Parkmead Share Discussion Threads

[typo56] 06/9/2019 17:53

I'm not sure but I think that 4th Feb 2019 may be final signing off on building regs. i.e. building complete.

The footings can be seen on Google Earth image taken 28th June 2018. I'm not sure how to post link but coordinates are:-

57° 0'24.48"N 2°30'33.62"W

There appear to be a group camping to the south, but that could be underpaid construction workers!

[cyan] 06/9/2019 17:43

Permission given on 4th Feb 2019 for;

"Demolition of existing agricultural buildings and erection of detached 1½ storey 11 apartment dwelling with attached triple garage and all associated works"

I wonder where the £975 K cash to build will come from?

Perfect timing for cash rich PMG to ride to the rescue of a debt ridden cash deficient farming enterprise.

[typo56] 06/9/2019 17:22

'investment in new activities involved in the preparation for renewable energy operations.'

The director accommodation buildings perhaps.

[cyan] 06/9/2019 16:56

"Pitreadie generated a revenue from farming operations of approximately GBP433,000 and an overall pre-tax loss of approximately GBP166,000 during the year ended 31 July 2019. This small loss reflects the investment in new activities involved in the preparation for renewable energy operations."

I do not think £166k is a small loss then you consider the revenues.

'investment in new activities involved in the preparation for renewable energy operations.'

What does that mean? Planting trees you have to wait 20 years to harvest for biomass?

[itscominghome] 06/9/2019 16:27

Hands up who thought these had bottomed yesterday ......

[fardels bear] 06/9/2019 14:24

Mais oui, bien sur...

[cyan] 06/9/2019 14:02

From the accounts for PITREADIE FARM LIMITED

"1.3 Turnover
Revenue comprises farming subsidies and livestock sales..."

Since detail on how reliant the company is on government subsidies is not clear one is left guessing.

Surely; reliance on government subsidies to remain afloat is not a great state of affairs.

We have political uncertianties too ,these days.

I am sure good old WOOLWORTHS would have remained afloat if it got subsidies; but, as we all know; farming is a special case.

[monte1] 06/9/2019 13:53

Noted mallorca9.

Give Mrs m9 my best regards.

[mallorca 9] 06/9/2019 13:37

Finding all this a bit depressing.
Going for a country walk with Mrs Mallorca.

[typo56] 06/9/2019 13:28

I'm trying to think this through:-

It would have made more sense for Parkmead to lend £2.9m to Pitreadie Farm Ltd, because that's where it ended up.

However, doing it via Energy Management Associates Ltd means the loan to Pitreadie Farm Ltd was in the name of the directors. This way they've gained an extra £2.9m of shares (at 50.5p) than if the loan to Pitreadie Farm Ltd had come directly from Parkmead.

Is my logic wonky?

Perhaps it is, because they still owe PMG £2.9m

[mallorca 9] 06/9/2019 13:27

Callumross,

Yes I know. I must visit Sky etc.
I was born in Airdrie - so that's where a lot of family are , but the west coast holds a lot of happy memories.
I still 'camp' at a little site near Portpatrick, right in front of the old castle , looking across the Irish Sea.
The way PMG is performing I'm feeling the need to escape very soon.
Thankfully we go over to Mallorca shortly but we are also planning a Scotland West Coast break in the Spring. Probably a couple of nights camping near Portpatrick (Mrs Mallorca is still happy to snuggle into my two man tent) then a drive up the west coast and a nice hotel room for Mrs Mallorca.

[callumross] 06/9/2019 13:17

"from Portpatrick in the South West up as far as Oban." Oban is not very far up Mallorca! The real jewels of the Scottish West Highlands are further North. You must try it, all the way up to Durness.

[mallorca 9] 06/9/2019 13:11

Hopefully he'll put Pitreadie Farm on the market, sell it, clear the debt and move on.

God know's what T.C's plans are.
PMG has been stagnating for years.

Sentiment is at an all time low.

[cyan] 06/9/2019 12:49

Good afternoon Typo56.

Thanks for pointing out my error; you are absolutely correct; should read "interest ONLY"

Sorry for that mistake. I am sure we all would like interest FREE loans lol.

The more I look at the transaction the more I think its a lemon ; at best.

If TC's wife was not involved I would have scratched my head and thought TC had lost his reason. Just when PMG need all its capital for possible NS developments he goes off and saddles the company with debt and dilute shareholders.

I think this deal was driven by family interest considerations.

Is TC going to now pony up £2.8 million to build those Turbines.?

Poor earning asset at best.

[typo56] 06/9/2019 12:41

cyan, did you mean "interest only", not "interest free". Do you know the interest rate?

The £2.9m loan to Energy Management Associates Limited is interesting. This loan enabled Management Associates Limited to repay £2.9m to Tom and Linda Cross in the y/e July 2018.

Also in y/e July 2018 you'll find that Tom and Linda managed to lend Pitreadie Farm Ltd a further £2.6m.

In other words, the £2.9m loan from Parkmead indirectly went to fund Pitreadie Farm Ltd.

Parkmead have now issued shares to cover the directors' loan to Pitreadie Farm Ltd. But the £2.9m loan to Energy Management Associates Limited is still outstanding.

Trying to get my head around this!

[fardels bear] 06/9/2019 11:40

Being so careful As keeps you going

[anley] 06/9/2019 10:57

I wonder what the CAPEX bill is over the next 2 years and will they develop all their licenses?

I shall wait until the figures..................let's see what TC will say and do!!

[cyan] 06/9/2019 10:50

Good morning mallorca 9

you earlier wrote; " 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."

But, PMG now also have that interest free loan of £3.6 million to repay in less than 4 years.

"Parkmead will also assume GBP3.6 million of Bank of Scotland debt currently held by Pitreadie."

Terms are to repay in 5 years from july 2018

From the PITREADIE FARM LIMITED accounts for the year ending 31.7.2018

"Borrowings take the form of 2 Bank of Scotland loans of £1.8m. These are interest only loans which will
mature in 5 years."

[mallorca 9] 06/9/2019 10:37

No …. I was born in Scotland - moved to England as a young child, but have spent many many happy holidays, both as a child and adult, on the west coast of Scotland , from Portpatrick in the South West up as far as Oban.
I love the Scottish West Coast.

[fardels bear] 06/9/2019 10:30

Was that from your speedboat days?

[fardels bear] 06/9/2019 10:29

Was thinking that it would alleviate the isostatic response to denudation.

[mallorca 9] 06/9/2019 10:28

Largs … I know it well

[fardels bear] 06/9/2019 10:26

Having recently returned from a trip to Largs, I couldn't help but notice that most Scots seem to have a wind turbine in their back garden.

[cyan] 06/9/2019 10:03

I did previously raise the question as to why only two turbine permissions were given.

This document shows they did originally try to get permission for THREE



"The initial submission involved a proposal to erect three turbines. However,
this has subsequently been amended as a result of pipeline safeguarding
issues. The proposal now relates to two turbines with the most western
turbine now removed from the proposal. "
------------------------------------------------------------------------------------
Interesting document that does show other turbines in the area.
You can see several photos of nearby turbines in the Savills link I posted earlier.

Looking at the topography; the size of Herscha Hill; I do not believe there is any potential for further turbines there.



You can zoom in and out of the above map; rather useful; looks like you can see the original three turbine plan.

[fhmktg] 06/9/2019 09:59

Against a current market cap of 43 million,With ratings at 2-3 revenues, that offers a reasonable uplift in share price over the coming year or so?