Craven House Capital Share Discussion Threads

[baner] 06/6/2024 09:06

Mr Pajak is Englands Warren Buffet - an absolutely brilliant business manager looking after the best interest of……R30;……230;guess who.

[cjohn] 16/11/2022 09:32

Not sure he is okay, Rusty.

He has no salary and of course owns a fair chunk of the company. Various management fees have been waived.

[smithie6] 16/10/2022 12:12

is the operation of this company corrupt ?

and if it is, would that be yet another case that proves that UK stock markets allow the operation of corrupt companies

in the past there have been lots, including Globo, Cupid,...

& hence that public investors can be robbed ?

recall the case in recent years of investment bonds sold to the public (~230 million pounds) paying about 8%, but where the advertising agent took 25% of the money received.
yes, of course, it was a ponzi scheme

with the dirs living the high life & lending a lot of the money raised to companies they were personally involved in

of course most of the invested money was lost/vanished

The boss of the UK regulator that was warned about this scam but did nothing ...is now in charge of the Bank of England.
you couldn't make it up !!

[smithie6] 14/1/2022 18:50

Whatever happened to the investment in a hotel in Ireland ?

Bankrupt & investment lost ??

----
Whatever happened to the investment in Pressfit ?

Bankrupt & investment lost ?

----

& was there an investment in land in the Caribbean or Lat. Amer. ?
Bankrupt & investment lost ?

======

Did nothing survive or provide a gain to Cravenhouse ?!

(I had some shares back in those days, was it 10 years ago ?...then I got out)

[boystown] 24/11/2021 20:45

If you're right, CJohn, then the NAV based on the interims should be around $4.45m based on my quick calculations versus the mkt cap of $1.39m which is why we find Peter Gyllenhammer on the register of course.

But what are the chances of those valuations being anything like real?

[cjohn] 24/11/2021 18:18

Hello, Baner, today's RNS announces a write down of our holding in One.Bas to zero.


Magazinos has wrapped up business: so Garimon no longer has any potential business.

So I wouldn't be surprised to see our holding in Garimon written down to zero in the near future.

[baner] 09/11/2021 15:43

Pajak´s deal with the owners of these Swedish companies...........i refrain from writing the words he deserves. it is unbelievable shareholders allow this arrogant clown to continue to run the company...........

[cjohn] 01/11/2021 09:57

At least, YRRO - sorry Bio-Vitos - actually has potentital. The only one of the five Swedish companies in my view.

Have you looked at Magazinos and TV Zinos? How are they going to make any money?

[baner] 26/10/2021 06:59

Fantastic News from Craven!!!! Pajak is really the UK´s answer to Warren Buffet - an absolutely superb investor! The deal announced by Yrro today is likely to create ENORMOUS value for Craven shareholders………………or not.

[baner] 05/2/2021 16:36

it would indeed have been a huge surprise if mr Pajak had something positive to disclose to the Craven shareholders................with ref to today´s announcement.

[rusty9717] 31/12/2020 09:24

Hi Cjohn,
Thanks for the reply and the same to you for 2021.
I think I decided to draw a line under CRV after the second AGM I went to. I just felt why was I investing in someone who I took such a dislike to and was treating people who were supporting the company with such utter contempt. It really was something to behold.
Multiple persons had tried multiple ways to engage/support. Its easier to like someone if they are driving the business forward and providing shareholders with a return on there investment. To date that hasn't happened here yet.
Putting my dislike of MP to one side these boards are littered with bitter ex holders. I certainly hope that doesn't come across as the case as I hope people get the returns they have waited so patiently for.
I always keep an eye on the company especially whilst bored at home.
Thankfully I went off chasing other stocks. Usual story, some very good, some very bad but slightly more winners than losers last year.
Lets hope MP delivers returns that match his ego.
If that's the case you will all do rather well.
:-)

[rusty9717] 29/12/2020 13:04

Hi Cjohn,
When does the value for holders become realised?

