Wishful Thinking It would be nice but I can’t see it personally, Serica have enough on their plate for now. They have plenty of producing assets that they are working to optimise. Increasing BKR efficiencies are ongoing. Columbus kicks off in Q2/Q3 next year with startup in early 2021. The R3 well intervention in pencilled in for late 2020 too. The drill or drop decision on Skerryvore and Ruvaal doesn’t have to be made until September 2021. The good news for us is that Serica will have their share of drill costs, small potatoes to them, but they know the business and are pretty scrupulous when it comes to spending. We will have to gain their confidence.
Pitreadie Farm The consideration shares should be issued tomorrow morning if all has gone to plan. I wrote to ask about the planning permission for the mansion. I received the same reply as others. It did answer my questions though. It stated that all properties on the land will be purchased; so I take that to mean the partially built mansion. I had asked how complete the mansion was, percentage wise. The reply I got merely stated that there would be a full analysis of all land and properties once the transaction completes. As feared we are plunging through the thirties. My previous lowest buy was 34.5p I think we are going lower if there is no news soon. I’ll think about buying if we reach the low thirties. "Issue of Equity Application will be made to the London Stock Exchange for the Consideration Shares to be admitted to trading on AIM upon completion, which is expected to occur no later than 26 September 2019, and a further announcement will be made in due course. The Consideration Shares will rank pari passu in all respects with the Company’s existing ordinary shares. Post Admission, Tom Cross and his affiliates will hold 28,201,172 ordinary shares of 1.5 pence each (“Ordinary Shares”) in the Company, which will represent 25.97 per cent. of the enlarged issued share capital. Kevan Smith holds the remaining 25% of Pitreadie and will join the Tom Cross and affiliates concert party by virtue of receiving 295,276 ordinary shares as consideration for his holding in Pitreadie, therefore the concert party will hold 28,496,448 ordinary shares in Parkmead, representing 26.25 per cent. of the Company’s issued share capital."
Wishful Thinking Energy voice today mentions Serica Energy are now looking for further North Sea aquisitions to add to a succesful portfolio of producing assets. It also states production costs are down to an amazing $12.30 per barrel
Pitreadie Farm 4 bedrooms, all ensuite Bar/Gallery Snooker Room Swimming Pool Triple Garage. Planning permission was granted in December 2017. [link] I have seen a google maps satellite image that showed the outline of the structure but looked like just a few courses of bricks had been laid. When the image was taken I am not sure. Don’t you think it was worth a mention in the RNS? I have asked the company “who will live there”
Pitreadie Farm Not fair at all poleaxe. The silence from the company speaks volumes I fear. Just how did they think it would pass the sniff test? Half an hour looking through the Pitreadie and EMAL accounts and even I could smell a wrong un. Polar Capitals holding has gone under 3% which also says a lot. I wrote to Ryan Stroulger urging the company to clarify the issues around the money trail between Parkmead, Pitreadie, EMAL and Tilestamp etc. I didn’t ask, or expect to receive a reply.
Pitreadie Farm The Dell, it’s not just dilution. It looks like it’s dilution enabled using the £2.9m loan from Parkmead to EMAL. Company accounts show that when Parkmead lent £2.9m to EMAL, the directors (Tom and Linda) withdrew £2.9m from EMAL. In the same period, Linda lent £2.6m to Pitreadie Farm Ltd. Linda’s loan forms part of Parkmead’s purchase of Pitreadie Farm Ltd. Parkmead are issuing the new shares and granting them to Linda, in lieu of her loan. Has the £2.9m loan from Parkmead enabled the dilution of other shareholders? If so, it doesn’t feel very fair to me.
Pitreadie Farm If the ‘mansion’ isn’t complete, who is completing it? Shareholders should be told if Parkmead are paying and the work is contracted to one of Linda Cross’s companies.
Pitreadie Farm I assume everything within the broader ring fence is taken to be the estate.
Pitreadie Farm Credit for the information goes to a poster elsewhere , no it was not me who inquired . I thought it useful. I can only guess the mansion is included as part of Pitreadie as the reply text does state that every building is included in the estate. GL.
Pitreadie Farm Was this a repy to an email of yours? It is interesting to read that they say “all properties” on Pitreadie land will be purchased. You may already know this but there is a five bed roomed mansion with swimming pool under construction at Pitreadie Farm. As this wasn’t mentioned in the RNS I was suspicious as to whether it was included in the deal. It must be worth, when and if completed, well in excess of £1m. Thanks for sharing TheDell.
Pitreadie Farm A note from Parkmead. The acquisition of wider energy opportunities is one part of the Parkmead Groups growth strategy . This was highlighted in the last four sets of Parkmead results and in the Annual report 2018. The aquisition of Pitreadie provides Parkmead with significant renewable energy opportunities - one of the large areas of land owned by Pitedie spans 1,238 acres and lies adjacent to the Mid Hill Wind Farm which contains 33 Siemens manufactured and maintained wind turbines . Pitreadie will add a third revenue generating business area to the group , broadening Parkmeads asset base. Pitreadie owns 2,230 acres of land. A substantial land area of this size in the UK usually contains a number of property assets.All property on Pitreadie’s land is to be acquired , assuming no upside from renewable opportunities,were independently valued by CKD Galbraith LLP at £7.59 million. CKD Galbraith LLp are a leading property consultency in Scotland. The acquisition of Pitreadie farm will be completed within the Company’s existing share allotment authorities,which were unanimously voted in favourat the 2018 Annual General Meeting. It ends kind regards , Enquiries Team . The Parkmead Group. We’ve been diluted!!!
Pitreadie Farm As far as I can tell, the Pitreadie Farm business is made up of Tipperty Farm and Pitreadie Farm, they are pretty close together but two distinctly different plots of land. Mid Hill Wind Farm is adjacent to Tipperty Farm, from the Tipperty Farm entrance on Google maps I can see the turbines very clearly, they are practically on the doorstep. Fred Olsen owns the Mid Hill Wind Farm. [link] As you can see they are expanding with Mid Hill II. So, one would assume the wind farm is profitable and consents for building them are obtainable. So, maybe, the Tipperty land is a candidate for wind… It would have been so much easier if the company had provided shareholders with a presentation giving us this information in the first place… Why wouldn’t you?
Platypus Sanction now estimated for Q2 2020… We could be looking at next June, that seems a long way off yet. If some clarity on the Pitreadie deal isn’t forthcoming very soon we will be testing the lows of 34 or 35p again. I never thought we’d see the day. [link]
Platypus OGA update on Dana -Parkmead-Cleeton progress report dated 6/9/19.(Scroll down to Dana ) . Concept approval. :- [link]
Oil Prices In hope rather than anticipation we get a Platypus positive . And that the Farm is not a burden , a few extra in the morning. GL.