Parkmead Share Discussion Threads

[chutes01] 07/9/2019 17:17

Authorities are now aware
This may unwind

[typo56] 07/9/2019 16:54

I tried but I'm not very hot on accounts. I'm not sure there was enough detail in the numbers to be able to work it out, but perhaps someone else can. I think we can assume the interest won't be zero!

It would be interesting to build a complete picture of the "House of Cross". Perhaps events will overtake us. Surely has to be some clarification next week?

[cyan] 07/9/2019 16:41

Typo56. I tried and failed to find numbers for the sponsorship.

Regarding the 2.5% rate that has been used; have you crunched the numbers in the accounts for PITREADIE FARM LIMITED to work out what rate of interest is being paid on the £3.6 million debt PMG have now taken on?

I think its higher than 2.5% .

[chutes01] 07/9/2019 16:02

Tom Cross has been abusing Parkmead shareholders cash to assist himself and others business interests
Stoulger has been kept sweet
We will update next week

[typo56] 07/9/2019 16:00

I just had a squint at Antares Property Development Ltd (directors Tom, Linda and Kevan). I notice from the accounts for y/e 30 Sept 2017 that the directors were at that time lending the company £2.9m, coincidentally at 2.5%.

What is it with this figure of £2.9m at 2.5%?



It would take quite a while to look at all the companies and the various charges they have on them.

[cyan] 07/9/2019 15:40

Getting back to the point Andysarah raised;

"The posts regarding Tilestamp Ltd. are incorrect. It is standard accounting practice. It is the most advantageous to Parmeadgroup for mitigating tax due."

Corporation tax is 18%. The use of the £284k lease payment as an expense saves tax on profits of £51,120 pa

Imo, if PMG could have afforded it; the better deal to was to buy a freehold office.

A valuable property asset likely to grow in value.

The numbers are compelling imo. For sure its been good business for "Tilestamp Ltd" and indirectly TC

[chutes01] 07/9/2019 14:21

We will see 33p soon
Best to give cash back and fire sale the assets
Dodgy barrow boy

[typo56] 07/9/2019 14:20

I've mentioned it before, and in isolation may seem petty, but why don't Parkmead make any mention of being major sponsors of Scottish cricket? What is the benefit to Parkmead? You'd have thought if it was something they were proud to sponsor they'd boast about it and have a photo in the annual report.

How much has it cost Parkmead? If cricket sponsorship is off the shareholders' radar, what else is?

[chutes01] 07/9/2019 14:15

An investigation will be requested next week

[typo56] 07/9/2019 14:11

That's it cyan. It's not about whether or not leasing the head office is appropriate. It's about ensuring the lease is fair and reasonable as far as Parkmead shareholders are concerned, given they're leasing from the company's exec chairman. Presumably the other directors and NOMAD feel it is, but they also feel the transactions with Energy Management Associates Ltd and Pitreadie Farm Ltd are fair and reasonable.

Surely the time has come for Parkmead and Tom Cross to elaborate on the related party relationships? In particular, explain the true reasons behind the transactions with Energy Management Associates Ltd and Pitreadie Farm Ltd. Why don't the NOMAD and the non execs have the backbone to ask awkward questions?

Talking of which, why did the NOMAD change on 1 February 2019 from Panmure to Arden? What advantages do Arden bring over Panmure? Was it Parkmead's decision, or Panmure's? Was it Panmure who insisted last year that the related party transaction with Energy Management Associates Ltd required an RNS?

[cyan] 07/9/2019 13:30

Good afternoon Andysarah;

You wrote;

"The posts regarding Tilestamp Ltd. are incorrect. It is standard accounting practice. It is the most advantageous to Parmeadgroup for mitigating tax due."

If I understand what you are saying; PMG can use the business expense; the £284K to help offset their tax liability. I note Gross profit in the march interims was £1.4 million for the previous 6 months.

What is not inaccurate is that PMG ended up in a 'Tilestamp' property and are paying £284k pa to a company TC is a director of.

Out now will catch up later.

[andysarah] 07/9/2019 12:53

The posts regarding Tilestamp Ltd. are incorrect. It is standard accounting practice. It is the most advantageous to Parmeadgroup for mitigating tax due.

[cyan] 07/9/2019 12:36

"The increases may be perfectly reasonable and due to rent inflation and increased office space."

True; however the facts remain; PMG are effectively helping to buy the property for 'Tilestamp' and at the end of 10 years they will have spent a not inconsiderable £2.84 million and have to walk away with nothing but memories. Yes, I know ; a new 'competitive' lease maybe negotiated, but at what cost.

Surely it would have been better to buy a property outright and hopefully have an asset on the books that increases in value.

Maybe none were available and 'Tilestamp' would not sell . All just coincidental PMG end up in number 4; a property the CEO has an interest in as a director of Tilestamp.

[fanshaw] 07/9/2019 12:35

Tom Cross is reported to be worth £25,000,000. why could he have not kept all these

seperate enterprises private his reputation is now tarnished my reading of the whole

sorry mess is just plain greed.

[typo56] 07/9/2019 11:55

In fact there's been more than one lease with Tilestamp and they date back to at least 2011. Amounts paid as follows:-

2011 £34,678
2012 £100,945
2013 £52,629 + £172,539
2014 £171,858
2015 £169,000
2016 £261,000
2017 £284,000
2018 £284,000

The increases may be perfectly reasonable and due to rent inflation and increased office space.

In the early years there were also some modest rental payments and office improvement costs paid to Energy Management Associates Limited.

I can see how this may be a reasonable arrangement for Parkmead and Tilestamp (Tom & Linda), just it now comes under scrutiny, given the dealings with Energy Management Associates Ltd and Pitreadie Farm Ltd.

[chutes01] 07/9/2019 11:52

looks more of a scam each time you look into it, directors not returning phone calls either, sure ryan stroulger is being looked after here.
without o/g progress, the agm will be messy, as we will ensure cross is sorted.

[cyan] 07/9/2019 11:25

One just gets the unfortunate impression ; especially after the farm dealings; that PMG is being run more for the best interests of the CROSS family than shareholders.
All that debt and dilution; £3.6 million to repay in less than 4 years when capital preservation for NS development really ought to be the priority.

As for number 4; hard to be sure of the fair lease rate without knowing the square feet. Maybe reasonable.

[typo56] 07/9/2019 11:20

There's no denying Tom's a smart businessman. Certainly much, much smarter than I'll ever be. And smart businessmen seem to be able to juggle multiple interests. However, at a mere £500k pa, I don't believe Parkmead shareholders are receiving Tom's undivided attention.

[typo56] 07/9/2019 11:11

4 Queen's Terrace (aka Sovereign House) was sold in 2009 by the Sovereign Oilfield Group to Tilestamp for £1.575m under a leaseback agreement.

"Sovereign has also reached a conditional agreement for the sale and leaseback of Sovereign House, 4 Queens Terrace, Aberdeen, with Tilestamp, a private company based at Milltimber, Aberdeen. Its directors include Dana Petroleum chief executive Tom Cross."

"The deal will see Sovereign receive £1.575million in cash and lease the building for £120,000 a year for five years, with the rental increasing to the greater of £132,500 or the open market rental value of the property after that."

[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