Penny still not dropped then Jack? |
They still owe the Iraqi's over £1m, so the pot is well and truly empty. |
I couldnt disagree more. LOGP is probably finished. Barryroe has had no genuine interest in the last 5 years; if that had been the case, something would have transpired by now.
Giving R2S away for peanuts just as the oil market is turning makes no sense. I recognise we are between a rock and a hard place, but under no circumstances does it make any sense for shareholders to agree to sell R2S to a 'mystery' buyer, leaving SEA with no debt, and a useless bunch of overpaid incompetents sitting on 'assets' that no one wants. |
It doesn't surprise me that the sale will only get breakeven on the debt, which is what? 2-3 million already. It's administration otherwise, the question is, what next? It will be a case of the directors hanging on on a free salary until LOGP is disposed of. The big question then being, what to do with THAT money? It is then that you will want an egm. |
 I think I need to go on an anger management course, particularly if the "preferred bidder" turns out to be someone on my "little" list.
Just out of curiosity, as I am rather ignorant of such matters, does any of this apply here? Has SEA been trading in recent months while knowingly effectively insolvent?.....
Trading while insolvent is unlawful in a number of legal systems, and may result in the directors becoming personally liable for a company's debts.
A limited company becomes insolvent when it can no longer pay its bills when due, or its liabilities—including contingent liabilities such as redundancy payments—outweigh the company’s assets. This is a critical point in the lifespan of a company as it denotes when the directors' responsibilities change from the shareholders to the creditors. It also means that the directors need to be extremely careful when considering whether to continue to trade, or not. Any director who knows that the company is insolvent and makes the decision to continue to trade, and in doing so increases the debts of the company can be made liable for the company debts. |
Jack Jebb - The shareholders will either agree to sell R2S or it's administration. Either way it gets sold and the shareholders get screwed. |
They represent less than 25% of the shares. For the majority 75%, there is no upside in voting to sell R2S on the cheap to keep these clowns in a job.
I would be surprised if Remp votes in favour, unless he has a vested interest to do so. |
Jack
Ask yourself why certain major shareholders refused to back the call for the EGM
Penny dropped yet? |
Classic,
Prob management buy out with cash paid by plc. |
They cant do it unless shareholders agree. What is the point of any shareholder agreeing to it? |
So the amount to be received from the "preferred bidder" won't even be enough to pay off the company's debts. Our esteemed leader is flogging off R2S for a pittance just as the price of oil is recovering at a rate of knots and R2S contracts will no doubt recover accordingly.
Who'd have thunk it?
edit: I wonder what kind of deal JAW has done with the "preferred bidder" to carry on receiving his hard-earned salary? |
Definitely reesy :( if things continue like this on the shares scene could 'money monster' become reality ? I wouldn't be brave enough to take this much pi$$ out of people. These board types must be hard b@$tards |
Wouldn't be at all surprised to find the "preferred bidders" turn out to be a bit closer to home. |
In that case all shareholders should vote against it imo. Buy it at the top, sell it at the bottom.
Good business. |
Reads as we will use r2s money for us.....you get nothing |
SLE - SUSPENDED
LOGP - SUSPENDED
PVR - SUSPENDED
SEA - SUSPENDED
And the common link is ....... |
 bones698. How can the referendum election result be rigged? I think you are kidding yourself if you think that a lot of the LEAVE votes will not be counted. You're in Cloud Cuckoo Land if you think the Electoral Commission will tolerate fraudulent voting.
I'm not even bothering to vote. I'm too old to bother! In fact I think all pensioners shouldn't be allowed to vote in the referendum; after all it's the young peoples future at stake not that of OAP's.
I still think there will be similarities with the Scottish referendum. When it comes to the crunch many potential LEAVE voters (including OAP's) will grudgingly change their minds and vote to keep the status quo. It looked likely right up to the very end, in the Scottish referendum, that it would be a close run thing, but the eventual vote was 55% to 45% to stay in the UK.
Anyway the proof of the pudding will be in the eating; we shall find out the result in June. As it is the whole IN, OUT, debate I find very boring. Both sides are making outrageously false claims based on no proof whatsoever. Propaganda!!
Anyway I digress. That's all I'll say on the referendum. I'm bored stiff with it. It's looking odds on that both SEA & LOGP will go into administration. Just a question of time. I'd like to be proved wrong, but I can't see it happening. Only a Barryroe farmout can save them, IMO and PVR couldn't sort that one out even when the PoO was over US$100 so what chance now? |
Hope so Ron. 😁 |
Ceph - you'll see bones extolling the virtues of SEA management before you see Turkey in the EU.
Why?
a) It's a police state.
b) It only needs 1 of the existing 28 countries to veto it. |
Ceph - haven't you just answered your own question?
Vote LEAVE, you know it makes sense (just like buying SEA shares made sense once!!). |
Pap i take it you dont watch american elections?dont kid yourself this lot is any better than to stoop to such levels . Ill be voting out short term pain long term gain . I reckon the feeling is much different to scotland in england this is more to do with imigration than there and we know how wrong the polls can be look at the lasy election. Easy to do a poll online or on your mobile , much more like hard work to get up and vote especially for the young ones ,the majority of which want to stay in because they havent witnessed the sheer stupidity that is europe. Anyone remember the straight banana saga or the spanish robbing our fishing industry etc. Besides most hate us so screw them let them pay instead .
If your in any doubt which way europe is going have a look at the list of nations applying to get in or already been let in . Says it all |
"Step into the unknown" - a bit like buying into SEA all those years ago.
I'll certainly be taking another "step into the unknown" and voting leave next month. |
Those "bent" politicians can't rig the referendum vote. That's a conspiracy theory too far. Cameron is NOT Putin; the UK is NOT Russia.
I think we'll vote to stay in. It will be similar to the Scottish referendum vote. At the last minute many voters will get cold feet and will vote to stay in; to uphold the status quo. Even in early 1916 it's reckoned that most Irish voters would have voted to stay in the UK. The Easter rising changed all that.
Many voters will fear the unknown; we have been part of the EC for over 40 years. Leaving is a step into the unknown. |
Not that anyone is likely to be interested but i have been watching the ftse closely for the last few months as i have been waiting for its impeding colkapse which i predicted over 12 months ago . Whulst it has dropped from 7150 to under 6000 recently i still believe another big drop is looming . When the markets are quiet it creeps up and even on mild bad news , only with major bad news is it falling . Sooner or later all the realisation that things are worse than they really believed will hit home . I stand by my sub 5000 prediction and think even lower if we exit the eurozone. I see that as a possible huge catalyst one way or the other although world growth etc still point to a disaster .
Personally i will be voting to leave hopefully with the added bonus of cameron resigning attached . Think those polling to stay in wont make the effort to actually vote whereas those who want out will being the difference . Although i have a nagging suspicion these bent politicians will rig it somehow so we stay in .
How is everyone far too quiet on here although understandable |
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