Primorus Investments Share Discussion Threads

[uknighted] 12/9/2020 08:57

GGP are to be included in the GDXJ Index.

[bscuit] 11/9/2020 16:20

In specie transfer of GGP shares like Verizon from Vodafone to shareholders would be tax effective. Directors to reduce salaries/charges.

[big7ime] 11/9/2020 13:48

Thanks Timbo, I agree

[timbo] 11/9/2020 13:41

Hi Big7ime, I understand it to be better than that. Liquidating unlisted assets in a winding up wouldn’t unlock much more value than is there. But if the pre-IPO investments can be helped specifically to bring their companies to market (rather than just being sat on) that would help all parties.

At least the agitators have some skin in the game - they’ve bought more than 20% of the market cap. If they’ve invested that much their aims are likely aligned with ours. At the moment the BoD have declared holdings of:

A Clayton - 4,750,000 (3.4%) - first trade 22/05/17 - last trade 25/02/20
J Taylor-Firth - 1,075,000 (0.77%) - first trade 16/04/18 - last trade 11/03/20
D Strang - 600,000 (0.43%) - first trade 24/10/17 - last trade 02/11/17

The proposed directors have set up an email address where you can ask them questions and raise concerns. It was put on LSE yesterday or the day before..like all email addresses it’s in 3 parts:

Prosperousprimforall
@
Largest email provider beginning with G and with mail. in the middle and ends in com

Ask them anything you like…

[techtrader5] 11/9/2020 12:23

With the amount of cash they have, a good divi could be the answer to the depressed share price and could be Labrum’s intention you think?

[bscuit] 11/9/2020 10:28

Big7,
I'd go for that.

[rental] 11/9/2020 10:15

well ive just bought some more, 5 mins ago, no trades showing on the list,

[big7ime] 11/9/2020 10:03

Sve has performed so much better than PRIM with their ggp holding turning their 2p share price this yr into 15p
PRIM have some catching up to do. Huge discount to NAV. The requisition of a gen meeting I should think is to wind up and return all proceeds to shareholders for an immediate doubling of investment, what are others’ thoughts here?

[big7ime] 11/9/2020 09:50

Their GGP holding soars, worth now more than £5m nearly the market cap of the co. The share price lags but catches up so buying prim now appears to be a no brainer

Even if Ggp settles back to say 17, PRIM hold 26m GGP which at £0.17 = £4.42m

They sold 10m GGP for £1m few mths back, that cash they hold ready for new opportunity .

Plus the other investments, some look exciting in their own right add up to about £3.5 to 4m book cost

The only negative is Director remuneration which looks like it will be sorted out, or the investments sold and the co wound up and returned to shareholders. Possible 100% return here if the latter occurs

[jimbobaroony] 11/9/2020 08:54

GGP at 20p equates to £5.2M for PRIM (that's equiv to 3.71p per PRIM share, so all other assets values at 500K)

[qs99] 11/9/2020 08:09

20p values PRIMs GGP shares alone at over £5m no?

[chrisdgb] 11/9/2020 08:07

GGP now 19.5p offered.............!

[timbo] 10/9/2020 16:24

Hi Bscuit - I was going by the guidance at:
hxxps://www.iod.com/news/navigating-brexit-for-business/articles/how-to-become-a-non-executive-director

It mentions among the things that could compromomise a NED is having share options or representing a significant shareholder but doesn't seem to mention that they shouldn't have shares.

I understand the options part as that doesn't involve the NED staking their own money until they exercise them and then it's a slam dunk winner that they are getting more back than they paid - so it could almost be a bribe (turn a blind eye and there's a million options for you...). It also makes sense that if you represented a significant shareholder they might expect you to act in any way that keeps the share price buoyant!

Our NEDs have loads of options!

For the record I am also minded the same way about our current BoD. I didn't start out that way yesterday - I initially felt that the nuclear option was a step too far - but during the course of the day I've come to the conclusion that I could be in the same position in 3 years time wondering why we are still a £4M company and paying high salaries so I think change is needed and at least the awkward squad have put their hand in their pockets and bought loads of PRIM shares...many more than the BoD...

All the best folks!

[bscuit] 10/9/2020 15:30

A handbook on NEDs, which have read says they should not have a holding as a financial interest conflicts with fiduciary obligations, but equally it said that remuneration should not be significant in proportion to turnover/profit or significantly depreciate capital value. These directors fail the test. I am an NED of a company in which I have a shareholding and take only travel costs. Pigs with snouts in troughs here with negligible oversight. As presently thinking I will support removal of the board with no compensation for loss of office.

