Nautilus Marine Services Share Discussion Threads

[eezymunny] 15/1/2019 15:01

Noira you say "Outside interested parties have converted shares"

but if you just do a bit of digging you'll see that McLarty is a related party:

www.seekingalpha.com/filing/3706827


"Mr. Alan G. Quasha, our Chairman of the Board of Directors, has a business relationship with McLarty Capital through his capacity as a partner in QMI, which serves as the general partner of McLarty Capital and has investment interests through a limited partner of McLarty Capital, as did Mr. Jason T. Young, our former Chief Executive Officer during his period of service to the Company, through their respective capacities as Chief Executive Officer and partner with QMI, which serves as the general partner of McLarty Capital and has investment interests through a limited partner of McLarty Capital"

I should be very careful here.

[noirua] 14/1/2019 17:50

At 13 June 2018:
- Cash balance at 30 June 2018 of US$14.1 million
- Positive working capital of US$17.6 million
- Decreased cost of sales to US$1.7 million (1H2017: US$2.7 million) and administrative expenses to US$2.4 million (1H2017: US$3.7 million)
- Sales of non-strategic vessels and equipment for cash proceeds of US$722 thousand, resulting in a gain on disposals of US$565 thousand

[noirua] 14/1/2019 17:42

Outside interested parties have converted shares and may look to replacing one or two directors with their own appointees.

[square root] 14/1/2019 13:28

Don't sugarcoat it, Bill. Tell shareholders the unvarnished truth!

[biggest bill] 14/1/2019 13:08

The nav per share here is totally irrelevant. The operating and administrative expenses here run at $6m per year. This cash drain to the management makes the shares utterly worthless in the long term. I have no idea what benefit the management is providing for shareholders since they are clearly using the company as a cash cow.

[noirua] 14/1/2019 12:41

With the market cap well under £3 million not much is asked for all the ships, barge and equipment. I'm expecting more moves in the very short term. No doubt those who inspected all the ships moored at Louisiana know exactly what Nautilus Marine is really worth to them.

[tomboyb] 14/1/2019 08:04

Transfer of convertible notes -

I think they could next convert at 160p -

We will see after this tax transfer -

[eezymunny] 13/1/2019 22:06

Isn't the question one of whether any value is likely to accrue to minority shareholders?

Given the $16m+ that has been sucked out in favour of related parties I'd say the answer is a very strong no.

[barnetpeter] 13/1/2019 22:01

Good work noirua. Boats cost a lot of money...even old ones. The point here is the current price and the current value

[noirua] 13/1/2019 12:23

All the long term loans would have been converted eventually at the price stated if Nautilus took that option. Converting at 50p is equal to a closing price for NAUT of 7.5p on Friday - reducing the $7.64 million loan value to $1.146 million at 7.5p on conversion and having 25.75% of NAUT, 12,524,590 shares worth £939,344 $1,202,360 - noting conversion was at $1.22 against the present market at $1.28.

Just a thought. Market cap at 7.5p is £2.71m or $3.47 million. Wont take much to gain full control of assets. Despite the original cost, all the ships are not valued at very much at all at the present market cap and taking into account cash held and the value of past losses to a bidder.

Those who paid a very high price for Nautilus shares will be rightly piddled off by all this. However, it is all about the value in the here and now.

Interesting days ahead.

[noirua] 13/1/2019 02:00

CAL DIVE FACED PLUMMETING DEMAND DURING SALE PROCESS - October 12, 2015
Sale of Cal Dive assets - The Deal – Bankruptcy
:

Cal Dive Announces Sale of its U.S. Gulf of Mexico Surface Diving Fleet - June 03, 2014 06:08 PM Eastern Daylight Time

HOUSTON--(BUSINESS WIRE)--Cal Dive International, Inc. (NYSE:DVR) announced today the sale of its U.S. Gulf of Mexico shallow water surface diving fleet to a privately held company for cash of $18.5 million and a 19.9% minority interest in the entity acquiring the assets.

The assets sold are comprised of eight surface diving vessels and miscellaneous inventory and equipment.

