I received the letter below from my good pals at the Financial Reporting Council, on 15 December 2025 in relation to my letter to them of 23 September 2024 relating to the annual report and accounts of Tom Cross run The Parkmead Group (PMG) for the year ended 30 June 2023.Guess which Tom is Cross?
There are some folks out there who think that I am a bit of a pedant. “It’s only a small breach of the rules, can’t TW@ see the bigger picture” goes out the refrain from the Bulletin Board savants before they start talking about working in a pizza store, stealing £100,000, trying to bring down great British companies, just being jealous, etc, etc. But rules are rules for a reason and I have been in touch with my good pals at the FRC, regarding the improper treatment of soft related party loans and breaches of IFRS 9 at Parkmead Group (PMG)
Parkmead (PMG) has entered into a related party loan with Energy Management Associates Limited (EMA) and in this note I take a look at how Parkmead has accounted for the loan. Suffice to say it is incorrectly and I shall be raising this with the FRC.
With my abysmal marital track record I pass no judgment on anyone getting a divorce and generally if folks are splitting up it is none of my beeswax. However when one party is sitting on £2.9million of cash belonging to a PLC controlled by their other half that is an issue. I have been told by two parties that Tom Cross, the CEO of Parkmead (PMG), is getting a divorce.
Parkmead Group (PMG) has been a great example of why the past performance of directors and management in the oil sector isn’t always a good indicator of similar successes in the future.
We have written extensively on the various related party deals at Tom Cross fiefdom Parkmead (PMG) but belated companies house filings now allow us to follow the complete money trail and this stinks. I really cannot see how Nomad Arden can tolerate this unless, of course, it is morally bankrupt and only cares about getting another retainer.
Having commented on the Parkmead (PMG) deal to buy a farming business here and here, I questioned if the replacement farmhouse at Pitreadie was being constructed. It would appear it is, as confirmed by Aberdeenshire Council in public domain information. Not only does it have an indoor swimming pool with a bar overlooking from a mezzanine level, it also has a snooker room and enough room in the kitchen / sitting room to have a secondary use for indoor football.
I looked earlier at Fridays announcement about Parkmead (PMG) buying a farm in Scotland and questioned that deal as being apparent madness. Perhaps it is not – if shareholders want to own a share of a swanky c.12,000 square foot rural farmhouse, and of course a second farm south of Aberdeen. I have a few questions I think Parkmead need to answer PDQ on these matters.
I commented on Parkmead (PMG) last month and noted I saw real potential in the oil and gas assets, but expressed my displeasure in both the news flow and the related party loans to a company controlled by Linda Cross, the CEO’s wife. Gary Newman has already commented on today’s deal that see’s Parkmead buying a company largely owned by Linda Cross. It is a farm in Scotland! I view this deal as outrageous.
I’ve always been a fan of Parkmead Group (PMG), but after the last couple of RNSs there have been for this company, I can’t help wondering if my faith in it to succeed may have been misplaced.
Many AIM oilers just frustrate me with RNS announcements that either don’t need to be made or fail to disclose key information investors need to make sense of the investment case. The Parkmead Group (PMG) is at the opposite end of the spectrum. Ignoring price monitoring extension and holding RNS’s, we have had a grand total of 9 RNS’s in 18 months, 2 of which relate to loans to the Exec chairman’s wife’s company! That just bloody irritates me, but I hold.
I can understand why longer term investors in Parkmead Group (PMG) may be somewhat unimpressed with the performance of the share price recently, but the company itself is continuing to make good progress. I hold shares in the company myself, and whilst the share price has generally been trading in the mid-30p to low-40p range, in spite of the strength that the oil price has been showing in recent months, I’m happy to remain invested and see how things unfold in the coming months and years.
Often the valuation of resource companies on the AIM market seems to revolve more around how popular they are amongst private investors, than having much to do with the progress that they have made, and how well they are likely to do in the future.
Usually it takes far longer for companies to move forwards operationally than the majority of investors expect, and it is at times when most people have become bored and moved on elsewhere, that opportunities can present themselves.
