Seaenergy Share Discussion Threads

[resourceful] 18/5/2016 08:15

at least it is alive
logp is worthless

[cephalosaurus] 17/5/2016 23:26

Yes, agreed Bones, they will have nothing to do at all, and even IF money comes from LOGP, that would probably be squandered on winding up the shell and paying off directors, before shareholders get some or any of the 'value' they talk about. Probably wouldn't be a surprise if the deal for r2s will be some kind of mgt buyout so they won't really care about Seaenergy

[bones698] 17/5/2016 20:35

Ceph what buisness there is nothing left worth anything and they are potless. Given the ridiculous number of staff and bod wages its not worth the effort its dead

[jack jebb] 17/5/2016 18:55

The Aldersey Williams guide to running a business.

Tell the world you are going to do several things to a world class level, and do none of them.
Pay top dollar for a photography outfit.
Forget to buy any patents.
See a non core investment rise to a value of £45mln and keep every single share.
Dont buy a single share in your company, claiming a (5 year) closed period.
Tell every retail investor this is the next big thing.
Try and persuade companies that they should hire SeaEnergy to help with offshore wind servicing, whilst missing a key ingredient to that policy...namely a boat.

There are several more, but not for now. I am sorry for anyone that lost money here, particularly if they did so on the back of my misguided enthusiasm.

I have no faith whatsoever that the directors have the recquisite skills to sell R2S at the right level. Have they even bothered trying to sell it to an oil service major, like Schlumberger, Haliburton or Wood Group? I suspect not.

I further suspect that the mystery buyer will be hidden behind a web of Grand Cayman companies where the real owners are impossible to discern. That would explain the total lack of any detail given in regard to the mysterious buyer who is stealing R2S from shareholders on the cheap, just when oil looks like it is on the rebound. Indeed, the energy sector has been one of the best performing indices this year.

Shareholders here are between a rock and hard place. Sell R2S to the mystery buyer, and the company is finished; dont sell it and the company is finished.

So when voting at an EGM, do you want to reward the board by approving the sale, or voting no and letting the receivers, who would be professional and connected, sell R2S at the right price to a wider variety of potential purchasers. IMO, it is the only viable option for shareholders receiving a penny now.

These clowns that run the company should not be allowed any further decision making powers imo.

[jack jebb] 17/5/2016 18:36

The board havnt even got the decency to reveal who is buying the crown jewels on the cheap. As always, they have treated the owners of this company with utter disdain.

[jack jebb] 17/5/2016 18:25

LOGP unlikely worthless?

I admire your optimism, but there is no evidence whatsoever that Barryroe is in demand, and even it is, would PVR/LOGP shareholders benefit?

It looks like this world of opportunity that Aldersey Williams promised us only applied to the directors.

[cephalosaurus] 17/5/2016 16:21

Someone is getting r2s at a very good price.
Seaenergy are forced to fundamentally change their line of business - again!
If they sell r2s AND rise money from LOGP, they can be a cash shell then redfine their core business - yet again!
OR: LOGP is worthless (unlikely) or takes time to sell. Then Seaenergy have to service the debt where LOGP is worthless/while they wait for disposal preoceeds of this non-core asset.

[stockriser] 17/5/2016 16:21

Ron - "Perhaps there is finally some movement on Barryroe"

That's what I was hinting at in my post dated 12th May .....

SLE - SUSPENDED
LOGP - SUSPENDED
PVR - SUSPENDED
SEA - SUSPENDED

And the common link is .......

[cephalosaurus] 17/5/2016 16:16

Ron:
Further to the announcement on 4 March 2016, the Company confirms that it has sufficient funds to remain trading until the second half of May. Since that announcement, SeaEnergy has been in detailed discussions with a number of potential purchasers for the Return to Scene business ("R2S"), several of which are still ongoing (the "Potential Disposal").

The Potential Disposal would be classified as a fundamental change of business under the AIM Rules for Companies and therefore require the prior approval of shareholders at a specially convened general meeting. The Directors are of the opinion that it is now unlikely that a sale and purchase agreement can be agreed and executed in sufficient time to allow the process of shareholder approval to occur while the Company remains solvent. In addition, the suspension in trading of the shares of Lansdowne Oil & Gas plc, a company in which SeaEnergy holds an 18.67% interest, on 13 April 2016 means that it is unlikely that the Company could currently raise funds through the disposal of its interest.

