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Having sold their remaining vessels and equipment for a little under US$ 2 million for a loss against book of US$ 6 million they will be left with around US$ 10 million of cash, a couple of licenses in Columbia which appear to be cash drains, a receivable from a debtor that is probably unwilling and unable to pay backed by now worthless collateral and outstanding loan notes and interest to the tune of around US$ 25 million. So safe to say there will be no value for shareholders. Management incompetence or something worse. They acquired 3 vessels from the controlling shareholder for the forgiveness of a receivable of US$ 8 million in 2017 and sold the vessels for US$ 0.7 million. They additionally acquired the Rider Barge from the controlling shareholder for the issuance of loan notes of US$ 6.1 million and have sold it for US$ 0.4 million. One might conclude that it was an elaborate scheme to extract the value from the Company and transfer it to the controlling party.
The SP is holed beneath the surface and shipping water at a rate of knots. I wouldn't invest here even in the hope of a salvage operation but I suppose it is whatever floats your boat
I'd say most holders are giving a large wave goodbye to their investment. You would need sonic radar to find the bottom. I can;t sea many investors shelling out for this now when it is already on the rocks.
You're scraping the barrel for a dead cat bounce on a company with debt many many multiples of the MCAP.
Good luck
The company had 20 times cash than current mkt value. I am not selling for a penny. We may never hear of them again of course. But in the past I have got 600 per cent back from a delisted so not all lost yet.
SP is looking salty and the company itself all at sea! I certainly wouldn't shell out for some of these as I bet most investors are under water on their investment!
And find some quality undervalued stocks. Any ideas?
Well I am expecting a stream of rns for a sale of each of the vessels. However it’s very risky to buy with a delisting rns. Maybe the board will change their minds? Very risky punt! Not for widows and orphans.
As far as I know the only time you ““have” to sell any shares is after a takeover offer has been accepted by the bulk of shareholders at a GM.
You will just hold shares in the private company, they could be harder to trade, you will be unable to hold them in an ISA or CREST account and normally have to get you or share certificates in paper form or transferred to a broker who can trade them.
Even if a company goes bust you can still keep your share certificates, but apart from the memory of a lesson learnt, sentimental value or a tax right off they will normally be worthless.
Never posted on here and only have a small holding. Just a quick question for anyone willing to help. Do we have to sell are holding or can we keep a hold off them.
Holders shouldn’t loose the lot, but could loose part or a lot, I think the group of companies or the company itself will buy the remaining 27% of shareholders out via the MFB. The unknown is At what price. 2p costs them £300k 5p costs them £700k 7p costs them £1m. The company has the cash to do it, the investment groups want to push it. As there are multiple parties voting for the delist I’m expecting one party to buy in open market before the delist. That could give me a chance to either make a few quid as a simple trade or possibly take my stake out leave a few in and see what happens with them. “The Company has made arrangements for a Matched Bargain Facility to assist Shareholders to trade in the Ordinary Shares to be put in place from the day of Cancellation if the Resolution is passed.” Or I loose and end up with nothing.
I was waiting for this news... if it wasn't delisting it would have shot up to 10p before.... £1.1m mcap - the vessles will raise more than that imo.
Not sure what happens to remaining shareholders after delist - lose the lot? Who knows?
Getting Live quotes of 2.15p to sell, lvl 2 has one mm left on 2.5p then they are all on 3p. only 14m free floating shares that are not in their hands. Still Time for a squeeze.
http://www.dmcltd.com/index.asp Is it any of the equipment listed here? Ps currently 1.71p to sell vs 2.4p to buy, buy price still rising on almost every trade since the drop.
Gm to delist on 2nd july
It really is a game..! Go to delist on 2nd July.. auction concluded by 29th may
NAUTILUS MARINE SERVICES PLC (the "Group" or "Nautilus") Sale and Marketing Contract for Offshore Service Vessels Nautilus Marine Services PLC (AIM: NAUT), announces that, further to the announcement on 31 May that it was considering "the potential sale of the currently owned offshore service vessels", it has entered into a sale and marketing contract with M&E Partners LLC and Dixon Marine Consulting, Ltd. in relation to its six offshore service vessels and related equipment (the "Assets"). It is anticipated that the Assets will be offered for sale at auction on or before 29 June 2019.
Well I took a small punt this morning in the 1.7s, with a guess that the 72% holder might think it worth buying a few in the open market beforehand. worse case I will have to wait and see what price the company offers with the MBF. 50/50 GL “The Company has made arrangements for a Matched Bargain Facility to assist Shareholders to trade in the Ordinary Shares to be put in place from the day of Cancellation if the Resolution is passed.”
So why would you buy shares at 2.3p when they have to increase to more than 3.3p to break even and then have to be sold by 01 July 2019 before company goes private?
Yes and real ask defiantly jumped. Interesting
Humm, £20k between them and nearly 2% of the company purchased right there.
"The Group had a positive working capital position of $17.6 million at 30 June 2018".
Just a year ago.....nearly 20 times current mkt cap.
Why rob a bank?
so how come market cap is less than one million?
And you weren't wrong. Mickey Mouse outfit. Too many of them on AIM. P*ss Poor regulation.
Don't say that you weren't warned. This is my post from 1/6/18.
" The administrative expenses alone are over 6 million dollars a year. For what? At this rate, it won't take long for all the cash to be extracted from this company. I presume that it will then be quietly closed down or the directors take it private for a nominal sum".