Craven House Capital Share Discussion Threads

[smithie6] 27/2/2015 13:05

excellent post from BAM BAM in March I see, copied below

(BTW, someone asked the regulator to investigate the Inv. Mgr commission details wrt legality/calculation......they had a look, but in essence they werent interested....

for UK mkts, as long as a co. tells shareholders the details...and shareholders are allowed an annual vote...and to buy/sell....then regulators think everything is OK.....(I dont agree) (sadly PIs do not realise the basics, they think regulators protect them...they dont)

2) Investors should also be aware imo that
- most/all investments seem to be far far away (except the Irish hotel)
making it almost impossible for anyone to check real details..and check that no fraud

- the biggest investor is based in Hong Kong I think.
a tax haven .....out of the hands of the UK authorities imo.

very similar to other past frauds on AIM.....distant investments....difficult to check (Lamprell, Naibu, DQE, Cupid, Speedy (false accounts in middle east).....etc etc)
and dirs/big investors based overseas.....(remember Stephen Dean......so infamous that even the Sunday papers warned people about him)

Hey, even the Tesco accounts were false.
so, imho ...dont ignore risk when investing.


Twitter
@Fulltimeinvest

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"BAM BAM Rubble
25 Mar'14 - 17:12 - 32 of 103 2 2

Craven's NAV calculation method stretches AIM rules almost to the point of fraud as they record the value of investments at an illusory 'price paid' instead of actual price paid.

e.g. recent acquisition of The Bicycle Co. for 96m shares was done at mid-price of 0.45p so should be recorded at £0.432m but as management say they actually issued those shares at a make-believe price of 1.25p they'll report a book value of £1.2 million.

Why go to the effort of fluffing up the figures? Mainly because the company's Investment Manager gets an annual fee of 20% of any increase in NAV."

[shale2] 27/2/2015 08:27

May have been as expected, still awful.

[chumpster10126] 27/2/2015 08:20

No. The results were as expected. Nav remains far in excess of the markets valuation of the company. This is still an excellent LONG term investment.

[shale2] 27/2/2015 08:00

Awful results

[shale2] 27/2/2015 08:00

Awful results

[daicaprice] 27/2/2015 07:35

Will keep watching for the time being then.

DC

[pembury] 20/2/2015 08:19

lol MP was telling everyone how great the company was a few weeks back.


Going on past timetables should get news in February.

By the way buys are at 0.328p past few days small but increasing

fingers crossed expecting very bullish update on South Africa developments!

[karina] 19/2/2015 12:06

LSEI have written many times about CRVs MC and how I simply don't understand why we seem constantly stuck in the same place (or lower..) despite apparently having so much going for us. Why aren't others buying in to the CRV story? Mr Pajak constantly promises the "jam tomorrow" story, and people might have bought into it at some point, but as the years roll on by its wearing just a little thin. No doubt the interims will be full of the same.."meaningful exits" "talks", "more talks" I'm half expecting the Brazil land to be planted with carrots next, after yet another survey of course.. I sound just a little negative, but nothing could be further from the truth. The problem I have is that Mr Pajak is simply not keeping the market as informed as he could do. Its ok saying they are not interested in "self promotion" but what about the shareholders?? Being fair he doesn't take a salary and all fees are paid in shares at 1.25p, so he is confident, but obviously the market doesn't share his confidence. Why not? We have some heavy hitters invested here, the likes of Kalimtgis, Roy holdings, Sir Dave, Desmonds, but through CRVs stance in saying as little as possible, nobody else is interested. The ones who drive the share price are PIs, and they aint having it.. The facts are staring us in the face.. Our MC is £2.39m, we are owed approx. £1.2m off the Dublin hotel deal, that is secured and 100% safe, supposed to be paid off soon, we will see..In the meantime interest is being paid offsetting our £180k per year running costs. The land in Brazil worth Euro4.5m by independent valuation Royalty sports Finishtec Pressfit And of course the jewel in the crown, our South African land. In November 2013, Craven House completed the acquisition of a portfolio of agricultural assets from the regulated emerging market asset management firm 'EmVest'. These assets, all located in South Africa, included; · "Barvale" - a 1,017 hectare freehold vegetable and cattle farm · "Evergreen" a large, industrial, vegetable dehydration business · "Foods" - a freehold warehousing and distribution facility based close to Johannesburg International Airport Craven House acquired a 49% shareholding in each of these entities for a total consideration of $1,960,000 - thus valuing the combined portfolio at a total value of $4million. As mentioned above we are actively seeking international investors with experience in the industry to invest in or acquire these assets. So, why aren't people buying this?

