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PAN Pan European Terminals

22.00
0.00 (0.00%)
19 Apr 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Pan European Terminals LSE:PAN London Ordinary Share GB00B12V3082 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 22.00 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
  -
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 22.00 GBX

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Posted at 29/4/2014 13:23 by oli12
from www.belphar.com

Belphar is a newly established limited liability company, incorporated in the BVI for the purpose of acquiring a 29.9 per cent. stake in Pan European Terminals Plc ("Pan"), with a view to making a possible offer for the entire issued and to be issued share capital of Pan, at 22 pence per Pan share. Belphar was founded by Khofiz Shakhidi, who is the sole director and owner of the company.

They can change this to 18p soon - am I right in thinking Belphar can request a further general meeting be convened to obtain approvals to enable conversion of the outstanding CLNs, at any time before scheduled redemption... when is 6 months up... June?
Posted at 28/4/2014 13:49 by pantastic
22p seems very unlikely now given Belphar's attitude when the original possible offer was suggested.

From a personal perspective, I'm away on holiday most of May so I had always diarised this month to make a decision about my investment. The original April target date offered some comfort that we would know something before I went away.

Dan Balt - in my opinion the current "jewel in the crown" of PAN seems to have lost some momentum and the last RNS suggested the upside may be longer term than I originally thought it would be (could be my misinterpretation). Let's hope that my concerns there are unfounded.

PBI
Still not heard about lease renewal which expires this month according to the original PBI acquisition RNS. It's 28th April today that leaves 2 days if the expiry was the end of the month. Nothing heard.

Rosbunker
The political issues in Russia are outside of the Company's control but in the absence of any update since February and since Putin started "getting a bit fighty", it's reasonable to assume that the following statement from the 21st June 2013 final results will have been compromised:-

"The Directors are confident that any of these options will ensure cash flow is returned to the Group by 1 April 2014 at the latest".

On the upside, the 2013 finals, if they arrive around the same time as last year (21st June) are not far away and will offer us something to read when I get back from holiday.

As the April deadline seems unlikely unless something happens in the next 2 days and the fact I wish to enjoy my holiday (which will mostly be without mobile, e-mail or internet access), I've been reducing my holding gradually to a sufficient level that I can relax whilst out of the country. I've yet to decide whether my remaining residual holding (a fraction of my one time 300k holding) is a sufficiently comfortable one. I'll continue to review that between now and next Tuesday.

I've still got some shares left but my positive gut feel I had pre-Belphar approach is no longer as positive as something has changed and you have to go with gut feel if no other information is readily available.

The 22p possible offer by Belphar seemed derisory at the time and the share price now is much lower now than it was then. I do not feel confident Belphar will return with a 22p offer.

Let's see what the next 7 trading days have in store for us. Given I've now turned a paper loss of double figures and turned it into a real loss and removed my opportunity for me to profit from this investment, Murphy's law suggests we'll get a transformationally good RNS tomorrow.

It's only money but I cannot have the worry and burden of the unknowns here during my important family holiday.

I remain holding a nominal number of shares as shareholding PAN is occasional entertainment and interesting if nothing else. I have a feeling it will probably come good so I wish everyone else more success than I've had with that but nearly 5 years of waiting and a change in my gut feel mean I cannot go on holiday with this on my mind.
Posted at 24/4/2014 15:18 by silverlandfinance
There are two separate issues that have a direct relation to the share price.
Firstly, Rosebunker where we are at the mercy of geopolitical issues and the company's ability to sort it out. This may take some time.
Secondly, there is the company's trading on the other terminals. Here the management have been very tight lipped.If the company is trading well, it should announce it immediately rather than leave itself at the mercy of unscrupulous asset strippers and people who want to buy it on the cheap.
Posted at 26/2/2014 20:27 by loobrush
A few buys an up she goes as its should.

To be realistic here the price today should be a minimum of 22p which was the Belphar bid price last year that was turned down.

The company obviously now is in a much better position with the potential Rosbunker resolution and should have a share price higher than the Belphar bid price , in my view a minimum of 25 p.

And lets not forget Belphar stil have something like a 28% shareholding. maybe Belphar are involved in the Rosbunker deal ?

