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Friends can you take a look at WDC. I know minnows aren't our field.Take care all.
Just topped up £2487 worth. Hopefully my judgement is right GLA
No idea how the voting went, there were only a handful of peeps in attendance tbh and GFD the trip was worth its weight in Gold, body language and seafox’s Representation said everything I need to know. I’m very confident we will do well. The Company is way undervalued . I’ve come away thinking my 25k investment at 18p is going to double sometime soon .... IMHO of course DYOR though
NED, were you able to get any sense of the voting from within the room; any prediction lol?
It will be via an RNS and only votes will be counted for resolution 3 and 4 he others were either withdrawn by the action era or agreed by the meeting today to be removed ..: hope that helps
Thanks for the summary NED. Did they give the results of the voting or is it a case of them being announced via an RNS?
Forgot to add he also questioned the savings that Seafox have communicated that can be made.... he obviously thinks this is completely misleading .......
Right chaps going to keep it brief and to the point. Firstly the meeting was only for voting purposes, the chairman Simon Heale did ask if anyone wanted to ask any questions before the votes.
I asked about how many shares Seafox held, they hold 13.75%
Next question was do they intend to add anymore. He could not answer that
How do they intend to make 30% savings , again I would have to ask seafox that. I then asked if there was a seafox representative, which there was but he said he was just an observer, had no intention in any dialogue.
I spoke to the outgoing chairman and he said the key things to look at as a shareholder is, day rates, loans and utilisation rates. He eluded to the share price being ridiculously low as I had asked him about my investment. He also confirmed that they are advanced in their search for a new chairman and there should be an announcement within the fortnight.. Hope that helps, I came away with the impression the SP is a Barry Bargain and Seafox are not very transparent etc. I’ll be holding on to my shares for sure and would add if I had spare funds. GLA and DYOR
NEDHAMMER:
I believe most of the questions in the EGM will be directed to Seafox - in order to know about their true intentions. If you were kind to ask:
- Does Seafox intends/have they bought more shares?
- What Seafox´s current share ownership is?
- How do they intend to save 30%?
- Will these be achieved by reducing or removing current GMS initiatives that set them apart from competitors?
only other question isdoes seafox intend to acquire more shares to reach 25% at a8pps or is it withdrawing the offer.
they probably have looking at earlier rns but trying to clarify
thank you ned.
my concern is 30% reduction in operating expenditure is from cutting maintenance
Yes pbody I am where else do you think I’m going,I’m almost at silk street ...I will ask those questions
off the top of my heed I think it was 13.5%
or 17.5%
might even be 13.45%
they had aimed for 25%
How many % of shares do they currently own....
Assuming ned is going.
Mine would be how do you expect to save 30% on daily operation expenses.
I would guess GFD would be about loans ?
The other I would think of;
My other question would be who owns what?
with the SP so low there is a chance that someone could offer 38pps and buy the whole company!
Were not even sure who owns what or where the share are to stop that sort of thing.
if you are nedhammer we will try and come up with 2 questions.
let us know what time you need them for?
there might be a few of us and we will try and keep it simple and put 2 forward between us on here.
I am sure others will read this.
gfd will I am sure.
ssb1 is around I think.
I will make a new heading .
give us a time cut off. 9.15 sound about right?
Take it you are going to the extraordinary meeting?
F ing not fingers ffs lol told ya I woz fick
Pbody not fingers production lol
Production any questions you would like me to ask at the GM today..... keep it simple like me please
Am I right in thinking it has a fairly sizable crane on that? At 1500 tonnes?
I did a rough calculation looking forward on straight EBITDA for market cap (truly ridiculous as EBITDA is nominally 1/7th 10 1/10th of market cap.
At 80 million the SP is 23p (161p at 7 times).
Best of luck for the week.
TimmyTradeface...to answer your question: Because not all the vessels are equal and because the market is more interested in big class vessels atm.
In other words, it’s easier to find a contract for Seafox 5 than for a small class vessel. GMS has got 4 large vessels, 4 mid-size and 6 small size. If the 4 large and 4 medium sizes are all contracted and only a few of the smaller size were off contract, then the addition of Seafox 5 wouldn’t have been dead weight.
I need to add that with the sale of Seafox 5 by Seafox they ended up with a less attractive fleet, whereas GMS still got a good number of newer and better-maintained vessels.
It was something GFD mentioned could have been bought with a shariah loan a few years back.
I presume they were looking a using it for offshore wind farms or some such and decided against it.
As you say (its not a stupid question) there can be periods where the work has to wait until the boat becomes available. Or it can be a dead weight. I know it is similar to the ones already used by GMS.
It might have even been thought they could supply a pair and speed up time to completion of a project?
I dont know if there were others they would purchase.. But at the time the finances indicate the work was waiting for the ships. Not the ships waiting for work. With CO2 bargaining and renewables this could literally be political will (or party elected) or timing of elections that have some knock on effect on that score regarding contracts.
There are some heavily subsidised schemes (and quite rightly)
I just thought I would throw it in. At the moment with the low day rates paid it would take another ship to get the revenue back up to 225 million (219 before iirc)
must get to bed now. it will be an interesting week.
I hope this isn't a stupid question but what would be the point in expanding the fleet when the existing vessels are not all utilised? Surely that is just adding more dead weight.