Member Info for Sisyphus

Nice to see. Congratulations to those who picked up more yesterday am. Our PR Dept is definitely poor at promoting PAN - we could have used this RNS as a perfect platform to promote trans-shipment benefits over storage. We are under the horizon of most investors on grounds of MCap/small number of shares in circulation/ignorance of what we do and how good we are at doing it! When you view the significance of this contract in context it is 'significant' given that Dan Balt is a third of our ops and has bagged a big one. Totally agree with Pantastic that Rosbunker is the elephant in the room if we can sort it - and we are close - very close. It is now a debt-free operation [after the finals write-downs] that is making a good profit and valued at ............nothing! [Since or MCap is more than covered by Rotterdam/Aabenraa!]. Any resolution on Rosbunker - capital return or cash-flow [expected before April 2014] SHOULD cause a massive hike in the shareprice. Hold tight/accumulate on weakness/be patient. Exciting times undoubtedly ahead.

Tipping point was 18/19 ie 18.5p as per my 9am post :-D

Onward and upward. Good news imminent and the MM's can only keep the pressure cooker sealed for so long. 18p was the bottom on this climb........................the top? Then the long awaited rerate will be short and sharp.

Didn't see AGM date myself initially! Well worth doing the sums on cashflow for next year £2.25m from Russia [pro-rata] plus projections for PBI Rotterdam and Dan Balt Aabenraa - talk about watch this space! The figures have enormous potential to delight. The mere fact that the BoD bit the bullet and took the £3.722m hit on non-recurrings [note 7 accts] in the finals was IMHO highly significant. It knocked the share-price BUT cleared the runway for 2013. Strategically important as we can now produce significantly improved figures AND build upon them as we take increasing control of both Aabenraa and cashflow/cash from Rosbunker.

rereading note 25 to the accounts - Investments. 'The Directors are considering a number of options to resolve the situation at Rosbunker, all of which are believed will provide cash flow back to the Group by 1 April 2014. Therefore the fair value has been arrived at on the assumption that cash flows will resume to the Group by latest 1 April 2014 and on the basis of a 10% discount rate, 5 years of cash flows plus a terminal value which has been estimated at 6 years of cash flow which results in a terminal value of £22.48 million. That's just for the Russian assets ALONE - we have a current MCap of £19.94m -------------------------------- add in Aabenraa and Rotterdam - Eureka!. Now you can see where I am coming from.

Up we go - this must now be the start of a substantial re-rate over the next 8 weeks covering AGM and interims.

Totally agree with the excitement factor. I am expecting great advances at the interims. We have an open door for newsflow from a rock-solid base. The fact that Simon has been actively engaging with customers in widespread geographic regions leads me to the conclusion that we have some substantial news to come. He increased his own [substantial] shareholding by 70k @20p in July which, although not large, is an indicator of good money chasing anticipated gain. I'm happy, content that we sit on massively undervalued assets with increased traction into substantial profits. We started life in the oil and gas e&p sector but have matured into a prolific trans-shipment business in three distinct regions of inter-operability. The Russian experience was a steep learning curve which is now behind us and from which we have emerged as a force to be reckoned with in Kaliningrad. We have secure and growing operations recognised in both European and Russian jurisdictions. We are effectively ungeared and cash generative. We now operate in a [boring?] but predictable and recession-proof arena. The opportunities for a well-funded and nimble trans-shipment company with storage facilities in strategic areas are huge and we are starting to reap the rewards of good seeds sown. PAN is now effectively operating with the resiliance of a utility but with the potential of big growth in revenues. The prospect of additional terminal capacity plus the introduction of a maiden dividend in the foreseeable future MUST start to tempt bigger investors very soon. If not, then they will metaphorically speaking, miss the boat. Yes - very excited - the long wait is over and this is where we get significant returns on our investments. I really do expect this share to now double in value [and more] over the next 12 to 18 months.

