Share Name Share Symbol Market Type Share ISIN Share Description
Parkmead Group (the) Plc LSE:PMG London Ordinary Share GB00BGCYZL73 ORD 1.5P
  Price Change % Change Share Price Shares Traded Last Trade
  0.45 0.98% 46.45 20,759 16:35:02
Bid Price Offer Price High Price Low Price Open Price
45.90 47.00 45.90 45.90 45.90
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 4.08 -0.79 -0.45 50
Last Trade Time Trade Type Trade Size Trade Price Currency
15:51:06 AT 1,161 45.90 GBX

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Date Time Title Posts
17/6/202117:34PMG, anyone heard of it??10,876
09/3/202007:21Parkmead Group - An 'Accelerated Dana Petroleum'?208
16/8/201807:26Independent tips Parkmead Group at 50p1,808
29/5/201618:06PC MEDICS. A scary bet.49
18/11/201110:46*** PMG - Tom Cross walks on water ! ***15

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Parkmead Daily Update: Parkmead Group (the) Plc is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker PMG. The last closing price for Parkmead was 46p.
Parkmead Group (the) Plc has a 4 week average price of 40.80p and a 12 week average price of 34.60p.
The 1 year high share price is 49.50p while the 1 year low share price is currently 26p.
There are currently 108,574,829 shares in issue and the average daily traded volume is 125,018 shares. The market capitalisation of Parkmead Group (the) Plc is £50,433,008.07.
robs12: According to PMG "every $10/bbl increase in the oil price adds approximately £130 million to the P50 post-tax NPV of the Perth field development alone". Finncap calculated the unrisked NPV for GPA as US$613m, when oil was at $55/bbl, and risked it at 25% to give a risked value of 103p/share. Oil at $72.50/bbl as now equates to approx NAV increase of £57m (after risked at 25%), so another ~52p/share. So just the increase in the oil price since the Finncap valuation (for GPA alone) is more than the current market cap!
fhmktg: A welcome (small) increase in share price this month.Due to gas/oil price levels or an expectation of news....any thoughts?
robs12: SOTB - they still have Davaar, as above, but according to the OGA Sanda has been relinquished. I guess it could be just partial relinquishment, but OGA says full? Would be nice if the company had the courtesy to confirm one way or the other...maybe if a few other shareholders ask the same question they might respond? I can't really answer for the Finncap report. If they're relying on info provided by PMG such as the website, then that could explain it, there's a lot wrong with it! I hope I'm wrong...but have nothing more to go on than the OGA, since PMG don't respond... Fairly normal for PMG to relinquish licences without informing us humble shareholders - maybe we'll read about it in the AR. Polecat and Martin, which are also still shown on the PMG assets webpage, were relinquished a long time ago. Same with Lowlander, which was relinquished 30 September 2020 according to OGA. That was (is?) a significant part of GPA.
ab76: The share price performance has been disappointing this week, but for the following reasons I remain hopeful that it will soon tick upwards: 1. Despite a blip yesterday, the price of oil has increased this week and remains close to its 15 month high (Brent started the week at $68.28 and closed at $68.83). 2. The gas price has had a good week, going from 63p on Monday to 68p today (according to the figures in Malcy’s blog). 3. There should be an update (hopefully positive) on Platypus before the end of June (by when the licence needs to be renewed), that should reveal Parkmead’s new share of the ownership and set out when the investment will start. As an aside, there was an article about Berkshire Hathaway (Parkmead’s remaining partner in Platypus) in last weeks’ Economist and I note that they have $350 billion that they’re trying to find things to do with; I wonder whether, in addition to Platypus, Parkmead might be able to help them - BH is well known for not interfering in the running of companies that it partners with and that might appeal to Parkmead. Of course there’s also the possibility of a development with the GPA, although it’s difficult to know when or whether that’s coming (if it were an easy development someone else would already have done it). However, if it comes the share price could rocket.
