Hi Stewy, I am genuinely sorry you have taken a hit on this.
I still have a decent holding, fortunately, effectively standing me nothing as I left only my Profits in! Still this complete "shambles" is an utter disgrace!
From your conversations with JAW, do you think they realise what they have done and do they really think they are worth their grossly inflated remuneration??
and "freebie" (now worthless) shares.
The "departure" of Chris Moar and Mike Comerford (not to mention Remp) has cost us far more than the current overdraft, which by itself restricts any ability for recovery or expansion of R2S.
They should write a book "How NOT to run a PLC, in 3 easy stages" and donate the proceeds to the other "All at Sea" shareholders.
I sincerely hope some of your other "investments" prove "winners".
Kind regards
KK |
Sad state guys but might aswell call it a day , we had some good days in the past but the writing was on the wall when remp left tbh . My sincere advice is don't invest at all its a mugs game now , sure the odd one could make you a good butty but 98% are garbage and will bleed you dry . I learnt this a few years ago and why I have been bearish ever since . Still doesn't stop me having the odd flutter but it really is a mugs game . |
Thanks Stuart
I know how much time and effort you have put into this and what a waste of time it has proven.
Management have screwed this company into the ground just to preserve their own (undeserved) lifestyle
I'd like to think what goes around comes around but somehow I doubt that will happen.
Good luck to those who decide to stick with this but I'm following Stuart and reducing further
I'll carry on running the BB unless someone wants to start another one but don't expect any support for the BOD until there is a major change in attitude at the top |
It's not you that needs shooting stewy. |
 Today I finally took out the trash today and exited my position at a large loss. After speaking to JAW yesterday, I realised change was not in my control. I'm not going to bore you with what was said (there wasn't anything of note to report), but here are the lessons I learned from this disaster:-
1. A Shareholder action group should be the last resort. If you can exit your position, that should certainly do so before creating an action group. Bad managers will not become good managers just because there is an action group putting pressure on them. Roger Lawson told me to think very carefully before doing this. If I had my time again, I would have exited earlier and just taken the hit.
2. Credible management team is a must, but so is profitability. There are a lot of profitable companies out there. It was a bit foolish of me to look at what this company might have become. In fact the opposite happened.
3. Chose investments where you can sleep at night. The amount of time and energy I put into analysing the Chinese whispers about this company was obscene. My most successful investments take 0% of my time and energy.
On the call last night it did occur to me that JAW could make shareholders lots of money. All he has to do is install a wind farm on his phone :)
Good luck guys and if you see me here again feel free to shoot me.
Best
Stuart |
Odd the price did not drop after that big sell this AM, followed by a 50k buy. Might we just see the "odd" Director buy in an attempt to prop this POS up, and their own "credibility"?
Our Board could virtually buy the entire Company on their combined "remuneration packages", er.....hang on.......
If you haven't read this book - "Snakes in Suits" (about Corporate Psychopathy) - then I suggest you do...... |
'........ having completed a return of capital of £7 million to shareholders.'
I hate to kick a dog when he's down...but the 'return of Capital' was very disappointing and made the alarm bells ring...The share price prior to the 'return' was 36p, as soon as they 'returned' 6p, the share price fell to 30p....so where was the 'return'?...it was a Ponzi style 'return'...they paid us with our own money. |
Ht remp did it when ros was struggling but this shameless lot are just robbing shareholders blind imo and have been for some time . The company is on its last legs now and has nothing going for it , it's going to be a slow painful death as they drag it out as long as they can . More fool anyone buying shares or even taking part in any RI |
What I've seen on the AIM within the past couple of years is that directors, of struggling companies, take a 50% cut in salaries....then top up with shares or warrants to cover the other 50%. This shows willing and encourages the shareholders through difficult times. Paying themselves ludicrous salaries while the company is sliding into the abyss... shows poor management. Reminds me of a Bank manager friend of mine. Many years ago, a small company owner wanted to extend his company's loan.. The bank manager was invited round to the directors house for lunch. In the garden were two very expensive cars, a power full boat, a gardener tending the lawns, a heated swimming pool in the back garden, holiday brochures on the side table...yet his old company vans wouldn't start in the mornings due to lack of services....needless to say he was refused the extension.
The point being...with the large salaries being paid out here...further funds will be very difficult to raise. |
As the article says, r2s top management all left after their earn out came through. What timing !! |
It's been burried for a year or two now Brando hence its unable to bounce and is suffering more with decomposing although one can't seem to see it on here |
not even the dead cat is bouncing |
Jack your expert views don't carry much weight given you have only been here a short time and already sat on a big loss . There won't be any pump in this after the placing . Have to say id laugh if it's another lanstead type deal . An initial spike to 10p maybe then the short it down to 1-2p . What fun the last deal was .
E2s even with its blue chip clients is in decline , profit margin is small and with oil set to stay sub 50 I can see those deals ending once the contracts are up. Combine that with slow take up from the likes of the nuclear sector mean a rocky few years ahead and I'll predict now they will miss profitability in 2016 . They overpaid for r2s your the only one who thinks they didn't but we have seen the proof that what you think is rubbish guesswork the facts speak for themselves look at the graph . |
Seems that way Phil ;-) |
Has the "pump" just started then Stockriser?
;o) |
The issue here is whether the current team can realise the potential of R2S.
Its been used by Exxon, BP (several times), Chevron and Total (several times) and many other oil majors. Its been used by the British Government for security work; its been used by several police forces, nationally and abroard, and in high profile investigations like Hillsborough. It is now being used in other areas.
It is unique technology, which in the right hands, could see revenues at a considerable multiple of the current level.
Are the current team upto the job?
The cost cutting, both voluntary and enforced, is a good sign that they are addressing the problem. Its certainly a step up from PVR for example, where the CEO continues to take a £500k a year salary having achieved the square root of sod all.
I dont think SEA overpaid for R2S. Quite the opposite, but if the current team cant realise its potential, then someone else will.
ps One mistake I made in yesterdays post was saying revenues had increased. I hadnt read the segmental reporting at the time. R2S VAM revenues were down about 15%, as expected. |
6mths and the share price will be saying ....... |
The share price says otherwise tbh , since this lot have got in they have overpaid for r2s hugely , not acted when logp were much higher , milked huge salaries with far too many directors to leave the company plotless , loss making and looking at dilution . And still no signs of things turning or action taken . Logp is dead , as is marine and everything else . This is now simply r2s but with far too many poor managers milking it . Looking at that it is a scam now imo and there is no value or big upside . Will take them years to get any traction in nuclear if ever and by then they will be back for more cash or gone imo . |
Bones - you're right, most are scams. However, they (whoever) make more money by pumping a share 10 fold, than they do on 10yrs inflated salary ;-) And, Seaenergy currently, is being primed for a big pump. However, I do not believe them to be a scam! |
Jack, I could not agree more. Having worked in the nuclear industry for 15 years (now retired), I realise the importance of getting "LIST X" status, which Seaenergy should acquire as a result of the proof of concept pilot project. In fact if, you look back through SEA's BB's, I think you will find that I was the first person to even mention that R2S would be an exceptional tool within the nuclear industry.
"2)R2S getting their first job in nuclear, albeit as a pilot starter project, is significant. Getting work in the nuclear industry is extremely difficult, for obvious reasons. R2S started off in the oil business on small projects, so it all has to start somewhere. The wider and more diverse the reach of R2S, the less dependent on any one area it becomes. The importance of the nuclear job has been completely ignored by everyone today." |
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