Parkmead Share Discussion Threads

[cyan] 09/9/2019 16:26

Typo look up Herscha Hill Renewables LLp

Why haven't those companies progressed those two turbines; its been 5 years since permission was granted.

Estimated cost £1.4 million EACH. Is PMG to engage with Muirden Energy AND Herscha Hill Renewables?

[typo56] 09/9/2019 16:11

cyan, I wonder why the Savills Tipperty Farm sale particulars from last year got taken down at the end of last week. Was there something there someone didn't want us to see, or were they just wanting to avert silly wild speculation on bulletin boards?

According to the details I managed to download, it appears that Muirden Energy have an option in place for the two wind turbines. The terms may already have been agreed with the previous owner. Therefore, if Parkmead want to build those turbines, they may have to pay off Muirden Energy, or at least work in partnership with them.



Edit: I see troy was on to this several days ago. Perhaps the reason the sale details got taken down!

[chutes01] 09/9/2019 15:54

im surprised the shorters arent into this and taken it down to 30p, maybe later in the week.

[cyan] 09/9/2019 15:50

Never shorted in my life; do not like the practice.

[poolie111] 09/9/2019 15:44

yawn...u finished now ? ..need to close your short soon pal !

[cyan] 09/9/2019 15:34

The gas is where the priority should be and the preservation of capital for such value adding developments as Platypus.

The chat over the weekend revealed things not common knowledge. The research brought to light details surrounding a large capital construction project that PMG did NOT reveal in the Pitreadie Farm Ltd aquisition RNS. It should have done. It should have explained the interests in that project.

The RNS did highlight the wind speeds and a nearby site where there are wind turbines but did not mention the expensive construction project on THEIR land.

We learnt that PITREADIE Farm Ltd lost £166k in furtherance of "the preparation for renewable energy operations." Details were lacking. No mention of any extant planning permission on Pitreadie Farm for any renewable project, like wind turbines. I can not find any. No mention of any application either.

There IS planning permission for small scale GRAVEL extraction from 2010. You can see the extraction site if you look at the satellite view and scroll to the East.
Planning details here;



Yes; there IS planning permission (2014) for TWO 800Kw wind turbines on Tipperty Farm
(Aberdeenshire Council approved planning permission (APP/2013/0386)


Why haven't they been built yet?

I think we did useful research . Some may have thought there was lots of potential for more Turbines on that site. Research revealed that the original planning application was for THREE turbines which had to be reduced to TWO. Research provided readers with a link to the site map and allow them to form an opinion as to whether that site ( Herscha Hill ) had further potential. Imo; it clearly did not.

PMG's RNS has these line;

"Specific potential has been identified for the installation of numerous wind turbines, a solar farm and a biomass production facility."

'potential' ok, I may potentially win the lottery. What actually HAS definetly been achieved to date? What permissions are there actually in PLACE.?

The Times article revealed that ;

"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."



What progress was made? What is there to show for "several years" "looking"?
IF Pitreadie Farm Ltd thought there was 'potential' for "numerous" Turbines there, or elsewhere; where is the evidence they've tried to get permissions? Similarly for solar farming.

There appears to have been planting of trees. We know from the accounts they spent a lot on machinery and fencing. .Was that all for normal agricultural operations? Its very possible that some was in connection with; "the preparation for renewable energy operations."

The RNS has this paragraph;

"Woodland planting has already been undertaken on part of this large site, which has the potential for a commercial biomass supply operation. "

That word "potential" again.

So , I think we are left with a "potential" biomass operation and a large domestic dwelling construction project costing circa £1 million. PMG should have highlighted that because the sale value of that house; swimming pool and all, would likely be substantially more than £1 million . They should have shouted that from the rooftops; "We have a valuable construction project that could return a substantial sum"

In my opinion ; to achieve the best sale price for such a superior development a SUBSTANTIAL acreage would have to be included to attract horsey types and those who like country pursuits.

Its pretty obvious there had to be an intent to sell the property and turn a profit because PITREADIE Farm Ltd has less than 4 years before £3.6 million in loans mature. How would they pay that off WITHOUT selling?

It looks like property speculation; if it walks like a duck; quacks like a duck; its a DUCK!

I know that I would not want to buy a quality house like that if there was a likelihood of fields of solar panels in close vicinity. I doubt PMG intend on retaining the house as a company asset.

PMG wrote in the RNS;
"There is an active market for land assets in Scotland, particularly those with renewable energy potential."

Ok; Couldn't PMG have found , in all the UK, other better sites , maybe with "numerous" RENEWABLE permissions already in place?

How many other sites were considered BEFORE someone decided PITREADIE farm; with that 75% L.CROSS interest ;was the BEST one.?

