Parkmead Share Discussion Threads

[tongostl] 07/9/2019 19:56

Zero confidence left in pmg and TC now. Invest in these charlatans at your own risk.

[cyan] 07/9/2019 19:56

Yes Typo56 Very strange that in 24 hours the link to Tipperty farm goes down;



This worked yesterday!

One wonders if somone is getting worried?

[typo56] 07/9/2019 19:54

Found it. I think this is what Pitreadie Farm bought last year.



The new pad will make a nice based for killing the local pheasant and roe deer.

As I recall, Pitreadie Farm have also spent quite a lot on fencing.

[cyan] 07/9/2019 19:47

Its now hard not to view that "By providing this facility" PMG was being used as source of cheap capital to fund speculative real estate dealings and house construction.

I would really like PMG to show where, and on what, was the money being spent on Pitreadie farm in furtherance of "the preparation for renewable energy operations."

[fanshaw] 07/9/2019 19:43

chutes01

Do you think the FCA should be investigating these transactions.

[typo56] 07/9/2019 19:42

Sorry WhiskeyInTheJar, I'd forgotten. Some of the Pitreadie Farm debt was probably to purchase Tipperty Farm on 9 March 2018 for £4.852m plus £303k costs.

I'll post the Savills brochure if I can find it.

Wow, that's interesting. The Savills link for Tipperty Farm appears to have been removed (Savills's office is next door to Parkmead's office!)

But details said, "Whilst there is currently no formal shoot over Tipperty the topography and aspect of the land provides a good basis for a pheasant shoot as well as exciting roe deer stalking."

[11_percent] 07/9/2019 19:35

Don't want to put a downer on things......but property prices around Aberdeen are low since the oil price crash in 2014/15/16.....and even now at $60.....when a few years ago it was double that.

[typo56] 07/9/2019 19:34

I don't know why all the debt WhiskeyInTheJar, but there's a fair sprinkling of debt, charges and negative asset values at some of Linda & Tom's other companies.

For instance, Trawlpac Seafoods Ltd doesn't look very pretty. I think that maybe a family business she inherited (Linda Crockford?). It was in the news a few years ago.

[chutes01] 07/9/2019 19:33

Turning into the next Plexus
Worthless unless some of the cash pile can be salvaged and returned to shareholders

[cyan] 07/9/2019 19:25

The £2.9 million soft loan (2.5%) was explained this way

" 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. "

EMAL is a building firm that speculates in property and we know who the directors are.

Everyone at PMG had to know what the loan was likely being spent on.

"renewable energies" looks like a smoke screen .

[troy] 07/9/2019 19:22

Yes, no mention of the snooker room, or BBQ pit, or the indoor swimming pool, or the steam room, or the sauna, or the three car garage in that RNS was there !



I hope shareholders are very pleased with it.

[whiskeyinthejar] 07/9/2019 19:11

Thanks typo, that's slightly clearer. Does this new house justify the millions of debt?

[chutes01] 07/9/2019 19:03

Was Cross an affair with big Kev the dodgy builder at the expense of Parkmead shareholders ??
This will be all over Aberdeen press next week
I expect resignations

[cyan] 07/9/2019 19:00

Anyone else think it strange that the RNS on the farm deal ommitted to mention the small fact that a million quid house was nearing completion?
The likely sale value being potentially significant.

They mention unspecified "activities involved in the preparation for renewable energy operations." but not that mansion.

[cyan] 07/9/2019 18:45

Looks that way Typo56;

That "small" loss of £166k suggested all was not well although PMG dressed it up ;

"This small loss reflects the investment in new activities involved in the preparation for renewable energy operations."

Nothing to do then with cash being spent to build the huge house whose estimated total build cost was put at £975k.....ummmmm

looks more and more like a white knight rescue

[11_percent] 07/9/2019 18:45

Yup, that's the one.

Its looks fairly complete, from the outside anyway. Could be just the shell, with the electrics, plumbing to be done, don't know.

Kevin has been busy anyway.

====

Regarding No4, the office.

You can not compare with No1, which is a restaurant and I would guess has a relatively small floor space.

Many of these offices have been extended out the back, don't know about No4.

