Paternoster Resources (#PRS) – raises £0.5m at 0.1p, the prior closing mid-price
- 2018-10-31 07:59:59
UK 15:21 Monday, 26 October 2026
Breaking news and expert analysis on fast-moving AIM and LSE listed shares
The first thing to note is that the NAV of Paternoster Resources (PRS) was 0.172p per share and that was 94% in cash and listed investments. One of the larger stakes was in I3 Energy (I3E), shares in which have rocketed in recent weeks - almost certainly unjustifiably but that is life. With overheads slashed by the new regime, the NAV could well be heading towards 0.2p per share. The shares are 0.08p-0.1p which makes them a cracking buy ahead of the next NAV statement.
At every opportunity Paternoster Resources (PRS) reminds of the vast discount to NAV at which its shares trade. Surely in such a scenario it should sell just a few shares it owns and then do a buyback of its own shares thus increasing NAV per share even more? Er...no.
There are numerous reasons NOT to own shares in sub scale and underperforming Paternoster Resources (PRS) as I explained at the weekend HERE. But there is a different way of looking at this piece of investment crap.
Yesterday I explained at length HERE why I would not touch Paternoster Resources (PRS) shares with a bargepole - they look cheap in relation to asset value but are not. Indeed I think that the real realisable NAV today is far lower than the last, March 31, stated NAV. Let us just look at an unlisted investment as a case study - Elephant Oil.
My attention is drawn to the curious way that Paternoster Resources (PRS) communicates information to its long suffering shareholders and prompted to ask if the shares are as cheap as they look. Of course they are not.
If you want me to analyse a stock for you just drop me a line at sqmir@hotmail.com - Today I look at Paternoster Resources (PRS), Solgold (SOLG), Sula Iron & Gold (SULA)
I think it can said quite clearly that one of the reasons I have shied away from the smallest of the penny share brigade in the past, until I was attracted by the AIM market in the autumn of last year, is the way that you can be dealing with illiquid, spikey and very often just plain random price action. But then again, where would be the fun if this were not the case.
