Pan Euro Share Discussion Threads

[rivaldo] 08/10/2013 07:33

Good news this morning from Dan Balt....



"Pan European Terminals (AIM: PAN), which provides transhipment and storage facilities into Europe and Russia for the hydro-carbon industry, announces that its 100% owned subsidiary, Dan Balt Tank Lager A/S ("Dan Balt"), has been notified by its client, Monjasa, of an increase to its ship-to-ship (STS) bunkering fleet in the Ska region of the Danish Straits, one of the busiest straits in the world for shipping density (www.marinetraffic.com).

Monjasa has increased its fleet, by the addition of the MT San Padre Pio, which completed its first bunkering operation at Dan Balt's Aabenraa terminal on 7 October 2013. Dan Balt will in consequence see a greater throughput of product at the terminal. The vessel is less than one year old and has been modified in Aabenraa to undertake STS bunkering in the Skagen area."

[pantastic] 07/10/2013 13:57

I thought it was 2 days after the transaction date or 4 if the buyer was non-UK based but I may be getting my AIM regulations mixed up. I guess it depends which day the buy went through, the sell being last Monday. It might not have been the same day. I believe it is up to the buying party to notify the company if/when they cross any shareholding thresholds (which we know they will have...)

[oli12] 07/10/2013 13:14

thanks Chohn for the update - we all want the same thing....lets hope it happens soon and our patience is rewarded.

Anyone know the time scales for the holding RNS to be issued by the buyer of Alpcot's shares....?

[pantastic] 07/10/2013 12:53

I think boardroom squabbles, changes etc happen all the time in all different types of business and this business has changed massively in the last 3 years. I see the changes and the timing of certain other events as most likely related to Rosbunker deal/deals although this is just a gut feel and I don't suppose any official public explanation will be forthcoming as other businesses undergoing similar team sheet changes often don't give the full story either.

[cjohn] 07/10/2013 12:26

Yes, I agree with you there, Pantastic. Factor in a full six months' contribution from Dan-Balt and we may well be back into positive cash flow. The deals at Dan-Balt are encouraging too.

It should be remembered as well that Rosbunker is a drain on cash: legal and management costs. So if it does get sorted out, this will remove a negative - irrespective of whether we recover much value from the assets.

The clear out of the board MAY be positive - management here has been shambolic. But I still think someone with a close knowledge of the company's workings should ring up and ask what's going on and post here. I have a decent understanding of the balance sheet, assets etc, but I haven't followed closely board developments. (It's not soemthing that usually interests me.)

[pantastic] 07/10/2013 12:07

Fair comments.

The figures in the 2012 finals and H1 interims were impaired by write offs relating to historic (previous business model) bad debt. Given the downtime at Dan Balt for the pump improvements and the one off costs associated with that work, I am confident we have a very viable business outside of Russia. The Monjasa contract should be significant (and not shown in the figures yet as its H2) plus last week's deal. I don't imagine it will be the last new deal this year either.

Sadly we will most likely have to wait to finals in June for specifics although it would be nice to get some more trading updates in the meantime to maintain confidence.

[cjohn] 07/10/2013 08:43

Hi Oli12,

I'm long on PAN. I originally bought at 24p - just before Rosbunker was appropriated by organised criminals - and bought again when the shares returned from suspensión. I have a very small holding here of some 12 thousand sterling at today's price.

I'm a full-time value investor and I take positions in companies with interesting asset backing. Many of these companies have problems of one sort or another: PAN is no exception.

No serious investor will be perturbed by a critical look at their holdings, warts and all. Sadly, many pis never attain that degree of rationality and prefer infatuation and optimistic hype: the great majority of those will underperform the market. Most will give up and be replaced by other wildly optimsitic newbies. Unfortunately, one of the reasons why discourse on many boards is so pitiful is that conversation is dominated by such blind optimists who frequently take violent objection to alternative views. This puts off serious comment.

Fortunately on this board most posters are mature enough to take a rounded view.

I've made my view known before: if some significant sum is salvaged from Rosbunker, these shares will look undervalued. As it stands, PAN is still not generating postive cash flow. The recent Dan-Balt deal may just bring us into postive cash flow. This would be a relief, as it means the company could survive if Rosbunker is irrecoverable.


Best regards and I hope this clarifies.


CJohn

[pantastic] 04/10/2013 15:14

The Company do hint at wanting to acquire additional strategic european terminals and recent RNSs have done nothing to change that.

[aaainvestment] 04/10/2013 13:52

Today I have been mulling over Alpcot's departure, and I've come up with a slightly different scenario than I initially thought.

What if: Alpcots reason for selling is true.

Then it doesn't make sense on the basis of our current assets, but if you consider the Rosbunker is for the boot(hopefully within the next six month)it starts to make more sense.

But even more of a leap of imagination is that prehaps PAN are planning to or have arranged to buy another terminal somewhere in Europe - it then makes sense as Alpcot would have most likely have been consulted and most significantly asked to contribute. Answer, sell your shares to someone prepared to support the expansion

That may also go some way to explain why the directors moved on, perhaps they opposed whatever is going to happen.

All complete guess work of course but as it stands Russia still represents the biggest source of revenue so unless things change Alpcot's reasoning doesn't make sense. I'll go back to sleep now and dream some more rubbish up LOL.

[rivaldo] 04/10/2013 09:03

Intriguing stuff at present!

Of course Alpcot's holding could be split, with Hurley taking enough to get their holding up to say the maximum 29.99% and Utilico taking the rest to get them to 21%.

We should know soon enough who's bought the stock. Alpcot's comments were certainly encouraging, as well as refreshingly unusual to see in an RNS.

[pantastic] 04/10/2013 09:01

Isn't that the name of a fast aeroplane with a bent nose?

