Global Oceanic Carriers Share Discussion Threads

[papalpower] 07/4/2006 10:00

Just like KIB in so many ways..........

[papalpower] 07/4/2006 10:00

Globus Shipping Inc. Marshall Islds
07 April 2006


Globus Shipping Inc.
Marshall Islands

128 Vouliagmenis Ave.
Glyfada 16674
Athens Greece


PRESS RELEASE

Global Oceanic Carriers Limited (LSE: GOC.L) has stated on 6th April 2006, that
the company has received a number of approaches, some of which may result in a
change of control.

Globus Shipping Inc, managed by George Karageorgiou (previously a director of
Stelmar Shipping Ltd, a company previously listed on the NYSE) and owned by
George Fidakis (the Chairman of FG EUROPE S.A. listed on the Athens Stock
Exchange) has made an approach as described below, which for the avoidance of
doubt does not involve any form of offer for the company.

Our approach suggested a route by which a new Board would use independent third
parties to value the GOC fleet and within 6 weeks of the Board's appointment
would return to shareholders, enabling them to vote freely on the alternatives
of firstly winding up the company and returning the cash to shareholders; or
secondly pursing a Globus build strategy (with a minimum US$20 million injection of new capital by Globus, offering existing shareholders the ability to participate should they wish to); or thirdly any other credible alternative.
The Globus 'build strategy' would involve a change of Board control and Globus
becoming a major shareholder of GOC.

We understand that a major GOC shareholder has lodged a valid requisition with
the company for an EGM that would replace the Board and instigate the process
described above.


George Karageorgiou
CEO

[sharegod] 06/4/2006 18:20

yesterday must have been the bottom then. Although its not the first time they have had to issue a trading update to shore up the price only for it to fall again. What is going on.?

[grippa] 06/4/2006 18:17

Like I said months ago...this will be taken private by the same people that floated it only a few months ago...at a fraction of the price!!

On another subject. GPRT is way too expensive...why a fleet with an average age of 23 and split between containers (if you thought the dry cargo fleet looked like it was entering an over-tonnage period you should see the containers!!! over 50% of fleet on order!!!) and dry bulk should be at a premium to the well run comapnies that floated last year in New York is beyond me...Goldenport has a bad reputation, and with ships as old as 34 years...i dont think the investors realise the risks they are taking...I am absolutely amazed that HSBC ran this IPO and that they managed to find investors stupid enough to take part...Crazy...IMHO And should fall at least 50% over the next few weeks/months.

[papalpower] 06/4/2006 12:04

News is not surprising, as I said yesterday all the same things happened on KIB, someone is after snapping up Go (or a large lump of it) and it will be around this level if they can, below is the KIB chart for comparison (on KIB it was BLZ doing the hostile action)

[generalcuster] 06/4/2006 11:58

jonwig - i'm not really familiar with the legislation but it probably means that investors will not be afforded the same level of protection as normal. that may end up not meaning much, but it could if the rules that require an offer to be made for all shares if a purchase of over 30% is made. or if it negates the rule that says that if you make an offer to one shareholder, you have to make the same offer to all.

it stated in their prospectus that the ccity code applied - but i blamce the addvisors, not Go Carriers for that error.

[jonwig] 06/4/2006 09:07

Since I don't understand the implications of this, in the RNS, I won't be joining the party:

Following correspondence with The Panel on Takeovers and Mergers (the 'Panel'),
the Company has been informed that the Panel does not believe that the City Code
on Takeovers and Mergers or the Rules Governing Substantial Acquisitions of
Shares applies to the Company owing to the fact that at the current time the
central management of the Company is located outside of the UK, Channel Islands
and the Isle of Man.

[royaloak] 06/4/2006 09:00

On the surface this looks a storming buy, but loads of stock available and mm's not keen to buy, so care needed????

[maksud] 06/4/2006 08:46

just bought a few on ceo comments .looks way over sold

[jonwig] 06/4/2006 07:14

Well, this might put an end to holders' misery - tentative approaches, decent current trading and well below true value of assets.

Link in header or here:



I doubt I'll get the chance to buy any - best of luck.

[jonwig] 05/4/2006 15:38

general - look at GOC's initial share price How they managed to price it is beyond me ...

Which maybe helps answer your point in post #116 about the NAV discrepancy.
Suggests GPRT to fall, or GOC to rise - a bit?

