Member Info for Sisyphus

Definitely a case of who runs in with the fire-extinguisher whilst everyone is running for the door. Warren Buffet's philosophy may well favour the brave if big holders support pending stepping in to change management, stabilise to production, then sell as a 'producing' asset. The top 14 holders are all as exposed as PI's if they don't sort - that is why I think the cash may appear. There must be more than one bigger player watching here, and wherever there are two players its a case of who blinks first rather than wait too long and miss the prize. Just a thought.

Surely time for big holders EIIB, Majedie, L&G to put in £1.5m as convertible bond, put operational controller in place and get mining restarted next week. That way, DCP remains a producer, all employees jobs secure, all existing investors have a holding (albeit reduced). An orderly takeover could then be discussed from a position of stability rather than distress. But this is AIM and seldom logical.

Sisyphus rolled the stone up the hill only for it to roll down again - we need Adastra to realise our value! Time for a sea-change in PAN too! Let's have the new aggressive stance we need. Revaluation of Dan Balt - it's in the books way below its true value.Time to big up the Rosbunker scenario - it's current value using 2012 accounts is £26m so let's either sell it and get the cash to go buy new Euro assets (anything over £15m is fine by me) or asset swap it for something we really want. That will shake the tree and get us moving north. Dan Balt and PBI are at capacity and so is Baltic Top albeit at lower margins. Time to play Russian Roulette!!!!!!

Rosbunker is not a static asset. It's growing strongly and producing profits of £4.8m a year of which we are allocated 50%.That £2.4m is added to the value of our investment annually. Currently valued at £26m, even if we only got half the market value we'd get £13m - that would be inferring a sal value of just 5x annual profits!

Agreed; but if we can buy out the 50% we don't own then we may have a buyer lined up for 100% Rosbunker. Lots of irons-in-the-fire with this one. We know there are multiple options from annual report and firm re-iteration of April 2014 max for resolution at meeting.

the better it gets! Not only do we have Rosbunker resolution on the horizon within 4 months - currently valued at £26.18m; we have potential valuation over book at Dan Balt [booked at £10.6m but potential valuation x 2!] - we also have a chunky £26m available on the profit/loss account to write off any future tax gains!! No wonder Belphar wanted PAN - the more you look the bigger the assets get. Bring on any RNS - trading update/Rosbunker/Assets etc

Pantastic - LOL!! Yeh; methuselah had me dreaming and laughing at his questions. Why the heck did he ever buy shares in us - unless!!!! Its Khofiaz in disguise - he he! Sussed. Mogli - agreed - maybe that's an option on the table ;-)

The legal issues are the pathway to value release at Rosbunker. We have our 50% holding secure in Russian Law and accumulating value as an investment asset on a regular basis [currently £26.18m] - fundamentally it is a business asset with the strong cashflow accumulating within the business. We are looking at how we move forward. Do we sell our 50% to the co-owner or a 3rd party or do we buy them out? Alone or with a new partner - if so, how do we fund the buyout despite it immediately being massively cash-generative with our 50%? We know that it will come to a conclusion before April 2014 either releasing a £3m pa cash-stream or a windfall [of £13-26m?-guess] Yes - it has a time-frame plus any trading update for the Euro business plus any property appraisals due [I suspect that may be the case with Dan Balt especially when it has the SDM in place from January. Really strong indicators to buy at present IMHO.

Massive discrepancy in MCap and NAV by factor of 2.5 at present - that could easily be upped to at least 3. Excellent business model as transhipment and bunkering as opposed to legacy storage. Net Asset Value is the single key driver that must eventually rerate this share hence the bid from Belphar. When yields are dropping to very low levels elsewhere investors will look to growth backed by NAV. Pan European has both in bucket-loads and the albeit derisory bid of 22p is the springboard. It is impossible to see how it can remain at this low level when the sum-of-the-parts is 50p and the share-price 20p!! Come on Westhouse - lets have a sensible brokers projection.

The new-build cost when we bought it in 2011 was £26m and we've installed SOTA new pumping system and the harbour has been double-deepened to increase access to vessels from 40000 to 80000 dwt. The difference between the book value of £10.6m and the historic new-build value of £26m is a yawning gap - and that's without Rosbunker!!! Anyone considering an investment at this level should really do their own research and................................................invest. The 22p offer was 10% above the current value, and hugely undervalued PAN. Expect the re-rating that Pantastic and I know will happen - it's not if; it's when.

