Parallel Media Share Discussion Threads

[britishb] 12/8/2015 16:18

So in September they said "We have created a special purpose vehicle for The Singapore Championship - The Championship (Singapore) Pte Ltd and have sold 15% of the shareholding to third parties for US$$750,000"

And then sneak out in the notes to the Annual Report "To date 5% of the equity has been sold for £153k valuing the company at £3m"

So what was the Sep announcement? A lie? A typo? Or what?

[dusseldorf] 11/8/2015 14:18

littlemadam - The results on the PAA's website had squirreled away Page 64 Re: The Championship (Singapore) [The 'company' in terms of the subsequent text] 'To date 5% of the equity has been sold for £153k valuing the company at £3m.'

Make of that what you will.

orvil does not post on BB's anymore, his last was 14 months ago:
orvil - 22 Jun 2014 - 20:39:08 - 916 of 1135
Littlemadam I am here and I am in communication with the company to try and fully understand the situation. I have allowed others to have their say without interference as it would appear my predictions, to our cost, have not materialised. I still hold all of my shares and am suffering more than most. I still feel that the possibility of a dramatic recovery exists, but that the scatter gun approach to deals needs to concentrate on revenue earning scenarios. All is not lost, but it will be a long road to recovery, unless something dramatic happens, which is always a possibility. DC remains confident.

I am in communication with him and he'd probably post exactly the same thing today - it still holds true and to a certain extent DC is/has been removing the scatter-gun approach but winding down various activities and focusing on a couple of golf events and music.

orvil is ok at present, however his illness is degenerative and his priorities elsewhere away from AIM, I doubt you will see him post here. As recently as last week he was in comms with DC, await a further update around time of results was all that could be elicited.

[britishb] 09/8/2015 09:14

Littlemadam. I assume (but I'm not sure) that the $750,000 is already reflected in the year end accounts as the partial sale was announced 30 Sep 2014...and current receivables were only 72k at Dec 31st.

PAA was balance sheet insolvent at 31 Dec. I don't begin to understand the "PMG is in current discussions with creditors concerning non-current debts of approximately £2.0m that are no longer deemed payable which should allow for a considerable balance sheet improvement in the future". Quite why they think creditors should write-off money owed to them is a complete mystery. If however that happens and they manage to sell off more of The Championship then they may survive.

Indeed if they sold all their remaining golf rights for say £2.5m and those £2m payables were written off then there could be a bit of upside here. Given the history I'll believe it when I see it - even it if happened you have to ask if DC would ever return anything to shareholders or simply continue with loss-making enterprises and hobbies!

I also question whether the European Tour would want PAA to sponsor any tournaments given what happened last year. Gut feeling says no way - they'd want all the rights sold to a third party but that really is just a guess.

Holding here remains very risky IMO. If those payables aren't written off and there is no Tour event and they don't sell any more rights then it's bust or more crushing dilution IMO....but with market cap just £0.4m here if £2m payables write-off plus £2.5m rights sale you'd have a balance sheet with a little positive equity (c. £1m perhaps).

If I held them I'd sell them (even down here)....but I've been saying that for years. If only some of you had had a good think about what I've been saying....

[buywell2] 08/8/2015 20:30

I would be interested to see a thread created by britishb

Where he used his creative side

I have had a couple of attempts .... and as Duss knows, it is not easy

The pooling of mental resources for the common good of pocket filling with lots of filthy lucre should I feel be the advfn goal

Not the bashing and name calling that goes on far too much

[littlemadam] 08/8/2015 19:59

ORVIL, SHAME ON YOU. PUMPING THIS TO THE HEAVENS THEN TOTAL SILENCE.
I KNOW YOU WERE UNWELL SOME TIME BACK, BUT IF YOU ARE STILL WITH US THEN FOR GOODNESS SAKE GIVE US YOUR THOUGHTS.

[littlemadam] 08/8/2015 10:40

Some here seem good at analysing financials, so can anyone spot where the $750,000 PAA received for selling part of some golf deal. 15% was it?

[littlemadam] 07/8/2015 20:56

Yep and clearly DC doesn't care a toss.

[buywell3] 07/8/2015 20:30

I don't think it is time to gloat

Or put the boot in

It is sad to see the demise of a share in some cases

It is good of you Duss to allow former -ve posters to voice their opinion again

Lesson glasshopper is ..... it takes both views to find the path to enlightenment and heavy pocket city

[bozzy_s] 07/8/2015 18:24

Maybe time to update the header Duss? PAA is historically and currently a loss-making company, so having share price targets set for break even or better is unrealistic:

0..............120p - 144p
200k.........144p - 192p
400k.........192p - 240p
600k.........240p - 288p
800k.........288p - 384p
1m...........384p - 576p
2m...........768p - 1128p+

[bozzy_s] 07/8/2015 18:22

Pretty sure everyone's now of the same opinion of DC. Seems not long ago his biggest supporter was on here almost daily. Given the bloke's history, he can't have many supporters, so it ought to be easy to figure out who the stooge Orvil is.

