Goldenport Share Discussion Threads

[bozzy_s] 27/11/2015 16:56

Appears a handful of £700 - £800 sells have knocked £13m off the market cap. What a bloodbath. If the company was performing better this might have provided a buy-to-hold-until-recovery opp. Then again if the company was profitable it's shares would probably not have dropped a third on £5,000 of net sells.

[meijiman] 22/9/2015 10:44

Reading piece about big rise in the Baltic. should help the share price once the contracts are renewed post expiry.

[cjohn] 22/9/2015 10:22

Hi Charlie, the man from Panmure Gordon made the very same point as us in the conference call.

In that call, hopeful noises were made about the likely direction of the Baltic Dry, No one can guess the timing of any revival, obviously. I understand if the BDI gets into the low 1000s and stays there, GPRT will then stop bleeeding cash.

[charlie] 21/9/2015 12:18

Agree CJOhn am certainly NOT interested in selling at present point in cycle. Good on the independent directors.

Note Baltic Dry has turned up again, 20% in past week.

[cjohn] 20/9/2015 13:29

No, you wouldn't!!

"That guy" was the Dragnis family, who've made a derisory offer to minority shareholders at a fraction of net tangible asset value, at the very bottom of the cycle or if you prefer when conditions are dire. Thank goodness the independent directors have done their duty, proteceted minority shareholders and rejected the offer.

If it's still available have a listen to the web cast about the recent results. You may find this on GPRT's website.

If the Baltic Dry shows any significant sign of life, these will break even in trading, A valutation closer to asset value is then likely. But you have to hold on and be patient.

[callumross] 16/9/2015 13:38

You'd bite the hand off that guy now with his 120p offer!

[charlie] 03/7/2015 16:23

Hard to see even an "improved" offer being a good deal for external shareholders. It is basically the wrong time in the cycle to be even thinking about selling. I hope the institutions just say no.

[jonntara] 03/7/2015 15:19

Better be really improved because I am looking for a lot more than this before I sell. If this is the dragnis family they must think that investors are really stupid to sell at multi year lows. But maybe they're right because they managed to sell the business when it was at multi year highs and the just want to repeat the trick.

[callumross] 03/7/2015 12:17

I smell a much improved offer on the way!

[charlie] 21/6/2015 02:18

Agree offer is clearly the Dragnis family trying to buy it. Ridiculous price.

Even if revised to a premium, now is not a good time in the cycle for the independent shareholders to sell.

I hope the institutions just refuse.

[jonntara] 20/6/2015 06:56

Personally I'm going to continue to hold. I hope the non execs do their duty.

[eimuista] 20/6/2015 00:01

Obviously, this is a ridiculous offer!

There is no way that existing shareholders can accept an offer price of £1.20 per share.

We will await further communication from the company regarding the offer.

[wjccghcc] 19/6/2015 16:33

Well, I've bought some at 128p. I reckon the Dragnis family are trying to buy it on the cheap at the bottom of the market. Limited downside and considerable upside IMHO.

[meijiman] 19/6/2015 15:46

Yes NAV based on the last balance sheet is circa £10 per share based on cable at $1.6. But as Salpara points out these vessels can soar and decline in value very rapidly -a bit like the Baltic Index. The indicative offer is crazy low ball and I hope its gets short thrift from the board.
Salpara -the Board has to make any approach public.

[wjccghcc] 19/6/2015 15:43

Don't agree Salpara. I think it's the Dragnis family involved in the offer - hence the requirement for the independent directors to recommend it and the reason the BOD haven't told them to clear off.

[salpara111] 19/6/2015 15:37

Well, all you can say with any certainty is that the fact the BOD have made this offer public means that they worried about the future of the business otherwise they would have been told to clear off!
A zero premium with the share price at a multi year low says that the business is in trouble, NAV is meaningless in this situation, for them to survive they need to generate decent levels of positive cash flow.

[wjccghcc] 19/6/2015 15:09

callumross, can you check my NAV calculation?

From the finals - Total equity = $153,653,000

Number of shares in issue 9,361,964

Therefore NAV per share at $1.57 FX rate is £10.45 per share.

Yes, they will be loss making through 2016 but they're EBITDA +ve to the extent of $11.6mm which gives over 2x cover to their $5mm interest bill and with no debt due until 2017, there are only the covenants to worry about which they say they are in compliance with.

What am I missing?

[callumross] 19/6/2015 14:27

Not quite as rosy as you paint, I'm afraid WJCCGHCC. Company will be lossmaking at least through until mid 2016 and as for the asset value it has been decimated down to little more than the £1.20 offer. Opportunistic, yes, but not a ridiculously low ball offer given the underlying circumstances.

[petty officer birdseye] 19/6/2015 13:51

Statement re share price movement, Offer at £1.20 per share!!!
I just bought in at £1.40 which if the takeover goes through represents an outstanding bit of business on my part. True to form as always :D
Seriously, I hope GPRT and the BOD don't succumb to a low ball offer like this.

[liam1om] 19/6/2015 13:46

Strangest bid I've seen, offer at 120p?

[meijiman] 19/6/2015 10:17

up it goes -for some reason.

[meijiman] 02/5/2015 12:44

Very good of you to post that. If the market looks 18 months ahead then Goldenport might see a bit of recovery. I'm hopeful the share price is over the worst....

[meijiman] 30/4/2015 12:04

Yes -its all a matter of time. If you did participate in the CC and can share any snippets.............