[qs99] 10/9/2020 15:06

wakey wakey PRIM

[timbo] 10/9/2020 14:57

>>dplewis1

I heard something very similar today from ones who had worked with the "Australian Mafia"

[timbo] 10/9/2020 14:51

Further background info re: historic BOD pay

Year End Comments

31/12/2013 D Strang paid £50k for full-year as Finance Director
31/12/2014 D Strang paid £108k for full-year as Finance Director (additionally Chairman from 17/10/2014)
31/12/2015 D Strang paid £36k for full-year - Finance Director / Chairman until 30/11/2015, Non-Exec Director thereafter
31/12/2016 D Strang, A Clayton & J Taylor-Firth each paid £24k for full-year
31/12/2017 D Strang paid £24k for full-year as Non-Exec Director, A Clayton paid £112k for full year as Executive Director, J
Taylor-Firth paid £42k for full-year as Non-Exec Director
31/12/2018 D Strang paid £60k for full-year as Non-Exec Director, A Clayton paid £200k for full year as Executive Director, J
Taylor-Firth paid £60k for full-year as Non-Exec Director

I'm asking myself (and I suppose we're all being asked to ask ourselves..) - is the existing BOD likely to show more restraint in rewarding themselves in the future. Track record for that doesn't look good does it. Can anyone tie the yearly increases back to major benefits for shareholders because I can't?

Donald Strang is apparently our Company Secretary - normally the CoSec ensures that filings at Companies House are carried out in a timely manner. An RNS on 28/07/2020 announced a change to the Registered Office. Companies have a duty to inform Companies House within 14 DAYS ( . PRIM filed the change 2 days ago more than a month after telling everyone else. Who is attending to the Company Secretarial duties if not the Company Secretary?

Finally, my disappointment in the two Non-Execs extends further as they don't seem to have invested meaningfully in the company. Certainly, there are no notifiable holdings for either D Strang or J Taylor-Firth. Yes, Non-Exec Directors can invest in the Companies where they serve as Non-Execs and it's a vote of confidence in the company if they do. If they don't I tend to wonder if they view it as the Bisto Express leaving Victoria Station at 2:30 (other Gravy Trains are available....)

[qs99] 10/9/2020 14:09

Sellers cleared on GGP? Just stepped up...let's see if it can get to that 20p level

[dplewis1] 10/9/2020 12:57

Donald Strang is an absolute shyster. He is one of Lenigas's cronies and takes ludicrous pay for adding zero value.

[big7ime] 10/9/2020 12:36

No unfortunately you are not, it’s the same story across the whole stock market. Daylight fraud. Time directors were regulated, it’s become a license to print money

[timbo] 10/9/2020 12:18

Just looking at one of the existing BOD members...

Donald Strang
Linkedin profile: hxxps://www.linkedin.com/in/donald-strang-25313960/
In addition to these roles he is listed as an executive director at Gunsynd Plc and a non-exec at AfriAg Global Plc
Details as per latest companies’ accounts for his actual "day jobs" are:

Gunsynd (GUN) – Market Cap £3M - Executive Director paid £72k (also issued 8M options at 1p exercise price – this represents just under 4% of the existing share capital)
Cadence Mineral (KDNC) – Market Cap £17M – Finance Director & Company Secretary paid £120k

Now the Non exec roles...
AfriAg Global Plc (AFRI.PL on Aquis) – Market Cap £2.1M – Non Exec paid £36k
Doriemus Investments Plc (DOR on ASX) – Market Cap £1.2M – Non Exec paid £73k
Primorus Investments Plc (PRIM) – Market Cap £6M – Non Exec paid £63k (also issued 4.85M options at exercise prices of 6p and 8p – this represents about 3.5% of the existing share capital)

Summary - £192k for the day jobs and a total (just in quoted companies, there may be other private companies we don’t know about) of £172k for non-exec roles. He might have specialist knowledge in mining like Alastair but at the end of the day he is a chartered accountant and most of the quoted companies he has been involved with haven’t exactly exploded with value. Many of the investments we have recently become involved with are nothing to do with mining exploration and production. He might be a terrific bloke but I’m scratching my head as to why he’s paid £63k for 4 meetings a year and occasional contact thereafter…Maybe the CEO at AgriAg Global Plc is a good haggler to get him to do it for £36k…

Am I missing something?

[qs99] 10/9/2020 09:30

that's spam I think, don't follow it.....

Prim edging up

[big7ime] 10/9/2020 09:22

What’s the Goldman thing say value?

[qs99] 10/9/2020 07:52

GGP super RNS this morning, let's see what market thinks, but if it heads North, PRIM should see a blue day as well, DYOR