Global Marine Energy Share Discussion Threads

[pomp circumstance] 16/11/2007 06:40

that was results to march tho.

We wanna see what theyve done since march!

[p0lanski] 16/11/2007 06:39

I also thank shareholders for their patience in waiting
for investment returns from Global Marine Energy Plc ("GME") and the Board
remains determined to ensure the best long term interests of shareholders are
protected.

OBVIOUSLY THEY ARE NOT DETERMINED TO ENSURE BEST LONG TERM INTERESTS FOR INVESTORS OR THEY WOULDN'T THINK ABOUT TAKING A MISERLY 16P A SHARE OFFER..THE CHAIRMAN IS A LIAR!

[p0lanski] 16/11/2007 06:37

this was from 28th september:

CHAIRMAN'S STATEMENT


Following the resignation of Philip Wood as Executive Chairman in July, I was
appointed as Non-executive Chairman and my first report to you is disturbing.


The trading results as indicated by our audited financial statements
accompanying this statement to shareholders are totally unacceptable and clearly
highlight the management deficiencies which must be rectified.


The poor trading performance has arisen through lack of profitable sales,
inadequate production and management information systems and inefficient cost
controls.


With a buoyant market place and continuing interest in the Group's products, the
Board is keeping all options open for the regeneration of the Group.


The great majority of our staff have shown substantial effort and commitment and
for that I thank them. I also thank shareholders for their patience in waiting
for investment returns from Global Marine Energy Plc ("GME") and the Board
remains determined to ensure the best long term interests of shareholders are
protected.

[pomp circumstance] 16/11/2007 06:32

as WE have been paying Price Waterhouse for the last 11 months to audit this company one would hope the CORRECT results can be released up to end of September and pretty damn quick too!

[murtceps7] 16/11/2007 06:01

Pomp
Will we get to see "THE" results...........or "SOME" results ;-)

Strikes me that they could be whatever the accountants want them to be .

[pomp circumstance] 16/11/2007 05:44

the good thing is tho that we will see the results before we have to sell the company!!

[p0lanski] 16/11/2007 01:32

i bet they have used creative accounting to delay profits...wouldn't trust these spivs

[pomp circumstance] 15/11/2007 16:10

Ring findlay and hall. Ask for a trading statement. In fact as they both read this as well as others.
Oi you have had a 10month review at our expense. The least you can do is give us a trading update.

[murtceps7] 15/11/2007 15:57

"Why doesn't the company clarify the position?"

I'm sorry !! clarify !! not a word that sits well with GME...
Good grief, they wouldn't want their investors to know what was actually going on ! :-))

[the_owl] 15/11/2007 15:38

Pomp,
will the loan facility support working cap through the interims & on till Feb?

If we assume same pace of delivery, but improved margins the £11m cost for £12m of orders last year might get to say £8m for £14m (I'm obviously guessing here as really no idea on level of improvement).

However, that's still 4 months of spend at c£1m? per month (overall costs & not just for the orders) - and assumes the DD does not take EMER back to their original offer.

Why doesn't the company clarify the position? We could (for example) have a pre-close statement, and indication of interim results date, order book, margins - but no, usual silence.

[pomp circumstance] 15/11/2007 13:18

They have been forced byt the TO Panel to put out the announcement. Red Tape really.
EMER still have full intentions to buy at 16p.

the problem is the HK stock market rules require a ful audit of the 6 mnth results of GME to Sept 2007.
EMER have done their DD and 50%+ of their shareholders have given irrevocable undertakings to support the acquisition, so they know what they are buying, the Audited 6m accounts requirement is therefore once again more red tape only.

It has been suggest that the TO will no be complete until about February. Obviously the 6m accounts will give us a better view of the future and help us decide if we want to stay on with EMER in charge.

EMER now need to seek an extension from the TO for the offer documents publication, that currently has to be issued by close of play tomorrow.

Gartmores irrevocable agreement means they will sell all their shares to EMER for 16p. Maybe they might be happy for that to expire and keep some or all!

[murtceps7] 15/11/2007 13:03

What about this bit ;-)

EMER wishes to
clarify that this irrevocable commitment will lapse if the EMER offer is not
made by 21 November 2007.


Thats why you can buy under 16p !

[pomp circumstance] 15/11/2007 11:28

i think youll find that was part of an agreement back in 2004 when a placing was done at that price!

[steves2] 15/11/2007 11:27

So GME have issued Rotex 781,250 @ 17.6p each, yet less than a month ago they were looking to sell the whole company for 10p a share. I'm not sure that makes sense........


Global Marine Energy plc ('GME'), the oilfield services business, announces that
it has issued a total of 781,250 new ordinary shares of 2.5p, at 17.6p per
share, to Rotrex Group Limited ('Rotrex').

[david77] 15/11/2007 10:50

I thought that we had been promised the EMER offer very soon - I thought by the end of this week. May be a bit optimistic now but still hoping to hear very soon.

[the_owl] 15/11/2007 10:15

So the drama continues...
Does anyone know if EMER have done DD on GME, or if its in process?

Thanks for your response by the way CF.

[nicandy] 15/11/2007 09:43

Why aren't people buying @ 14.5p when they know they can get 16p from the take over?

[sofarbad] 15/11/2007 09:20

it will end in tears as ever, what a blag.

[pomp circumstance] 15/11/2007 08:36

was the support really for the loan rather than the takeover, gartmore might not want to sell all their stock after the takeover!

[pbracken] 15/11/2007 08:33

chestnuts - the RNS was not issued by GME. It was issued by the advisor to EMER.