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Started: Fallingknife1, 28 Jun 2019 16:06
Last post: Germanicus, 1 Jul 2019 05:42
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
Started: Fallingknife1, 7 Jun 2019 16:28
Last post: Fallingknife1, 27 Jun 2019 16:09
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!
Started: itisagame, 7 Jun 2019 13:19
Last post: itisagame, 7 Jun 2019 13:19
And find some quality undervalued stocks. Any ideas?
Started: Bibzy7, 5 Jun 2019 14:21
Last post: itisagame, 5 Jun 2019 14:46
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
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?
Started: itisagame, 3 Jun 2019 11:52
Last post: itisagame, 3 Jun 2019 11:52
Yes and real ask defiantly jumped. Interesting
Humm, £20k between them and nearly 2% of the company purchased right there.
Started: petertee, 2 Jun 2019 13:55
Last post: barnetpeter, 3 Jun 2019 10:58
"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?
Started: oldandtired, 31 May 2019 20:22
Last post: Coggy, 1 Jun 2019 00:19
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".
Started: petertee, 31 May 2019 15:03
Last post: petertee, 31 May 2019 15:03
Plus the loan notes were redeemed.. so it’s got a nav of about 20m usd.. however who would trust this board!
Wed, 6th Mar 2019 07:00
RNS Number : 9509R
Nautilus Marine Services PLC
06 March 2019
NAUTILUS MARINE SERVICES PLC
(the "Group" or "Nautilus")
AUDITED FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2018
Nautilus Marine Services PLC (AIM: NAUT), the Group focused on making strategic investments in service providers, technologies, and assets to offer integrated and innovative solutions for multiple offshore service industries, today announces its audited final results for the year ended 31 December 2018 (the "Period").
Highlights:
· The Group received multiple offers for its Colombia operations in late 2018, many on terms that, if realised, would be agreeable to the Company. As announced in January 2019 (post-period end), it is therefore likely that the Company will divest of its Bolivar and Bocachico contracts or the entities holding them (the "Disposal Group") during 2019. Accordingly, the Disposal Group has been classified as held for sale at year end. In accordance with International Financial Reporting Standards ("IFRS"), the Group has reported these assets and their associated liabilities as a "disposal group" within its Consolidated Statement of Financial Position as at 31 December 2018, and income/(loss) from the Disposal Group are reflected as discontinued operations within the Consolidated Statement of Comprehensive Income for all periods presented.
· $11 million cash as at 31 December 2018.
· Losses from continuing operations of $9.2 million, representing a $2.0 million decrease in losses as compared to the prior year period.
· $1.8 million (64%) decrease in operating expenses for offshore vessels and equipment as a result of cost reduction initiatives implemented during late 2017.
· $1.1 million (20%) decrease in administrative expenses for continuing operations primarily due to staffing reductions within the corporate group implemented during 2017 and 2018.
· $643 thousand gain on disposals, primarily due to sales of non-strategic offshore vessels and equipment during the year.
· $666 thousand impairment charge on certain vessels within the Group's offshore fleet as a result of decreased third party fleet valuation reports at year-end.
· $1.7 million impairment reversal (included within income from discontinued operations) as a result of the initial measurement of the Disposal Group to the estimated recoverable amount of fair value less costs to sell upon classification as held for sale.
What is fair value?
Started: petertee, 31 May 2019 13:02
Last post: petertee, 31 May 2019 13:02
SP
Started: mannnan, 31 May 2019 11:50
Last post: Coggy, 31 May 2019 13:01
Im good mannnan, how's you?
how are you
Last post: Mattrader, 31 May 2019 11:21
I remember when this was GED with £30ish million in the bank. Shocking how it's got to this point.
Hope you got out before today?
Started: Hugh-Jarse, 31 May 2019 09:10
Last post: Hugh-Jarse, 31 May 2019 09:10
Tiny freefloat. the new people seem to own over 60%?
A couple of buys from the new NED's wouldn't go amiss too.
Still here, but may have to take a 40% hit if things dont move soon.
Interesting moves afoot. And shows how low freefloat here is... imo.
Still way below cash... and you know how it is... "bad" news first... ;)
How do you do it Babbler? Lol
Wish they'd hurry up and sell Colombia.
Opportunity to be had today... imo.
Can't find where I read the $75mill at now. Anyway, just got to wait and see how it pans out.
In the last account valued it at $10m?
I think both Company's are dodgy tbh. Who buys a load of old boats any lays them up? lol
Reading their website, they valued their Colombian asset at £75mill pre oil price crisis, then at £0 in 2015. It had to be worth something, so it was possibly just an accountancy write down and now the oil price has recovered somewhat, let's hope they realise that £75 mill price tag in the imminent asset sale.
Fingers and everything else crossed.
Started: Coggy, 20 Feb 2019 09:16
Last post: Coggy, 20 Feb 2019 09:16
Babbler. How dare you cast aspersions against little 'ol FRR?
LMOA
You don't need a miracle here... just patience... FRR however... no comparison!
Coggy, still more movement than or beloved FRR though :-(
Not sure which one to wish the miracle on.
big trades today. £50 and £18 lol
Something fishy going on. :)
At this price? Nope... might add soon though...
Is that you Babbler, offloading 100k? lol
From advfn. Special divi likely on sale. Dent holders won't be able to have that unless they convert. Hence the high conversion price. Of course pinch of salt required but sounds feasible.
the Finncap presentation on their website. They had 11 vessels in 2017. Sold two last year. Shirley 9 ships has got to be worth more than our current market cap. Plus they've about $10 mill in cash.
No ramping needed.
can I get a copy of their Aim admission document? Checked their website, but can't see anything there. Just wondering who else has loan notes that they may wish to convert.
Perhaps... if people actually held into rises... but guess profit is profit ;) 14p still my initial news target (if good of course).
Primed for lift of (Maybe) lol
You and me both - leaky ship this one... pun intended ;)
Hmm. This morning's buyer(s) have scuppered my dastardly plan.
I'm all in on this thing if I see 7.6p on the ask as should be supportive.
GLA
Normal market now - can buy and sell nicely. Spread tightened. Not selling my golden tickets just yet... imo will buy more IF drops back to 7p.