So a lot of risks now removed -some remain however the share price has yet to catch up with events in what could turn out to be a very rewarding situation.
My opinion is that the share is cheap and a buy if you do not hold.
Not that many in free float so will move fast on news.
Posted at 26/2/2014 06:52 by pantastic
Westhouse issued a brief note yesterday: -

PAN EUROPEAN TERMINALS*
Under Review
PAN.L / 16.50p / 17.54m

Operational update

Today's operational update from Pan European Terminals is reassuring in that the company is trading in line with management's expectations and the group has confirmed that it continues to assess new opportunities, though none have been concluded recently.

Further capacity expansion of 10% is planned for Baltic Top from the end of Q1 2013 that is to be funded via existing cash reserves, having recently experienced a c.10% capacity increase to over 12,000 MT. Further expansion to facilitate receiving marine gas oil from sea going vessels and bunker barges is also outlined in today's release.

PBI has continued to trade at maximum capacity since September 2013 and is exploring new tanking projects. Dan Balt is reported as operating well and the evidence of the impact of its expansion programme should become evident from Q2 this year.

Most significantly is that the company has received an offer for it to purchase the 50% interest in Rosbunker that it does not currently own. Any transaction is likely to involve a third party and, therefore, the company does not foresee the need for additional financing should a transaction be concluded.

Our forecasts remain under review and, therefore, we do not have a target price and recommendation for Pan European Terminals.
Posted at 25/2/2014 16:45 by loobrush
THIS IS A BETTER WRITE UP


Oil & Gas Sector: Pan European Terminals up as unit increases capacity




By StockMarketWire | Tue, 25th February 2014 - 16:11


Pan European Terminals (LON:PAN) was one of the sector's bigget risers after it reported that Baltic Top, its 100%-owned subsidiary, had recently increased capacity by about 10%, through an extension to its storage facilities to over 12,000 metric tonnes.

The new tanks, which are arranged horizontally, are able to carry all products required by the local market, including additives, which now allows the Company to blend products specifically required by certain customers.

A further 10% capacity increase is planned, through the installation of new vertical tanks, for general storage. These will be installed once the weather improves later in the first quarter.

Both projects will be financed out of Baltic Top's cash reserves. In December 2013, Baltic Top saw over 18,000 MTs of throughput, its second highest monthly rate since 2010.

Pan European also intends to install a 350-metre, 8-inch pipeline allowing access to the waterside jetties in conjunction with the neighbouring shipyard.

The pipeline has reversible flow capabilities and will allow Baltic Top, for the first time, to receive Marine Gas Oil by sea and also bunker barges and sea-going vessels from the government owned shipyard adjacent to the Baltic Top property.

This crucial improvement is a major development for Baltic Top and, together with the increase in storage capacity and blending facilities, provides the board with high expectations for the continued growth and success of its 100% owned asset.

In the Netherlands, Petro Bunker International, a 100%-owned facility that leases storage tanks in Rotterdam, has been trading at maximum capacity since last September. The Company is in discussions over new tanking projects and will update the market when these have been concluded.

Dan Balt, at Aabenraa in Denmark, continues to operate well, although the programme to expand its product range and increase profit per ton is still in its early stages.

The Board is confident that by Q2 2014 it will be able to report the results of this exciting new programme to shareholders. Dan Balt is a large ongoing project for the Company and shareholders are reminded that this is a long-term development plan, the results of which are expected to have a positive impact on cash generation for years to come.

It is essential that Dan Balt's client base is nurtured so as to allow the terminal to service a variety of clients and products.

Pan European also said it has received an offer from its partners in Rosbunker, for the Company to acquire the remaining 50% of the asset.

The Board is considering this offer and will update shareholders as and when a binding contract has been agreed. Until this time, the asset will remain frozen under a legal order.

Should this transaction progress to conclusion, the Pan European would expect to involve a local third party through back-to-back sale and purchase agreements, and at this time, the Company does not foresee the need for additional financing and/or financial support secured on assets outside of Rosbunker or in the form of equity, in order to complete the acquisition.
Posted at 25/2/2014 07:02 by oli12
Pan European Terminals PLC
("PAN" or the "Company")
 
 
Operational Update
 
Pan European Terminals (AIM: PAN), which provides transhipment and storage facilities into Europe and Russia for the hydro-carbon industry, is pleased to provide an operational update to shareholders.
 
 
Baltic Top
At Baltic Top, its 100% owned subsidiary, the Company has recently increased capacity by approximately 10%, through an extension to its storage facilities to over 12,000 metric tonnes  (MT). The new tanks, which are arranged horizontally, are able to carry all products required by the local market, including additives, which now allows the Company to blend products specifically required by certain customers.
 