The quote screen is showing PAA's market cap at £0.4m. Some might think at that level it's worth a gamble. But they must take into account the company's history of placings, and spending the proceeds. How many millions of shareholders funds have they wasted?

If anything positive is to happen, history shows it won't be to the benefit of shareholders. Investors are sitting on 99.9%+ long term losses, whilst DC has earned a decent living, and had access to capital for his various enterprises / hobbies.

Edit - looking at the balance sheet these must be just about finished now. As at December 2014 PAA had tangible assets valued at £81,000, including £3,000 cash, £72,000 trade receivables, and £6,000 of equipment. The £72k of trade receivables compares with £2927k of trade payables. So the company actually had £3k of cash and £6k of equipment - to fund operations to repay over £3m of borrowings / creditors.

Zero chance. Absolutely zero. Presumably they would have tried to raise funds before their total tangible asset value dropped to £9,000 (vs £3m borrowings). Pretty astonished they're still able to trade. Can't see where funds will come from to pay for auditors to sign off accounts - as a going concern?!!!!

[dusseldorf] 31/7/2015 13:55

The 12 months trading of shares in PAA is a total of 300,000 (which includes buys and sells) shares traded (equivalent to only £54,000 at todays prices). I'd hazard a guess this represents less than 2 hrs trading on most other stocks.

Quite possibly the least traded stock on AIM? Maybe one day that will change for the better.

[mister md] 10/7/2015 12:50

back to where it started - probably those pre-results trades closing out ?

[dusseldorf] 09/7/2015 10:57

No trade yet showing to justify the 8% drop the other day, bid moved from 21p > 18p, so perhaps a delayed large sell yet to show.

[britishb] 02/7/2015 13:33

True re historic cash balances but this time there are only 72k in receivables (they collected the huge majority of receivables £2m++ over the 12 months reported. Admin costs were still c. £1m in 2014.

So there's just no cash coming in (hence they are not taking salaries!) unless they can sell another chunk of The Championship rights IMO. If they do that and there is a Euro Tour event in 2016 they may survive but they are just gradually selling the crown jewels to keep the lights on...

All these weird arrangements with PCM leave me utterly cold...and how they say "PMG is in current discussions with creditors concerning non-current debts of approximately £2.0m that are no longer deemed payable which should allow for a considerable balance sheet improvement in the future" without any explanation is beyond me. One minute they owe people money and next they don't? WTF???

[dusseldorf] 02/7/2015 13:19

britishb - PAA has never held more than a few £k in 'cash', and yet the lights remained on so that figure is no concern. You have to agree the PAA listing vehicle is alot 'cleaner' than historically and most if not all legacy items where no future revenue is likely have been written down or excluded / provisioned over the last few years since Sanlam were appointed.

Whilst the price action has been devastating the picture is less 'opaque' than historically. Perhaps something has been worked on in the background that necessitated cleaning everything up as you have to admit, it would have been easier to pull the plug surely than do what has been undertaken.

I don't think PAA will leap from the ashes, but there is scope to drag itself back to life should the tournaments generate sufficient interest to get a return of large sponsors and the music model take off.

[britishb] 02/7/2015 12:34

Given that they have only £3k cash and I guess no significant income until an, as yet unconfirmed, 2016 golf event they will do well to keep the lights on. Better hope they can sell another chunk of the tournament rights - otherwise Raffles bar will be quieter than a Greek bank!

[dusseldorf] 02/7/2015 12:09

Looks like the results have not deterred a few buyers over past few days. I keep re-iterating the importance of avoiding dilution, if we can avoid dilution at these levels we could eventually see significant gains from these levels - last stock issued was at 150p/share, we may begin to see some return here as comparatively the mcap is still very low.

I really hope no pump and dumpers come back and gradually small chunks are bought speculatively as over the next 18 months we should see a return to profitability especially by Sept interims 2016 after which golf events and music deals should bring some semblance of regularity back to revenue stream.

[britishb] 30/6/2015 18:37

NEW, RHM, MBO, PTV, BLUR, PAA. Some of AIM's finest all reporting after the bell on the last allowed day.

Music revenues very very small.

How do you find these to be "good" results Daytrader? They are in a pretty desperate state IMO. Won't be taking salaries this year. Balance sheet insolvent.

You'd better hope this mooted Euro Tour event does happen in 2016 otherwise very hard to see how they survive IMO.

A train wreck for the 15+th year in a row.

Why anyone still holds these is utterly beyond me.

[daytraders] 30/6/2015 17:46

Good results considering, only way is up now.

[knigel] 30/6/2015 17:26

I thought he was unable to post here?

[dusseldorf] 30/6/2015 17:23

britishb - Why would the price go down? The shocking results have been anticipated with events and activity rolling into 2016 being on the cards for months.

No mention of additional financing as far as I can see.... so the dreaded dilution appears to have been avoided. Outstanding monies to DC have been reduced (Luna), it also appears that PCM owe PMG £300k - they have that in cash when I looked (though it's incorrectly written as PMG owing PCM).

Overheads are more than 50% down. Directors waiving salary for this year....