Longships Share Discussion Threads

[christianf12] 27/9/2012 13:38

Am I reading this right?

LONG have £500k in cash and that is it as PRAE shares have been distributed to shareholders in August?

Some recent investors thought thewy were buying £3m+ assets for £600k lol : )

[27howard] 24/9/2012 15:54

Just looked again, so 2.3 mil invested in Prae at 50p, they are now 46-52p so
only slight down on that investment, so why is this trading at 0.8 mil valuation ?

Price should be nearer 8-10p

[27howard] 24/9/2012 08:48

Got another 50k at 3.5p, that will do for this one, thanks to that 2.5p seller.

[27howard] 24/9/2012 08:40

Cannot believe I just got some of these for 3p, all they would sell me is 25k though.

[solarno lopez] 20/9/2012 12:31

Good man we must help each other with these things

I reckon it is still cheap as you suggest

[27howard] 20/9/2012 12:31

Yes I see it now.

Praetorian Resources is due to be admitted to trading on AIM on 9 July 2012 and has published an AIM Admission document dated 4 July 2012. Praetorian Resources has raised a total of GBP9,322,510 in cash and acquired an aggregate of GBP14,001,933 in other quoted companies through share exchange agreements with certain investors and fund managers, all conditional upon Praetorian Resources' admission to AIM taking place. The Company has entered into the agreement with Praetorian Resources to invest GBP2,308,100 in cash for 4,616,200 new ordinary shares in Praetorian Resources at GBP0.50 per ordinary share (with 2,308,100 new subscription shares in Praetorian Resources attached), conditional upon not only Praetorian Resources' admission to AIM taking place, but also the approval of Shareholders of the subscription. Subject to the approval of Shareholders, completion of the Company's investment in Praetorian Resources will therefore not take place until after the General Meeting.

[27howard] 20/9/2012 12:29

And asking on this thread is also very useful, saves me buying on the wrong info, thanks a lot solarno lopez, but it still must be cheap on NAV ?

[solarno lopez] 20/9/2012 12:28

the cash was used to fund its interest in a new investment vehicle. Therefore the cash is down to probably £500k

Homework is always very useful before punting !!

[27howard] 20/9/2012 12:24

If this still has 3 million cash then it stands out as value, market cap
under 1 million.

Can buy loads at 4p, what is going on ?

[jenny kellegher] 07/6/2012 16:38

Most if not all shells are being valued at a premium to cash so not sure why anyone would exit at 10.5 which values this at just £2.4m, when it has £3 million in the bank - and a minimal burn rate having raised that £3m in 2008. With the Chairman and largest shareholder looking for consolidation opportunities in the sector the news flow looks set to be much better in H2 2012. Might be worth getting in touch with the management to get an idea of where they're at with the new investment company.

[jenny kellegher] 06/6/2012 14:37

Overview
Longships looks set for coming newsflow in H2 2012 after a quiet period since listing. Cash burn as minimal as it gets, balance reduced by just £0.3m in the four years since June 2008 with +£3m cash remaining, ready and waiting for an acquisition. Compared with other resource-focused shells such as Creon that trade at a high premium this is one of the most undervalued clean cash shells on the market yet has among the best management.

Director/shareholder buys:
Chairman Malcolm Burne 2,037,500 (8.8% stake) bought at 14p
Richard Lockwood 500,000 and 1,500,000 (8.7%) bought at 14p and 17p respectively

Recent newsflow:
The focus in 2011 was on a single potential transaction with due diligence on a target company which controls a near-term bulk commodity project in West Africa with the potential to generate significant market interest. Certain issues led the Board to conclude the transaction was unlikely to complete in the near term however we will continue to investigate other suitable opportunities.

June 2012 (Citywire article):
Richard Lockwood and Malcolm Burne are spearheading the launch of a resources investment holding company on AIM in June who along with other directors and management will invest over £10 million. It has also arranged a gearing facility through ABN Amro of 10% of assets under management. A spokesman said the company will invest across the entire spectrum of resources companies, adding the industry was ripe for consolidation. "Its an interesting time in the cycle. This is going to be a consolidating vehicle, complete with a lot of investment from the Directors".

[bam bam rubble] 12/4/2012 18:13

Trading below cash so could be worth a punt. Backable management
LONG is a decent ticker so should keep that when they do the RTO

[fillipe] 12/4/2012 09:47

I took some here very recently in the hope there may some positive news in the near future..... given the long time which the company has been reviewing possibilities etc.

f

[vicehoudini2] 18/2/2011 16:36

Ill keep a watching brief for now, still getting a kicking from blvn really hoping it can hol 3.20 levels and kick on but needs some news to get it going, gotta take the rough with the smooth as they say...vh.

[dicko80] 18/2/2011 13:21

Vice

I'd be careful if your not in, but was told by my brokers that the mm's wanting to buy rather than sell stock, certainly is interesting to see what develops

Have a look @ AVCT (Avacta group) alot of news due

[vicehoudini2] 17/2/2011 21:35

Ok so these guys are a cash shell with 3mill to invest but they havent done anything for 2 years waiting for the right deal I guess, move into natural resources imminent...worth a punt or am I going to get spiked after todays increase...hmmmmm

[dicko80] 17/2/2011 18:42

not showing as the biggest % riser for some reason

[dicko80] 17/2/2011 12:46

can buy 500 shares @ 26p

but sell 50k @ 23.75p

[dicko80] 17/2/2011 11:05

got 38k @ 23p

[dicko80] 17/2/2011 10:40

Somethings brewing...

can sell 50k @ 20.25

but buy only 150 @ 21p

..................

been watching this for some time and they keep pushing the bid up..

.........

phoned my broker and was told the mm's would rather buy than sell

.........

NEWS is coming me thinks

[newkid] 07/2/2011 18:02

They need to do something soon with all that money.

[solarno lopez] 11/1/2011 07:55

I was a big holder but sold out once the fun started and the price peaked.