Results: GPRT

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Goldenport – last chance for the bag of Walkers, it is shipwreck ahoy!

On 22 April 2016 fully listed Goldenport Holdings (GPRT) announced its intention to delist from the London Stock Exchange, stating that the last day of dealings was expected to be 23 May 2016 – Monday of next week. But, as discussed previously, following the disposal of its shipping fleet (in a series of related party deals, all approved by shareholders) it seems clear that there will be nothing left for shareholders at all. 

EPIC GPRT
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Goldenport – Institutional dash for the exit

Soon-to-be delisted from the main market and surely worthless (see HERE) Goldenport Holdings (GPRT) released a TR-1 yesterday which showed that Artemis Investment Management LLP dumped most of its holding last Friday, 22 April – the day that the company announced that it was to delist.

EPIC GPRT
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Goldenport – delisting leaves shareholders dead in the water

It will come as no surprise to readers of ShareProphets that main market listed Goldenport Holdings (GPRT) is to leave the LSE, as announced this morning. Shareholders are set to lose everything just as predicted (see HERE, HERE, HERE and HERE) but amazingly the shares are still trading pro tem. You can still get your bad of crisps….or perhaps just a couple of penny chews, for the shares have collapsed (so far) by 70% today, to 1.5p mid. So there is another 1.5p to go….

EPIC GPRT
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Goldenport – EGM resolutions passed, now for the toast

Main market listed Goldenport (GPRT) has announced that the resolutions put to an EGM to allow the disposal of its remaining fleet of ships have been passed. I highlighted HERE and HERE that it would appear that the equity is worthless and so it would seem that shareholders are set to lose everything. One thinks of turkeys voting for Christmas, although there seems to have been little choice in the matter.

EPIC GPRT
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No Gold to be found in this Port – just a stench

I covered proposals by the board of fully-listed Goldenport Holdings (GPRT) to dispose of its remaining fleet of container ships last weekend with an unequivocal “sell” stance, having previously given the company a wide berth (by more than the length of your average bargepole). The shares duly collapsed by more than 50% last week but I  think that they are worthless and so still a sell at any price. But I have grave misgivings about how this whole thing has been handled by the company.

EPIC GPRT
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Goldenport – down 53% today but shareholders still facing a zero. Will Tom W offer a bag of crisps?

On Saturday we showed why we think that main market listed Goldenport Holdings (GPRT) is a zero following its after-hours burial of bad news on Friday. With the shares (last seen) down 52.6% today, on a spread of 8p – 9p it is red faces all round at Panmure Gordon which rated the stock a buy with a price target of 125p as recently as November 2015 (down from its previous buy recommendation with a target of 200p - itself reduced from 450p - back in April of last year). 

EPIC GPRT
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Fancy going to a swanky EGM in Athens Greece, roll up roll up

It would have been an added bonus if Goldenport (GPRT)  - heading to zero as Nigel explains here - was to had its headquarters in the same Athens neighbourhood as InternetQ (INTQ) and Globo (GBO) because, as it happens, I am in the mighty Hellenic Republic on the date of its EGM on March 31st. However I have just checked out its HQ on Google maps as you can see below...

EPIC GPRT
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Red Flags at Night – Goldenport Holdings sets sail into the sunset: SELL!!

Talk about burying bad news. Quite apart from now scoring a hat-trick of appearances in the Red Flags at Night column (see its previous gracings of this fine website HERE), fully-listed Goldenport Holdings (GPRT) didn’t even bother to include the bad news in last night’s no-one-is-watching o’clock RNS, released at 5.20pm when everyone had gone home for the weekend. It did say there is a Notice of EGM but you then have to find it on the Company’s website. And even that does not spell out the true horror. If the shares are still trading on Monday, it should be treated as a last chance to get out with one of Tom Winnifrith’s bags of crisps.

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