[stockriser] 17/5/2016 16:16

Is it possible to sell R2S for whatever sum, and as a condition of the sale receive a % of any future profits R2S may make (now that oil appears to be recovering)?

[largeronald] 17/5/2016 15:58

Another question - who would make a non-refundable payment without any guarantee of them getting the company - doesn't it require an EGM to allow the sale?

Unless it's the management (or staff) of R2S in whose interest it is for the company to continue regardless.

[largeronald] 17/5/2016 15:53

How can you be a debt shell?

Who's going to invest in a company that has no assets, but only debt?

[cephalosaurus] 17/5/2016 15:37

It's more a simple case of they having an interest payment they cannot afford in May. They need to pay it. The deal with r2s includes a down payment non-refundable that allows them to pay the debt interest. Desperate stuff. Selling r2s at a loss so they can set it against any future gains, is the only bonus here. Once all other assets are taken care of, Sea will be a cash or debt shell, and then it will have to declare what it intends to do next. Simple

[largeronald] 17/5/2016 14:46

In theory, they wouldn't know about anything price sensitive at LOGP (yeah, right) so as long as they got shut before it became common knowledge...

[reesyheli] 17/5/2016 14:41

You reckon they could get away with that without a visit from Mr Plod Ron?

Be interesting to find out.

[largeronald] 17/5/2016 14:04

Perhaps there is finally some movement on Barryroe and they want to get rid of R2S on the cheap to their pals pdq before the money from that appears.

[largeronald] 17/5/2016 13:30

JJ - the deal certainly doesn't leave SEA with no debt - how much debt will be left is another secret.

"The Directors anticipate that the proceeds of the Potential Disposal, if received, would be sufficient to repay the bank overdraft, nearly all of the Group's secured debt and a proportion of amounts owing to unsecured creditors."

Note use of the words "nearly" and "proportion".

edit: What is interesting is how they propose to service this remaining (and no doubt interest accruing) debt with no income.

[jack jebb] 17/5/2016 13:24

Well and truly dropped Reesy. Not discussing it on here.

[reesyheli] 17/5/2016 13:17

Penny still not dropped then Jack?

[julcester] 17/5/2016 13:06

They still owe the Iraqi's over £1m, so the pot is well and truly empty.

[jack jebb] 17/5/2016 12:50

I couldnt disagree more. LOGP is probably finished. Barryroe has had no genuine interest in the last 5 years; if that had been the case, something would have transpired by now.

Giving R2S away for peanuts just as the oil market is turning makes no sense. I recognise we are between a rock and a hard place, but under no circumstances does it make any sense for shareholders to agree to sell R2S to a 'mystery' buyer, leaving SEA with no debt, and a useless bunch of overpaid incompetents sitting on 'assets' that no one wants.

[cephalosaurus] 17/5/2016 12:40

It doesn't surprise me that the sale will only get breakeven on the debt, which is what? 2-3 million already. It's administration otherwise, the question is, what next? It will be a case of the directors hanging on on a free salary until LOGP is disposed of. The big question then being, what to do with THAT money? It is then that you will want an egm.

[philmiboots] 17/5/2016 12:24

I think I need to go on an anger management course, particularly if the "preferred bidder" turns out to be someone on my "little" list.

Just out of curiosity, as I am rather ignorant of such matters, does any of this apply here? Has SEA been trading in recent months while knowingly effectively insolvent?.....

Trading while insolvent is unlawful in a number of legal systems, and may result in the directors becoming personally liable for a company's debts.
A limited company becomes insolvent when it can no longer pay its bills when due, or its liabilities—including contingent liabilities such as redundancy payments—outweigh the company’s assets. This is a critical point in the lifespan of a company as it denotes when the directors' responsibilities change from the shareholders to the creditors. It also means that the directors need to be extremely careful when considering whether to continue to trade, or not. Any director who knows that the company is insolvent and makes the decision to continue to trade, and in doing so increases the debts of the company can be made liable for the company debts.