A further 10% capacity increase is planned, through the installation of new vertical tanks, for general storage. These will be installed once the weather improves later in the first quarter. Both projects will be financed out of Baltic Top's cash reserves. In December 2013, Baltic Top saw over 18,000 MTs of throughput, its second highest monthly rate since 2010.
 
Further, the Company intends to install a 350 metre, 8 inch pipeline allowing access to the waterside jetties in conjunction with the neighbouring shipyard. The pipeline has reversible flow capabilities and will allow Baltic Top, for the first time, to receive Marine Gas Oil by sea and also bunker barges and sea-going vessels from the government owned shipyard adjacent to the Baltic Top property. This crucial improvement is a major development for Baltic Top and, together with the increase in storage capacity and blending facilities, provides the board with high expectations for the continued growth and success of its 100% owned asset.
 
For further information on these new developments, please visit: www.peterminals.com
 
 
Petro Bunker International (PBI)
In the Netherlands, PBI, the Company's 100% owned facility which leases storage tanks in Rotterdam, has been trading at maximum capacity since last September. The Company is in discussions over new tanking projects and will update the market when these have been concluded.
 
 
Dan Balt
Dan Balt, at Aabenraa in Denmark, continues to operate well, although the programme to expand its product range and increase profit per ton is still in its early stages. The Board is confident that by Q2 2014 it will be able to report the results of this exciting new programme to shareholders. Dan Balt is a large ongoing project for the Company and shareholders are reminded that this is a long-term development plan, the results of which are expected to have a positive impact on cash generation for years to come. It is essential that Dan Balt's client base is nurtured so as to allow the terminal to service a variety of clients and products.
 
 
Rosbunker
The Company announces that it has received an offer from its partners in Rosbunker, for the Company to acquire the remaining 50% of the asset. The Board is considering this offer and will update shareholders as and when a binding contract has been agreed. Until this time, the asset will remain frozen under a legal order.
 
The amount of time and effort that the Company has put into resolving the issues at Rosbunker cannot be underestimated, however the Board remains conscious of the political and geographical risks involved in such a location as Rosbunker and it is taking steps to mitigate these to the extent possible. Whilst this can extend the time to complete any transaction, it is an essential part of the process after the historical problems.
 
Should this transaction progress to conclusion, the Company would expect to involve a local third party through back-to-back sale and purchase agreements, and at this time, the Company does not foresee the need for additional financing and/or financial support secured on assets outside of Rosbunker or in the form of equity, in order to complete the acquisition.
 
 
New Opportunities
The Company continues to look at new opportunities and projects in Europe and elsewhere, but as yet has not concluded any binding agreements, although it is currently in advanced discussions on one project.
 
 
The Company continues to trade in-line with management's expectations and will provide a further update to shareholders at a later date.
 
-ends-
 
Posted at 05/12/2013 19:29 by pantastic
All sounds very interesting indeed - as always, thanks for sharing.

WRT Director buys - I actually agree with your logic however logic and the markets are two different things. Even the smallest of Director buys has, in the past, perked up the share price here. I, however, in this instance DO NOT want to see a Director buy right now for the very reason you mention - it would indicate that there's not an imminent bit of big/good news in the pipeline.

I'd like to think that progress was being made now with Belphar now INSIDE the tent p*ssing outwards. I don't imagine his little black book is empty given his other business interests. I am holding onto the belief that 'no news is good news' whilst appreciating others may be becoming impatient. PAN is not a share for the impatient!

I did a few dummy buys and sells for size around 2pm today to gauge MM sentiment as I don't believe Level 2 despite paying for the service and using it as a backup indicator (probably a waste of £20 I could better spend on beer?).

Anyway... results of my survey are as follows: -

Max buy was 91,000 shares at 19.99p (dropping to 19.4p if you only wanted 10k)
Max sell was 67,000 shares at 19.00 (price same down to 10k)

This is through Barclays Stockbrokers. I am aware that quotes have different in the past, especially via Selftrade and TDW.

The 91k and 67k limits (found by trial and error) are greater size than they had recently wanted to play with so maybe the MMs are waking up all of a sudden? The (shortlived) mini shake the other day got my attention. PAN is no stranger to MM games.