Nothing Pajak has ever done has ever had shareholders interests at heart.

If I had of held I would be in nearly my 10th year and on looking at the chart it doesn't make great reading from what I can see.
Press Fit, Royalty sports two which mysteriously went down the tubes.

Friends have tried to sell shares in the other half of the business but sadly cant.

Cjohn have you ever met MP?

[cjohn] 27/12/2020 21:12

This is what various investment sites say about BSP:

Black Sea Property AS is a real estate company with partial ownership to a real estate project on the Black sea coast named Aheloy Residence Resort. Aheloy Residence Resort is partially finished and will upon completion consist of more than 1050 holiday apartments and significant commercial areas. The company effectively owns 75% of the project. Black Sea Property AS aims to complete the project, in order to realize its potential value through sale of residential units and operation as a hotel.

Have looked into BSP as far as I can online. i haven't come across any obvious red flags.

Whether there is equity in the company really depends on how robustly they've valued the resort on the balance sheet.

There is PPE of 255m Norwegian krone on the accounts. About 21.65 million sterling for their 75% share. Or around 29 million for the resort as a whole.

So that works out at around 28k per apartment, if no value is given to the commercial property. So that seems t not unrealistic from what I've seen of other Bulgarian property prices.



BSP itself is terribly illiquid.

[baner] 27/12/2020 11:16

the BSP hotel is worth very little, if anything.

[cjohn] 16/12/2020 15:09

Peter Gyllenhammer was definitely against the deal! And has since sold out much of his holding at Craven Capital.



Mitigating the dilution was the fact that the web businesses were paid for in "currency" of CRV shares, valued at $10 each.


However, we are where we are. If you are an existing holder of CRV Capital, I wonder if you could momentarily put aside your disgust with the purchase of the web sites and comment on whether you think the potential deal with BSP is a good one.

I've done initial investigation into BSP and, so far, it looks bona fide. If the hotel is worth what the BSP balance sheet suggests, CRV's stake in YRRO is worth north of 3 million sterling.

CRV paid 1.2 million sterling for YRRO in CRV currency ($10 a share).

[cjohn] 15/12/2020 13:25

Hi baner,

I understand your intense frustration with CRV.

I've been a shareholder for a few years. The move into the web businesses went against the declared deep value philosophy of CRV and came out of the blue, and, what's more, shortly after attracting a very well-known value investor to take a serious stake in the company. CRV also markedly over-paid for the nascent web companies.

I should mention I make my living from value investment and this has been a golden year for asset-based investors like myself. It should have been for CRV too.


But I wasn't sure from your last posting whether you were venting your frustration in general at the directors of CRV - not directly involved in this deal - or whether you had some specific objection to (or information about) this particular deal.

If the hotel is valued realistically on BSP's balance sheet, then this will be a very good deal for CRV's shareholders.

Do you have a specific reason to believe that this is a "clown-deal"?


all best

CJohn

[baner] 15/12/2020 08:54

cjohn

don´t let yourself be fooled by this clown-deal with the bulgarian resort-company. this is an entity very close of going belly up and there is no value in this what so ever. this is just another attempt to fool the stock market - it did not work for them in London, so now they try Norway. as simple as that. and mr pajak, with his fellow directors, looks more and more as the Master of Value Destruction. which is maybe not "news" to those who have followed him running Craven.

[cjohn] 14/12/2020 17:25

C Crogh is the ceo of several of the web businesses.

[cjohn] 14/12/2020 17:22

Sure, buying the websites at the inflated price paid was a mistake! Still the current deal values crv's stake in yrro at 3 million sterling plus!

[baner] 14/12/2020 15:36

CJohn

however, Pajak is,with his fellow directors, certainly responsible for the idiotic deal with the owners of Yrro Ltd etcetera - a value destroying transaction that Pajak was desperately keen to complete on during the midst of the covid-panic earlier this year.

btw who is cato crogh ? i just googled him and i hope what i found out is not about the same mr crogh !?!?