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Overview
Aim of the Company
2017 Results
2016 Results
Lance O'Neill and CCCAL Who are City and Claremont?
Shareholder Return
What's the End Game?
Conclusion

Directors

Lance O'Neill
Benjamin Edwards (appt 2016)
Nigel Duxbury (resigned 2016)

Info

About this Site
Financial Performance
The Accounts
Major Shareholders
e-primefinancial Debacle
Relevant Links

Investments

Syntaxis
Calix Limited
MediaZest
Alba Minerals
Andes Energia

Overview

EP&F Capital PLC was formed on September 2004 from the remains of the failed internet banking venture e-primefinancial PLC. At incorporation it was basically a tiny cash shell comprising around £2 million (42.5p per share) of cash including cash held in a US subsidiary. Worryingly the shares always traded at substantial discount to the value of the cash and directors Lance O'Neill and Nigel Duxbury were able to increase their shareholdings by buying shares at only 25p, an enormous 40% discount. The market was clearly showing prescience. In fact a 2005 article entitled "Cash Shells: tread carefully" in Growth Company Investor highlighted the extreme discount stating ...Almost all clean, purpose-built shells trade at premiums to assets, except Lance O'Neill's EP&F Capital at a 33.6 per cent discount...

The 2 directors in conjunction with the largest shareholder, the inscrutable City and Claremont Capital Assets Ltd, hold approximately 34% of the issued share capital. Given the fragmented nature of the rest of the shareholder base this is more than enough for control.

The aim of the company was stated as being to "establish, acquire or invest in businesses which are considered to have the potential for the generation of significant growth and profitability in the short and medium terms. The Board is focussing on small private companies, which are looking for working capital to support their growth plans and have the potential for a listing on AIM in the short term."

The companys' shares were suspended from the AIM market on 3rd April 2006 due to the management's failure to find a suitable investment for shareholders and delisted 6 months later.

As far as we can determine the company has pursued a strict policy of only investing the company's funds in businesses which either(or both) of the directors have a financial interest. By financial interest we mean either shareholdings, stock options, or a salary. The investee companies are Mediazest, Alba Minerals, Calix and Andes Energia. Only Andes Energia is a significant business, albeit it almost always posts a bottom line loss and is laden with debt. Mediazest and Alba are barely solvent and continually require injections of cash to survive. Calix is an unlisted Australian company but information listed on its website suggests it requires frequent share placings and grants to survive.

Even in 2008/2009, during one of the greatest stock market crashes in history, EP&F could not make an investment bar those businesses mentioned above.

As of December 2015 the net asset value has fallen by around 50%.

Over the last decade and more the 2 directors Lance O'Neill and Nigel Duxbury have each taken an average salary equating to around 2.5% of the company's net asset value. This is despite them having multiple directorships in other companies and therefore clearly working only on a part-time basis.

At the beginning of 2016 the majority of the company's remaining cash (€700,000) was invested in a income bond issued by Syntaxis. The new director Benjamin Edwards, appointed in January 2016, is the managing director of Syntaxis.

Shareholders have never received a dividend and its impossible to imagine they ever will.

As an unlisted company the shares are effectively untradeable.