Subsea Resources Share Discussion Threads

[norm4n] 10/5/2007 09:52

Does that mean my 30pence/share might be safe !!?

[stewart83] 10/5/2007 09:07

The directors are not immune from prosecution they have a duty to shareholders and are held to account IF they have done or caused anthing which is detremental to the wellbeing of the CO

[norm4n] 10/5/2007 08:11

Looks like quite a few jumping off the ship today

[still waiting] 09/5/2007 21:07

LOL

Why anyone is still holding this is beyond belief, the directors should be sunk for the way they have run this co.

R.I.P

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[still waiting] 09/5/2007 21:07

LOL

Why anyone is still holding this is beyond belief, the directors should be sunk for the way they have run this co.

[captainfatcat] 09/5/2007 20:33

No glimmer of light at the end of this tunnel for holders then. Just more bad news.

A little Parrot tells me that the childrens TV program Jackanory is to be renamed Gleaveanory in tribute to MG's story telling skills...

[billie4] 09/5/2007 20:27

The £7m they raised seems to be gone already! Does this mean they were trading when insolvent in October? It looks as though some directors friends / investors must have had deep pockets to refinance sub to avoid trouble.

[gwr7] 09/5/2007 18:53

Down down, deeper and down....

[vmjmurphy] 09/5/2007 08:49

You're welcome, captainfatcat.

[isis] 09/5/2007 08:18

I still think this Company is a Wind-up and Beadle will pop-out!

[luchan] 09/5/2007 08:11

Chaps,

the thing I don't understand is they have a sub that goes twice as deep as the ship can winch out of the sea??? What's the point in that.

luchan.

[dssaime] 09/5/2007 08:08

i am not surprised SUB owes creditors £2.3m from last years fiasco salvage attempt. there was a line or two hidden in the previous reports that suggested this level of debt. what is possibly more worrying is that as SUB shifts focus to historic treasure wrecks, which is their only option with a light-weight vessel like the JL, they appear to be closing the door on their previous two best historic treasure wrecks - Gina and Ella. what does that say about their vaunted database of treasure projects and judgement in picking which wrecks to target?

[petergoddard] 09/5/2007 08:04

The saga continues!! This share should carry a Govt. "Wealth" warning. Though at least one assumes that there will be some cash flow in from the "third party surveys".

[norm4n] 09/5/2007 07:16

Whats a 'project farm-in'? doing a recovery for someone else? or getting another company to do a recovery for SUB ?

[isis] 09/5/2007 07:08

I see it more as a Romantic idea than a feasible business the way it is being run.
Any number of factors can easily sink this and that is what seemingly happens time after time.
This is a Real Shipwreck.

[still waiting] 09/5/2007 07:05

Still need more funding!!! Can you believe it.

[xonghile kudu] 09/5/2007 06:56

It would be very easy to do a MBO scam with a company like this.

Spend 4-5 years building up an accurate database of a few projects (on the quiet) at the share holders expense. It's impossible to track what they might know.

Drive the share price down on bad or indifferent news.

Launch an MBO to 'save the company' at a riduculously low price. Quickly recover 2/3 wrecks with a tip top John Letheridge and all make a small fortune.

Not saying this is happening here...just thinking aloud...

[nilip] 09/5/2007 06:54

Could be some excitement from Miranda :


"Miranda" is a freight ship sunk in the North Atlantic carrying a cargo of nickel, with an estimated gross value in the region of US$ 120 million.

[isis] 09/5/2007 06:48

This is a real waste of time - gambling on the commodity markets would produce a better result.

[edmondj] 09/5/2007 06:31

Well done tombarr, for consistently warning about this Mickey Mouse company:


SubSea Resources PLC
09 May 2007


SubSea Resources plc

Operational and strategic update

The Board of SubSea Resources plc ('SubSea' or 'the Company'), an AIM-listed
company which specialises in the recovery of high value non-ferrous metals and
other valuable cargoes from deep-water ship-wrecks, has completed its
comprehensive review of the business and is taking this opportunity to update
shareholders as follows:


Operations


Following its dry dock visit to Vigo in Spain, SubSea's survey vessel, John
Lethbridge, has received approval for its five-year inspection certificate from
Lloyd's Register of Shipping. A programme of enhancements, including to the
thrusters, the generators and accommodation, has been undertaken. Sea trials
have been completed satisfactorily.

SubSea's Remote Operating Vehicle ('ROV'), which is used for target
identification & light recovery, has been successfully tested to a depth
capability of 5,250 metres.

A lifting winch is planned to be installed shortly on John Lethbridge, with a
capacity of 25 tonnes to 2,000 metres depth.

Planned operations for Summer 2007

At the time of the Placing of shares on 18 December 2006, the Board assumed that
there would be a 'Ship for Interest' contract for the salvage of Celia in Summer
2007. On 12 February 2007 the Board announced that it believed it was unlikely
to secure such a 'Ship for Interest' contract for employment during Summer 2007.
The lack of a 'Ship for Interest' and ensuing salvage recovery during Summer
2007 has seriously reduced the Company's projected cash flow.

