Primorus Investments Share Discussion Threads

[timbo] 10/9/2020 01:23

Knightrider69

Just for balance - Infrastrata was a company about to go bust apparently when he joined on 27/06/2019 but worth £3M on paper. When he left on 12/09/2018 company was worth £5.5M. It's worth £26M today...

[aidenabettin] 09/9/2020 17:47

Are they in the laundry business?.Prim the next Vela ?

[qs99] 09/9/2020 15:22

Who is Stephen Ball?

[betterupthandown1] 09/9/2020 12:07

If anyone wants to discuss the requisition and the proposed BOD intentions then plese PM me on LSE

[qs99] 09/9/2020 10:14

thanks TImbo

will be happy if he can do the same metrics at PRIM.....0.4 to 40p at Infrstrata? Blimey did I read that wrong? Any share consolidations in that?

[timbo] 09/9/2020 10:10

Evening Standard article now out...

[skyship] 09/9/2020 10:00

I suspect no change here; after all, you can't really criticise Clayton's performance can you.

At least he will have to justify those admin expenses as part of seeing off Labrum & co...

[gb904150] 09/9/2020 09:53

PRIM hold 26m GGP which at £0.17 = £4.42m

They sold 10m GGP for £1m cash in mid June, so that exists as cash on the balance sheet.

Plus the other bits add up to about £3.5 to 4m.

So the NAV is probably somewhere between £9-10m.

Take out all those unnecessary overheads and it starts to look more attractive.

[qs99] 09/9/2020 09:30

NCM results could be out tomorrow, will be interesting their update on GGP exploration areas.....

if GGP hits 20p, PRIM stake worth over £5m no?

GLA

[qs99] 09/9/2020 09:10

also needs to wake up to fact GGP is heading towards 20p IMO! GLA

[qs99] 09/9/2020 08:58

Good post mate.

Agree re remuneration, but then nothing surprises me with some Plcs which are there to line the pocket of directors with spineless NEDs more often than not. Having worked in one for 7 years and city I've seen it time and time again....

anyhoo. let's hope the Labrum's are a different kettle of fish!

GLA

[gb904150] 09/9/2020 08:55

It looks as though the Labrum's want to take control.

So out with:

Jeremy Taylor-Firth, NEC
Alastair Clayton, Executive Director
Donald Strang, Non-Executive Director

and in with:

Rupert Labrum
Hedley Stuart Clark
Matthew Paul Beardmore

Looks broadly positive. The main issues I would say with PRIM are:

- Directors remuneration - £323k. With £200k to Clayton and £60k to non-execs
- Administrative costs £591k.

Those costs just can't be justified in such a small cap and you'd have to question really what they are doing to justify that remuneration or accrue those expenses. Especially in the current climate those expenses should be in the £10'ks.

Clayton holds 3.4% only.

Rupert Labrum owns 17.6%. Stephen Labrum owns <3% now but may still hold some.

Perhaps there was disagreement over whether to sell the GGP stake? Or disappointment with the minimal return on Truspine?

Either way, if this goes through we'll have a heavily aligned BOD. Just remains to be seen how they generate value for shareholders.

[qs99] 09/9/2020 08:13

surprised to see such little action on the SP!

[qs99] 09/9/2020 07:59

Any views?

[qs99] 09/9/2020 07:53

well I should think to narrow discount to their view of NAV for a start I reckon!

[cwa1] 09/9/2020 07:35

Very interesting indeed, wonder what the plan will be? Could get very exciting...

[qs99] 09/9/2020 07:08

Indeed. Can only be positive imo if he wants to shake company up and narrow that discount!! Dyor

[dafrog] 09/9/2020 07:06

Interesting RNS!

[qs99] 08/9/2020 12:33

wow, rental, how many did you buy? Now up 5%!

[qs99] 08/9/2020 12:21

well looks like you have pushed it higher, thanks!