chutes01: Enquest placing soon, to buy Scott Platform from CNOOC, development of GPA either through Scott - which has low production figure right now - or to Enquest Producer vessel which is ready to go. This should have an explosive effect on PMG share price
mallorca 9: I absolutely disagree. Perth may have the big potential but PMG just needs to be seen to start moving things forward to production and revenue. We all know that it's assets are huge in value. As it has now become Operator in Platypus and as new partners will almost certainly be announced there as Dana divests, then I really see that as the catalyst for a surge in the share price Maybe 2021 is finally going to be PMG's year.
ab76: FinnCap issued a new report for Parkmead on March 24th 2021, which is downloadable free of charge from Research Tree (you have to register) and which may appear on Parkmead’s website in time (the last one is on there). Due to the recent increase in the oil price, they’ve increased their risked-NAV and price target rise 8% to 167p. They don’t value the renewals business highly (they reckon there’s a 30% chance of creating a wind farm worth £9 million), but think it’s an area of significant growth and acquisition potential. The truly stunning figure in the report is at the end of the analysis: they reckon that Parkmead’s core, contingent and prospective value is $2.433 billion or 1,614p per share. Obviously all of Parkmead’s potential plans would have to come to fruition to achieve such a valuation, but given that the company is presently valued at little more than its cash and land holdings there’s an enormous amount of potential for significant share price increase. In light of that potential valuation, the suggestion that Tom Cross (who owns about 25% of the company) is only interested in drawing his salary and engaging in property deals rather than working very hard to make his shareholding worth $600 million seems ridiculous.
mallorca 9: Chutes, I'll predict a surge in the share price here .... there is a lot of M&A activity going on in the North Sea. Enquest are also hungry and the Gov't has today confirmed it's commitment. PMG do have some interesting assets just waiting for someone to buy in as operator. Re renewables, there is a LOT of Gov cash just waiting to be claimed. I'll bet you a £1 that LBE takes Operator status of a PMG asset !
mallorca 9: I do have one reason to think that PMG may still be worth a punt which is as follows : PMG had a long term relationship with Faroe Energy and held a significant amount of equity in Faroe. A couple of years back PMG sold all of their stock in Faroe at a very significant gain. The now ex Directors of Faroe Energy have set up a new Company ... Longboat Energy .. LBE. They have set up with £8m in cash and no debt. LBE's stated objective is to develop a new north sea oil and gas company Given that LBE are actively seeking out farmin's to existing north sea opportunities and given their strong past working relationship with Tom Cross, I would be astonished if there was not a link up between the two companies soon. It may just be that LBE buy out PMG assets. Worth looking at LBE. Whichever way you look at it I always come back to how cheap PMG looks as it's cash balance must now be approaching £30m with a Market Cap of only £38m So.... as always it looks a good punt. Difference this time for me is that LBE are actively seeking opportunities now and PMG has lots of proved up assets. I think you may finally get your long awaited positive news soon.
