Rock Solid Share Discussion Threads

[multibagger] 03/3/2013 07:37

2 new managerial jobs added on the website...so RSI still afloat and kicking and optimistic that they would be able to pay them :)

11 open positions for a relatively small company and many these jobs have been open for a while - means either it is very difficult to recruit in the industry or that no one is really keen on working for RSI. Any guesses which of the two ?


Managerial

Vice President Quantitative Interpretation Technology
Human Resource Manager

Quantitative Interpretation Services

Senior Geophysicist (EM)
Senior Geophysicist (Seismic)
Senior Petrophysicist/Rock Physicist
Junior Petrophysicist/Rock Physicist

Research & Development

Rock Physicist
Senior Research Geophysicist (EM)
Research Geophysicist (Seismic)
Senior Research Geophysicist (Seismic)
Scientific Programmer

[multibagger] 28/2/2013 15:54

Hi derekhales,

I have written it off already, so I it does not make sense to sell for a few thousand £. If at some point it turns, then I am better off, if not then no further loss. There are some big investors behind RSI and I don't see them walking away after they have sunk sizeable amounts over the years. I hope to coat tail on their success, if and when it comes :)

The seismic imaging sector in general is doing well, so even crumbs off the table may be rich pickings.

[derekhales] 28/2/2013 08:03

Thanks MB
Appreciate your response to my question.

I'm not a holder here, but do remember that THAL offer. Just doing some research on some de-listed cos.
I am however caught up in a similar conundrum (EIRX).
Guess you are well locked in to RSI - reading back! If RSI unlisted shares still have a value with that BritDaq that you mention, why don't you sell?

D

[multibagger] 27/2/2013 15:46

Edited: FAO DerekHales

Going back to 02 Apr 2012, THAL did make an offer to RSI holders and I recall them offering something like 1 share of THAL for 43 shares of RSI or an alternative of 0.48p per share of RSI. THAL had already raised a declarable stake in RSI by then. The offer was put forward to holders of RSI with a caveat that a certain proportion had to accept the offer, for THAL to honour it. Holders of RSI (me included and that offer was dead in the water). In hindsight, it may have been a great exit from an under performing share !

This is a link to that announcement:



RSI holders are locked in with unlisted shares and a third party share dealing (BritDaq) arrangement for a year - no clarity after that. Feb 28 is historically the day, when results are out for RSI, but I guess it won't be for public consumption this time as it is no longer listed. I won't be surprised if timelines slip.....not holding my breath with RSI :)

[multibagger] 27/2/2013 14:49

Delisted but not bust :) that would be a good solution for RSI

[derekhales] 27/2/2013 12:33

Have just looked at RSI (after the THAL RNS) and now puzzled. How can a de-listed Co like RSI keep on trading?

Are the old share certs kept in suspension?

Could THAL bid again and swallow up RSI?

[multibagger] 27/2/2013 08:15

Come on RSI....watch and learn from THAL which has released news of significant commercial contracts with the likes of Statoil. A small company which is punching well above its weight.

[multibagger] 19/2/2013 20:16

Quite a few positions advertised on the RSI website

Processing & Interpretation

Senior Geophysicist (EM)
Senior Geophysicist (Seismic)
Senior Petrophysicist/Rock Physicist
Junior Petrophysicist/Rock Physicist

Research & Development

Rock Physicist
Senior Research Geophysicist (EM)
Research Geophysicist (Seismic)
Senior Research Geophysicist (Seismic)
Scientific Programmer

...when I last looked there were 5, now there are 9 positions advertised. Let us hope that the order book may be growing and these appointments are to reduce the backlog....and that we will have news of some solid contracts in the not too distant future. Results have been historically announced on 28 Feb. :)

[multibagger] 04/2/2013 18:50

You joking RBonnier ? ;)

[rbonnier] 04/2/2013 13:24

It may be the intention to float this on the Nasdaq at some point in the future .

[multibagger] 04/2/2013 08:17

Pleasure and good luck :)

[downham21] 04/2/2013 08:14

See you back here, if there's something to celebrate.

