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By Nigel Somerville, The Deputy Sheriff of AIM | Saturday 20 June 2015
Disclosure: I own shares in one or more of the stocks mentioned. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Just a short one – the main batch is expected on Friday evenings, not Thursdays. However, ten minutes after the market close on Thursday a rather strange RNS was released by Pathfinder Minerals (PFP). Pathfinder has done absolutely nothing wrong here (apart from issuing this after-hours) but it is indeed most odd all the same. It seems that 8% of the company is likely to be dumped on the market at some point. Or is it 9%? Whatever….Pathfinder announced a holding in company announcement which states:
The Company was notified on 17 June 2015 that Mr Paul Ellison and Mr Gareth Roberts, in their capacity as Joint Administrators for Hill Street Investments plc ("HSI"), are interested in 86,544,983 ordinary 1p shares in Pathfinder, representing 8.34% of the Company's total issued ordinary share capital.
The last submission to Companies House from the Administrator to Hill Street Investments, (see HERE) shows that Hill Street Investments held 96,345,000 shares in Pathfinder (a tad over 9%) across two subsidiaries as at December 2014. So have some of them already been sold? The RNS continues:
HSI was the company through which Mr Timothy Baldwin held the majority of his interests in Pathfinder. Pathfinder is advised that HSI was placed in Administration on 10 January 2014 and thus, from that date, all its assets vested in HSI's Joint Administrators, Mr Ellison and Mr Roberts. Accordingly Mr Baldwin no longer holds a notifiable interest in the share capital of the Company.
Er, what?!! Hill Street went into administration in Jan 2014 – almost a year and a half ago – and it has taken the Administrators and Mr Baldwin (former director of the now ex- AIM cesspit poster boys of RAM, TXO and Cientifica, so he really should know better) until Wednesday of this week to notify the change?
I don’t suppose anyone will do anything about this – no doubt AIM Regulation has been too busy with the 20th anniversary slap-up dinner the other night - but given that the Administrator notified an intention to sell at the Royal Courts of Justice way back in March 2014 (see HERE) this does seem to be just a tad late. More to the point, for Pathfinder’s beleaguered shareholders this is a substantial stock overhang.
Pathfinder itself has been an awful tale of woe, involving court hearings in the UK and Mozambique following still unresolved ownership disputes over a property not far up the coast from where Kenmare (KMR) has (not very successfully) been mining titanium. Good for the lawyers, not for Pathfinder’s investors. For anyone holding (myself included – no sniggering over there in the corner!) perhaps now is a good time to check the price of crisps.
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