[generalcuster] 05/4/2006 15:24

goldenport is obviously in a different league from Go, and their management successfully manage to operate an ageing fleet with low gearing levels. but how they managed to price as they did is beyond me. far far too rich, in comparison to the US listed shippers. my guess is that after an initial euphoric bounce the price will steadily fall.

[jonwig] 05/4/2006 15:12

Goldenport [GPRT] - admissions RNS makes interesting reading.
Note it's Official List, not AIM, and a substantial outfit (MCap £160m) which could have these for breakfast:



No-one's been keen enough to start a thread yet ...

[generalcuster] 05/4/2006 15:04

thats true charlie, but that means an average age of less than goldenport's fleet, that just started trading on the LSE today. but they are trading at 2x NAV, these guys are trading at around a 30% discount. why? i reckon its because they are operating on spot (goldenport have 80% TC coverage for 2006) and goldenport's management have credibility and history.

this downward trend cannot go on for much longer, one way or the other.

[charlie] 05/4/2006 12:47

....just checked prospectus, our trusty (or rusty?) vessels are 13, 22 and 24 years old

LOL

[charlie] 05/4/2006 12:44

float and then sink unfortunate turn of phrase for this particular company

[sharegod] 05/4/2006 12:26

aye maybe a few do float and then sink. maybe due to the fact that nomads and brokers try and get them off with as much money as possible without any consideration to the people buying them or to their actual worth. In some cases even lieing in the prospectus

[papalpower] 05/4/2006 12:21

As I said earlier, you only have to look at the KIB chart to see the same. Sometimes those large trades under the bid are shorts and sells to short the price.

If someone is thinking of a hostile takeover, as happened in KIB (and those same big under the bid trades happened), then there will be someone working the price down.

All just IMO.

[jonwig] 05/4/2006 12:14

Another big sell below the bid, SG.
It may be that tomorrow will see the end of this, who knows?
Fraud?
Quite a few companies tank post-float. (MEA, FL., SOV, GFC, list is endless.) Some have rubbish management, I can't comment regarding this one.

I must say it's mighty intriguing for the impartial observer!

[sharegod] 05/4/2006 12:05

people bailing at any price now. There must be something up. Is this a fraud?
companies dont just list and then drop 80% in a few months.

[bruce the goldfish] 04/4/2006 08:44

Pbracken, year-end is March. So I would expect a pre-close update sometime in April.

BTG

[pbracken] 04/4/2006 07:36

GOC is woefully misunderstood by the market - and the shares, being closely held, are subject to wild swings down when a major shareholder (disgruntled with the stock's performance) decides to off load.

When is the year end?

[bruce the goldfish] 03/4/2006 10:37

Interesting trade of 180k shares at current mid-price of 40.5p. As an x-trade I think that means someone sold that allocation of shares at an agreed price to another party. Someone please correct me if I am wrong, therefore the overhang from the sale of 179k shares at 32p last week has yet to be fully cleared. I think the MM's will continue to dribble the price back to attract some more buyers until the overhang is fully cleared.

I wonder whether management will give a trading update now that the year-end has passed as they did for the interims. It is quite straightforward I would imagine for the directors to have a pretty good idea of how the co. has traded for the year given there are only 3 ships, 2 of which were on long-term charter for most of the year at a fixed daily rate.

BTG

[calumofthenorth] 31/3/2006 21:25

It's all very strange with the share price, although I think its a good sign that Goldenport have decided to list as well.

I think as the share capital is held mainly in the share premium account it is possible to petition the court to make it a distributable reserve (I think this is what Countrywide did)

Calum

[bruce the goldfish] 31/3/2006 15:24

Thanks Calum,

I do find it a little worrying that the directors can waste circa $20 million within a year – not mentioning the forfeited deposit of c. £1 million.

I noted in another announcement the company made towards the back end of last year that they intended to replace one of their fleet with a newer ship in the early part of 2006. Based on the current assumed valuation of the fleet by the directors this suggests that the company would realise quite a significant loss on disposal.

The directors have announced that they intend to pay dividends as soon as financially possible, but dividends are paid out of retained earnings. I note your point that this is a cash flow play and not a profit play – however, it is profits out of which dividends are paid.

Do you have any idea as to who sold the 179k shares yesterday at 32p? Wondered if the vendor for the cancelled ship order was offloading or whether they were actually tied in for a certain period. Surprised the shares have held up – although I think that the 10k trades at 41p are possibly buys.

BTG