The AGM time/venue was sent out with the finals - it is on website [bottom left] Its at 11 am on 21st August at Covington and Burlington LLP, 265 Strand London. Proxy forms to be sent by 19th regardless of attendance - CU there

Know the feeling - BUT - this IS the tipping point that we have all waited for. We have not had false dawns that accompany so many other AIM stocks. We had a single problem in 2010 that was disproportionate in its effect. Management acted in the best interests of everyone concerned, temporarily suspending dealings and bringing Grant-Thornton on board to ruthlessly audit - pursuing matters through the Russian courts. Our Russian assets are protected and productive awaiting a 'significant' resolution by April 2014 at the latest. We have a business running at capacity in Rotterdam and assets in Aabenraa at a significant discount to NAV with new/lucrative trans-shipment contracts being signed as harbour improvements to handle 80000dwt tankers kick in. Good news??? Its already out there waiting to be in the sparkling RNS pre-AGM [all IMHO] - enjoy! Your patience is about to be rewarded more than you expected - all the groundwork has been done in the finals - why else would we have 'knocked' the sustained growth of the last 3 periods if not to wow the market going forward? We are also available for ISA investment...................... all adding up?

It is now tipping - the buy price is rising as we clear the dip and head north. All IMHO but with conviction and interest!

Tipping point - The AGM on 21st August means that it is highly likely we will get a timely update [very positive?] before that date in order to give investors time to digest and discuss. The lack of any update recently leads me to expect a significant amount of info regarding harbour improvements, transshipment progress and contracted volumes and capacity sold out in Rotterdam. We know that a resolution in Russia is imminent [before April 2014 at latest]. The share-price has been very effectively 'walked-down' by MM's acquiring and accumulating stock from disillusioned shareholders who have been 'disillusioned' into selling. Pantastic, others and myself have constantly warned investors not to fall prey to this illusionary selling pressure and those that have held on will be more than happy they did [IMHO]. The current share-price is absurd given the prospects and proximity of significant news. PAN have done the deck-clearing exercise in the finals leaving the way clear for some potentially sparkling updated figures. There is considerable opportunity now to blow expected figures for 2014 out of the water and provide details of forward dividends. We have been horizon-scanning for quite a while and our patience is about to be rewarded - the tipping point is here and 18p/19p is a steal. DYOR - the opportunity to buy producing assets with momentum at a big discount to NAV is seldom available.

Price too low on all fundamentals. Totally oversold given yr end writedowns and prospects. Expect imminent update and price reversal. Too much happening at present but price dropping. RNS will rectify and highlight prospects. IMHO a steal at this price - fill yer boots.

Dan Balt news imminent - as highlighted in recent y/e RNS. Completion of all upgrades to Dan Balt by end June. Expect imminent news of confirmation AND profession of new trans-shipment contracts. We are now in a position of getting real traction from mew 2013/4 business in Denmark. The new pumping facilities and deep channel accesss should allow big increase in handling capacity. Plus - 'any' news on Rosbunker (promised soon) would propel PAN into a totally new trading range. Talk about potential newsflow! Can't wait - we are now in the financial year of real major events. DYOR GLA.

Exec buys 50000 yesterday - Simon putting more money in the Company. This is another strong vote of confidence in PAN taking SE's holding to just under 5million shares. Expect lots if news to come.

come on Simon; Adrian................you know you want to buy some shares now the closed period has ended. 100,000 each before the end of June would be good - then an update on Dan Balt - then an update on Rosbunker - what an AGM that would be in August! DYOR - time will tell.

Keep buying at this level. Reasons: 1} I expect imminent share purchase[s] by directors as now out of close period. 2} Company stated intention to publish update on progress made in 2013 'in due course' ie soon - page 2 of accts - including 3} Positive news on cash-flow release from equity holding in Rosbunker equivalent to £2m profit per year or capital gain of over £20m - see note 25 to accts 4} Full 6 month effect of doubled capacity at PBI Rotterdam [only included for 2 months in finals] 5} recent agreement with written-off bad debt holder to renegotiate the £2.45m owed in gasoil rather than cash - see note 16 to accts 7} Solid set of interims in September highlighting real traction at PBI; Baltic Top and (now on stream) Dan Balt. I am expecting minimum eps of 1.7p post-tax from PAN assets plus 1p per share income stream from Rosbunker investment giving a six month combined equivalent of 2.7p. [Significantly more if triggers above kick in]. Full year 2013 earnings will be considerably enhanced north of 5.4p giving a p/e of 3.7. HOWEVER....................... In view of the very high possibility of increased earnings [particularly at Dan Balt] and aforementioned factors I do expect a subclause to kick in for shareholder approval. Viz: As these become apparent I expect shareholders to be asked to approve share conversion of the £8.5m secured loan note to 38.64 million shares at 22p on or before 30/11/2013 [note 20 to accts]. That would mean shares in issue going to 140m; rising underpin at 22p and increased marketability whilst eliminating debt. A combination of Rosbunker resolution and this option would pave the way for my requested share capital reduction programme and allow dividends to be paid from next years finals. We would still retain a significant amount of cash to acquire additional assets, should the BoD so wish. Am I a happy holder - yep. DYOR and buy on weakness.