Who decided the PITREADIE Farm Ltd aquisition was in the BEST interest of shareholders?

Basically PMG's deal looks, at BEST, like real estate gamble reliant on MAYBE getting planning permissions .

What PMG has done is they've taken on £3.6 million worth of debt on a farm with CROSS family interest ,where a lot of cash is being spent on building a large dwelling house .

Its patently obvious that Pitreadie farm Ltd would have to sell the house soon after completion to help pay off the huge £3.6 million debt. No longer a problem as its now on PMG's plate .

PMG need to release full accounts for PITREADIE Farm Ltd so we can possibly get a better understanding regarding of expenditure in furthance of "the preparation for renewable energy operations." Just how much was spent on those "operations" and how much on the house construction. How much interest has to be paid on that £3.6 million.

So many questions.

[11_percent] 09/9/2019 15:33

A few "buys" coming in......looks like they are trying to support the share price .....LOl..

[monte1] 09/9/2019 15:05

worf.gif

Blimmin’ freebb misunderstandings eh?

[monte1] 09/9/2019 14:52

You say read and I say read
Potato, potahto, tomato, tomahto,
Let’s call the whole thing off.

[fardels bear] 09/9/2019 14:46

I say read......

[11_percent] 09/9/2019 14:45

Might buy a few....you never know.

Having a wee gander at Platypus...….its going to happen.....Dana are on the job....does not need PMG input.

• Dana is 59% owner and Operator of the Platypus gas field with partners CalEnergy (15%), Parkmead (15%) and Zennor (11%)

• Reserves estimated at around (gross) 18 million barrels equivalent (~ 100 bcf)

• Field is located in the UK Southern North Sea

• Sanction is planned for Q2 2020

• First gas is targeted for October 2021

Export options:
Cleeton, Tolmont, York, West Sole.

Prospects:
Pharos, Cobra, Olympus.

======

Now you tell me there was an announcement today.....anyone got a link.

[monte1] 09/9/2019 14:31

I would hold out for 40.39 if I was you.

[11_percent] 09/9/2019 14:28

40.38 to sell...

[monte1] 09/9/2019 14:06

#9277

That is one thing we can both agree on.

The fact that you have read my posts for years would indicate that your mental health is probably a tad sub optimal also tbf.

[11_percent] 09/9/2019 13:55

Shakes head....

Well now....this aint very good...….every deal is a SELL....apart from one....which is for £587.

Lets see if the seller appears for the close.

My guess is no....they want to sell over 40....and its getting a bit close.

[fardels bear] 09/9/2019 13:55

I've read your posts for years and I agree you're not sane.

[monte1] 09/9/2019 13:53

Where are you going to find a sane person on a freebb - apart from me natch?

No, scrub that.

Where are you going to find a sane person on the freebb?

[fardels bear] 09/9/2019 13:49

He's not going to reply is he. Nor would any sane person.

[11_percent] 09/9/2019 13:38

@chutes01,

You sound like a bit of a twitter and bisted man.....an ex employee per chance...…..the beat goes on...

[mallorca 9] 09/9/2019 13:36

If he replies I will let you know.

[chutes01] 09/9/2019 13:30

mallorca, I will PM you
If Cross replies to you I hope you let this BB aware of his reply.
Indeed, a concert party is worrying that they intend to take this off shareholders hands, perhaps his plan was to spook the market with this ridiculous farm deal and get it heap.
We cannnot stand by and allow this to happen, he must be exposed, I will visit the premises.

[mallorca 9] 09/9/2019 13:24

chutes,

I agree with your sentiment.

Some excellent posts over the weekend.

To acquire Tom's wife's business (Pitreadie Farm Ltd) and prevent it from being dissolved , we have now been diluted and apparently we also now have an outstanding £3.9m loan with RBS.
Shocked too to read that the owners of the PMG building are another Company owned by Tom and Linda to whom PMG shareholders are paying an ridiculous rent.

PMG was formed in 2000. 19 years later we have a market cap of £40m !
I have to agree that Tom Cross is now taking decisions that are not in the interest of Shareholders. The next revenue adding development which has been confirmed is Platypus - now 4th quarter 2021, where we have a 15% stake.
To say that things are developing at a snails pace would imply that the snail was carrying a ton weight on its back and that the handbrake was also jammed on.
I also worry VERY MUCH when I see reference to a 'Concert party'.
A Concert party is a mechanism for taking a Company back into private ownership.
If TC has to make a mandatory offer to shareholders (if he reaches 30%)then I guess it helps him if the share price has been lowered.

I wrote to TC - I know that he has received my e mail - his office manager confirmed this to me.
He has not replied.
Remember also money has been lent to EMAL - also Tom / Linda's business.