I'm not buying/selling or trading any PAN shares this side of May next year (unless RB is settled sooner in which case I shall consider my position) so you can imagine the panic earlier when I nearly accidentally bought 91,000 shares whilst stabbing different quantities into the screen trying to find the number that took me 'negotiated'.

That was nearly an interesting and £18,000 lunchbreak!

P.S. What do Rosneft want with a car park business? Bizarre....
Posted at 03/11/2013 14:33 by silverlandfinance
I have had time to reflect on the RNS's on Friday
1)The offer from Belphar seems an inside job by the 50% Russian shareholders of Rosebunker. It is their way of getting hold of the other 50% at no cost. They are not even interested in carrying out due diligence. What a white wash and a cynical excuse was given that"this may restrict its ability to deal in PAN'S Securities". As Mark 1000 mentioned "why would any one buy a business without any sort of due diligence suggesting they have inside knowledge of what they are buying."
2)The best way to deal with situation is for the company to adopt its most optimistic projections and come out with a robust unequivocal rejection of the bid and outlining in detail what they consider the assets of the company are worth and also its trading prospects in the next 2 years. As someone who has always been interested in stocks and shares, I value the shares at about 44p and they may be worth a lot more.
3)A perplexing matter is the situation of Hurley. Are the 16870505 shares(15.9%of the company) conditional or unconditional? The RNS states that Hurley have given a non-binding agreement to accept the remaining 5032863 shares(4.7% of the company) Why were they unconditional? in respect of the first tranche and non-binding in the 2nd? Are they sitting on the fence and can they be convinced to withdraw from their agreement in respect of the 1st tranche of shares?
4)The company must have received the proxies relating to the General Meeting on 1st of Nov. It is therefore in the unique position of knowing whether the resolution will succeed or not. It should use this information to its advantage and canvass vacillating institutions between now and Nov 18.
I would love the share price to rise beyond 23p to persuade the likes of Hurley how stupid they are in accepting a silly and cynical offer of only22p
Posted at 25/10/2013 20:28 by pantastic
Indecent Proposal.

According to the 1993 Robert Redford film "Indecent Proposal", everything has a price. Remember the script? IMDB helped me out...here goes...

David: I guess there's limits to what money can buy.
John: Not many.
Diana: Well some things aren't for sale.
John: Such as?
Diana: Well you can't buy people.
John: That's naive, Diana. I buy people every day.
Diana: In business, maybe, but you can't buy people not when real emotions are involved.
John: So you're saying you can't buy love? That's a bit of a cliché don't you think?
Diana: It's absolutely true.
John: Is it? What do you think?
David: I agree with Diana.
John: You do? Well let's test the cliché. Suppose... I were to offer you one million dollars for one night with your wife.

Ok.. so what is Pantsy going on about?

Well...according to Belphar Limited, PAN's price is 22p per share. Twenty two new English pence.

Without the share conversion and assuming no further issues of shares, we have 106,325,110 shares in issue (not a lot by AIM standards) and that means the price of PAN according to this one cheeky chappy is £23.39m. Just over 23 million quid.

The acquisition RNS for Dan Balt (before recent pump improvements) stated the rebuild cost to be $42m (current exchange rate, £26m). Just for something identical to the original Dan Balt, not our improved Dan Balt and not with a business attached to it with deals from Oil Majors and Monjasa. Just this one asset - £3m more than what Belphar are offering for Dan Balt, PBI, Baltic Top and our half share of Rosbunker (regardless of what you think the status of that is - we all differ on that one).

Myself and also, hopefully, many other long termers here value the whole company somewhat higher than £23m even without Rosbunker sorted out and possibly without Rosbunker existing at all.

Don't post your answers here, it's your own business, but I imagine we all have a price per share where we would walk away and take the money. Or a nice lump sum to disappear. Imagine that, a PAN discussion board without my relentless witless banter. I have a price, you have a price. If we are absolutely honest.

For me it's waaaaay above 22p per share. Just think about that if you're thinking recent news is not a big deal or this attempt to vote against the share conversion is not worth doing.

22 pence = £23 million for the lot. Many PIs and institutions will come out with a loss, and many of those people will have taken the risk and the rough and the smooth hoping to bag many thousands of pounds or tens of thousands (or in the case of some instituations MILLIONS of pounds worth of profit).

Have a think about what your price is - per share or bottom line walk away figure. If you're not voting or don't care or are happy with 22p - is that really your price?

Everyone has a price.
Pan Euro share price data is direct from the London Stock Exchange

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