Great news I agree. Hopefully, as I stated earlier, PAN and Belphar can work together for the benefit of all. The rejection is a strong indicator of shareholder realisation of NAV being around 50p as opposed to the 22p offer price. The resolutions were in legal gobbledegook but basically, resolution 1 required 50% approval and resolution 2 needed 75%. Because of the large holding by Belphar Res 1 passed and Res 2 failed. Effectively, the directors were empowered to allot shares and grant rights to convert but Res 2 blocked pre-emption rights ie they can't allot/convert for cash [as I understand it]. The overall result is that the BoD have the authority to convert but must seek further shareholder approval [at any date between now and 19th November 2015] if they wish to issue equity in respect of the loan note. Great. It has cost us £550k to Belphar but trading is strong and we can [begrudgingly] pay from cash reserves. Perhaps now, Belphar can lick its wounds and help Simon build the effective oil-transhipment and bunkering business that is evolving. PBI is at capacity with dedicated use of storage by a European oil major. Dan Balt has dedicated bunkering vessels constantly tasked by Monjasa plus 20000 cubic metres capacity let to a major European energy producer and is 'buzzing'. Baltic Top has captured 75% of the local oil supply market and is gradually increasing margins from low levels. Our customer care at Baltic Top is unequalled offering refreshment and washing facilities - unique in its developing environment! That's customer service! AND - the Biggie - I asked if the Rosbunker situation was still on target to be resolved before April 2014. The answer to which was that there had been no revision; it was still April 2014 [or earlier]. THAT is massive. Our own 50% is secured in Russian Law and cannot be touched. The remaining 50% is 'under discussion' - do we sell/do we buy-out/cash-flow/3rd party offer?? Whatever happens it will totally transform our finances overnight. We know Rosbunker is at capacity and our assets accumulate daily; ** the projected value of Rosbunker at 1st October 2013 was given a 'fair value' of £26.18m [Note 25 to Annual accts].** The European ops are all performing to target and the CEO is pulling contracts into the Company on a regular basis. These contracts have all been with big Euro companies - not tin-pot tiddlers. Dan-Balt has been extensively developed and refreshed - it has gone from backwater storage under its previous owner to a busy bunkering and transhipment terminal servicing dedicated Monjasa vessels and a major Euro power company. We get an additional 35000 cubic metres of storage free-of-charge in November 2016 - bang on time for ramp-ups as the previous owner relinquishes legacy tanks. What will the facility be valued at then!! It's currently in the books at £7m cost plus £3.617m goodwill - That's a mere £10.6m!! The new-build cost when we bought it in 2011 was £

http://en.portnews.ru/news/170322/

http://en.portnews.ru/news/170322/

Sure you had a great time in Tenerife! Sun, sea, sand and sox! Two guys meeting in a bar in Tenerife. One guy passes two stunning blondes at the door. One smiles at the other and says 'nine'. He swaggers over to his mate sporting a huge grin of confidence. 'Those two cute babes just rated me a nine out of ten!' he smiled. Yeh, they were both speaking German when I came in!! He he - roll on tomorrow.

For reasons stayed earlier. I am intrigued by the step back at this time. I'm happy to have Belphar inside our tent p*ssing out than outside our tent p*ssing in! We are all stinging from the hostile derisory approach - maybe; just maybe, having a big proactive holder on board could be useful. I am still against his holding going above 29.9% and will vote as such tomorrow. Like it or not, Belphar is our biggest shareholder - let's hope he can earn our respect rather than derision. I have passed the comments to him. Better an open mind than a closed hand. All IMHO.

We can find our own Russian Private Equity Buyer who would perhaps like to own all of Rosbunker. Or even a large western based fund wanting Russian portfolio exposure willing to bid on all Rosbunker. We have to remember that the facility is trading very strongly and growing (the only year round ice-free Baltic port for Russian oil export). Lots of possibilities - I am sure the BoD are working hard on all our behalves.

And neither Pantastic nor myself think he can manage that. Belphar can't rebid for 6 months from today - neither can they buy shares in the market as I am aware. That is May 15th by which time we are past the April 2014 promised Rosbunker resolution. So - no conversion - pay the £550k to Belphar on the loan note small print. Get Monjasa on board (shares for cash at 22p) with prospect of symbiotic growth and cash back divi on Rosbunker resolution. Pay off Belphar loan asap with part proceeds of sale. Belphar join in shareholder benefits but still only have around 30% of shares. Everyone wins.

Should see a nice return in short order. Cute buying. The BoD can now give a trading update and blast the share price considerably above 22p. We need to pull out all the stops to get the price motoring north. The better the prospects the higher we go. Belphar can buy shares in the market but any future bid would have to reflect the share price performance. We were given a Rosbunker resolution before April 2014 date which is ace! Belphar cannot rebid within 6 months - Rosbunker should be sorted - share price reflecting prospects. That means significant rise from here so let's see West house earning its money and lifting its ridiculous 27p target price. Roll on Monday - it just got a load more exciting. Hehe!!

Especially the paragraph - Belphar, as PANs largest shareholder etc looks forward to Rosbunker resolution and increase in value for shareholders. What has happened to make Belphar jump on board as a 'major shareholder' rather than a hostile bidder when it held a lot of aces. Has it seen a swift Rosbunker resolution looming that could only be brokered by the BoD provided they were in control??? I think so. Better to have a third of a big pie than all of a little pie. Great prospects for Monday as I suspect lots of dealing has been done by BoD. Great day.

My name is Uri. I own shares in a company NAP. I bought a lot from a pair of dopes called Aitch and Aitch. I have rich relatives in my homeland who have supported my lifestyle. I ask no questions. NAP has a thriving business in both Europe and in the former Eastern Block. The latter, Frostbunker, is 50% owned by NAP and 50% by Boris. My relatives have decided to take a keen interest in Boris in case he was to become sick and unable to look after such a rapidly growing business. They have suggested that I make an offer for the whole of NAP to make it a family business just like the Camorra and Ndranghetas who live in a lovely sunny Island south of Italy where we holiday. The whole business is a steal at 50 smacks so I'll offer 22 smacks apiece. I can sell the Euro bits for well over 23 smacks and the 27 smacks for Frostbunker means that the family [and Boris] get a highly lucrative business worth significantly more than the 54 smacks total it will cost! Simples! Sounds great - unless one of the NAP BoD is clever enough to do a deal with Boris and run with the Euro bits so they make millions! My surname - its not Ndranghetas - its Ncollecta - Uri Ncollecta hence this may be a p*sstake. This is a complete fiction obviously and an attempt to amuse board members awaiting Mondays meeting. Any similarity to persons living or dead or any situation past or present is purely coincidental.