Pgi Group Share Discussion Threads

[donaferentes] 23/9/2008 23:09

The Russian market is on more of a roller coaster than any other country on the world currently. I am sure it is just a capable of shooting up again rapidly. PGI's share price has more to do with the reorganisation of the Jensen holding and the re-emphasis of just how much stock his nibs owns and how little free float there is to create a worthwhile market,

Hey but a whole 1p up this morning, and we stayed there - can't complain.

[eriktherock] 23/9/2008 18:32

Just look at that chart....what a disaster!.......things change of course.

[donaferentes] 06/9/2008 11:03

Just been in Moscow a couple of days - the most expensive city in the world and still run on Soviet lines.

For service read rules for customers to obey. In a top rate hotel overlooking Red Square at £315 a night designed I am told to Stalin's specific orders, no wireless i/net above ground floor (not his fault, I know). What should I do on the 5th floor? You must use cable. Do you have one? Niet. Do you have a friend who has one? Niet. So I give the waiter a big tip to be able to use the dining room as my office for the duration. Incredible!

On queues - they love them and haven't noticed they no longer need them. I am told it will take 1.5hrs to get to the airport an essential 2hrs before flight - traffic, you know. What at 6.00am in the morning? Yes. So I am dragged from my bed at 5.00am to get to the airport for an 8.50am flight. We arrive in 30 minutes, so I have 1hr 5 minutes to kill sitting on a luggage table waiting for check-in to open, let alone boarding.

Anyway, on the basis that eventually there will be convergence between East and West, I am keen to get a foot in the door for new business over there. Must try to get to St Petersburg next time and inspect the development site.

[john148] 06/9/2008 09:09

Thought the same re our Russian interests but I now take the view that Wayne has probably done PGI a favour and saved the company getting embroiled in negotiations with Russian staff over pay,bonus's,incentive scheme's.Leave it to Wayne to grease their palms and hopefully PGI can pick up the dividends from his/their hard graft.

[donaferentes] 01/9/2008 20:52

I guess the way Putin and Russia in general are behaving towards John Kinnock, BP and Georgia these days could make sane investors wonder about the property rights on our major St P investment. Do you think this is causing instis to sell.

On the other hand Roditi holds so may there has never been a proper market in these shares.

[john148] 27/8/2008 20:25

I reckon that the tide is now turning in Zimbabwe and as soon as Mugabe is neutralised then a wall of money will flow into the country, hence helping the recovery of the economy in general.PGI have nothing to lose but hang on in there.It may only account for 5% or 6% of turnover but 5% is 5%.

[donaferentes] 27/8/2008 16:34

It could also help if Nick Roditi set sentiment aside and split the Russian development business from his S. African roots, no??

[eriktherock] 27/8/2008 13:57

The point I'm making is that PGI is still considered as a Food group working in Zimbabwe which of course was 75% of turnover 10 years ago. The group and shareholders would benefit from the appointment of a Media relations officer and a half decent broker.

[eriktherock] 27/8/2008 13:54

Re Zimbabwe Turnover. From last years finals " this Business now accounts for only 6% of the turnover of the division" that's the Food Group so excludes Jensen t/o.

[donaferentes] 27/8/2008 13:40

How long can/should we hang on in Zim waiting for the inevitable demise of Mugabe and a long road to recovery?

If pre adjusted PTP were 2.12m and 1.85m for 2007 and adjusted PTP are 2.29m and 2.88m - what is the real result affecting cash in the bank. As long as assets are not being realised then it's all paper loss. What really matters is the exchagne rate converting Zim profits (or losses) into GBP. Anyway, seems a big adjustment for only 5% of turnover.

[eriktherock] 27/8/2008 13:14

PGI Group posts rise in H1 pretax before Zimbabwe hyperinflation
LONDON (Thomson Financial) - PGI Group Plc. said its first-half pretax
profit before adjustments for biological assets and Zimbabwe hyperinflation,
rose 14 percent to 2.12 million pounds.
Including these adjustments, pretax profit for the six months to June
dropped to 2.29 million pounds from 2.88 million in the year before.
The company said its revenue from continuing operations in the period rose
to around 12.81 million pounds from 10.79 million in the year before.
The company said operating conditions in Zimbabwe have deteriorated further,
as the wider economy collapses.
With inflation now running into millions of percent, it is impossible to
recruit enough labour, and the estate is operating at half the productive levels
of a year ago, the company said.

