We would love to hear your thoughts about our site and services, please take our survey here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Hi Ecologist - that was the point of my earlier post about my discussion with the FD - your experiences echo mine; I was concerned that SRT would be getting into that to win contracts, but he was adamant that all there has been a culture shift and most emerging nations try to be squeaky clean. (Not sure about Nigeria!)
"If the EU flexes its muscles, this mess may get sorted out, AFAICS."
Shame we're not still a member.
Extrader, thank you for passing that on, it is very helpful.
Simply my take:
Having worked in Africa and Asia for a combined 35 years, doing business is never simple and too frequently there is someone attempting to be 'on the take'. Some people / companies are ready to grease palms (= graft or bribes or dash or bakhsheesh) in order to win contracts with the cost of bribes being factored into the contract costs.
All that said, I am in no way suggesting that our company is in anyway involved in corruption. Indeed the RNS, tells us that SRT, the company, has been exonerated. But the sword is hanging over Simon's head and I cross fingers that he is soon exonerated too. (And I have a problem understanding how Simon alone can be under suspicion).
Meanwhile, the sp will continue to suffer until the situation is cleared up.
See also part 2
https://www.rappler.com/newsbreak/investigative/big-fishers-close-in-small-filipino-fisherfolk-battle-municipal-waters/
If the EU flexes its muscles, this mess may get sorted out, AFAICS.
NAI, DYOR etc
Hi all,
Hat tip to rwh3ue on s'pedia for this.
See hxxps://www.rappler.com/newsbreak/investigative/officials-private-interests-spoil-effort-track-big-fishers/
.."SRT Marine Systems (LON:SRT) I hold
ST is one of my largest holdings and I follow events closely. I too read and contribute on ADVFN where some posters are extremely well informed and their opinions worth listening to.
The current news flow is all about the negative stories of misdeeds around the contract for vessel monitoring in the Philippines. To understand what is going on you need some background. SRT, as is always their modus operandi, spent years gaining the trust of the customer and an understanding of what they required. When the tender for a vessel monitoring system VMS was issued much of the detail was based on the known capabilities of SRT's offering. These included the fact that the operational cost was significantly lower than any competing system and the functionality was superior. In an obvious attempt to influence the contract award, the French government offered a loan to pay for the system as long as it was awarded to a French company. It just so happens that CLS (French) were also keen to provide a system.
When SRT were awarded the contract, the French withdrew the loan offer. Despite this the Philippines stuck by their decision and found it possible to include the cost in their budget. The project went ahead and was successfully implemented while President Duterte was still in post.
The next big step was to be the roll out of transponders to all of the fishing boats in the country, I think up to 50,000. That is when it became a big political issue
There are vested interests that do not want to be regulated. They are the big commercial fishing companies and the families that control them. In essence they want to continue to fish waters within an exclusion zone of 15km. They are able to do so now because there is no official monitoring. The new VMS would change that. Small fishermen depend on the fish that the big boats take and that is why current President Marcos wants to proceed with the rollout. The EU have a role to play here as they can issue a so called red card if fish exported from Philippines cannot be shown to be compliant with IUU regulations.
It looks to those who follow SRT closely that battle lines have been drawn and that the commercial side are using the allegations of impropriety as a weapon to maintain their ability to fish inshore. It is no coincidence that some parties in a position to decide matters are related to people who own the commercial fishing companies.
From my perspective, SRT acted properly and have nothing to hide, but the vested interests will use their power and money to try to prevent a mechanism designed to stop illegal, unreported and unregulated fishing.
Don't just take my word for it. Read this article in Rappler who investigated the story and published on 5 April..."
Steady the Buffs!
GLA an
With the slow release of the rns coupled with the earlier change in reporting date I decided to fully get out . Very disappointed if honest but as others have said there seems to be a history here not withstanding this mess of talking big but not delivering. Good luck to all who remain, I hope it comes good for you.
So business is “in line with market expectations”. Market expectations as declared by SRT were that, when y/e was March 31, H2 would shoot the lights out.
I assume the same applies to the H2 + 3 period….?
Be interesting to see if he clears his name, in the shirt time I've seen SRT mentioned he seems to over promise and under deliver
Well we've got our statement. I suppose that's as much as we can expect at this stage, and I fear this may rumble on a bit. From the highly informed viewpoint of a bloke sitting in an armchair in Leicester, I expect there are both political rivalries and pressures such as kickback on the policy from some in the fishing community to factor in, not just any sharp practice there may or may not have been in the awarding of the contract.
The fact that this all started two years ago and this is the first we are hearing of it is not on , so I've sold most of my shares , I'll keep a few in case it all comes good .
I had a chat to the FD at one of the AGMs some time ago. I had done a lot of business in the Middle east, and was interested in what doing business was like in smaller, growing countries these days. He reassured me that most countries were desperate to show they were ethical places to do business that there was no back handers or late payments these days.
P/ E of 500 and a spread of 10%. Shame but I think SRT is uninvestable. They were very naughty over spinning prospects when they did a 40p p/s capital raise. No they have consigned themselves to the serious investors rubbish bin.
Silence, especially in that region , implies guilt. You need a response that your supporters can get behind. At the minimum you need to stabilise the share price. No rns, further falls
That article (which is all I have seen on this subject is a Malay article. yet it's written as though their Government Officials have been charged with wrong doing. What's a Phil contract got to do with Malaysia?
Whether Simon will respond today depends on many things - where he is, what his plans are and what legal advice he's receiving. Right now for the company issuing the right statement is more important than issuing it NOW.
After series allegations that in my opinion will affect other opportunities I am surprised given the share price fall that there has been no response from a company that is normally so good at talking itself up . Concerning
Also surely Ocean Infinity’s DD would have cleared the contract before they put their £9 million in ?
Something weird here. The contract was announced over 2 years ago and we have been led to believe that installation has been in progress since then. If, as seems to be the case, the issue is that various individuals have conspired to get the contract awarded to a UK company by creating a dummy French company to qualify for French government funding it doesn’t seem credible that the contract would have lasted 2 days never mind 2 years before someone was asking questions.
Tucker needs to explain before the markets open tomorrow.
Sorry all, I thought I was reading a UK publication. Just noticed it's Malay, which clears some of my confusion.
Goodapple, very well found. I've read it and am confused on a number of levels. Any clarification would be much appreciated,
What exactly are Graft charges?
"P2.1b" - Does P stand for pounds? Why not use £ which everyone understands. If not what does it stand for?
How come the BFAR folk who have been identified sound like Italians? That also applies to the BFAR man who has been cleared and the lawyer who raised the case.
I don't see how a British Company winning a contract rather than a French one is disadvantageous to the Government (assuming it is the British Government.)
It sounds like whoever is making the ruling assumes companies providing transceivers and maritime monitoring services are ten a penny and that The Philippines could have chosen a whole host of suppliers.
I see there being a lot of activity in the coming days, clarifying all this.
I think Simon has to provide an explanation to shareholders as soon as he is able
Ah. Oh dear.
HTTps://malaya.com.ph/news_news/ex-bfar-officials-face-multiple-corruption-raps/
The only thing I can think of is the $180 Mill contract that was signed last May is now not progressing or at least in serious doubt. We've changed our year end to accommodate this so perhaps it a make or break deal that looks like breaking?
What the hell is going on with this, come on Mr Tucker, time for you to keep the small investors informed, not just the big boys so they can dump share ahead of bad news being announced.
Not good enough.
I've been invested here for some years now and the jam is still tomorrow !!