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/ |
"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"
amazing how things change..................... |
Bones - SEA may not have to offload their shares if their stake is puchased privately. |
What will probably end up happening is, best case, Seaenergy become an investment shell, and sit on the LOGP shares, which over time could become quite valuable and cover Sea's liabilities. I suspect there will be heated talk by the main shareholders. If LOGP is farmed out, at least the bank will take on a favourable stance over the loans, and keep paying salaries until the BoD are rugby tackeled . |
Ceph - the assets were also the people with SERL.
I still believe that R2S (or part of it) is to be sold, and that alone will pay any outstanding debt. Whatever is left will still have value, along with LOGP of course. And, whats all this about SEA developing a process to reduce the levelised cost of energy in offshore maintenance and operations via meta-heuristic modelling of potential vessel routes. Shortlisted for the Wartsila mastermind competition - winner to be announced on 5th April
also
SeaEnergy PLC has been shortlisted as a finalist in “The Innovator” category for this year’s SPE Offshore Achievement Awards to be held in Aberdeen on 17th March.
The focus of the Group’s nomination is its R2S Visual Asset Management system which provides the oil, gas and marine industries with a tool that increases operational safety and lowers cost by reducing the need to visit the plant or vessel.
Lets just see how things pan out! |
Jumbone that's last audited accounts which hasn't allowed for the huge drop off in value of r2s, they are still carrying its value at what they paid for it roughly not the fact it's worth a fraction of that now. Plus the liabilities I think will end up with nothing to return to shareholders even if they sell r2s. Its game over unless some mad person buys into Barrymore for a huge price. That won't happen and as I said sea will struggle to offload its shares now without causing a big drop in its share price Sorry but it's game over pretty much every way you look at this now |
so,no value in the shares |
Ron - I cannot remember that arrangement at all I'm afraid, but if so, it was made under very different expectations of circumstances. I actually believe that the one saving grace is that their incompetence and lack of foresight led to this situation, as opposed to malice.
Let's hope for the sake of holders, that Remp burns a few ears. |
I bet old Rempy isn't best pleased. |
Ceph - wasn't there some deal conjured up at the share buy back whereby if the company were to be sold, the directors would be in line for a large chunk of it?
Would the same apply if it were wrapped up?
In any event, I can only picture 1 direction of travel for the share capital, and it won't be towards the shareholders. |
Stockriser:
The free float is less than 35 mill out of those 56 mill shares in issue
Total Closely Held >> 21,562,432 or 38.25%
Shares in issue >> 56,361,000 or 100%
Free Float >> 34,798,568 or 61.75% |
Stockriser:
The free float is less than 35 mill out of those 56 mill shares in issue
Total Closely Held >> 21,562,432 or 38.25%
Shares in issue >> 56,361,000 or 100%
Free Float >> 34,798,568 or 61.75% |
LOGP mcap 3.44 million gbp, makes Seaenergy's share worth roughly £621k today.
with an LOGP sharprice of 2.13p.
The last placing for LOGP where directors and major long term holders invested, was at 5p. Let's assume a farm out or sale of LOGP's Barryroe asset values LOGP at 6p.That would give Seaenergy circa £2m asset. Amergin could unlock further value, but lets assume Sea throw in the towel asap, and sell their LOGP as a job lot in some sort of trade sale.
They still need to sell R2S, which is really only worth the sum of it's parts + whatever it's exclusive client base for forensics and oil services may be worth. Buying a media company is subjective in terms of value otherwise, the assets are the people because the technology is freely available to anyone. That means it was bought at a considerable premium by Seaenergy. I bet the R2S directors couldn't believe their luck.
I see at best, break even on their liabilities in the near term. Where does that leave the company though? Presumably they will close down and return capital to shareholders? Let's see. |
And currently only a total of 56 mill shares issued - not many AIM co's could say that! |
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