Gledhow Investments Share Discussion Threads

[russman] 10/2/2021 20:01

Thanks Topvest for all your help over the years.

[dekle] 10/2/2021 13:40

A bit uncalled for, why to some people feel they have to be so nasty?

[chuckol] 10/2/2021 13:17

Post 97. Who cares about all that, you boring ignorant old prat.

[topvest] 10/2/2021 13:01

So, there seems to be a willing buyer:
100k sold yesterday at 1.425p, purchased today at 1.95p
185k sold today by me at 1.5p and 50k sold at 1.522p today, 250k purchased at 1.85p.
Who is buying, I wonder?

[topvest] 10/2/2021 10:31

Callum N Baxter

Chairman and Chief Executive

"It is however with sadness that I and my colleagues acknowledge the passing of former Chairman Bruce Rowan. Bruce joined the board in late 2001 and brought his own unique style and personality to the company and proceedings during his 14-year tenure. His encouragement and belief in fledgling natural resource companies allowed many to succeed while also providing returns for our shareholders. Our condolences go to his family and friends."

A true gent in the short conversation I had with Bruce.

I had almost forgotten but my original "topvest" name was inspired by Bruce and Starvest (previously Web Shareshop (Holdings) plc for those that remember it). He was an inspirational dealmaker 20 years ago.

Whilst my investment style has certainly moved away from any form of speculation, I will remember the excitement of researching Bruce's shell company investments. Capricorn Resources was the biggest disappointment for me - its the one Phil Edmonds vehicle that I secured a big holding in, but the only one never to do a deal. I won some and lost some, but it was fun!

[topvest] 10/2/2021 10:28

Agreed. This leads me to thinking that something is going on. Time will tell.

[russman] 10/2/2021 09:57

Never been able to trade that volume in the market before.

[dekle] 10/2/2021 09:47

I have read the SVE release and now know Bruce has passed.

I have also been holding for a long time. First purchase in 2004 sold some in 2006 but still hold a chunk showing a loss.

After all this time I will continue to hold and hope for IHT relief, although I'm not certain they qualify.

[dekle] 10/2/2021 09:37

What is the latest about Bruce?

[topvest] 10/2/2021 09:28

Someone has purchased 100k at 1.95p.

[topvest] 10/2/2021 09:16

Well I've sold all of mine today at 1.5p - 185k for the record. There must be something going on / a big buyer. This may have been a mistake to sell at the first sign of life, but after 15 years of virtually no return its a relief to get 80% back. Good luck to those that remain! Out of interest I will follow the story. At least Starvest today have the decency in the Chairman's statement to pay respect to the great man, Bruce Rowan, RIP!
Gledhow could have done the same but chose not to!

[topvest] 09/2/2021 20:02

There should be an RNS on the expiring warrants as well anytime soon.

[topvest] 09/2/2021 19:59

Yes, interesting. A 100k purchase today and the bid - offer is now showing as 1.5-1.6p. Looks like there is some demand for the stock. This could get interesting! Maybe some sign of life at last / something happening. Let's hope so. I wonder what tomorrow has in store. This stock would certainly fly if there was any kind of corporate event.

[dekle] 09/2/2021 14:18

Prices on ADVFN now show 1.3-1.6p but not displaying any trades?

[russman] 26/1/2021 20:52

The estate owns the majority; probably open to offers.

[topvest] 26/1/2021 19:44

Agreed - big hope would be to use as a reverse takeover vehicle. I'm not sure that is likely though as its got too many other assets. I guess the future is in Carole Rowan's hands. Sunvest, Starvest and Gledhow in the meantime trundle on. Starvest has 10 bagged of late with Greatland Gold looking promising. Always some hope, but a decade of no return is wearing everyone's patience thin. One of my few residual speculative portfolio shares that are left and I'd just like the opportunity to exit. A tender offer is a possibility I suppose, but would they offer a fair price? I fear not.

[russman] 25/1/2021 20:57

At the very least an eulogy to Bruce is appropriate.
Either warrants or bonus - not both.
Fair value adj in accruals.
Millers met Bruce in the old JP Jenkins days.
Very polite replies but Millers are not interested in our opinion.
GDH communication is non existant.
No point issuing warrants, cannot trade in size, no buyers.
Big hope is a reverse takeover within the Bruce estate portfolio.

[topvest] 25/1/2021 20:34

Good thought on emailing them. I will mull it over.

[topvest] 25/1/2021 20:25

Yes agreed on Bruce. A really nice individual when I spoke to him on the telephone - must have been about 20 years ago...I had forgotten!

Anyway, Gledhow should be doing really well at this point in time given there is a SPAC / shell bubble in the US. There are signs of more shell companies listing, mostly with a standard listing on the LSE. This may lead to reverse takeovers coming back into fashion in the UK. Every now and again shell company investing can make you serious money. The last time was 1999/00 which is about the time that Gledhow floated.... albeit they largely missed that boat. It's all a speculative folly of course, but Gledhow have a competitive advantage on seeding good shells and exiting fast.
I don't speculate any more.

[dekle] 25/1/2021 09:47

Why not email Guy Miller with our questions and share the replies on here?

[russman] 25/1/2021 09:13

Bruce was a true gentleman to me.
I will check some facts and get back to you.

[topvest] 24/1/2021 14:44

Disclose what's in the portfolio. Disclose portfolio performance against a benchmark. Disclose the NAV per share would be a starter for ten. Some people might then start to follow this company. In the meantime, we just have to be patient...very patient!

Two other observations - the £181k of creditors doesn't make sense to me. £84k of accruals and deferred income...what is that? Only possibility is an unsettled share purchase. The £96k tax liability shows that losses have all been utilised. Not the most tax effective vehicle now!

[topvest] 24/1/2021 14:37

6m warrants at 1p expire on 5 February and so I'd expect an announcement at some point soon on that as well. Got it now. £50k bonus means that they can then afford to exercise the options at 1p! As it stands I just don't really get how the Rowan's are happy to take no income. Doubling your money in 20 years isn't really worth the effort. There is some value in the company, but no liquidity and no dividend. It needs some excitement, but the directors don't seem interested.

[topvest] 24/1/2021 14:31

It looks like Carole Rowan, his daughter in London, has taken over. She is not taking any remuneration from the company /dividend, so at some point things must change. But then again, Bruce Rowan never took anything other than a few 0.1p dividends in 20 years.

I do wonder whether Guy Miller and Brett Miller are related in some way to the Rowan's - that might explain things. Guy's middle name at Companies house is "Rowan"...just a thought, but may be incorrect.

[topvest] 24/1/2021 14:29

Fully agree. Just taken a look: no NAV per share disclosed. No mention that, sadly, the legend and major shareholder has actually died, so not accurate that he is the ultimate controlling party as presumably its his estate!

Looking at the Sunvest Corporation site:

With sincere regret the directors report the passing of Mr Bruce Rowan on 26 September
2019.
Bruce was a well-known and successful investor, particularly in the AIM and LSE markets in the UK where he was a significant supporter of junior resource companies and other new ventures.
Bruce founded Sunvest Corporation and guided it as an ASX listed company for 31 years
from October 1987 through to September 2018, when he retired from the board.
Vale Bruce Rowan.

Rest in peace Mr Bruce Rowan.