Parkmead Share Discussion Threads

[cyan] 07/9/2019 11:05

Number 1 Queeens terrace is 3,951 square feet and on for £22 per square feet; works out at £86,922 pa

hTTs://www.commerciallistings.cbre.co.uk/en-GB/listings/property/details/GB-Plus-440812/1-queens-terrace-ab10-1xl?view=isLetting

All pretty expensive. Oh well.

[cyan] 07/9/2019 10:56

Looking for £24 per square foot per year for 2 & 3 Queens terrace.

I note number 3 has been extended

Taking the biggest number 16,340 square feet ( is that for both?) multiply by 24 you come to £392,160.

It all depends on square footage of number 4. £284 K maybe fair and realistic.

How big is number 4 ?

[typo56] 07/9/2019 10:32

When I looked a few days ago there appeared to be two parts to 4 Queen's Terrace, one more expensive than the other. But 2009 would stack up.

Bank of Scotland have a charge on the property, as they do with many of their ventures. Parkmead covering the mortgage and a bit?

[cyan] 07/9/2019 10:32

2009 sold for £1,575,000 ummmm

[cyan] 07/9/2019 10:29

Looks pretty modest to me.

[cyan] 07/9/2019 10:26

Good morning Typo56

"Finally, in case you hadn't already picked up, Parkmead lease their 4 Queen's Terrace head office from Tilestamp Ltd. It's a 10 year term at £284k pa. Tilestamp directors? Why Tom and Linda of course."

It looks unhealthy;

£2.84 million in 10 years! Would it not be better value to buy the premises outright?

Maybe worth poking about to find out the local valuations and costs.

[cyan] 07/9/2019 10:21

Yes, I like the gas prospects best. Its dismaying to see dilution and debt taken on those "odd" transactions when the focus of resources should be only on real value adding opportunities and not what looks like real estate speculation.

I found this link to the full license coditions on p2154 signed in 2015



P 31 has a sliding scale of fees which is interesting and far more than the £2,000 pa i mentioned earlier

[typo56] 07/9/2019 10:20

cyan, you've not misunderstood but it runs deeper.

Firstly, the £2.9m loan to related party Energy Management Associates Ltd (the ONLY current directors being Tom and Linda). It was initiated on 26 Jul 2017. It wasn't declared at the time as it should have been. It was first mentioned on 24 November 2017 in the small print of the 2017 annual report. Presumably someone eventually picked up on this and the NOMAD (Panmure at the time I believe) got Parkmead to RNS retrospectively on 22 March 2018.

The loan was drawn down in stages. At the time of the 2017 annual report it was £1.3m. By the end of 2017 it was £1.7m. By 22 March 2018 it was fully drawn at £2.9m. That sounds like it was being drawn down to fund some kind of project. What project?

To understand what the loan may have been for you need to dig into the accounts of Energy Management Associates Ltd and Pitreadie Farm Ltd. Pitreadie Farm directors are Linda Cross and Kevan Smith (a builder)





Take a look at the accounts for Energy Management Associates Ltd y/e 31 May 2018 and Pitreadie Farm Ltd y/e 31 July 2018 (only recently filed).

You'll find that the £2.9m loan Parkmead made to Energy Management Associates Ltd was withdrawn by the directors and they moved £2.6m into Pitreadie Farm Ltd.

In other words, the £2.9m loan from Parkmead wasn't really intended for Energy Management Associates Ltd, it was destined for Pitreadie Farm Ltd. Why not lend directly to Pitreadie Farm Ltd? Perhaps "Energy Management Associates" seemed a more plausible name and wouldn’t attract questions?

If you look at the architect's plans filed with the planning office for the extensive dwellinghouse at Pitreadie Farm you'll see they are first dated August 2017. In other words, the drawdown of the loan from Parkmead coincides with this building project. A coincidence?

Finally, in case you hadn't already picked up, Parkmead lease their 4 Queen's Terrace head office from Tilestamp Ltd. It's a 10 year term at £284k pa. Tilestamp directors? Why Tom and Linda of course.

[mallorca 9] 07/9/2019 10:14

Cheers Cyan,

very informative , I'll have a proper read later.

Hopefully we can get back to focusing on O&G as that's where the real potential is.

If they make an investment decision on Perth next year then that will do me. We just need some concrete plans - that will bring in a lot of share price action.
Platypus is 2021 production with Dana as Operator, so hopefully we can begin to see light at the end of the tunnel.

[cyan] 07/9/2019 09:56

Good morning mallorca 9

You can go to the OGA site and review.

For example here is the PERTH license, P.2154



Licence P2154
Status Extant
Licence Start Date 01/12/2014 (Executed 19/01/2015)
Initial Term End Date 30/11/2018
Second Term End Date 30/11/2022
Licence End Date 30/11/2040 (Anticipated)
----------------------------------------------------------------

Here is how the terms are defined;



Initial Term
The licence will expire at the end of its Initial Term unless the Licensee has completed an agreed Initial Term Work Programme and surrendered a fixed amount of acreage (usually 50%).

