Parkmead Share Discussion Threads

[robs12] 10/9/2019 20:01

LOL!! You guys still going for it?!

[cyan] 10/9/2019 19:44

What I was speculating was; not that the house and its approx two acre plot were sold.

I just wondered if it was possible that the plot had been simply cut from the Pitreadie farm acreage and transfered to a new entity we do not know about .
An entry in the land registry would have to be made. No transfer of funds necessarily be involved.

There was a window BEFORE the charges when it could have been done.

Just a bit of thinking outside the box.

Still, the fact that PMG did NOT mention that huge capital project in the RNS might just support the theory that its not part of the sale after all! Its not going to add value to PMG.

On balance, I still think it IS part of the deal. But why didn't they mention it? ; embarrassment?

If only PMG would clarify and answer mallorcas questions.

[typo56] 10/9/2019 19:30

In the Pitreadie Farm Ltd accounts for y/e July 2017, item 12 is a post balance sheet event for the acquisition of Tipperty Farm on 9 March 2018.

There are no post balance sheet events in the Pitreadie Farm Ltd accounts for y/e July 2018, filed on 2 August 2019. If the house had been disposed of post balance sheet, I'd have expected it to be mentioned.

If the house had been sold for cash you might think the director loan and/or the bank of Scotland loan would be reduced. At y/e July 2018 Linda was lending Pitreadie Farm Ltd £4.3m and Bank of Scotland was lending £3.6m - the same figures Parkmead acquired at.

There's also the Bank of Scotland charge on the property. They'd have had a say in the disposal of assets.

Apparently Arden Partners don't believe any clarification is required. AIM is a horrible place to invest.

[cyan] 10/9/2019 18:28

Been reviewing dates and it appears there still maybe a SMALL question as to whether the land the mansion is being built on has been previously hived off in a small window between dates 2/12/2017 and 6/3/2018.

The history;

Pitreadie Farm Ltd was incorporated on 7/7/2015

Strangely ; this web site ; lists the farm as sold on 22.2.2016

Planning permission was applied for on 21/6.2016 ( didn't hang about did they?)

The last listed plan is dated 1/12/2017(Approved) Draw dated 14/9/2017 with Pitreadie Farm Ltd as the client.

But; here is the where some SMALL doubt remains;

The CHARGES on Pitreadie Farm Ltd
started on 7/3/2018 with a floating charge on ALL property or undertaking of the company

Then on 12/3/2018 a charge on all the land of Pitreadie Farm (1240.52 acres)

The third charge On 30/3/18 was on Tipperty Farm (1081.17 acre)

The total acreages under charges being; 2321.69 acres

Seems to fit in with the RNS description of PMG's aquisition; "acquired land, totalling some 2,320 acres "

I guess the only way to be 100% certain is a detailed check of the land registery.
I note that the site plan dated 14.9.17 has a red line around the plot which is described on the plan as ;

"Boundary Line- This will be marked with a post and wire fence around the perimeter"

Not very much land for such a remote big dwelling. I would have thought many more acres would have to added to get the best price. The plot looks like a couple of acres to me.

[cyan] 10/9/2019 18:17

A tangled web.
Looks to me , on the balance of probabilities, that the short (5 year) loans suggests property speculation; an intent to value add ( maybe by building) and sell on.

That £3.6 million is an awful lot to repay IF you are NOT selling

The fact that we have an enormous construction development supports that suspicion.

And guess what; the assets WERE sold on ; to PMG!

[typo56] 10/9/2019 16:46

cyan,

I'd bash away at what the £2.9m loan was for and its timing. It must have had a purpose.

26 July 2017
Parkmead lend £2.9m to related party Energy Management Associates Ltd
(At the time they didn't feel the need to announce this and it didn't get RNSed until 22 March 2018)
The loan got drawn down in stages but was fully drawn by 22 March 2018.

Period to y/e 31 May 2018
Energy Management Associates Ltd repays £2,865,272 loan to directors (Linda and Tom)
(if you look at the accounts you'll find EMAL is a bit of financial hub for a number of their ventures)
Therefore the £2.9m cash Parkmead paid to EMAL would appear to have been used to repay the directors.

