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In the last couple of years, St James House (SJH) has made two separate disposals in respect of its payments business to a company MDC Nominees Limited which is wholly controlled by its in-house barrister Mr John Botros.  The first two disposals generated very significant profits for St James as it disposed of insolvent businesses for only £1. St James has now sold a third payments business in the same way.  The details of all three transactions are summarised below:

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Nigel has already covered the low lights for the St James House (SJH) results for the year ended 31 January 2021 with its significant loss on ongoing activities and the train wreck of a balance sheet but as ever with St James, it is worth a deeper dive to really understand what is happening.

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AIM-listed St James House (SJH) – formerly Lord Razzall’s disaster that was Boxhill Technology (BOX) – has announced FY numbers to January this year. Needless to say, they are disastrous…..

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Since my last article on St James House (SJH), the Tintra connected Directors on the Board of St James House have been busy and there has been a flurry of announcements in July.  But what they face is an Augean stable.

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Enthusiasts for St James House (SJH) like to cite that it only has 4,669,808 shares currently in issue, with a low market capitalisation of circa £2 million and that many of these shares are held by current and former directors as positives for the stock.

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AIM-listed St James House has updated on trading in its AGM statement issued today. Except it doesn’t! And how are the financials looking? Er…. And if that is not enough to make shareholders run for the hills, there is the small matter of a boat-load of equity at just 10p waiting in the wings, with the shares currently at an amazing 55p!

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Technically insolvent AIM POS St James House (SJH) made a song and dance yesterday of its latest bailout rescue finance package – which neither bails it out or rescues it – with Tintra Acquisitions Limited. There is a £250,000 loan convertible into a death spiral at 10p per share (take note shareholders, with the price currently 45p a pop!) but tied to that are two option deals which apparently bring in between them a fraction below £180,000. So how much of that will find its way onto St James’ balance sheet?

NEWSFLOW

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As you dig through the detail of the year end 31 January 2020 accounts, you discover more evidence of still generous asset valuations and the poor deal-making ability of St James House (SJH) which is why anyone buying the shares is truly insane. 

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As well as disastrous, red ink soaked finals, St James House (SJH) published its interims, to July 31 2020, today and revenue was up an impressive 51% on comparative interims to £641,000; however, administrative expenses of £874,000 resulted in an operating loss of £567,000. St James House (SJH) was only able to report a profit of £192,000 due to the profit of £759,000 for disposal of Market Access Ops Ltd for consideration of £1.  As I highlighted in my note of February 2020, I struggle to understand why Mr John Botros would buy a loss-making company for £1 as it came with net liabilities of £759,000.