The Company anticipates recording a gain during the second quarter as a result of the transaction. Net proceeds from the sale were used to repay a portion of the Company’s revolving credit facility. The Company also entered into a multi-year alliance agreement with the buyer under which the buyer will have the exclusive right to provide any surface diving services required by the Company in the U.S. Gulf of Mexico to support pipelay, decommissioning, platform installation and other integrated services. This transaction is part of the Company’s strategic plan to divest non-core assets, strengthen the balance sheet and pursue opportunities that enhance shareholder value.
---

It appears that Deepcore Marine no longer wanted their Fleet bought from Cal Dive in 2014 after Cal Dive went into bankruptcy in 2015. The agreement with Cal Dive was that the vessels would be available for their use.

[noirua] 13/1/2019 00:37

TMS Fleet


Nautilus Marine Services PLC -

TMS Marine Maritime -
--

Deepcore Marine vessels listed


DC Dancer -

DC Star -

[ayesha4] 12/1/2019 14:35

Still looks undervalued and may have a good run. May buy at 7p if allowed to on Monday

[noirua] 12/1/2019 12:47

Video - Acquisition of subsea vessels - 2017


Nautilus Marine Services Amends USD4 Million Note With Everest Hill - 3 August 2018

Firstly, the offshore services company extended the maturity date to April 30, 2019 from September 15.

Secondly, Nautilius secured the right to call for repayment of USD2 million of the principal balance with 30 days' notice.

The amended note receivable continues to be subject to an interest charge of 8% per year, payable quarterly.

[noirua] 12/1/2019 12:23

Reminder of ships owned and sold. Even though it's not known which were sold:

Nautilus Marine Services sheds two vessels

The company bought 11 offshore subsea service vessels and a barge vessel in January 2017. Eight vessels were bought from Deepcor Marine while Everest Vessel Holdings delivered the Rider Barge. The remaining three offshore subsea service vessels, Mystic Viking, Midnight Star, and Cal Diver, were bought from Everest Hill.

Nautilus said on Monday that the non-strategic assets were acquired in February 2017 and had a combined cost basis of $120,000 at the time of the disposals, resulting in a gain of $541,000. The company did not disclose which vessels were sold.

The company added that, in accordance with its current policy, it would continue to assess opportunities to sell selected offshore assets at a premium to their initial cost as and when presented.

John Payne, managing director of Nautilus, said: “Having identified the opportunity to move into the offshore service industry, Nautilus moved to acquire a fleet of vessels in late 2016 at the bottom of the oil price cycle.

[eezymunny] 12/1/2019 10:26

At June 2016 the company had $21m cash and were owed $10m by a related party. TBV was $29.7m

Then, the related party shenanigans, whereby the company acquired several old boats and barges that have never since been used.

Prior to yesterday's conversion notice company had at 30 June 18, $14m cash, $17m debt, TBV of just $13m with a load of rusty old ships etc that have lain idle since acquisition.

ie an awful lot of value ($16m+++!!!!!) has been sucked out of the company in the process of acquiring rusty unused ships from a related party.

Maybe it's all OK. Barge poles don't come long enough AFAICS!!!!!

[barnetpeter] 11/1/2019 18:29

Had to pay 7 and a bit in the end. Think it looks ok to me with millions of debt gone.

[joecase] 11/1/2019 16:30

50 p share to loan swap. Very small market cap with low amount of shares in issue. Great trading stock Friday and next week.

[noirua] 11/1/2019 16:29

McLarty Capital Partners Rebrands as The Firmament Group


NEW YORK, May 22, 2018 /PRNewswire/ -- McLarty Capital Partners ("MCP"), a private capital provider to small- and medium-sized enterprises ("SMEs"), has rebranded as The Firmament Group ("Firmament").
The new name reflects the firm's evolution from an extension of the McLarty family office to a global investment platform focused on turning small business into big business.
Firmament provides tailored debt and equity capital solutions directly to SMEs in the form of unitranche senior debt, junior debt, structured equity and common equity.

The Firmanent Group -

[tomboyb] 11/1/2019 16:20

If that is the last of the traders then there could be a significant move upwards -

[tomboyb] 11/1/2019 15:59

Could convert B notes of $6.1million at 160p -

That would take them to almost 29% -

Around 3 million shares at that level -

[tomboyb] 11/1/2019 15:50

Market cap is now £2.5million -

So there is plenty of upside here just in comparison to today -

Now traders till days end -

[barnetpeter] 11/1/2019 15:44

Balance sheet will show a big increase as long term debt dramatically reduces. That makes the company a lot more interesting to someone looking for a cash shell comp