Parkmead Share Discussion Threads

[mallorca 9] 06/9/2019 09:35

cyan / troy,

In all honesty I think TC did what he did just so his wife wouldn't lose her £4.3m.
I think that the justification given in the RNS is dishonest.

Only positive for me is that she and Kevan Smith have only received payment in PMG shares. Bad because it diluted us, but maybe good because they have an incentive in the success of PMG and the appreciation of the share price.

At the end of the day, we have a land asset which should at least hold it's value, plus it add's circa 5% to the Group revenue.

Let's focus on O&G.

[mallorca 9] 06/9/2019 09:30

As we can also see from the link , Dana is Operator of Platypus so it may be worth keeping an eye on their site.

[cyan] 06/9/2019 09:27

Good morning Troy;

Thanks for clarifying on the site of the turbine permission .

You wrote; "...in the Pitreadie Farm area there are no applications, which leads me to believe it's entirely unsuitable for turbines."

But; PMG do make a big thing about the land adjacent to the Mid Hill wind farm here;

"One of the large areas of land owned by spans 1,238 acres and is located some 15 miles west of Aberdeen. Excellent average wind speeds exist on the site of between 7-10 m/s. This site lies adjacent to the Mid Hill Wind Farm which contains 33 Siemens manufactured and maintained wind turbines"

However ; you make a logical and devastating argument which I repost here;

"If that land belonged to you or I, wouldn't it make sense to get planning BEFORE selling it ? A bit like your neighbour with a large garden, get the planning for a house on it THEN sell it with planning included at a higher price ? If they had been looking at renewables for "several" years as per your Times link why was nothing done except get planning approval for 11 appartments for shooters ?"

[mallorca 9] 06/9/2019 09:25

To put it into perspective …. currently our on shore Netherlands gas assets net PMG circa 800 bopd equivalent.

The March 29 RNS stated that Platypus has development potential in excess of the above 10k bopd.

[mallorca 9] 06/9/2019 09:21

Below is the link to Platypus Gas Field info.
Fardels is correct - PMG owns 15% …. Dana is the biggest shareholder ! Shareholder breakdown is shown in link.
1st gas due 2021 at equivalent of 10,000 bopd

[mallorca 9] 06/9/2019 09:14

troy … I don't think that anybody on here likes 'the deal'.
Pitreadie Farm Ltd was about to be dissolved meaning that all the assets would be given to the Crown. Mrs Cross would then have lost her £4.3m.
Tom decided to dilute our equity to raise funds to takeover Pitreadie Farm , saving Mrs Cross's business from imminent insolvency.
She got her money back in PMG shares, and the other Pitreadie Partner received 295k PMG shares for his 25% of a business about to go bust.

PMG now has this 'asset' on it's balance sheet.

Yes , it stinks and I have written to Mr Cross along the lines that my trust and respect in him have completely been eroded and that many small shareholders who came into PMG on the back of TC'c previous record have seen the value of their shares half in 18 months. I know that the e mail has been passed onto him but to date I have not received a reply.

As a matter of principle some may not now wish to have anything to do with T.C.

My question is whether he does still have any fire in his belly and whether the O&G assets are ever going to be developed.

Platypus has been announced however and that alone is a gamechanger.

I still hope that PMG will see a market cap of £1b one day … as that is 20x today I still think it's worth a punt.

Linda Cross and Kevan Smith have only received 'payment ' in PMG shares.
They all have a big incentive to see this share price rise significantly.

[fhmktg] 06/9/2019 09:07

Biomass = trees and facility for kilning and chip productionRenewables = turbines + solar farming+ battery storage + switching control to the grid.Plenty of scope for a leader in the business community!

[troy] 06/9/2019 08:58

That is completely true Fardels. But don't try and dress up a deal about "renewables" and "biomass" as something it blatantly isn't.

[fardels bear] 06/9/2019 08:54

If the Scott tie in deal happens successfully nobody will care about a farm in Scotland.

[troy] 06/9/2019 08:53

I genuinely wish you the best of luck mallorca but the deals a big fat dud.

Look at the left hand flow chart for Muirden Energy here which is the route I suspect that the previous farm owner (Mr Davidson)went down. Muirden did all the planning work. All the documents are on Aberdeenshires planning portal.



