Abraxus Share Discussion Threads

[alexicacon] 20/1/2004 11:32

Because they've got 2.1mil in the bank and market cap is only 2.1mil. Even at 8p a share that makes assets and any possible future earnings valued at 0. While they are still "identifying suitable investment opportunities". The company is worth at leased 8p a share IMHO.

At present they are "identifying investment opportunities in commercial property, with a focus on Eastern and Central Europe, where yields are attractive and there is strong potential for capital growth." and have stated recently "We are currently assessing a number of opportunities that we hope to be able to update our shareholders on in the near future." So maybe news is just around the corner. I certainly won't be selling before any announcment and i'm expecting alot more than 8p.

[damoncooper] 20/1/2004 09:24

Why does this keep rising? Not that I'm complaining!

[simonevans] 17/1/2004 08:54

Any views on what happens to Abraxus now that Grosvenor are being taken out by Terrace Hill. It does mean that the current directors have a much lower share interest in Abraxus - just 450k or so options each.

[alexicacon] 16/1/2004 22:15

Give your broker a ring, he should be able to find out for you. I don't know much of the history of this company. I just spotted that they were undervalued. They should be over 8p on cash alone and if they finally get a deal together, maybe 40p on future earnings, IMHO. Not much stock around so all it will take for this to fly is a bit of good news.

[simonevans] 16/1/2004 22:01

I think so, but best to phone the registrar to confirm.

[damoncooper] 16/1/2004 11:13

I bought shares in property internet about 3 years ago, are these still valid? I have received no new share certificates are my old ones still valid? If had had 10 shares in property internet do I still have 10 shares in Abraxus or has there been a reallocation?
Regards

[alexicacon] 15/1/2004 12:08

Up 16% on no news and it's not even the end of Jan. Looks like i won't have to wait until Christmas. 8p no problem IMHO.

[alexicacon] 29/12/2003 22:03

2 million quid in the bank works out at over 8p a share so looks cheap to me. I'll tuck a few away and see where we are next Christmas.

[hugepants] 29/12/2003 15:54

I think they must have written off the majority of the debtors. The 200K+ cash injection from the fund-raising at 9.6p in April seems to have been largely 'lost' because of this.

[simonevans] 29/12/2003 08:59

Results out this morning and show a very small loss. Phil Edmunds likes putting out results etc. at Christmas. Well I guess the company gets a mention in the papers if it is the only company reporting. I've decided to buy a few at this price - we will see what Abraxus does in 2004. Maybe JV funding will be the way forward on this one.

[simonevans] 22/12/2003 10:53

This company doesn't really have the funds to pursue this strategy unless they can come up with something innovative. Nevertheless, Phil Edmonds should not be under-estimated; he may or may not come up with the goods, but he will certainly "spin" a good story.

[judgement] 21/12/2003 22:15

I think that's it HP. It's all very well buying a shell if you can sniff route to realise gains. The discount seems attractive, but 'international property' just sounds a little too vague! Perhaps it's time shares!

[hugepants] 21/12/2003 21:48

dell, Running costs were only 90K for the 6 months to end March 2003 (down from 180K the previous 6 months). However for 3 of these months (from Jan 2003) the directors were taking no pay. Therefore onging costs should be very low, perhaps 45K per 6 months or less. This will almost be covered by interest on the cash pile. Therefore Id expect cash burn to be almost zero now. Im also not convinced the directors will simply take bigger salaries once the business is up and running.

Grosvener Land holds around 25%. Perhaps they had something to do with cutting costs? Or more likely a pre-requisite for raising more cash at 9.6p although Im not sure what 2M is going to buy in the international property market!

[hugepants] 18/12/2003 12:55

dell , I dont disagree. In fact the whole thing looks slightly bizarre. Why would people put in more cash at a premium to the cash per share (ie. 9.6p when cash was less than 9p) unless they were mentally deranged?

However AUX is probably the cheapest cash shell around now and there is the possibility it will rise on news. EZR rose to cash per share recently (falling slightly now though).

This company was previously called Property Internet and it racked up some very significant losses a couple of years ago. So can these losses be used to offset tax on profits in the new business?

[dell314] 18/12/2003 12:47

Huge - I had a look at these after your heads-up on TMF.
I'd say cash was nearer 8p(allowing for fund-raising costs) and director salaries are simply deferred not stopped or cut, from my reading of the results.

Annual costs appear very high for a group of people achieving nothing so far and my reading is that this figure will reduce temporarily but will be further inflated again, when it's time to collect all the deferred pay.

I agree the discount looks interesting but they seem to be serial equity issuers and I wonder if someone is selling after being asked to put up further dosh.


Rgds
dell

[hugepants] 18/12/2003 12:28

Ive bought a few of these. They should have net cash of approx 8.5p per share including the 200K+ fundraising in April at 9.6p after the year end. Id imagine running costs are now very low since the directors have not been taking salaries since January. Guessing but perhaps interest on cash (approx 70K?) will cover costs? And what about tax losses? Results show losses of nearly 2M the last couple of years. Can these be used to offset tax on future profits?

[innovation99] 17/12/2003 23:36

Simon

Ditto: keeping my eyes on this one. Must be something to do with the GVR deal as they hold 30% of the shares. Could be MMs getting ready to buy them on the cheap if GVR lose the GVR share battle. Could be a good time to buy them on the cheap but it is a difficult one to call without inside information.

[simonevans] 17/12/2003 22:10

Interesting - what's going on here?

[simonevans] 07/12/2003 18:48

The chart on this one has been on a downward trend for a while....and still no deal! Patience definitely required.

[renixus] 07/12/2003 17:33

Looks like patience required on this one.

But let's look at the dynamics:-

They have £1.8MM in cash, net assets £2MM, market value is £1.6MM. The company has mentioned that they are sizing up a number of property investment opportunities, making particular reference to Eastern/Central Europe.

Well anything could happen here, they could announce a deal soon, saying they have financial banking from banks and their institutional shareholders. I'd imagine the deal size would probably be about £100MM - a few hotels, a shopping centre and a car park maybe, transforming the size and dynamics of this company almost overnight.

As a equity holder buying now at a discount to cash the risk / reward ratio looks good to me. On the other hand I could be dreaming.

R.

[sagem] 30/9/2003 19:05

Some high profile organisations taking a stake in this property company.......who all know the potential for European properties especially in the areas mentioned. Ceck out article ....EUROPEAN PROPERTY SPECIALIST BUYS INTO ABRAXUS INVESTMENT PLC. Written by www.fillyaboots.com/=fybArc1/0000020e.htm well worth reading.

[innovation99] 14/2/2003 15:10

Hold Grosvenor Holding (9p) so was happy with progress, until I saw how Abraxus has flown. I had put them on my watch list after the private placing of 5,000,000 new shares had been issued at 9.6 pence per share, but I blinked and look what happened.

Still I guess I should be glad I hold Grosvenor as the have taken ownership of 30%. Wonder if Abraxus has anything to do with Andrew Perloff raising his stake to 29.99% in Grosvenor. It all looks exceedingly interesting.

It would appear Abraxus is wetting some shrewd investors appetites. Glad that Grosvenor spotted the potential, and should help move their share price more to their net asset value of 19p

[beagrie] 14/2/2003 11:13

interesting article in money week today,regarding property in eastern europe,saying nows the time to buy as prices will soar the closer some of thees countries become to the eu.

[the big fella] 13/2/2003 21:32

They reversed into Property Internet and had about 10p cash last I heard. I hold from 7p and sold half today.