cyan: At one time Tom CROSS was seen as an asset; the man from Dana who would replicate past successes for Parkmead Group shareholders. The shine has come off his reputation after detailed examinations of TWO recent related party transactions. Related party transactions tend to arouse concerns as to whether the general shareholders best interests are placed second. For me the genesis for the wheel coming off the cart was when TIPPERTY Farm came on the market in MAY 2017. In my opinion the £2.9m provided to Energy Management Associates Ltd (EMAL) on 27th July 2017 was linked to personal ambitions. The reasoning presented to the public was finally RNS'd on 22nd March 2018; "The Parkmead Group plc has been granted an exclusive option to join Energy Management Associates Limited in new ventures being evaluated by the company, including, inter alia, potential opportunities relating to renewable energies." Here are FOUR irrefutable facts; EMAL's sole directors are T & L CROSS That by 22nd March 2018 the whole £2.9 million "credit facility" was drawn down. That by 31st May 2018; at the latest; £2,865,272 was repaid to " T & L CROSS" by EMAL In the two years the £2,9 million facility was to last; NO joint ventures with EMAL emerged. There is no logic in a company seeking such a large credit facility without having a necessity; a plan. The evidence to me is clear; on the balance of probabilities; the £2.9 million was to enable T & L CROSS to be repaid and use cash for their own personal objectives. These circumstances are most unsatisfactory. IMO PMG’s money was, in effect, a disguised soft loan to a director. The £2,585,156 that L CROSS loaned to PITREADIE Farm Ltd and the subsequent purchase of TIPPERTY Farm on 9th March 2018 raises a reasonable question; was the capital sourced from the £2.865,272 "repaid" by EMAL? Then we have to consider the acquisition by Parkmead Group of the then enlarged Pitreadie Farm ltd; YET ANOTHER related party transaction. Remember; L CROSS interest in this company was 75% On 30th August 2019 PMG RNS'd their acquisition of Pitreadie Farm Ltd. We have already examined in depth the presented investment case and I think its fair to say that the market was not convinced the deal was in shareholders best interest. For me the reasoning was flimsy based on " potential”; the hope planning permissions would be received. . PMG effectively raised "the best interest of shareholders" question with this line in the 30.8.2019 RNS; "There is an active market for land assets in Scotland, particularly those with renewable energy potential." So; in the "active market" PMG just happened to choose a land asset with "potential" L CROSS had a 75% interest in. Shareholders were expected to accept on trust that a proper due diligence was conducted; that other land assets were considered; that it was in the best interest of shareholders; that Pitreadie Farm Ltd was chosen on its merits alone, completely uninfluenced by CROSS family interest. I am afraid I just do not believe that. It fails my sniff test. And then we have to consider the extension of EMAL's loan for a further two years announced on 26th July 2019; This, in effect, a third related party transaction. The grounds for extension were that day RNS'd " 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. The Loan will continue to bear a fixed interest rate of 2.5 per cent per annum, payable to Parkmead." This was the reasoning originally put forward in July 2017 Trouble is that there had not been any joint ventures with EMAL in the previous two years. PMG's capital has now been tied up in this soft loan for another 2 years. The loan should never have been extended. Were the interests of Mr & Mrs CROSS considered above of the BEST interests of PMG shareholders? The PMG decision makers should have challenged EMAL (sole directors T & L CROSS) The decision makers would have known that PMG’s cash was not used by EMAL for any purpose that advanced PMG shareholders best interest and that no new ventures were presented to PMG in the two years agreed. PMG entered into an exclusive arrangement with EMAL to join in new ventures; however cash was taken out of EMAL and PITREADIE Farm Ltd was enlarged after a personal injection of cash by L CROSS. The PMG decision makers should have asked the obvious question; was PMG’s cash used in this way and why? How could they logically agree to buying Pitreadie Farm Ltd AND extend the EMAL loan? If I were a decision maker I would have taken a very dim view of the conduct of T & L CROSS. Imo, solely based on the renewable “potentialR21; investment case; The decision makers should have refused to buy Pitreadie Farm Ltd; factor in the apparent self serving conduct of EMALs directors and you are left wondering WTF were decision makers thinking; how on Earth were these related party transactions in PMG’ shareholders best interest? The only people who have landed on their feet here are the CROSS’s and their concert party; They have lots of extra PMG shares; a larger percentage of the share capital and EMAL has a very soft loan to pay off. The BIG losers are other PMG shareholders who have seen their holdings diluted; the company loaded with £3.6m debt; £2.9 million capital tied up in a soft loan; an investment in FARMS with uncertain development potential and a collapse of confidence in PMG’s corporate governance. This has all caused the share price to collapse. Although its no comfort to other shareholders; the shenanigans did, in effect, shoot the CONCERT party in their metaphorical feet with the subsequent collapse in the share price What now?
Parkmead share price data is direct from the London Stock Exchange
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