Global Oceanic Carriers Share Discussion Threads

[rettah] 28/10/2008 13:03

Take out price starting to look pretty good now!!

[sambessey] 08/8/2008 18:00

Well... Sticking mine in GVC.L- ludicrously cheap online gaming co- good growth, acquisition target and a truly ENORMOUS dividend... Currently circa 20%... Done very nicely out of it over the past year and a bit...

[wilddonkey] 08/8/2008 17:41

Me too - was not in this morning but is now. What a relief!
Thanks.

[sambessey] 08/8/2008 15:51

Mine too! (Selftrade)

[cb7] 08/8/2008 13:41

wild one.... my a/c now credited

[cb7] 08/8/2008 08:05

not in my a/c this am, suspect the brokers will "sit" on it for a few days

[wilddonkey] 07/8/2008 17:58

I have still received nothing. Anyone got anything ?
(How on earth they can legally take the shares off AIM without having paid the shareholders is pretty much beyond me...)

[anguillaanguilla] 31/7/2008 19:34

got a message today - money is credited 7th August - been chasing them :)

[cb7] 31/7/2008 14:08

aint got mine yet, but am expecting it anyday now (with Selftrade)

[wilddonkey] 29/7/2008 17:19

When do we get the money in the bank ?
I'm wondering if my bank misunderstood my intention to accept the offer (form was sent in another language...), should I contact them ?

[cb7] 14/7/2008 15:26

also the co has earned six months of earnings this year, but de-listing now prior to half-year announcement, will save them declaring and paying a divi

[wilddonkey] 11/7/2008 18:27

Yep it's robbery. If they had paid the dividend for a couple of years the shares would have doubled at least (plus another 20% in dividend) and still have been cheap. Realising that they could make a killing and that they already owned the majority of shares they decided to rob the minority holders, and the "independent" directors were just plain stooges.

[slapdash] 10/7/2008 20:40

if you think about it these guys charge depreciation in their accounts... if you take that away the price to cashflow is even less.....

so if they choose not to buy any more ships... and it sounds like that is the plan whene it has been taken private... alll they do is run down the existing ships and pay back for hte purchase price in say less than three years... maybe even two years...

Anything after that is pure profit to them....... and they could do it all risk-free if they wanted by just chartering out the ships...

bizzare thing these stock market valuations sometimes

Slap

[slapdash] 27/6/2008 20:13

big feature this week in Investors Chronicle on all the shipping companies..... Slap

[myopia] 27/6/2008 16:20

Well at least you've got the certainty of of the bid price. Seeing as the market seems to have lost its ability to value most shares sensibly any more, who's to say in a few years time GOC's share price wouldn't still be below 150p, whether it were doing well or not. I blame the market, and whoever is responsible for setting prices.

[slapdash] 27/6/2008 15:21

Courant - yes it does appear to demonstrate that the directors of GOC think there is a valuation anomoly... it also suggets that they feel shipping rates will stay strong for the next few years..

In the case of HCL I don't know if there is an anomoly as it only came to the market recently and so it was prepared to sell itself at such a low price... something surely is only worth what people are prepared to pay... one does feel why did they list if they only got a poor valuation to start with...

going forward one can say that it is all about expectations of frieght rates about three to four years out... at current stock market valuations the implication is frieght rates will be say 25% of where they are now in say four years..... who knows the stock market could be right.... however for every year they are out by we would get a 15% dividend.... so very tough to value these stocks all a question of where you think the crunch year will be for frieght rates... year 4 or say year 6.... or if the crunch year happens at all... afterall frieght rates were about 1,500 in 2002 and now are about 9,500.... if supply of ships overwhelms demand is there any reason they can't go back down to 1,500...

the only consolation is obviously GOC directors don't think so...

Slap

[courant] 27/6/2008 15:13

Yes you're right about the "conflict of interest" (if they weren't the buyers, they wouldn't accept anything but a premium to their estimate of fair value), absolutely, but that's always the case with MBOs and it just goes to show the major valuation anomaly here (and, by implication, with GLBS and HCL).

Courant

[slapdash] 27/6/2008 14:49

Courant - not really much of the premium to the recent high of 155p before the stock started to fall off.... and they will be able to have paid off the purchase price in terms of profits in about four years.....

Also we have this bizzare conflict of interest where the directors are saying we are getting a good price but we want to buy it.... i.e. they must think this price undervalues the company if they want to buy it...

It does suggest the other two listed shipping stocks are relatively inexpensive... slap

[courant] 27/6/2008 14:07

Well, well, well! Stitch up? Maybe, but then again they are buying at a premium to the share price and to the all time high so there's not really much to complain about. Everyone here should be showing a good profit at a time when AiM has been a bit of a war zone! As for fair value, if GOC reached 180p I'd have definitely been out, so 170p is not too shabby. GLBS awaits and HCL looks cheap too but, as I've said before, I prefer the fleet profile of GLBS, being handymax focused and thus less exposed to the volatile iron ore market.

Courant

[tuckswood8] 27/6/2008 12:29

I too have sold in the market. First purchase was over two years ago so showing a good profit. Rather disappointed all the same as I feel AIM and small shareholders have been manipulated by the directors, but then plenty worse does happen on AIM!

[h d shoring] 27/6/2008 12:15

To be fair long standing shareholders got a lot better deal than they might have got if the had been taken out at the time of rights issue .Cica 64p from memory when the company had no friends .

[davebowler] 27/6/2008 11:34

I too have mixed feelings about this ,glad for the good profit but thought there was more if I waited .

[robsy2] 27/6/2008 10:26

Slap as you said before one can always invest in GLBS or HCL....
I think that is the only thing we can do about it. If you look at goc,glbs and hcl, all three are very similar companies.THye are aim quoted ( not really sure why) , majority owned by their directors, Jersey registered, all undervalued. I suppose all these guys know each other , they probably all drink in the same bars and eat in the same restaurants.The thought will have crossed their minds and the deal makers will be pushing to do the operation. Thye will all see the opportunity to exit aim , buy out the minority shareholders at an "attractive premium" and live happily ever after.
I will be taking up positions.Its not a one way bet but these companies were attractive investments anyway without a possible bid.

[slapdash] 27/6/2008 09:57

looking at the bid again... one does smell a bit of a rat... the aquiring company is owned by the management and the majority stock holder... so effectively this is being taken private by the management and the major holders...

are they paying a good price??? Well the announcement certainly says what a wonderful price they are giving stock holders but then of course they woudl say that.... as they are the buyers...

So does appear like a stitch up and I would guess they might be buying this say 20% below what it is worth or more.... can we do anything about it??? No if another bidder doesn't come along.... generally does suggest the sector is good value..

And as I said before one can always invest in GLBS or HCL....

Slap