally invested £200K in September 2017 at £5.36 a share and then invested in November 2017 another £675K at £5.98 for a total investment of £875K and technically worth £898,190 as last placing was still at £5.98.

A complete new board of directors was appointed on 1/06/16. As far as I can ascertain two directors hold shares in their name (other one could have shares in a nominee company) The director Leo Mansell holds 21,184 shares in his name (could also have shares in a nominee company) The director Mathew Hammond holds 114,524 shares in his name (could also have shares in a nominee company)

The two largest shareholders have 18.67% & 14.24% and only other shareholders over 3% (including PRIM) are 6.78% 5.7% 3.71% 3.46% & 3.32% which comes to 55.88% held by 7 shareholders and the rest are held by by 70 shareholders with an average of about 0.63% or about 27,344 on average per shareholder.

You may think analysing the shareholders register is pointless but I would disagree. When companies are growing it is often the seed investors who want to increase their shareholding but most shareholders have been prevented from increasing their initial holding.

Also the last share placing was in June 2018 when WeShop only raised £71,497 by issuing 11,956 shares at £5.98 each. When a company is looking to do an IPO or possibly an RTO they often need to raise funds. My analysis points to WeShop not in immediate need (for past 7 months) for additional working capital. This from my experience (of previous IPO or RTO) leads me to conclude that the directors have the sole aim of keeping their stake as large as possible to reap the benefits when they do IPO or RTO.

RKB

I have 20 million already and if I have any free funds I may consider investing more but more than pleased with my stake.

RKB

Why I Research

I derive my income from my SIPP as I retired early almost five years ago. My wife also does not work so I have to ensure I can withdraw money from my SIPP to fund our lifestyle.

Over the past three or four years I have done very well, first year about £23K in dividends and last year almost no dividends as I switched to going for capital appreciation.

I can spend from 40 to 60 hours each week doing my research. In the 70’s 80’s & 90’s almost all my research was carried out in the Mitchell Library in Glasgow. Mostly from newspaper archives, microfiche and reference books. Now 99% of my research is on the Internet and business publications.

It is my belief that very few people who Post on the B.B. do almost no research as they look at shares as gambling and move around a lot in pursuit of the next winner.

Posters often ask me why I share my research and the short answer is that if they have done even a little bit of background researching into an investment and supplement it with mine (assuming my research is correct and up-to-date) then I have what you could call “drag along rights”. Remember this “drag along rights” as it is going to be important when I post on this B.B. on a particular investment.

Currently I am researching one of our investments. Have read and collated all the documents that are freely available and all I need to do now is attempt to compile a Post. But before I can do that I have to ask AC just one question which only requires a simple “yes” or “no”. Then I will have the information to Post.

Later this afternoon I am having a coffee with a Lawyer and I will also ask him a question but his answer will not be a yes / no. Hopefully the lawyer will confirm to me that what I have found is actually a golden nugget.

I am aiming to Post either Thursday or Friday this week.

For the record I have been invested in PRIM for exactly one year and have not added or traded in the past year and have no intention of top-slicing until I achieve substantial capital appreciation.

RKB

PS Good Morning Mufcm, BoD do not need to RNS every time they execute a trade in a listed investment. It would be like you saying I sold 1 million last Friday and then also saying sold another 2 million on Monday. If BoD were to put out that sort of information it could work against them. Obviously if they cross a percentage threshold that has to be communicated.