Thanks for the complement - I'm not expressly trying to write what people want to read, merely putting facts into context. I'm certain that you, Pantastic and myself have been on board the good ship PAN [nee Baltic] long enough to be combined Devils' Advocate! Simon Escott has weathered and accepted much criticism for taking his eye off the ball at Rosbunker in 2010 - he responded in a forceful and diplomatic manner by temporarily suspending the shares and bringing in Grant Thornton. I praised him at the time despite the huge amount of criticism the suspension drew. In retrospect it was courageous and correct. The action showed the resolve of the BoD to the Russians and legal resolve and strength secured our assets in Russian law. The shares have staged a come-back with underpinned purchases all the way up to 19.5p and NOW we are in the driving seat. We can negotiate the sale [or transfer] of Rosbunker and liquidate our position in a controlled manner. As Pantastic so acutely mentions, we are not beholding to a single course of action and can decide to sell, transfer or manage all or part of our Russian assets releasing money for 'other purposes'. We have [as mentioned in the RNS] a nice lucrative molasses trading arm as well as the more publicised oil trading platform. Horizon-scanning allows us to look at the potential share-lift scenarios: Director[s] purchase shares now out of close period - imminent? RNS confirmation of completion of acquisition and refurbishment of Dan Balt - end June Update on existing and new contracts signed for 2013-14 at Dan Balt [and PBI Rotterdam] Very positive AGM in August Exceptionally strong interim figures in September after this deck-clearing y/e. All I can say is - bring it on. I'm number crunching the finals at the moment and the future looks 'good' to say the very least on initial projections. Great to have so many informed shareholders and followers on this board and I sincerely hope that it proves to be significantly rewarding for all. The forward p/e looks ridiculously small given the growth and stability going forward - especially now the drag-anchor has effectively been removed. So few shares in issue and effectively 'tradeable' means that this share will quickly gain momentum as investors catch on to the business into which Pan European has evolved and is growing. [Just want a share capital reduction exercise to pave the way for the 2014 divi - how about it Simon??] GLA - paul

Managed to pick up a fair few more today sub 20p and I am a happy holder. Westhouse seem to be a little out of touch in reflecting pure headline sentiment. I am as certain as I can be that we have had the aforementioned 'clearing exercise' in preparation for a stonking start to 2013/4. The case for director buying is now as strong as ever and should it happen, will cause immediate retrace upward since we are now out-of-close period. Integration and refurb of Dan Balt imminent and ahead of schedule/on budget. We are now in the position of being able to report a stream of news as targets and projections kick in. I am very comfortable sitting on these and watching the events - particularly wrt to Dan Balt ramp-up with new contracts at OUR negotiated margins rather than the inherited ones - I expect vast improvement into strong profits. If ever there were a de-risked icing-on-the-cake scenario then Rosbunker is it - £22.5m valuation with our MCap at £21.7m!!! - perhaps the reason I was hoovering up more today [with Pantastic!]. We have had false dawns over the past years and one nasty shock - we are now in a different ball game altogether. Dan Balt cost us £7m to buy and its rebuild cost [without all the recent upgrades - AND the newly deepened harbour to handle double weight 80000 dwt vessels] is £27m. Plus all the Rotterdam storage contracts value??? No brainer - DYOR and pick some up { I've got enough now so I'm happy for you to start mopping them up :-))))}

That's my buy and now I can sit and watch it rise over the next few weeks/months.

Can't buy 15000 at the moment - MMs have no stock.