Global Oceanic Carriers Share Discussion Threads

[sambessey] 23/11/2007 10:24

Ticking down slowly.... 120p would be a luurverly entry point.

[a3477681] 23/11/2007 09:41

50% of the profits are to be paid out in dividends which the directors will receive like us. So long as business keeps floating in at these rates I am going to forget the ups and downs and keep my holding in tact. These Greeks mean to capitalise their holdings, and so far it looks as if they know how to do it.

[cb7] 23/11/2007 09:40

some shares

[sambessey] 23/11/2007 09:28

Seriously considering a position here.

What are the biggest risks to the share price at current levels? a fall in the BDI? Demand for shipping falling (Cannot see this happenning whilst China's economy continues to steer ahead).

Debt position looks good, excellnent low P/E, massive yield, most of '08 capacity booked up already, good earnings growth on the cards... what am I missing?

[luckyjonah] 23/11/2007 09:09

Solstice and Tildough have always held 79% between them, so those 2 Directors could always have made the decision to take GOC private. The way I would read this RNS is simply that Lentoudis [and possibly others] have bought into GOC by buying out 60% of Tartsinis and Nikolaou through the holding company transfer - the net result is that 3+ of them are effectively controlling the company instead of 2. Would the existing Directors have done this if they wanted to delist? I would say this makes de-listing less likely - they are all aligned to us as shareholders, and they are hardly going to try to sell the company in its present state with a forward PE around 3.

With regards to the price, the actual deal was done last week when the price was around 145p, but I can imagine they fixed the price at the closing high from the previous month say.
[Edit to correct %s]

[tadtech] 23/11/2007 08:56

As I understand it the forecast yield on this stock is close on 12% costing c£5m, 1st payment due to be announced with the interim results in March 2008.

This is surely another indicator a buyout is on the cards in effect he could bid £2 and only have to fund approximately half.

[cb7] 23/11/2007 08:54

Lentoudis has purchased approx 39%, the ceo plus another director retain 40%.

[liarspoker] 23/11/2007 08:45

From about 31.7m shares in issue there are only about 6.6m in free float - deduct any large holdings and the free float becomes really tight. I agree - not worth keeping the listing.

[tadtech] 23/11/2007 08:43

Its not worth this guy keeping the listing IMO.

This could surge later once analysts work through the numbers.

[liarspoker] 23/11/2007 08:39

Few people I talked to this AM said that they are expecting a buy out of around 200p too. Fingers crossed then. The quicker the better imo.

[sharpshare] 23/11/2007 08:37

Pic of MV GO Trader


Fleet charter details per GOC fleet website for Go Trader says charter runs to Mar 09 which is different to above purported sales details. If above is correct then they should get a higher sales price. The broker may have got the charter dates wrong.

[tadtech] 23/11/2007 08:35

This move offers a chance for a bid for the remaining stock at a very low level given the GOC is already trading on a very low multiple.

An offer of £2 is more than possible and even then it will be considered cheap by some. Will this new investor want to keep the remaining 21% listed, is it worth it??

My guess an offer will come shortly for the outstanding shares @ £2 per share that would cost c £15m. GOC's gearing is reasonably low also.

At these levels its a fair arbitrage back to the £1.65 at least.

Will be adding.

[sharpshare] 23/11/2007 08:30

Anyone want to buy a ship?
Sale details listed on this ship broker website.
Should get a good price in today's frothy markets.



"
Posted : 2007-10-31 10:48:54

MV GO TRADER
GEARED BULKCARRIER
45693 DWT ON 11.62M DRAFT
BUILT: JAN 1996, BY TSUNEISHI SHIPYARD CO LTD, JAPAN
FLAG: MALTA
CLASS: ABS, +A1 (E) +AMS +ACCU BULKCARRIER ESP CRC
UNRESTRICTED SERVICE
LAST / NEXT DRYDOCK: MAY 2006 / MAY 2009
LAST / NEXT SPECIAL SURVEY: DEC 2006 / JAN 2011
LOA / Lbp x B x D: 185.74 / 177.00 x 30.40 x 16.50 M
GRT / NRT: 26062 / 14899 T
GRAIN / BALE: 57208 / 55565 M3
HOLDS / HATCHES: 5 / 5
GEAR: CRANES, 30T SWL x 4
MAIN ENGINE: B&W 6S50MC, 7274 KW @ 120 RPM
GENERATORS: YANMAR M200L-UN, 400 KW x 3 UNITS
STRENGTHENED FOR HEAVY CARGOES, CERTAIN HOLDS MAY BE EMPTY
LDT: 7488 T
PRICE: OWNER INVITING BEST OFFER

NOTE:
VESSEL IS ON T/C TO EDFMAN FROM 22 DEC 2006 FOR 12/13
MONTHS AT USD 16000 DAILY
"

[liarspoker] 23/11/2007 08:28

2 v 1 with buys going through at full offer - another tick up on the way imo.

