Pactolus Hungarian Property Share Discussion Threads

[smithie6] 19/11/2017 14:47

so

I see a nice little case of fraud near the end of the days of PHU being listed

with properties apparently being sold and the money pocketted by others, not the company !!

interesting !!

AIM, what an absolute fu#&@#ing disagrace

legal corruption and theft

[smithie6] 03/9/2014 08:56

Can Mark Shepheard just operate PHU for ever for his own benefit ??

so that shareholders do not get the income ?
and perhaps can also not wind up the co. either since MS can perhaps block that with his votes ??


..."if" so...then the rules must be changed....since clearly immoral
and
it breaks the objectives STATED in the IPO doc......which is what people relied on as true before putting their money in...

[smithie6] 03/9/2014 08:45

well that is my view anyway

35% of rent is taken by the people that collect it....

that imo is surely theft of shareholders money....

and it appears to be done by Mark Shepheards company....am I right ?
the person that organised the initial float....

the float was done STATING that the intention was to provide a return via dividends...
and gteed it for first 2 years.

imo it was an INTENTIONAL scam


that it was INTENTIONAL ....by Mark Shepheard..and Midas Investments....
to do the float...and then milk the assets of the shareholders via large costs..


but hey....

lets be clear....

that is how most of the city functions !!
the brokers and fund managers are concentrated on getting funds in to their company...
and to then take a % from those assets every year....

while many fund managers produce bad returns

[the big fella] 21/8/2014 22:25

I bought into this when it floated but sold soon after. Having read your posts it would appear I had a lucky escape.

[smithie6] 20/8/2014 19:27

I almost got pick pocketted today....
but luckily I spotted the ....

the thieving barsteward ...

[smithie6] 20/8/2014 19:26

35% charge to collect the rental income....

novel !!

35% !!

(typical rental property manager fee is 7-12% in Eastern Europe where the properties are)

maybe someone should wander down to a police station.....
since it looks to me like an on-going theft is going on !

and Mark Sheppard
and Midas Investment
appear to be a large part of it

----

35%

I would be willing to do it for 25% !!...saving PHU loads !
for 25% half the world would be willing to do it !

[smithie6] 03/6/2014 14:01

btw Mark Sheppard
and Midas Investment

are on the blacklisted page at fulltimeinvestors.com

[smithie6] 01/2/2014 16:26

"We aim to position your portfolio to have a risk structure equal to, or less than the global equity market and yet to provide enhanced returns. We are very competitive in our charging structure and we welcome all clients however large or small, who share our realistic ambitions."


If any potential investors at Midas looked at what has happened at Pactolus and what Mark Sheppard has done....they would not imo invest a penny via Midas !
..most of the rental income goes to Midas companies ...and NONE to shareholders...even though it was shareholders that put up the cash !!

[smithie6] 01/2/2014 16:19

Mark Sheppard and his companies
- Midas Investment Management Limited and
-Gall & Eke Ltd

appear on a personal blacklist at the following website

hxxp://fulltimeinvestors.com/Blacklists/

[zampase16] 21/2/2013 20:09

Actually, I think you may be on to something. Why don't you get the share register and tell others shareholders you are selling all your shares except 1 share, using the capital to short the shares further and then ask them to support you suing the company to get their capital back (you can with 1 share).

This way the stock could drop so you Win.

AND you might win the court case so you win double!

Double top!

Sadly I cant help as I am all short.

[zampase16] 21/2/2013 14:18

Sheppard isnt a director so you cant sue him as a shareholder. The company could but do you control the company or him?

The company paid dividends for three years...so where is the case there?

As for valuation that was undertaken by a RICS surveyor wasnt it so again the company could sue them...unlikely?

Surely the best way to recoup money lost is to short this junk...I'm shorting it and when it goes to the inevitable zero I get my investment back.

[markt] 17/2/2013 19:49

"The Investment management agreement cannot be terminated, other than by cause by the company on 3 months notice."

Mark Sheppard should be ashamed of himself....and the rest of the bod...including Chris Bennett, a boss at Europa ...

Clearly breaking all the rules for good corporate governance.

makes Pactolus look suspicously like ....'an inside job' from start to finish...
----

If Mark Sheppard manages to get over 50% of the shares....will he then double the pay to Midas Investments and Midas Property management ?!

[markt] 17/2/2013 19:25

From IPO

Apartments in Budapest (country with probably the lowest property prices in Eastern Europe)
"Veres Pálné utca 25: 455,822

Október 6 utca 19 (1): 610,249"


The valuations do not tie up with the property income in terms of yield....the property values are over valued (on purpose imo for the IPO)....forcing the yield well down below the true yield for the market. Frigged numbers ?

I completely do NOT believe it.
Were valuations inflated to get the IPO away ?
----

In year to Dec 2005...prop. values fell 38kE
but in the 5 weeks from then till 7th Feb the properties suddenly jumped in value by 1.8M Euros. ! Massive %.
Anyone believe that ?!

