Public Services Properties Share Discussion Threads

[eezymunny] 12/7/2016 20:56

I've had it with one broker but not the second one. FYI.

[zoolook] 12/7/2016 18:31

Anyone received their cash yet?

[eezymunny] 07/7/2016 17:07

Thanks. I've made a lot of money from PSPI. Dear old Mr Market has mis-priced it after every redemption. Today just multi-bagged on a small, slightly risky (given what we knew at 8am!) trade. The really Eezymunny was made long before!

[avizandum] 07/7/2016 17:00

That worked out okay......much to my surprise! Thanks Eezy.

[avizandum] 07/7/2016 17:00

That worked out okay......much to my surprise! Thanks Eezy.

[keya5000] 07/7/2016 17:00

Well done fella. Great call.

[spooky] 07/7/2016 16:09

Well done Eezy.

[eezymunny] 07/7/2016 16:07

Well, I wasn't far out

[avizandum] 07/7/2016 11:11

Thanks EezyMunny. appreciate your reply

[eezymunny] 07/7/2016 10:54

No predictions at all. My numbers suggest, as I say, c £1.38m cash. Market cap at 53p this morning was about £120,000.

We have really no idea what ongoing costs/liabiities will be so that cash pile will get whittled away.

Just a gamble that there will be at least £120k left for a final distribution (or they maybe will do summat with the shell). Seemed like a very good bet to me, but perfectly possible that there will be nothing much left and it's a wipe-out.

All rough numbers. Be careful and DYOR!

[avizandum] 07/7/2016 10:47

EezyMunny
Any predictions EezyMunny, time scales etc. Never been in this position before

[eezymunny] 07/7/2016 09:18

I reckon the NAV/share post redemption is about 600p :)

However the remaining NAV (pretty much all cash I guess) is about £1.38m (by my sums) and there are salaries to pay for continuing directors, wind up costs, potential warranty claims etc to pay. There may or may not be a further distribution in due course.

A wild gamble here, so I gambled a few tiny pennies!

[eezymunny] 07/7/2016 08:55

It's ex the redemption today. 99% of shares redeemed.

[balcony] 07/7/2016 08:44

Whats going on here this morning?

[pejaten] 10/3/2016 07:37

Good news that last three properties have been sold at only 2% less than book value. After taking into account the costs detailed in the various announcements, I make NBV is now around 55p per share. I wonder whether they will return all the cash or the shell will also be used for reverse takeover

[hedgehog 100] 10/10/2015 20:46

Please note the following thread which may be of interest:

"THE REVERSE TAKEOVERS & SHELLS THREAD (RTO)"

[stemis] 14/9/2015 10:50

Pretty good estimate then. The 49p was including the deferred consideration which I see they've accrued in the balance sheet. They made a loss of £51k before fair value adjustments and exchange. Remember though, that doesn't take full account of the loss of revenue from selling assets in the period.

[pejaten] 11/9/2015 15:07

Well Stemis NAV stated to be 49p, right at the top end of your scale despite forex loss and further write down in assets. Note that they say cash expenses being covered by cash inflow. If only they could dispose of these last 4 properties!

[buttanc] 23/3/2015 10:34

I've bought a few more of these since the sale to Embrace, and don't really understand why the market has them this low, although perhaps there is still something hidden in the opaque final results.

In my calculations I made some rough and ready adjustments to get a better idea of NAV. I have assumed that the conditional £2.5 million does not come good, allowed £1.2 million for appreciation of the Pound against the Euro, and £2 million for sale costs. On this basis I make the NAV a little over 29p. Post buyback share NAV would be a bit over 38p.

The main risk would be a further decline in the value of the German assets, but this still looks like a good buy to me with NAV 20% above market price, and there is upside as well. I did not understand the logic of the conditional £2.5 million, as it seems to me to be an incentive not to win the contract, as that lands an immediate gain for Embrace, but perhaps there is something in the agreement that covers this.

Stemis, why do you say they will be loss making going forward? I have not looked closely at this, but with Euro 2.1 million coming in from the German properties with low borrowings, I had assumed they would be able to more than cover all normal costs.

Hope my reading is in the right ball park!

[stemis] 23/3/2015 10:00

I estimate the net asset value, post buyback, will be 42-49p (depending on receipt of deferred consideration). As ever it's hard to be exact as the numbers in PSPI announcements never seem to balance. That might be an interesting punt at 24p however I'm guessing the German properties aren't that easy to sell (otherwise they would already have been) and the company will operate at a loss until they do. If it drifts further might reconsider.

[envirovision] 23/3/2015 07:44

Looks like the largest shareholders want out at the present market price, they or things must be fairly desperate to take that offer.