[multibagger] 03/2/2013 22:02

As mentioned in an earlier post, I have psychologically written off my investment as well....you win some and lose some. RSI are still trading as far as we know and recruiting as well...so they are still in play though private and hence little need for them to go public with what is going on commercially. I check their website periodically. RSI may come good in the end...don't hold your breath for dividends. Good luck :)

[downham21] 03/2/2013 17:05

Thanks for that.
Seismic is at the forefront (shale etc), but there is lot of competition and new tech coming on. I can't work out how RSI are still trading when they have no market presence now.
Does this mean that if there is no bid in the future by Thalassa then RSI will never return anything to former shareholders?
I have been remiss when making my initial investment in RSI,not doing any research!
I just assumed that it was an AIM con and my complacency got what it deserved. I have written off RSI when they de-listed from AIM in March '12.

If you are upbeat when holding 2m then maybe ther's some hope yet.

[multibagger] 03/2/2013 15:10

Hi Downham21,

I hold a fair few RSI (2m) as well. No direct benefits to RSI, but it augurs well that the seismic imaging and processing sector is doing well with other companies like GTC and THAL picking up big contracts. Given the RSI track record of working with a number of well known energy companies,sizeable footprint and experience in a number of different geographical areas, a newly appointed COO and large financial backers ( who have a lot to lose by what they have invested and opportunity costs), there may be some bite left in the old dog yet.

Though I will not claim to be optimistic, I am hopeful that we may get some traction in the coming months. I think the results will be out on the last day of Feb as this has been the historical pattern. Thalassa has a small stake in RSI and you may recall their attempted coup last year. They may be more receptive to making a better offer, if the assets of RSI are being underutilised - this is pure speculation on my part. I have tried to get the SEB report on the seismic sector but no luck so far. Good luck all :)

[downham21] 03/2/2013 11:23

multibagger - can you elucidate on how this helps (former?) RSI s/holders?

Is it just because the Sector looks good?

I had a small holding here, but had written it off as an AIM scam!

[multibagger] 02/2/2013 11:22

Courtesy of Cfro on 01 Feb 2012: on ADVFN BB

The rising tide in the seismic imaging sector may just lift the RSI boat as well.....


A brilliant piece in this weeks Chronic Investor......

'A Different Way Into Energy'

Seismic Small-caps to Watch.

"SEB Equity research recently reported that it expected growth in seismic spending of 19% in 2012 and 18% in 2013, A couple of small-caps that should benefit from this highly supportive environment are AIM traded Thalassa Holdings and Oslo listed marine seismic operator Dolphin Group.

Thalassa is a small AIM traded marine seismic operator which recently announced news of a size-able contract off-shore Ecuador. The seismic market continues to look in excellent shape and this small group - currently valued close to its net tangible book value (which includes a good lump of cash) and trading at just seven times Dec 2013 full-year estimates - looks compelling value."

[multibagger] 18/1/2013 07:46

Hi RBonnier - only us two on this thread ! I have psychologically written off my investment (about £28K) and I would be very delighted if we get our money back. Having said that, a number of companies in the same field - GTC, THAL are doing very well. The rising tide in the sector may actually lift our RSI boat as well ! THAL already have a small stake in RSI and may look at a making a slightly better offer than last time, if they can release value from RSI.

I believe that RSI has struggled to due to poor management and the appointment of the COO is a good move to get some vigour, energy and enthusiasm in the executive team which appears tired and jaded.Many big players in oil and gas are spending huge sums on exploration, so even if we get a small share we will do well. RSI has good scientific base ( in my uninformed scientific view), plenty of experience and a track record of working with some very big companies. A number of big investors have sunk in a lot of money and have been standing shoulder to shoulder with RSI for a long time - they are unlikely to walk away without making some profit and we will benefit along with that. Also dividend payments may happen over the next few years, as the big investors hold 90% or thereabouts of the company. The problems in my humble opinion are largely historical and a part of me feels that there will be some of improvement in revenues and profitability now.

We are strapped in for the ride, so might us well enjoy it :) In emails exchanged with Ian Branagan at BritDaq and Bob Auckland, I was given the impression that shares have changed hands in the region of 0.8p. I guess we will have results for year ended July 2012 in Feb 2013...so we will get a better picture then. Good luck :)

[rbonnier] 17/1/2013 19:39

Thanks for posting and keeping us up to date multibagger wonder if we will get any of our money back ? would have to be a takeover or a dividend payment both seem very unlikely unless the major shareholders make an offer to buy the minority shareholders out .

