JJ - You're quite right, the contract was won in a competitive tender, but that info was only provided yesterday by a separate RNS to the half year report. Don't know how I missed that RNS - must be slipping.
GL SR |
Was it a freebie? They said in the half year report that it was done in a competitive tender. |
I have to give the board a pat on the back for securing this, even if it is being done as a 'freebie', as it is purely a proof of concept technical photographic survey. It is extremely difficult to get through the gates of these establishments, never mind being allowed to photograph the sensitive areas. |
 From Energy Voice:
R2S sees more nuclear potential after Dounreay project
Industry News
Written by Keith Findlay - 25/09/2015 6:00 am
An Aberdeen firm best known for its photographic work on offshore installations and at crime scenes is to carry out a technical survey as part of the decommissioning of the Dounreay nuclear plant in Caithness.
Return To Scene (R2S) will use its visual asset management (VAM) system to produce images of part of the complex, which will in turn be used in support of dismantling and restoration work at the site.
The R2S team is already on location and project delivery is anticipated by mid-October.
R2S is owned by Westhill-based offshore energy service group SeaEenergy, whose chief executive, John Aldersey-Williams said the “proof of concept” work at Dounreay could be the forerunner of more projects in the nuclear industry.
He added: “Having proven the value of R2S within oil and gas, another industry comprising complex infrastructure and challenging operational environments, we are confident that this … will demonstrate efficiencies in cost and time and improved collaboration for nuclear too.
“It is very exciting to be involved in the decommissioning of Dounreay and we look forward to developing our relationship with DSRL (Dounreay Site Restoration Limited) and the wider nuclear sector.”
The image capture technology used by R2S will allow for safe investigation of key infrastructure fro a safe distance, via a desktop or laptop computer.
R2S was acquired by SeaEnergy in August 2012 in a deal potentially worth more than £10million.
SeaEnergy described the takeover at the time as its first “significant move” towards fulfilling its strategy of buying and building energy service businesses, while R2S said being part of a plc would help it realise its international growth ambitions. |
Keep the faith Bones, I am sure something will materialise out of the blue. |
No I don't believe there is any upside here . Fund raising and management wastage will make the share price drift lower over time . R2s whilst a steady little earner if the market picks up isn't anything world beating or extremely profitable . I don't see the point of waiting around watching them take their salaries and losing small amounts of cash for the coming years tbh surely people can find better shares than this to invest in which might at least do something special .
Ace up their sleeve like what ? Logp is pretty much done and dusted and looks to raise cash soon so even more dilution and lower share price r2s in decline and not the best market to be in oil , exiting marine won't bring anything in . What else do they have worth anything ? |
Bones, from what you are saying it sounds as though you have no confidence that the share price will ever head north again. Is that what you think (serious question) - or do you think there might be an ace up their sleeve? |
That and a lack of big growth and profit options was the biggest issue I had since remp went . Marine management , r2s etc hardly look set to create huge returns . At to that the inept management , overpaid and overpaying for r2s it really is the end of an era and a company with nothing going for it . At least with remp he had big dreams and almost succeeded . This lot look like they are sorting their retirements out |
I did mention in 2012 the directors were taking too much out of the business.The next one that concerns me is CCE but dyor |
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 |
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