Paternoster Resource Plc Valuation
As at 30 June 2012 (unaudited accounts)
Available for sale assets £629k
Cash £2,433,734
Other receivables £94k
Total Asset Value £3,157,714
Payables £65k
Net Asset Value £3,092,265
Since 30th June 2012
01/08/12 Initial Investment in Bison Energy Services Limited USD 200,000
07/11/12 Additional Investment in Bison and Investment in QFI placing @ 7p (No quantities stated)
NOTES
Other investments are BRDY, a shell company, with a few hundred thousand cash. Not doing anything apart from waiting for a potential deal. ASTA, recently suspended following failure to complete a deal for Aggregates West assets. Initial investments £200k and £300k respectively.
Also, has 166,666,667 warrants in LDP @ 0.15p. Currently profitable position if exercised.
Can only estimate the additional investments announced 07/11/12 above. I would think maybe another USD 100,000 in Bison to total USD 300,000. Irrelevant to the NAV as this value of investment doesn't change as not yet listed. I would think a relatively small position in QFI considering he didn't mention the quantity. Maybe £150k? Now up around 60%.
CONCLUSION
As of today i would think PRS has around £2mill cash with close to £1mill in investments. Could easily value it at £3mill with market cap currently only £1.5mill. IMPORTANT: Investment policy needs to be fulfilled by 24th January 2013 by investing substantially all the cash or an RTO transaction. There has been no announcement and £2mill cash left, there must be more investment news to come in the next 6 weeks or so.
* The running costs sit at around 200-400k Per annul! obviously there has been a cross over period but it is massively undervalued. (Low operating overheads)
* Nil borrowings.
* Bison Energy ~ Frac sands USA. ( Shale a big focus ) Unlisted (Private) but we have a Shell
* BRDY ~ Shell company. ( we have 16,977,675 @ 1.15p entry. Currently 27.43% of BRDY ~ Today's Sp 1.2-1.6p no volume )
* Its strong cash position (120-140% of current SP alone) fear of fund…