[markt] 17/2/2013 18:40

Any interest in forming an action group to take action against the bod and especially Mr Sheppard ?

for subjects such as

- not complying with the principle of the IPO....ie. to pay a dividend
- Sheppard and/or his companies taking all the income via exorbitant costs
so that shareholders get no dividend
- investigate the valuations given in the IPO, imo they are false, inflated. They can be compared with actual property transaction prices recorded in the registry office.

rent roll of EUR 816,012 at 31 December 2011 .....but Mark Sheppard and his companies (such as Midas Investment) manage to consume that....so not able to pay any dividend !

To collect the rent and do local management....appears to cost 1/3rd of the rent collected !! (a local property company would be happy to do it for 10%, paying 33% makes me think that something dodgy is going on....

if the IPO document had said that of 816k income....it would all be consumed by Mark Sheppard et al ....and that none would get as far as shareholders.....
NO ONE WOULD HAVE SUBSCRIBED.
ie. the IPO doc. did NOT give a "true and fair" representation of the investment

imo the IPO was a con. ILLEGAL.
Mark Sheppard is laughing all the way to the bank. investors taken for a ride.

....shareholders have put up the cash....but the only person to benefit appears to be Mark Sheppard and his companies that manage the company and the assets...

Honourable ?
imho....no.

[zampase16] 29/1/2013 15:01

A dividend was paid in 2007, 2008 and 2009. After that the credit crisis kicked in.

Sheppard has about 35% of the shares so surely he carries 35% of the risk?

BUT Europe is a mess and that part of Europe is even worse so your direction is agreed.Why bother investing in any small caps anywhere.they are all the same.

[markt] 21/1/2013 15:21

a similar case at many property companies I think....

over at OCH the dirs. put forward EGM resolutions to transfer most of the company to themselves.....in return for their massive salaries...and bonuses...

bonuses earned/claimed....while the company has gone down the tubed....inferring that the claimed bonuses for massive company profits (30ME claimed in 2009) were intentional lies.

What does the FSA do ?
Nothing of course.

Shareholder action group formed.....and hopefully going to submit papers to the winding up hearing in Cayman Islands highlighting the possibly illegal actions by the directors.....
imo UK markets are in practice unregulated.

so...if you invest in companies listed in the UK you need to be ready to take legal action in the Cayman Islands....since the FSA or LSE or UK police wont do anything to help you.

----

anyway,
personally I will never invest in anything connected to Mark Sheppard, Midas or any of the PHU directors....or the OCH directors.....or.....long list !

[markt] 21/1/2013 15:17

I wonder if the FSA investigation into


Mark Sheppard (of Midas
Investment Management Limited, the Company's Asset Manager)

and PHU

and including intentionally breaking its IPO conditions/promises....and hence taking original investors for a ride....

(IPO document stated expected dividend yield....while in practice Mark Sheppard has managed to divert all the income to be consumed by excessive charges by Midas....so that shareholders have put up the cash to buy the assets that create the income....but the income goes to Mark Sheppard and Midas, and related parties.)

You can see that shareholders are not happy.....with mention in RNS that some shareholders are pressing the bod to reduce costs....





will be resolved before Mark Sheppard manages to get PHU de-listed......once it is de-listed I assume that any FSA interest in checking if the IPO was illegal ....will wain...

yet again, investors take risk, get shafted and lose money....while directors or directors vehicles make money and take no risk.

London Markets, corrupt imo.

[steveabc] 11/4/2012 11:21

The company seems to be disappearing down a hole. Residential rents in V and VI districts are holding up quite well at the moment, in part becuase people aren't buying because the mortgage market is knackered.
Anyone anything on them? Wasn't a single post in 2011!

[bish100] 19/8/2010 12:39

Well at least they have brought the assets down in line with sensible parameters as pointed out 12 months ago.(Can't see these dropping much further)
Next huge issue that these guys face is that the same decrease in rental returns will be announced soon. Cannot beleieve that they have kept rent at 140 per sq metre.Would imagine this was only held up by 2/3 year fixed rent contracts which will be coming up for review now!
Not sure an asset manager at 359K euro's per year is that good value either - However it has dropped from 400K+ in 2008. Most CEO's of mid cap companies don't recive that let alone a manager of 50 properties!!!!!
I guess the hungarian finances have stabilised but foreign investment (And wealthy westerners occupying these apartments)plus movement in the housing market could transfrom futures here very quickly. The problem is will this happen prior to them running out of money!!
Not sure who the share buy back is benefitting (Directors and business associates i should suppose!!).Certainly not the company as this cash could go towards reducing debt!
Stay away!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[bish100] 15/1/2009 10:21

Slapdash - Apologies - Should read 1.5K to 2K euro's per sq ft so at least 30% over estimation on assets.
However in fairness to the company they are buying their own shares back!!!!