[slapdash] 23/11/2007 08:28

yup the share fall back was mighty annoying but I should of predicted it...

forget fundamentals... stocks go by sentiment and always go further in either direction than you would think possible..

I have played this one so badly it hurts!!!!!!!! I just didn't think it could be so volatile..

Slapper

[a3477681] 23/11/2007 08:26

It would be nice to hear from experienced posters on this manoeuvre.They have complete control of the company with 75% so perhaps they don't need to buy out the rest of the shares. Or maybe will do that on the open market at these levels.

[sharpshare] 23/11/2007 08:10

Looks like big money in the know was prepared to pay 165p, current price 125p.

[tadtech] 23/11/2007 08:05

Very interesting indeed.

This is going back to recent highs IMO.

Thin market in shares, corporate action has been debated before. Looks very likely now.

[simonparker5] 23/11/2007 08:03

You might be right Matt but they thought £1.65 was good value and we are now only in the low 120's

[matt] 23/11/2007 08:02

Or maybe just a way of Mr. Michael Tartsinis and Mr.Antonis Nikolaou selling part of their stake to Mr.Kriton Lentoudis.

[bigbobjoylove] 23/11/2007 07:57

looks like a takeover on the cards, 200p i'd suggest.

[mr.oz] 23/11/2007 07:28

Global Oceanic Carriers


Global Oceanic Carriers Limited Announces Change in Shareholder Structure

Global Oceanic Carriers Limited (AIM:GOC) ('GOC' or 'the Company'), a global
provider of marine transportation services for dry bulk cargoes, today announces
that it has been informed that on Monday, 19 November 2007, Solstice
International Investments Inc. and Tildough Holding Inc. sold their entire
portfolio, of 26,020,815 and 5,737,477 ordinary shares in GOC respectively, at
£1.65 per share to Kaylee Maritime Limited. Both Solstice International
Investments Inc. and Tildough Holding Inc. were associated with Mr. Michael
Tartsinis, the Company's Chief Executive Officer and Mr.Antonis Nikolaou, an
Executive Director of the Company.

Mr. Michael Tartsinis and Mr. Antonis Nikolaou are both directors of Kaylee
Maritime Limited. Furthermore, both Mr. Tartsinis and Mr. Nikolaou along with
Mr. Kriton Lentoudis, are shareholders of Kaylee Maritime Limited.

Mr.Kriton Lentoudis is a well established Greek ship owner. He has been involved
with shipping for more than 25 years and he is associated with Evalend Shipping,
a private company based in Greece.

As a result of these transactions Kaylee Maritime Limited holds 31,758,292
ordinary shares in GOC representing 79.3% of the issued share capital of the
Company. Out of this holding 40% is owned by Mr. Michael Tartsinis and Mr.
Antonis Nikolaou. Both executives along with Mr.Lentoudis represent a
controlling interest in Kaylee Maritime Limited.

Commenting on the transaction Mr. Michael Tartsinis, Chief Executive Officer at
Global Oceanic Carriers said: 'We are very pleased with this development and
with the inclusion of Mr. Lentoudis among our shareholders given his extensive
experience and presence in shipping.'

[tadtech] 22/11/2007 14:54

Too cheap by far.

If anyone cares to read the Annual Results one will see that the current gearing is low by industry standards. The next ship is being acquired by Bank finance.


This is a typical example of how an illiquid stock can perform during a market correction. I fully expect this to recover swiftly, especially if the US cut rates again (which seems likely)

The company has more or less sold forward all capacity for 2008. Corporate action cannot be ruled out either. The demand from China and Asia is ongoing which is where the company is earning its money currently.

[luckyjonah] 22/11/2007 14:48

I think this is far too cheap, PE08 is now below 3 with a prospective dividend yield of over 15% (if only they could go in an ISA!). I think GOC have suffered on the sector malaise, but unlike GPRT and GLBS they were on a low PE to start with. Marked down another 5% today on volume of 9,000?! I've bought some more just under 110.