Accordingly the Company's operations are necessarily focussed on the John
Lethbridge, with three projects and third party work currently planned for this
summer, of which the principal short-term economic objectives are firstly
revenue from third party survey projects and secondly the search for and the
potential salvage of an historic wreck.

As the initial project and to seek to maintain the Company's contractual
position with the cargo's insurer, the Board intends for the John Lethbridge to
return to the site of 'Celia'. Salvage was undertaken in Summer 2006 by the
Geomaster, which was on hire to the Company and around 445 tonnes of copper and
around 115 tonnes of zinc was salvaged. Using the capabilities of the John
Lethbridge, it is planned to undertake some light salvage.

It is then intended that the John Lethbridge will return to the 'Miranda' target
search area visited in October 2006, where around 40% of the search area was
surveyed, and complete the survey. 'Miranda' is a freight ship sunk in the North
Atlantic carrying a cargo of nickel, with an estimated gross value in the region
of US$ 120 million.

As one of its principal economic objectives for Summer 2007, the Board plans for
the John Lethbridge to search for an historic wreck. Should such a vessel be
located, the Board will decide whether to deploy the John Lethbridge to recover
the cargo during Summer 2007 or subsequently.

Finally and crucially, as its primary short-term economic objective, certain
third party survey projects may also be conducted by the John Lethbridge during
the Summer 2007 season to provide essential short term cash flow. Preliminary
discussions have started.

However, the Board does not currently anticipate the John Lethbridge returning
to the site previously identified with the 'Ella' project, a 19th century
bullion wreck having a precious metal cargo. This is principally on account of
the operational difficulties associated with the site including cross currents
and debris over the wreck.

Governance

The formal framework for Corporate governance at SubSea has been updated
(including the Terms of Reference of the Audit, Nomination and Remuneration
Committees). Full details are available on the Website www.subsearesources.com,
which has recently been re-designed. The Company is also seeking to recruit a
new non-executive Director to chair a new Health, Safety & Environment ('HSE')
committee.

Disclosure policy for planned and active operational projects

SubSea has previously disclosed information concerning each of its existing and
planned search operations. In order to protect the identities of the targets of
its planned search operations, and in the context of developing best-practice in
the industry, the Board has decided to be more circumspect in disclosing
specific information relating to its search targets until it has located the
targeted shipwreck or shipwrecks and determined a course of action to protect
its intellectual property rights.


Finances


As at 31 March 2007 the Company had net debt of £0.9 million, comprising a £5.0
million Loan repayable in 2011 and cash of £4.1 million. The Board estimates
that as at 31 March 2007 the outstanding Creditors were around £2.3 million,
leaving Free Cash (excluding the Loan of £5.0 million) of around £1.8 million.


The Company has a covenant with its Loan provider that it will keep a minimum
£1.0 million cash.


Funding requirements

A critical element in successfully achieving the Company's strategic objective
is the financial strength and operational resilience required to identify and
subsequently undertake the salvage of deep water commercial cargoes. Accordingly
the Board is very actively and urgently considering new potential business
models and associated funding opportunities, including project farm-ins to one
or more of the wrecks identified in its research database. The Board will
provide further information in due course.


Preliminary Results


Following his appointment on 1 May 2007 as the Company's Chief Financial
Officer, Edward Cox has initiated a review of the Company's accounting policies
and estimation techniques to be completed ahead of the publication of the
Preliminary Results to 31 March 2007.

Longer term plans

Based on the Company's research, survey and proven salvage capabilities, the
Board is confident of Subsea's operational potential. The Board continues to
work towards the essential strategic objective of securing the supply of a large
recovery vessel, such as is needed for the completion of the salvage of 'Celia'
and for the further access to deep water commercial shipwrecks, such as
'Miranda' and other identified targets.


9 May 2007

[captainfatcat] 06/5/2007 10:54

VMJ kind words indeed thank you.

[petergoddard] 04/5/2007 13:43

I just went into the time machine!! The word was "scamming" and the post is number 2006!

[petergoddard] 04/5/2007 13:39

It's interesting to read around post 2019 [I think] when "you know who" claimed to be getting cold feet and actually mentions the word "scammed"!!!!

[vmjmurphy] 04/5/2007 12:39

I think we know who you mean, Peter ...

I got out at about 33 with a small profit, also before the share price shot up - and for a while thought I may have got it horribly wrong...

[petergoddard] 04/5/2007 11:53

True VMJ.

But I have to thank one of the "bulls" or should I say "bullsh...rs" on here [we old timers know who I mean!!] who was so naive and so full of it that he actually put me off buying in at around 28p, before SUB shot up both on the
"irrational exuberance" of some holders and the "value" given of the list of wrecks put out by a previous director early in 2006!

This share is in many ways just like any mining prospecting or oil exploration share. However the risks involved are probably even greater - a point that was definitiely not understood by those who lost money.