1 August 2017 to 31 July 2018
At some time during this period Linda Cross increased her loan to Pitreadie Farm by £2,585,155, bringing it to a total of £4,286,343. We couldn't have known this until last month, when the accounts were finally submitted. A coincidence that the £2.9m Parkmead loan coincides with the start of this accounting period?

What was that £2,585,155 spent on?

I think Pitreadie Farm Ltd will have spent about £1.5m as a 30% deposit on the purchase of Tipperty Farm (the £3.6m balance being funded by Bank of Scotand). The purchase completed on 9 March 2018 but was the purchase already planned before 26 July 2017, when the £2.9m loan was taken out with Parkmead? It was certainly for sale back then (offers in excess of £3.8m). Or was it an opportunity that popped up later and consumed an unplanned £1.5m? Whatever it was, why only a 5 year term on the loan with Bank of Scotland? Were they not intending to hold for long?

That would leave about £1m for all the investment in new activities involved in the preparation for renewable energy operations....and the house (can anyone confirm for sure that construction is through Altair Construction & Development Ltd?).

[mallorca 9] 10/9/2019 15:46

Buying coming in.
Hopefully a sharp move upwards by the weekend.

[11_percent] 10/9/2019 15:34

.....scam...

[monte1] 10/9/2019 14:16

I’ll get me coat.

[francoismyname] 10/9/2019 14:14

Parkmead has interested in buying the crazy golf in Blackpool.

Tom wants the windmills and seaside location in the next project for his renewables ventures.

[fardels bear] 10/9/2019 14:11

JOG? You are kidding me.

[chutes01] 10/9/2019 14:03

JOG will be looking here, together with Equinor at the massive GPA reservoir
Cross is a barrow boy at heart, not an Oil man, just wants to cut deals - and grass by the looks of it.

[cyan] 10/9/2019 13:59

To put to rest the question of whether the mansion nearing completion could be legally hived off BEFORE PMG's buy goes through ;

read here;



The Charges over PTREADIE Farm;

"Bank of Scotland PLC

All and whole pitreadie farm, strachan, banchory being the subjects registered in the land register of scotland under title number KNC25807.
Contains fixed charge.
Contains negative pledge."
------------------------------------------------------------------------------
I think BOS would be a bit miffed if the security shrank.

[anley] 10/9/2019 13:34

CYAN............its now in play as are other North Sea oil/gas exploration companies.

[fardels bear] 10/9/2019 13:10

If it gets to 31p I'll give you a fiver. And a bunch of fives for helping it to get there.

[francoismyname] 10/9/2019 12:54

39p to sell

Only a matter of time before we see 31p

[fardels bear] 10/9/2019 12:47

Yes. It does. It's also very boring.

[cyan] 10/9/2019 11:59

"This is about the oil and gas. Everything else is a meaningless sideshow."

It SHOULD be about oil and gas , BUT, PMG are now involved in real estate development and have taken on £3.6 million of debt. That debt does not make this "a meaningless sideshow."

You have also been diluted; hardly meaningless.

That's £3.6 million to be repaid in 4 years and cash NOT available for more relevant projects like the Platypus gas development.

If you let such deals go unchallenged without scrutiny you may find more similar rubbish deals being signed.

[cyan] 10/9/2019 11:34

I have been reflecting again on the question asked yesterday;

"Hopefully this is a daft question but is the house actually included in the farm purchase?"

The house planning permission was in the name of PITREADIE Farm Ltd. We know of the CROSS input of cash into PITREADIE Farm Ltd and that PMG have 'bought' the companies asset base and taken on £3.6 million in debt that has to be repaid in circa 4 years.

It would be a scandal of epic proportions IF after completing this acquisition; it was found that a 7 figure asset (the mansion) had been hived off before.

Surely no-one would be that stupid.

PMG need to issue clarifications regarding the acquisition; fully declare every interest , produce full accounts to show the movements and use of funds.

Be nice to know if the interest rate on those loans is at a higher rate than the 2.5% EMAL were charged.

[chutes01] 10/9/2019 11:12

I thought the shorters would slaughter this yesterday
I expect Cross to try to fix it now
Cud move sharply higher now on update
No place for a short near these cash levels

[itscominghome] 10/9/2019 09:56

Timbeeeeerrrr .... 40p broken. Now for the stops to kick in