St Peter Port Capital Share Discussion Threads

[spectoacc] 03/10/2016 08:32

FWIW HL has NAV estimate of 37.48p, though that's unchanged from the July results (which itself was a NAV to 31st March). A highly moveable feast, both up (Brazil Potash?) & down (firesale), but with relatively few holdings it won't take much to justify more than current s/p.

[spectoacc] 03/10/2016 08:24

@Langland - suspiciously many mentions of "offer for the co", when SPPC's ragbag of holdings surely don't have people clamouring to buy it, as the share price attests. First thing I thought of was "MBO on the cheap", after enough of months of trying & failing to sell off individual holdings. Time will tell..

[Edit: eg
"the Company intends to provide interested parties with information materials on the Company.
Following receipt of the materials, interested parties shall be invited
to submit proposals to the Company. Interested parties who submit an
acceptable proposal will be invited into the next phase of the process."]

[langland] 03/10/2016 08:19

I suspect one or two of the larger holdings are getting close to realising some decent value so no better time for insiders to try and get the company on the cheap. Call me cynical.......

[spectoacc] 03/10/2016 08:17

Strategic review, intention to "realise value", no wonder directors loaded up not so long ago. Hard to say what the co's worth/what it will return - I'd guess more than current share price but less than what I originally paid - can't believe it's been 6 years and would rather not look at the chart.

Uncertainty/timescale but most of us long-suffering shareholders know they should have gone down this route years ago.

"St Peter Port Capital Limited ("SPPC" or the "Company)

3 October 2016

Strategic review and commencement of Formal Sale Process

SPPC today announces that it is commencing a review of strategic options
open to the Company to maximise value for shareholders, including a
potential sale of the Company, individual holdings owned by the Company
or collections of sector-related holdings (the "Strategic Review"). The
Company has decided to initiate the Strategic Review under the framework
or a "formal sale process" in accordance with Note 2 on Rule 2.6 of the
City Code on Takeover and Mergers (the "Code"), under which the board of
St Peter Port (the "Board") is able to have discussions with third
parties interested in such a transaction on a confidential basis.

On 18 June 2012, shareholders of the Company voted that the life of the
Company be continued for five years. The Company's Articles (as well as
obligations undertaken by the directors of the Company in the Admission
Document), provide that shareholders should be afforded the opportunity,
by the passing of an ordinary resolution of the Company (requiring 50%
of ordinary shares voting at the extraordinary general meeting ("EGM")
of the Company) to determine whether the Company should continue as an
investing company admitted to trading on AIM or should instead be wound
up by the directors and the Investment Manager.

The notice of meeting convening the EGM to propose the resolution should
be issued to shareholders no later than 30 May 2017. The EGM to consider
the resolution would therefore likely take place in June 2017. In its
results for the year ended 31 March 2016, the directors noted that
shareholders were likely to vote for an orderly winding up of the
Company to commence at that time or for some other mechanism to be put
into effect to realise the remaining value of the Company.

If the shareholders vote that the Company should be wound up (which will
be deemed to be the case if the ordinary resolution is not passed), a
two-stage winding-up process would follow as provided by the Articles
and the Admission Document. The directors and the Investment Manager
would be required to commence a process of orderly realisation within a
period of no more than one year. The directors would then be required,
no later than 12 months from the date on which ordinary shareholders
vote for the Company to be wound up, to convene a further extraordinary
general meeting of the Company at which a further resolution would have
to be tabled to wind up the Company by the appointment of a liquidator.

The Company is aiming to announce the six-month period ending 30
September 2016 on an expedited basis, with a view to publishing interim
accounts in early November.

In light of the above, the Board considers that now is an appropriate
time and it is in the best interests of the Company's shareholders to
commence the Strategic Review. This process includes the possibility of
an offer being made for the Company although there can be no certainty
that an offer will be made.

Any interested party will be required to enter into a non-disclosure
agreement with the Company on reasonable terms satisfactory to the Board
and on the same terms, in all material respects, as the other interested
parties, before being permitted to participate in the process. Following
execution of an agreed non-disclosure agreement, the Company intends to
provide interested parties with information materials on the Company.
Following receipt of the materials, interested parties shall be invited
to submit proposals to the Company. Interested parties who submit an
acceptable proposal will be invited into the next phase of the process.

The Board reserves the right to alter any aspect of the process as
outlined above or to terminate it at any time and will make further
announcements as appropriate. The Board reserves the right to reject any
approach or terminate discussions with any interested party or
participant at any time. "

[zcaprd7] 19/9/2016 17:43

Very quiet here?

[zcaprd7] 12/8/2016 17:32

Typical. I always arrive late to the party, or too early...

[zcaprd7] 30/7/2016 22:16

Over 10 years, the price of Soy beans has been pretty constant? Sure it's not at a high, but people have to eat, and it's cheap protein, right. All of their top 5 holdings have liquidation opportunities, or at least a rerating of the reported NAV...

[hedgehunter2] 29/7/2016 18:25

Union Agriculture has
amassed one of the largest agricultural land bases in Uruguay and is
looking to list on the Toronto Stock Exchange, which should provide a
liquidity opportunity. At an operating level, however, its business is
highly geared to the price of soya beans, and currently this is low.