Second Term
There is no Second Term Work Programme that is specific to a particular licence; instead the licence will expire at the end of its Second Term unless the OGA has approved a development plan.

Third Term
The Third Term is intended for production.
---------------------------------------------------------------------------------

Looks like plenty of time on Perth; to 2022. PMG have signalled a decision to be made next year.

As a side note; pure exploration licenses have an annual fee of £2,000; nothing really.

[mallorca 9] 07/9/2019 08:55

In terms of the various North Sea blocks that PMG has been awarded, can anyone on here advise what conditions are attached to these re development , ie, is there a time limit within which the asset must be developed - or you lose it ?

[cyan] 06/9/2019 22:02

Have I misunderstood all this? It appears PMG have given EMAL a very competitve loan.

A rate of 2.5% seems generous to me; am I wrong. ? I have never sought a £2.9 million loan before.
I thought traditional Bank Loans are 3% to 6% APR.

EMAL are a property speculating business whose directors include Tom CROSS CEO of the lending company , and his wife.

Its been dressed up ;

" By providing this facility, Parkmead benefits from an exclusive arrangement to join EMAL in new ventures being evaluated by the Company, including inter alia potential opportunities relating to renewable energies"

[cyan] 06/9/2019 21:53

The Parkmead Group plc is pleased to announce the 24-month extension of the interest-bearing loan to Energy Management Associates Limited ("EMAL") of GBP2.9 million (the "Loan"). By providing this facility, Parkmead benefits from an exclusive arrangement to join EMAL in new ventures being evaluated by the Company, including inter alia potential opportunities relating to renewable energies.

Ok; this line makes it look relevant to PMG

"opportunities relating to renewable energies"

But the companies house details seem to describe a building and real estate speculating business


Nature of business (SIC)

41100 - Development of building projects
41202 - Construction of domestic buildings
68100 - Buying and selling of own real estate

I am confused. How has PMG benefited from this relationship?

of course two of the directors of EMAL are; Tom and Linda CROSS

Typo56 HELP!

[cyan] 06/9/2019 21:17

You have to ask if all these "deals" received proper oversight from NED's

[typo56] 06/9/2019 20:46

As I see it, Parkmead have effectively paid off the £2.9m loan made to Tom and Linda, just they've been paid in shares, not cash.Not that they've repaid the £2.9m yet.Nice!

[bountyhunter] 06/9/2019 19:54

Not happy about the recent shananigans although I remain aware of the potential elsewhere, which is why I'm here.

[typo56] 06/9/2019 19:54

How likely is that?

[cyan] 06/9/2019 19:46

Very nice for whoever lives there as long as they do not have to look out on solar panels

[typo56] 06/9/2019 19:30

I can still access the docs but I know some people have probs. Can you get this:-



It looks like the design work with the architects Inspired Design & Development Ltd started around August 2017.

Hang on. On 27 July 2017 Parkmead lent £2.9m to Energy Management Associates Ltd, most of which ended up with Pitreadie Farm Ltd.

Oh, come on!

[monte1] 06/9/2019 19:24

In Scottish parlance an apartment within a dwelling is any public room or bedroom - ie 11 apartment house has that total number of rooms excluding bathrooms, kitchens, utility etc.

[cyan] 06/9/2019 19:18

Strange document is now unavailable ! When did they get taken down? Someone embarrassed?

[typo56] 06/9/2019 19:14

I believe you're right about planning permission can't lapse once footings in place. It would be interesting to get someone to take a look at progress. Is it complete? If not, will Parkmead be paying to complete and why?

I don't know why it's described as a "11 apartment dwelling". Perhaps 'apartment' is Scottish for 'room'! If you take a look at the detailed plans you see there's an indoor swimming pool, a suana, a steam room, a snooker room....






As you say, does look the sort of place you might stay when killing off the wildlife.

[cyan] 06/9/2019 18:20

Any potential buyer of this construction is going to find out that the owner is an energy company that has highlighted the potential of solar and wind farming in the immediate area.

Will devalue immensely; that's assuming they intend selling and not keeping as a 'company asset'.

Maybe great for, in the future, giving directors a stress break with a few days shooting the local wildlife.

[cyan] 06/9/2019 18:07

Interesting. From memory of previous build projects; once you have the footings in you have satisfied the time within which you have to start the build and basically have unlimited time to complete.

If you demolish the farm buildings what does that mean in respect of animal welfare and otherwise working the farm?

11 apartments ummmm. Who would want to buy or rent there if the area is to be blighted by fields of solar panels.

All very very odd. I wonder if anyone has eyes on the state of up to date works?