@@@@@@@@ Turnover from Zim makes up less than 5% of Group T/O @@@@@@@

[eriktherock] 19/8/2008 12:35

RNS Number : 6140B
PGI Group PLC
19 August 2008

19 August 2008

PGI Group PLC

Exercise of option to acquire 20% equity interest in fund management vehicles relating to
Jensen Russian Real Estate Fund II, L.P.
Following the announcement made by PGI Group PLC ("PGI" or the "Company") on 30 June 2008,
the directors of PGI Group PLC announce that
it has been notified that a new fund, Jensen Russian Real Estate Fund II, L.P., a fund for
investment in Russian real estate, (the "New
Fund") has effected its initial closing, with commitments from investors totalling US$61.7
million.
The Company has elected to exercise its option to subscribe for a 20 per cent. equity
interest in each of the general partner, the
manager and the carried interest partner (each a "Fund Management Vehicle") of the New Fund at
an aggregate exercise price of US$1. The Fund
Management Vehicle which acts as general partner of the New Fund has committed to make capital
contributions to the New Fund equal to 1% of
the aggregate capital commitments of all its limited partners (including those who commit
under subsequent closings by the Fund) up to a
maximum of $3.5 million and the Company has in turn undertaken to fund 20 per cent. of any
sums payable by the general partner to meet this
commitment, so that the Company's funding commitment is for a maximum of $700k.
Mr Wayne, the former Chief Executive of PGI, who resigned on 24 July 2008 but remains the
chief executive of the PGI group's Russian
property fund management operations, currently owns the other 80 per cent. of the equity in
the Fund Management Vehicles and the Company has
entered into a shareholders' agreement with him regarding the operation of the Fund Management
Vehicles. Under this agreement the Company's
equity interest in the Fund Management Vehicles is protected from dilution.

[eriktherock] 01/8/2008 09:33

Yeah, last nights post was ahead of the RNS obviously and contained my assumptions, which, I'm glad to say, are not totally founded. I think the Jensen holding of 2.725m shares could be a benefit to all and an incentive for Steve Wayne to keep his end up!
Regarding the two late trades of total 3.5m, I'm sure an RNS will be forthcoming.

[donaferentes] 01/8/2008 09:20

erik - the numbers are slightly different from your last post yesterday.
Sold: 3,750,000 at 18.50p gross, 18.13p net of costs. Don't know what the other 2m and 1.5m late trades were.
Balance: 5,450,000 of which half, 2,725,000, have been bought into treasury for £1.

Assuming the price remains much the same at about 22p bid, we are on paper better off holding half the shares in treasury worth 22p than receiving half the sale value at 18.13p, so I am not sure I agree with your use of the word "worst".

Jensen is left with 2,725,000 to hold or sell off through the company broker - this is just over 2% of the issued shares (ex-treasury) - not so great a problem of over-hang IMHO.

The market seems to approve with a .5p tick up so far today.

[eriktherock] 01/8/2008 08:24

RNS Number : 4121A
PGI Group PLC
01 August 2008

PGI Group plc

1 August 2008

PGI Group Plc ("PGI" or the "Company")

Result of Placing / Transaction in Own Shares / Total voting Rights

Further to the announcement dated 24 July 2008, PGI wishes to advise that they will
receive approximately £0.34 million from Jensen
Group Holdings LLC ("Jensen") under the terms of the Amendment and Operations Agreement dated
30 June 2008, being the consideration received
from the sale of one half of the 3,750,000 ordinary shares sold by Jensen (net of placing
costs).

In addition, PGI has on 31 July 2008 purchased from Jensen 2,725,000 ordinary shares for
an aggregate consideration of £1, representing
one half of the unplaced PGI Sale Shares held by Jensen. PGI will hold the 2,725,000 ordinary
shares in treasury.

Following the above purchase the Company now has 129,602,665 ordinary shares in issue,
including 2,725,000 shares held by the Company as
treasury shares. Therefore the total number of voting rights in PGI is 129,602,665, including
2,725,000 attaching to shares held in
treasury. Accordingly the total number of voting rights excluding those attaching to shares
held in treasury is 126,877,665.

[eriktherock] 31/7/2008 21:31

Oh dear , Looks to be the worst possible outcome. Only 7.25million placed and @ 18.5p. That means even after the 50% of balance goes to treasury, it leaves us with an overhang of just under 1million shares. It's a disaster.

Last 5 trades

17:07:01 31-Jul-2008 18.50 3,750,000 693,750.00 Ordinary Trade
17:06:31 31-Jul-2008 18.50 1,500,000 277,500.00 Ordinary Trade
17:06:14 31-Jul-2008 18.54 2,000,000 370,740.00 Ordinary Trade

[eriktherock] 31/7/2008 19:12

It'll be a problem for shareholders if they have to "tally-up"

[donaferentes] 31/7/2008 18:54

I generally stick to the theory that no news is no news. Would not begrudge them a day to tally up the take-up and do the sums prior to reporting tomorrow.

[eriktherock] 31/7/2008 18:31

No news is good news....?

[eriktherock] 31/7/2008 16:40

Bit late with the RNS... Friday usually bad news...

Under the terms of the Agreement, a placing of Jensen Group Holdings 9,200,000 shares in PGI shall occur within 5 business days of today's date. An amount equal to half of the proceeds arising from the sale of such number of Shares will be paid to PGI.
If any shares held by Jensen Holdings in the Company are not sold in the placing, Jensen Holdings shall, in addition to the payment described above, sell to the Company for a total of GBP1 one half of the unplaced shares. Following the placing, in respect of any Shares that are not sold, Mr. Wayne shall, in the interests of the maintenance of an orderly market in the shares of the Company, only sell shares through Panmure Gordon.

[eriktherock] 25/7/2008 11:31

Yes. Only got to wait 5 business days from yesterday to find out. I see from the bit of selling today that some are leaving the table even though dinner has yet to be served.

[donaferentes] 25/7/2008 00:08

That was 4 hrs and 47 minutes ago - guess I missed it!

[eriktherock] 24/7/2008 19:20

(in five minutes this message will self destruct)