.....is looking at the contract note in my file for the sale of 1 million shares at 1p each.
I bought in at 0.8p/share with the intention of sticking the shares in my bottom drawer for a very long time.
Subsequently changed my mind and decided that a better strategy would be to wait for some action to start and then get in bigger at the inevitable placing/fund raising without which the company simply cannot get its plans moving - whatever they are. And sold my holding thinking that the shares might easily drift and that I could get back in easily.
And then missed the jump when TC took the chair
step 1) And then thought the SP had bubbled and would deflate.
repeat step 1 at least 50 times
------------------------------
crazy thing is that the elevated SP is now, IMHO, an obstacle to the company moving forward. they need to raise cash but they cannot possibly do so at anything like the current SP.
There will be tears.
But the lesson is that markets are not always rational. We need to accept that fact and exploit it rather than bemoan it.
Disclaimer:
The author may hold shares in this company. All opinions are his own. You should check any statements that appear factual and seek independent professional advice before making any investment decision.
The Parkmead Group plc is a United Kingdom-based investment and advisory company. The Company, along with its subsidiaries, is principally engaged in the provision of business services and investors in the energy sector. It operates in two segments: corporate finance and energy economics. The corporate finance segment provides corporate finance advice and investment advice with a primary focus in the oil and gas exploration and production sectors. The energy economics segment provides energy sector economics, valuation and benchmarking, advising on energy policies and fiscal matters, undertaking economic evaluations, supply benchmarking services and provide training. During the fiscal year ended June 30, 2010 (fiscal 2010), its energy sector investments were in Faroe Petroleum plc (Faroe), Reservoir Exploration Technologies ASA (RXT) and Transeuro Energy Corporation (Transeuro). On November 3, 2009, the Company completed the acquisition of Aupec Limited (Aupec). more »
42 Posts on this Thread show/hide all
They have no assets, are of no value, so no South Sea Bubble as you only assume they will buy North Sea Assets...
PS If you don't know what a South Sea bubble is, google it. Then follow that up with Tulips
From TC's point of view, would he not be extremely embarrassed by all this? I'm amazed there hasn't been a statement from PMG to cool things down a little?
He has now made more from this for himself in a couple of months (on paper at least) than he made in many years at Dana. Good reason to smile, but in reality, as a 'new' company about to raise funds, surely this is the last thing you would wish for - it's going to come crashing down & there will be a bad smell for a long time?
Edit to add, NAV ~2p/share when I worked it out a few weeks ago, & nothing's changed since then.
Robs are you joking? Tom Cross most certainly would not be embarrassed by all this. He'll be revelling in his own glory. He has repeatedly either lied to journalists or let them belive that Dana was the best investment ever of any listed company. His trite story about the little old pensioner making multiple hundred returns is just not true but he trots it out regardless.
I'm sorry but TC is no shrinking violet and nor should he be. TC needs to raise some cash at PMG and it is much easier to do so for a company with a paper valuation of £200m than the aim shell he reversed into. He'll be actively promoting this which is presumably why he is fueling it with the repeated press releases. Lines like "we have multiple avenues of funding available to us".
Sure as gravity unless they can get a lot of mugs involved they won't be able to fund PMG at these levels and holders will have to suffer significant dilution. There are just not enough assets for Institutions put put money in at these valuations even with TC on board end of story.
Keep selling this is an early new year gift for anyone with the balls to short it.
Log
That's a bit harsh log and factually inaccurate as well.
Nigel - which bit is factually incorrect exactly. TC must proof read what goes out in these many press interviews that he has been doing and the little old lady having changed her life bit was almost certainly not true. I'll dig out the link that shows it too.
This bit.
He has repeatedly either lied to journalists or let them belive that Dana was the best investment ever of any listed company. His trite story about the little old pensioner making multiple hundred returns is just not true but he trots it out regardless.
I've been trying to dig out the actual total investment returns that stock holders would have received if they had invested in Dana at the time it was investable given fund raising and dilution since and it is nowhere near the ammount claimed by TC in many of his interviews. I think it was Sir Lurkalot who gave the most accurate account of the returns of Dana over the years but I can't find it anywhere.
TC is a brilliant marketeer but he certainly does over egg it even to the point of letting the paper print stuff that he must know is not true.
If he was at all concerned about the way PMG shares have taken off he should have suspended them until a fund raising is in place as there is clearly a false market in them right now. DEO were in a similar situation but instead they suspended the stock until the fundraising was over.
Log
If he was at all concerned about the way PMG shares have taken off he should have suspended them until a fund raising is in place as there is clearly a false market in them right now.
This wouldn't be sensible IMHO.
Taking away the means by which investors can sell their shares on the market would be madness.
And letting mug punters buy on the what is really just a short squeeze on a very small free float is also OK is it? I just don't think there is a functioning market here.
For every seller there is a buyer and buyers now are unlikely to fully see the consequences of what they are doing.
And letting mug punters buy on the what is really just a short squeeze on a very small free float is also OK is it? I just don't think there is a functioning market here.
For every seller there is a buyer and buyers now are unlikely to fully see the consequences of what they are doing.
Tough!
Better to have a market than not.
Short the F out of it then....
I am trying. FWIW I think we saw some cracks today as it hit 38p and retreated to a close of 33p. It might open up another double digit ammount tomorrow but I have a feeling that won't be the case. Then a short trading day on Friday and then the market will open properly in the new year.
Log
Log
Do you remember a property company a few years ago called CountryWide ? I remember for yonks that people were talking about how overvalued it was and was short only to be squeezed higher.
Below is a chart :
Read the thread on ADVFN : http://www.advfn.com/cmn/fbb/thread.php3?id=8040602
In the header the OP says : CWD seems way to high at 320p and is surely a short waiting to happen.
That did'nt stop it from going to much higher levels and eventually taken over. Asos has been overvalued for years.....It does'nt stop it from going higher.
Why bother applying logic to a market that is illogical? These types of mania's happen.....it happened with Dot Com and it is now happening with the Small cap E+P's...
I would'nt want to be short PMG even though it is not worth the paper it is listed on.....
In your chart it has doubled in 3 years hardly the same sort of rise.pmg has had in 2 moths where it is up from 2p to 32p. Why bother you ask? Because I can make a decent return on the short side as well as long.
In reply to loglorry, post #9
Log
"...I think it was Sir Lurkalot who gave the most accurate account of the returns of Dana over the years but I can't find it anywhere...."
are you talking about my post 845 on the following thread?
www.stockopedia.co.uk/content/dana-takeover-bid-knoc-makes-preliminary-approach-44069/?comment=845#845
Getting pummelled now. I think the excitement is over.
Do you remember a property company a few years ago called CountryWide ? I remember for yonks that people were talking about how overvalued it was and was short only to be squeezed higher.
Jeez Isaac. This is a completely different scenario to CWD - that was at least a viable business.
Bye bye pmg see you back at only 3!
Yes tournesol thats the post i was looking for. My point was that tc was quite happy to let this silly claim about a granny making 1800 times her money on Dana run.
Log
With respect, none of us are obliged to correct inaccurate statements made by journalists discussing matters of purely historical interest.
T
i hope you are correct Loglorry that it gets back to 3p because I've been wanting to buy some!