There are rules that prevent directors running PLC's into the ground and then buying the assets themselves.
For a start, no director that runs a company into bankrupcy can be a director of any other company for 6 years, iirc. |
Might buy it myself if it drops a bit more! |
If they allow the company to collapse with debts what would shareholders be left to vote for? And what would stop the directors picking it up afterwards for a token amount and within a year or so selling it at a big profit? |
Phil - the company doesn't issue "we know of no reason for the recent fall in SP" RNSes - only "we know of no reason for the recent rise in SP".
However, we may get a new one soon - "we know of no reason why the share price has only fallen as little as it has".
Azioni - it's something I've been touting on here for quite some time.
The whole company now is worth < £1m. Even if JAW doesn't buy it himself, why should anyone who wants R2S pay anything approaching its value when they can simply buy the lot and fire the whole of the SEA board and be left with a profitable company and 18m LOGP shares?
I'm actually quite surprised Rempy hasn't had a punt. |
They are only able to that if shareholders vote for that. I would rather lose it all than give these clowns any reward. |
Let's hope it is not the old directors' early retirement plan trick! You drive a company into the ground followed by a managers' buyout for a few quid and then magically the company recovers and they get a nice windfall from selling it for what it was actually worth in the first place. |
Must be time for another of those "we know of no reason for the recent fall in SP" RNS's.
1p v 2p 50% spread.
Don't know who is the more incompetent JAW or George Osborne. |
"Now the Oil Market seems to be on the rise and about to consolidate around $ 40 and is on it's climb to the next support level of $ 51 -- $ 52"
Is it, jumbone? So unlike the rest of us poor mortals you can see into the future, can you? |
Good find Phil I have to say ousting remp for these morons was the worst move ever. They should never get employment again as they are clearly bone idol and incompetent imo |
from nothing to half nothing
almost all projects have negative NPVs |
"dramatic leap in oil prices" - are we not witnessing that now? In less than 4 weeks the POO has gone up almost 50%? |
My point was more aimed at the carrying value of r2s on seas books isn't a true reflection of its value now. I agree the current so does reflect it better but in a fire sale it will realise still lower value imo. They have 2-3 months to get rid. |
Bones - I'm also not happy with the current situation, but do feel you're being a wee bit harsh in that last post. The last half dozen rns's are now in the past and in the price. Currently, there are a few more plant pots being lined up, so any good news from those and the fact that the POO appears to be reversing will soon move the share price here - in fact if the POO continues upwards with the momentum it now has, then I would not be surprised to see another RNS stating they no longer require funding.
It's funny, but I agree with JB and believe this is a managed drop and the Midleton result was part of that. They knew the POO was nearing bottom, and took advantage. Oh, and it was also a good way to get the price so low that 'persons' could get as much as possible into their S&S ISA's ....lol load of conspiracy, but you never know.
Anyhow onwards and upwards |
how much cash... cash , do they need to survive
they have a huge overhead plus interest
you can only sell the jewels in this situation
r2s must be worth the debt
get rid of it with all the staff |
My suspicion is that this is a MANAGED DROP... blaming the external factors
This BOD knows the value of R2S so... is trying to hive off the family silver on the cheap..to their Cronies.. feigning tough times, low Oil prices and impending commitments.
Some one will surely will call their bluff.. and soon... |
 I guess a good plan would be for Sea to sell LOGP next week at 1.5p, to pay the loan interest, then they can use the few.hundred grand of R2S sale, to keep afloat while they look at their next investment in garden centres. They have a stack of plant pots, so it makes sense. It would be really silly if they keep LOGP because they may go up in value and cause Sea to go oil/gas core, which is off strategy and unacceptable.
Joking aside, it's a pity they have that loan to service, otherwise they could think about growing the R2S asset, and waiting for LOGP cash to further enhance that. Surely, if they were not screwed by this loan, they would not need to consider selling R2S. It should have been diversified, but the BoD being gravy trainers, so it probably doesn't suit them to be creative. What a pity they must be so heavily pressured by the bank, because I cannot believe R2S is not revenue generating. Fact is, as I said before, they got lucky with the large scale contracts that only oil companies could afford during the better times of services companies.
Need a white knight to buy in and buy the debt. |
The RNS says--
"The Board believes that the longer term prospects for R2S software and services remain positive, but any short term improvement in performance would require a rapid upturn in the oil and gas market"
Now the Oil Market seems to be on the rise and about to consolidate around $ 40 and is on it's climb to the next support level of $ 51 -- $ 52
So will this incompetent BOD desist from selling off the family silver?
What will the market reaction to it will be I wonder? |
Stockriser:
May be it's best opportunity for some one with slightly deep pockets to take a large stake in the company and oust this management team
Especially if Remp is so saddened.. May be he will be the white knight |
Stock Riser:
If R2S is valued by the likes of BP. Cheveron and 15 + other Major Oil producers cannot understand why this company is in doldrums.
This is what Chevron's view of R2S:
Chevron has described R2S’s visual asset management system as a “critical element” in the remediation process following a fire at its unmanned Erskine Platform 150 miles east of Aberdeen in 2010. Chevron uses the software across 13 facilities, including its integrated operation centre.
hxxps://www.energyvoice.com/other-news/trainingtechnology/89374/picture-gallery-r2s-image-capture-technology-like-street-view-for-oil-rigs/ |
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