[karina] 10/2/2015 19:08

That is four sessions in a row that there has been a late declared buy, it would appear that you called it right Karina about the open order being in. All after hours trades have been done at 0.33p, and it does appear that someone is accumulating and it is being done as quietly as possible. The 3m one today was timed before the close, but didn't appear until 17.20. Bearing in mind we saw 3m sells earlier today followed by a few buys showing as sells of course! MMs were wanting the shares and willing to take 3.75m, when did we last see that?? you certainly can't buy that amount, maximum was 1.5m at 39. Interims this month..

[karina] 10/2/2015 19:04

3 million buy after the bell, well after in fact, 5.20pm so as few people are aware as possible......?

[karina] 10/2/2015 13:53

LSE Posts

250k only available at 0.319, any more is 0.367 (as I type).

As we all know, it is never important how many you can buy, you can always buy, its how many you can sell that's important, Currently its 3.75m, so its fair to say that the shares are wanted.


3175 to buy now, they want buys to look like sells...

Interims soon Reggie, and this time due diligence was done by Spark so more notice will be taken.

[karina] 05/2/2015 11:51

MMs with competing positions? Can buy at .3195, sell at .325......

[karina] 05/2/2015 11:28

I have that 500k at 0.3 as a fill or kill buy from earlier based on limits at the time.

Those that have been here a while know that we tend to see a 500k buyer prior to news, lets hope history repeats...

[pembury] 05/2/2015 10:56

Personally pleased they didn't pursue the DS jv. The South Africa assets look very decent and set for significant revenue increases in current financial year.Expected news soon there?.

[karina] 05/2/2015 10:33

As Karina quite rightly says, our MC is now £2m.."The Dublin mortgage is worth £1.15m to CRV as things stand today plus £60k a year interest"

So..that means all our land in Brazil worth millions, all the South African interests (further millions), engineering interests in Brazil, etc, etc.. are actually worth just £850k if the MC is correct, or CRV are seriously undervalued as our chairman says.

I can never fathom it out..

[karina] 05/2/2015 10:33

Market Cap now £2m. The Dublin mortgage is worth £1.15m to CRV as things stand today plus £60k a year interest.

On AIM that alone would support this market cap.......

[karina] 05/2/2015 10:30

Quite hard to comprehend how we are valued so far behind asset base isn't it TC?

One major positive for me in the recent Nomad change is their confirmation that the 1.25p valuation is fair when used in acquisitions and that the independent valuations of assets has not had to be revised.. Lets face it, with DS there was always a slight element of doubt, but now an outfit like Spark confirming this as fair value could mean the interim's have much more of an impact......

[karina] 05/2/2015 10:30

If you read my previous post, put that together with the following asset, I wont even mention the money we are owed from Irish investment, nor Royalty sports, Pressfit, Finishtec etc..how on earth is our MC only £2m??

Ceniako is a Cypriot holding company, whose sole asset is 1,967 hectares of productive agricultural land with significant development potential. Situated directly on the Atlantic coast of Brazil, between Salvador and Rio de Janeiro, the propertyfeatures over two kilometres of beachfront in addition to productive cattle pastures and cropland.

Craven House owns 49% of Ceniako, which it acquired for €1,000,000 in September 2012. The Investment Manager is currently marketing the property, which has been independently valued at c.€4.5m. In addition, an investigation is currently being undertaken to evaluate the suitability of the property for macadamia nut production.

[karina] 05/2/2015 10:29

Thanks for the link, a reminder of just a small part of our South African portfolio.

South African Agricultural Assets

In November 2013, Craven House completed the acquisition of a portfolio of agricultural assets from the regulated emerging market asset management firm 'EmVest'. These assets, all located in South Africa, included;

· "Barvale" - a 1,017 hectare freehold vegetable and cattle farm

· "Evergreen" a large, industrial, vegetable dehydration business

· "Foods" - a freehold warehousing and distribution facility based close to Johannesburg International Airport

Craven House acquired a 49% shareholding in each of these entities for a total consideration of $1,960,000 - thus valuing the combined portfolio at a total value of $4million. As mentioned above we are actively seeking international investors with experience in the industry to invest in or acquire these assets.

[karina] 05/2/2015 10:29

After the doom and gloom of yesterday, I thought I would post this link which makes for very interesting reading, from none other than our investor Susan Payne....

[karina] 05/2/2015 10:28

Some LSE posts to pass the time until the interims at the end of the month

"I really shouldn't be surprised at the MMs antics but..

They are showing a 24% spread, but the true spread is 0%. At the close you could buy small at 0.3p and sell at 0.3p, makes a mockery of running a fair market doesn't it?"

[nick rubens] 04/2/2015 16:17

It's PFIT value doesn't look good. Suspended just a few months after floating.

Just concerned more shocks coming.