The dragons wouldn't be able to see Sigsworth. He was known in a former role as the invisible man, apart from when he was driving his beamer home ; ) |
This line in the half yearly report actually made me laugh,
"we anticipate a return to profitability in 2016."
Clearly I blinked at the wrong moment and missed SEA's earlier profitability... |
ROFLMFAO!! |
I'd love to see the SEA board stand in front of the dragons and pitch..
JAW: 'Hello Dragons, We are SeaEnergy.. a few years ago we sold some wind farm licenses for £30m and had about 5 strands to the business all with huge potential. We also had the opportunity to sell our oil/gas interest for tens of millions but decided to watch the value fall to next to nothing. We also gave away a big potential asset as a farewell present, as well as £2m cash, not forgetting the £7m cash we gave away to short term market traders as a tender offer. After buying a camera for £10m two years ago I am pleased to say that with everything considered, our company is now worth just under £3.5m and is falling daily. Thank you for listening'
PETER JONES: 'You've got to be joking?! and what do you pay yourselves?'
JAW: 'I'm on £175,000'
PETER JONES: I'M OUT' |
Phil the tend to just write it off against tax losses when it's as bad as this . I really don't see any way back from here just a long drawn out death . The details of the fund raising im looking forward to seeing but I sudpect im in a minority as most will probably not be happy with what's to come . |
In SEA terminology, how long is "the foreseeable future"?...
"Going Concern
The Directors have prepared the interim financial information on the going concern basis which assumes that the Group and Company and its subsidiaries will continue in operational existence for the foreseeable future."
Next week, tomorrow, this afternoon?
What a POS.
Where are the large shareholders in all this who have lost a packet (on paper)? Not bovvered as creamed off more than enough already or what? |
Korki - quite.
Something I found puzzling in the accounts - they turned over £1.8m not counting £900k from ship management. Last year it was £2.5m - was that including ship management?
If so, like for like (I'm assuming the revenue from ship management was roughly the same), they're actually doing slightly better.
So probably not. |
Well, it is interesting to note that our esteemed Remuneration Committee saw fit to reward our former Operations Director, Mike Comerford a rather handsome "golden goodbye" payment of £ 228k.Paid out from our overdraft.....
Their generosity towards current and indeed former Directors knows no bounds! |
Ron yes that's pretty standard. Whatever the deal it will be done based off their recent share price so isn't going to be attractive for existing holders . It's all but said raising equity via placing reading it . They will have gone to some investment bank like lanstead and agreed in principal a price and amount . Bear in mind the overdraft needs paying off then working capital required on top . So expect quite a few extra shares to be issued
Jack this is the best share in the world buy as many as you can like you keep saying its a bargain and have for months . Please buy millions of them , I'm sure you will get your deserved rewards . Tit |
Gerry - it all depends what the agreement in principle is - if it's just an increase in the overdraft, fair enough. If it's something along the lines of the previous Lanstead deal, then not fair enough at all.
Isn't there something also about them being able to issue an extra 10% of shares without going to the shareholders? |
 Gerry that reads like a placing does it not ? It's not like they have anything worth selling to raise funds . Only other posdible way is increased loan but that's not raising of funds . Share issue in some form I reckon and the share price has suggested as much . Either way it's a lame duck and may well be a case of when the misery ends .
Jack tbh I have known for some time you don't listen and told you that you would lose money here even though you thought otherwise with your poor I'll informed comments . I have no time for you unlike those I have known for years on here . I am very aware of everything what has happened and has gone on unlike yourself , I can also read a set of accounts a skill not many can properly . So won't waste time on you .
From here it's a very long s miserable road , low oil prices are here to stay for some time , r2s looking nothing like a good prospect and the leeches still chewing away . This is not something worth investing in imo and the decline has prove. That correct so far . Really sorry for the old timers it's never easy selling on a loss but it was the right call . Now it's bottom draw for the grand kids at best imo . |
Bones
I am sure you are right, as you are you are about everything. It must be nice to always be right and be in the lucky position to tell everyone else how stupid they are. |
Bones, I am not sure that you are right about a placing, this extract from today's announcement suggests not:
"The Company has an agreement in principle for additional working capital funding, to reinforce its financial position before the anticipated upturn in 2016, and expects to make further announcements on this in due course." |
JJ - R2S may well have been worth £10m then, but it wasn't being sucked dry by directors' salaries.
Obviously worth considerably less for as long as that goes on. |
The results were exactly as expected imo, as guided by the trading update a few weeks ago.
£3.3m market cap now, for a group that bought R2S for £10.1m barely over a year ago. |
Unless we see strong director buying in the next day or two, I agree with you. There is no closed period now, and everything is out in the open.
I'm glad to see we have gone nuclear. I know the feeling. |
maybe JAW will have to go... he has a problem 'reading' the markets. His purchase of 40k shares in LOGP at 26p gives a clue to where this is going. |
JAW and his 200k plus package has to go. |
'Working capital position being addressed'
sounds like a placement... |
You've spoken to Asterix?
:o) |
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