[multibagger] 17/1/2013 18:22

PRESS RELEASE
14 January 2013
HOUSTON, TX
Rock Solid Images plc
RSI Announces Appointment of Chief Operating Officer
RSI is pleased to announce the appointment of Jim Martin in the role of Chief Operating Officer. Jim will join RSI in Houston, effective 1 February 2013. He has over 30 years in the upstream G&G sector, with a strong geophysical background coupled with extensive commercial experience in seismic data acquisition, processing, software and multi-client business models. Jim's previous employers have included Digicon, CogniSeis Development, CGGVeritas and, most recently, Spectrum where he held the position of Executive Vice President Multi-Client, NW Europe and Africa.
Richard Cooper, RSI's CEO commented: "We're delighted to welcome Jim to the management team of RSI. Jim's extensive technical and commercial experience is a perfect match for RSI's needs as we grow geographically and through new business models."
CONTACT:
Rock Solid Images plc [phone]
Richard Cooper – Chief Executive Officer
Gareth Taylor – President
ABOUT RSI:
RSI is an independent geoscience consulting firm offering quantitative reservoir characterization with the goal of reducing exploration drilling risk and optimizing reservoir appraisal and development plans. The Company is an industry leader in the interpretation and integration of seismic data with well log, CSEM and MT data, and uses advanced rock physics methods combined with sophisticated geologic models to deliver robust and reliable predictions of reservoir geometries and properties to our customers.
www.rocksolidimages.com

[multibagger] 31/10/2012 07:41

Getech and Thalassa have come out with excellent results and clear signs that the sector in general is doing well. It remains to be seen whether RSI bags a few contracts / shares any of the action or remains a forlorn spectator :)

[multibagger] 14/9/2012 21:12

ANNOUNCEMENT

14 September 2012

Houston

RSI (Rock SolidImages plc) Earlier this year, the Company concluded a strategic review undertaken to develop a plan toallow the Company to restore and further build shareholder value. The strategy that was developed following this review required the Company to de-list from the AIM exchange and then re-capitalize in order to provide essential growth funds.

The first part of this strategy was successfully executed in April of 2012. The Placing and Open Offer described below, for which we are seeking shareholder approval,provides the companion and essential second step. A circular has been mailed to all shareholders describing details of the Placing and Open offer, which for convenience are also summarized below.

The Board is grateful to all the Company's shareholders, who have supported the Company through a long and difficult re-structuring process, involving the sale of a loss making division and departure from AIM. On the strength of the progress made to date, the Board has been able to negotiate new investment funding from our largest shareholders that will preserve the value of the business for the benefit of all stakeholders. The Company, properly capitalized as a private business, will provide an exciting platform for further growth with resulting value creation.

The Placing and Open Offer

The Company is proposing to raise up to £5.8 million ($9.0 million) (gross of expenses)through a Placing and Open Offer at 0.815 pence per new ordinary share (the"Issue Price"). Three of RSI's largest shareholders, Euro Trans Skips AS('ETS"), Sector Asset Management AS ("Sector") and East Hill Venture Fund, L.P– Series 08A ("East Hill") have conditionally agreed to subscribe for352,235,948 placing shares at the Issue Price and have also agreed to underwrite £352,401 of the Open Offer which would bring their combined commitment in respect of the Placing and Open Offer to approximately £3.2million ($5.0 million).

Only qualifying shareholders, subject to the terms and conditions of the Open Offer, are being given the opportunity to apply for 359,595,135 new ordinary shares pro rata to their holdings of existing ordinary shares on the basis of 4.5 Open Offer shares for every 1 existing ordinary share held.

The purpose behind the Placing and the partial underwriting of the Open Offer is to give RSI the certainty that a minimum amount of £3.22 million ($5.0 million) will be raised so as to meet the Company's short term financial requirements. Under the terms of the Open Offer the Company would seek to raise up to £2.93 million a tthe same Issue Price of 0.815 pence. The Placing and Open Offer value the Company at approximately £1.3 million ($2.0 million) on a pre new-money basis.ETS, Sector and East Hill would not participate in the Open Offer except for the underwriting referred to above. Inconsideration of ETS, Sector and East Hill agreeing to partially underwrite the Open Offer they will receive between them, pro-rata to their underwriting commitments, one Warrant for every Open Offer share not taken up under the Open Offer.

The proposed fundraising has been structured so as to avoid the expense and time required in preparing a prospectus in accordance with FSMA and the Prospectus Rules and is subject, among other things, to shareholder approvals at a General Meeting to be held on 29 September 2012.