[look alive] 04/10/2013 08:29

Apparently the transaction was carried out not by the company's Brokers but by Cannacord.

[aaainvestment] 04/10/2013 07:20

joetricky - The "wild card" company sms up my feelings for a long time, just as you think everything is clearing up, always some new question mark appears over things. I'm a hopeless optimist though and think everything will become clear when the new Bod is in place.

Worst scenario for me would me Mr E going on his usual silent running mode for the next six months - it's been a good start since we got the new PR lets hope it is sustained.

[joetricky] 04/10/2013 06:15

I'm thinking that the new investor may be controversial Why did the other directors leave? Was it because they wanted to distance themselves from the new shareholder ?

I hope that is not the scenario and part of the new investor deal was that they would have their own people on the BoD therefore some room had to be made. If that is the scenario and the old BoD were forced out then it would explain the lack of mutual back slapping in the resignation rns.

Like always though, whenever I think I'm getting an idea of the direction that this ship is sailing uncle Simon throws a wild card that messes up all of my reasoning.

[pantastic] 03/10/2013 21:31

Yeah, good point, sometimes you have to look elsewhere for the motivation in selling. Shelton needed to throw more cash at their exploration/drilling efforts. That's not a cheap exercise and often fruitless and if you need cash in size you can't just go and call up those old grannies at Wonga.com you have to have move some cash and investments about. I had to remortgage my grandma and sell a kidney to top up on PAN shares recently. No one would give me money for my liver as they'd spoken to my local landlord.

I'm always trying to second guess things with this company and others I've invested in and just as you think you might be onto something and you've joined some dots up to make a picture, some more appear and you realise you'd joined the wrong ones.

The statements from Alpcot and Simon did sound genuine. As did the statement from Shelton. They don't have to write these things if they don't want to. The director resignations didn't have any mutual back patting statements. Therefore when you see them added or you don't see them added, you can make you own mind up on the likely significance in such cases.

So then, AAA - Chief Research Analyst on the ADVFN Pan boards - who has bought 13.7% of PAN then? I know we'll likely find out tomorrow or Monday but half the fun of this game is debate, speculation and a bit of joined up thinking and guesswork...

[aaainvestment] 03/10/2013 20:46

Maybe, maybe not - I would draw your attention to the fact that Alpcot are in a battle to oust the BoD of AIM listed Urals Energy where they are the biggest shareholder.

I always thought that eventually they and Shelton would launch a challenge for PAN but when Shelton sold that possibility ended.

I think they genuinely have/had a good relationship with Simon Escott and the sale is to liberate cash to support their position at UEN, and if they gain control they will most likely need cash to finance expansion.

[yobstol] 03/10/2013 20:37

Is it just a coincidence that we have all the directors resignations and then this large share sale by Alpcot ?

[pantastic] 03/10/2013 18:24

I disagree. When Shelton sold their full holding, it was bought at a slight premium too. The buyer was another institution.

[look alive] 03/10/2013 18:13

It would be unlike institutional investors to pay a premium so more likely to be a strategic investor imho.

[pantastic] 03/10/2013 18:11

There's the trade: -

01-Oct-13
08:46:24
21.00
14,570,702
20.00
21.00
3.060M

[pantastic] 03/10/2013 17:59

Haha @ Oli12. Yeah he was talking down the price and then threw the kitchen sink at it. I like your thinking! Brilliant.

A lot of newsflow this week to digest.

The board changes are a big thing but I've just seen 14.5 million votes in favour of Simon Escott and his new band of merry men. Even Alpcot said nice stuff. They could have said "We're selling our PAN shares as it looks iffy" or indeed said nothing but they've issued an "on side" statement and a feasible explanation for their divestment.

I don't think it's Professor Plum. It could be an existing holder adding. Hurley would go over 30%, so not them. Utilico appear loyal, could be them. Hawkwood maybe. I spoke very briefly to a chap from Hawkwood after the AGM. He seemed to agree that Rosbunker is the game changer here, maybe they are going "all in on red"? All IMO and pure guesswork - could equally be a brand new institutional investor.

[oli12] 03/10/2013 17:25

maybe cjohn went in BIG.

[joetricky] 03/10/2013 17:23

Professor Plum I reckon. I wonder how much he paid as Alpcot reckon that they sold at a premium of the current share price. Uncle Simon is doing his thing again!!

[oli12] 03/10/2013 16:35

Who's the buyer? new investor....existing investor about to go big....thoughts and theories gentleman

[oli12] 03/10/2013 16:30

Pan European Terminals (AIM: PAN), was notified on 2 October 2013 that, on 1 October 2013, Alpcot Capital Management Ltd disposed of its entire shareholding of 14,570,702 ordinary shares of 1p each in the Company ("Shares"), representing approximately 13.7% of the Company's issued Shares.





Bjorn Lindstrom, Senior Partner of Alpcot Capital Management, commented, "Alpcot is primarily an Eastern European-focused investment company and our original investment in Pan European Terminals was at a time when it had the majority of its operational assets in this region. In the past two years, as PAN has successfully enlarged its operations into Western Europe, it no longer meets our investing criteria and therefore we have sold our holding, at a premium to the current market price. We remain supportive of the new management team and wish Simon and his team all the best for the future."



Simon Escott, Interim Executive Chairman and Chief Executive of PAN, commented, "Alpcot has been a very positive and supportive shareholder over the past four years. We look forward to welcoming the new investors as shareholders and to a similar, long standing supportive relationship with them."





A TR-1 Form dated 2 October 2013 prepared by Alpcot Capital Management Ltd under the FCA Disclosure and Transparency Rules and provided to the Company is set out below.



-ends-