[spectoacc] 29/7/2016 15:09

Certainly looks as if he's been in charge of Brian for some time..

[zcaprd7] 29/7/2016 14:49

Peter Griffin lol

[flyfisher] 28/7/2016 13:27

Looking at the aim disclosure updates which give details of previous directorships held it looks to me that lynn bruce has been brought in specifically to wind up the company, assisted by peter griffin.

They will probably be well into the process by the time of the continuation vote.

[zcaprd7] 27/7/2016 15:10

I like that in 3 years it will probably be wound up, and the management have assumed as much, also, they've loaded up at 10p odd...

[zcaprd7] 27/7/2016 15:05

Had a little nibble here...

[smudgedan] 27/7/2016 13:08

Its currently £2.6m on the books of SPPC, but would imagine the IPO value will be higher. They are now shipping 24,000 units a month so the product (which is apparently impressive) is getting out there.

[marc antony] 27/7/2016 10:01

2% of the ipo could worth 10m+?

what's the valuation of stream TV?

[smudgedan] 27/7/2016 06:51

Not as far as I am aware, think Stream TV is very interesting and if it does go to ipo SPPC's 2% share could be worth more than the current market cap. If we get some positive news fundraising of Brazilan Potash and UAG as well then we could see a nice little return here, plus always the off chance that one of the other duds delivers something .

Hoping to see a reduction in operating costs, given the change of management.

Interesting to see a couple of 100k buys recently.

[zcaprd7] 27/7/2016 00:19

Interesting little company, big jump today. There aren't any ZDPs lurking, or anything else that might eat into any redistribution of cash in a winding up is there? Had my fingers burnt on origo by them...

[spectoacc] 04/7/2016 07:17

Some positives, inc the recognition of probably wind-up in 2017, but had to copy/paste this para for its sheer bearishness:

"We believe that our top five investments (by current value) are capable
of generating strong returns. Indeed, management of all five companies
have delivered against their business plans in difficult market places.
Nevertheless, exits for some of these companies (Brazil Potash and
Stream TV) will probably depend on their raising significant additional
funds. In the meantime, Buried Hill (which is substantially-fully
financed by its co-venturer) has a PSA in respect of one of the world's
largest acknowledged oil basins. However, unless a commercial resolution
is found to a geo-political issue regarding borders, the company may
never get the opportunity to drill for oil there. Union Agriculture has
amassed one of the largest agricultural land bases in Uruguay and is
looking to list on the Toronto Stock Exchange, which should provide a
liquidity opportunity. At an operating level, however, its business is
highly geared to the price of soya beans, and currently this is low.
Finally, Seven Energy continues successfully to build its gas delivery
business, but economic and security conditions in Nigeria remain highly
challenging. "

[hope67] 09/6/2016 11:36

From Wisecrow on lse

Something afoot in #SPPC>

1. Brazil Potash Corp is their 2nd largest investment

hxxp://www.stpeterportcapital.com/documents/St%20Peter%20Port%202015.pdf

2. The directors of #SPPC increase their holdings enormously all through April 2016



3. Brazil Potash Corp ' Bankable Feasibility Study (BFS) was completed on 28 April 2016

hxxp://potassiodobrasil.com.br/uploads/files/bpc_shareholder_update_bfs_28_april_2016-final.pdf

4. As per the BFS Brazil Potash's NPV is $ 2.1 Billion or £ 1.43 Billion

hxxp://potassiodobrasil.com.br/uploads/files/bpc_corporate_presentation_24_may_2016_website.pdf

4. Rumour has it that Brazil Potash is to have an IPO in TSX Canada soon to seek funds to capitalize the project

5. Valuation of #SPPC's holdings in Brazil Potash was £ 4.956 M in 2015's Annual report

hxxp://www.stpeterportcapital.com/documents/St%20Peter%20Port%202015.pdf

6. At an NPV of 1.43 Billion for Brazil Potash the valuation of #SPPC's holdings is more than £ 40 Mill

7. The Market Cap of #SPPC is £ 7.9 Mill presently

8. So there seems a definite FIVE Times upside of the current share price of #SPPC

That seems to be the reason why the directors of #SPPC are increasing their holdings in #SPPC so suddenly

[hope67] 09/6/2016 11:30

Some good posts on lse here's one from Darft

hxxp://www.euromoney.com/Article/3326481/Uruguay-UAG-waits-for-valuation-rebound-before-IPO.html

Back in 2014, now mid 2016, and re-ignition of IPO talks following shareholder pressure from others and SPPC

Work for IPO already done

[tromso1] 09/6/2016 08:51

Moving up further on decent buying again.

[tromso1] 08/6/2016 12:39

Could be some good upside to come if it works out as well as his last podcast picks (24th April) did (TJI and FDBU).

[hope67] 08/6/2016 11:40

14 mins in

[russman] 22/3/2016 09:01

I thought Mr Shore was looking after their investments now. Never heard of the previous guy & his performance was terrible. A right pig's ear.
Goodbye Captain Bob

[mach100] 21/3/2016 19:57

Stay well clear Tyra. One of the worst companies I have ever punted on and was lucky I got out at 37p. The PR company that they use doesn't even know how to call you back. Beyond terrible!