That's what you've got.... you're the leaseholder for another company to develop wind turbines on YOUR land

edited to add: Just my view on the latest deal. I'm not making any assumptions about the rest of the business .

[mallorca 9] 06/9/2019 08:43

Nonesense troy.

It's another potential arm to the business and an appreciating asset which brings in £500k pa revenue.

Platypus, Netherlands on shore gas and GPA tie back will be the big share price movers over the next two years.

The Co currently has a net asset value of circa £80m.

Market Cap therefore looks very cheap to me.

[fardels bear] 06/9/2019 08:42

Not sure who Bly is or how he invaded my post but that's phones for you.

[fardels bear] 06/9/2019 08:41

hTTps://www.youtube.com/watch?v=xKasF9FzgU0If you watch this interview of RockRose Andy Austin with industry lightweight (OK, poor choice of words) Malcy, you will learn that Shell and PMG are not the only Bly ones diversifying into renewables with increased gas as a halfway house. Link reposted from RRE thread.

[troy] 06/9/2019 08:35

Interesting.

There's an interactive wind turbine planning application map here

You'll have to go hunting around on it for yourselves but in the Pitreadie Farm area there are no applications, which leads me to believe it's entirely unsuitable for turbines.

Tipperty Farm has planning for two. Here is the application form. BUT it wasn't made by the previous owner Mr Davidson, it was made by Muirden Energy LLP

If you read the Savills listing when it was sold

Muirden Energy therefore have an option on the turbines (unknown terms) so if Parkmead want the full benefit they'll have to buy that option out. Also, looking at the OS map of Tipperty Farm I can't see any further likely sites. Savills do however big up the pheasant and deer hunting opportunities !!

Shareholders have been done.

[fardels bear] 06/9/2019 08:28

I googled platypus gas project. It gave me the partners and their respective equity.

[troy] 06/9/2019 08:20

cyan

Pireadie Farm doesn't have permission for any turbines. Also, without any knowledge of the local topography I don't think anyone knows if it's even suitable.

Tipperty Farm has permission for two 800MW turbines.

Just a bit of speculation from me here ! If that land belonged to you or I, wouldn't it make sense to get planning BEFORE selling it ? A bit like your neighbour with a large garden, get the planning for a house on it THEN sell it with planning included at a higher price ? If they had been looking at renewables for "several" years as per your Times link why was nothing done except get planning approval for 11 appartments for shooters ?

Anyway, I think the deal stinks to high heaven at the moment but I guess we'll see in time.

[mallorca 9] 06/9/2019 07:48

Morning ,

Fardels ..

where have you got the '15% equity in Platypus' from ?

Thanks

[paleje] 06/9/2019 00:09

Cyan, your post 9039 of 9046, the link did indeed suggest prices as low as £2k
per acre but that was for land suitable for tree planting not actual forests, ie. bare land. Lower down in the same link it quotes £4.5k for forest land.

I’m not picking a fight on this, just pointing out we all rely on research but we also get overloaded sometimes. None of us without being up there really know what the ins and outs are, we are reliant on what we are told and what reports we can find to substantiate. Give it a bit of time imo.

[cyan] 05/9/2019 21:38

"Mrs Cross and her business partner, Kevan Smith, 57, who owns the remaining equity in Pitreadie, are understood to have been looking at renewable schemes on the land for several years"

and the best they could get is just permission for two turbines?

Valuation of the property looks toppy to me.

[bountyhunter] 05/9/2019 21:34

perhaps they are monsters

[cyan] 05/9/2019 21:01

This link takes you on walks around the area . Scroll through to pictures of the Pitreadie Farm .

Not overly impressed at the quality of the land.

You can also see the 33 turbines at Mid hill nearby. Why was permission only given for two on Pitreadie Farm?

[typo56] 05/9/2019 20:51

and your stockholders well fenced out!

[fardels bear] 05/9/2019 20:06

You've got to keep your stock well fenced in.

[typo56] 05/9/2019 19:58

Perhaps a few shareholders should hop on the next train to Aberdeen with their festival tents and exercise their right to roam and do a bit of wild camping.

Pitreadie Farm may be one step ahead of that though, given what they've been spending on fencing.

[cyan] 05/9/2019 18:18

Nice photo's with sheep grazing aside the Road to Pitreadie Farm