Rents have plummeted in Aberdeen for offices, sine the oil price collapse in 2014/15, and there are still a lot of vacancies.

[typo56] 07/9/2019 18:37

WhiskeyInTheJar, £3.6m of the loan is from Bank of Scotland. Parkmead have taken that on.

The other £4.3m is a director loan (basically from the Tom & Linda Cross). This loan increased by about £2.6m at the time they took £2.9m out of Energy Management Associates Ltd. They took £2.9m out of Energy Management Associates Ltd in the period EMAL received a £2.9m loan from Parkmead.

Parkmead have just issued shares to the value of the £4.3m director loan (plus $600k on top for the equity in Pitreadie Farm) (shares valued at 50.5p). Effectively the directors have received shares for the loan they've received from Parkmead!

11_percent, well done for your reccie. We established yesterday that "apartments" is kind of Scottish for "rooms". It's a fairly substantial dwelling house, incomplete by the sounds of it. Strange to sell mid development, unless you run out of funds. Are Parkmead shareholders now going to pay to have it finished?

[cyan] 07/9/2019 18:25

Well done 11 percent.

Open this link;



Then scroll down to approved Elevations and click.

Did the build look similar?

[11_percent] 07/9/2019 18:16

Took a trip out to Pitreadie Farm and had a look.

The sign at the end of the road is down. There are 2 big roughly painted signs, I assume for the builders, that say "Aldair" if I remember correctly.

Did not drive up the track, but did drive along the track further to the East of the farm track. You can get a good view of the farm, on the hillside, from about 1km.

Seems like an ordinary farm with a bunch of cows in some of the fields. Rest of fields are grass/empty.

Mid Mill wind farm is on the other side (South side) of Karloch hill. Don't know if that is the windy side.

The farm buildings look old/established and with 2 cottages (could be 1 big one) Could have been a farm house, but there were the usual out buildings, etc.

There is new, nearly complete building. It is about 100m along the track, past the farm proper, tot the South. The walls are up and roof on, with scaffolding around it. Don't know how much of the inside is complete.

It looks like one and a half floors, in that it is 1 floor, with a pitched roof, where you could have a room(s) in the "loft".

Its certainly not 11 apartments. Looks like a fairly bug house.

Prity much a bog standard farm for the area, with a new house being built.

[cyan] 07/9/2019 18:15

Being a landlord looks like very profitable .

The more you logically examine the transactions the more they look self serving. The soft loans from PMG looks bad, imo.

How was Mrs CROSS and her partner ever going to pay off the £3.6 million in 4 years?

The only way is via a sale; but to whom? How convenient that her husband has access to a cash pile in PMG and could see the overwhelming investment case there was...lol

[whiskeyinthejar] 07/9/2019 18:12

I'm not an accountant, so I'm struggling to understand. The accounts say there's additional loans on top of £3.6 million bank loans. Total Pit Farm debt is £7.9million. Even if it's not immediately payable, PMG shareholders must be taking on that debt too?

I don't understand what they've spent the money on either? Why does Pit Farm have £7.9 million of debt? What "new activities" have led to farm posting a loss?



Why does farm accounts only list two employees? - Linda and Kevan. Surely that's not normal for a large farm?

[typo56] 07/9/2019 18:04

Hmm, Parkmead subsidiary Aupec Ltd are also based at 4 Queen's Terrace.

Aupec Ltd also have a 10 year lease with Tilestamp Ltd.

In the y/e 30 June 2017 they paid rent to Tilestamp of £110k. (In 2016 it was 90k).

Is that in addition to the £284k rent paid by Parkmead plc? I've a feeling it is, but am happy to be corrected.

[cyan] 07/9/2019 17:21

Looks like they had £258,426 of Liabilities and just £19,110 cash in the bank at 31.7.2018

We know that the company made what PMG called a "small" loss of £166k in the year to 31.7.2019 . See their RNS.

Would be nice to see the latest COMPREHENSIVE accounts.

Was servicing the huge £3.6 million debt getting rather difficult for them?

I should add; that debt matures in less than 4 years; the little question of the ability to repay then crops up.

A straight answer to a straight question for PMG; What interest rate are you paying on the £3.6 million?