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In for ten thousand pounds ....come on SEA !
and increasing losses...couldn't make it up really...bathed in cash...splashed...and now what?? ...will they need to raise more equity?
Still shipping water. Directors taking some of their money in shares - sounds good or does it sound desperate? Why couldn't they have taken some money out of Laansdowne when they had the chance. Still fairly upbeat IF they can get things moving again in the next year. Avoid. (sorry to any holders, but that's me saying I can't see much future for at least 9 months)
Looks like this is the bottom price
SEA bottom reached yet? Comparing to LOGP of late, perhaps this will pick up again soon. Fairly downbeat RNS though yesterday.
Good luck. I've just sold out and a substantial loss after watching my investment rot for the last 6 years. Time to cut my losses.
For entry - company is still stable and funded for the moment - assets are at rock bottom and just coming off an oversold chart due to ST's over cautious advice. L2 indicating a quick hop to 12.75p shortly... Have taken a few here as a punt.
Normally I would agree and I've done this over the past six years. However, now I'm at the point where I don't feel I have enough information to make an informed decision. Just a few months ago we were told that we were on track for record profits despite the oil price and then suddenly out of the blue there's a profit warning. I appreciate the oil price is what it is, but most of all I want to know *how* they're going to cut central costs and when. If I feel confident that there is a plan in place to weather this through then I will hold or maybe add, but right now I feel like I'm being kept in the dark.
Just let them get on with running the company. Everyone wants to make money, if you think this is a good bet then average down. If you don't then sell.
The following is from stewy_18 on ADVFN. If you agree then please support this. ____ All, Below is an open letter I have written to JAW expressing my concerns about the way SeaEnergy is being run. If you agree with the content, I would really appreciate if you could send me an endorsement mail also noting your holding in number of shares to stuart.hugh.stafford@gmail.com . Depending on whether I get a satisfactory response from JAW or not I may have to set up a conference call to impose upon him the seriousness of the situation we find ourselves. If I do not get any endorsements however.... Please be kind enough to have a read. I will ask David Stredder and Chris Boxall if they can retweet and I will be asking David the best way to continue here. Open letter to John Aldersey-Williams CEO of SeaEnergy 08th June 2015 John, Having presided over massive shareholder value destruction over the past 2 years, I am becoming very concerned you are not taking this grave situation we, as shareholders of SeaEnergy, find ourselves at this moment in time, seriously. I’m afraid the feedback received from the AGM was less than satisfactory. I would like clarification on certain points to ensure we, as shareholders, and the board of SeaEnergy are aligned going through this difficult time. One cannot help the low price of oil environment we find ourselves in. This is unfortunate, but the low price of oil means you have to react accordingly. To start with, you have to lower your central costs. Saying you are going to lower your central costs is one thing. You have been saying you are aware central costs are too high for at least two years now. There was no clear plan given at the AGM on how you are going to do this. You need to provide an action plan and make this visible to shareholders so we can monitor your success. It is clear to all shareholders that you have a layer of management that is not necessary and needs slimming down drastically. You need to spell out how you are going to reduce costs and how much you are going to reduce them by. This is the most crucial point and I expect a bit more detail in the coming weeks on what exactly you are going to do to reduce these costs. Can you also assure shareholders there will be no placing this year? The asset sale of SeaEnergy’s stake in Lansdowne Oil and Gas is another important topic. We have seen the value of this asset diminish from £18 million at the height of its value to circa £1 million presently. The wisdom of not selling that asset in full or in part remains a very dubious decision. Can you provide assurances that you will do what’s best for SEA energy shareholders, not what is best for you (as a Lansdowne Oil and Gas shareholder) or Lansdowne Oil and Gas where you are a non-executive director? Could you also advise us how you are exiting the ship management business? Have you put this part of the business up for sale? If so what do you expec
I can't see that a placing is necessary. As at 31/12/14, there were about £1M more debtors than creditors and the company also has a £550K overdraft facility. If they're trading in line with 2014, the cash burn is negligible and the auditors didn't feel the need to mention cash in their report (dated 16/04/15) either. I'm pretty hopeful that I'll make more that the 1% the bank were giving me on my cash but who knows. GL
I was a big advocate of SEA and averaged 20p share but sold out at 27p as was not happy with trading update on impairment charge due to Lansdowne Oil. At no time did I think SEA would issue a profit warning, particulary on their R2S Visual Asset Management business as they claimed it had a "Strong outlook for the start of 2015 ......and a .... strong order book for 2015" . The CEO recently said " In the face of weaker oil prices, the Company has shown resilience....... R2S VAM continues to show growth and attractive margin potential" but a few week later says "SeaEnergy does not now expect to achieve the overall levels of turnover it previously anticipated". Hello, what happened to your Governance, namely to provide leadership, to ensure that the necessary resources are available to drive the business forward. The oil crisis was no secret so what was contingency strategy? Well by the looks of things - very little! To respond to oil price weakness Sea should have been diversifying R2S Visual Asset Management business into new sectors e.g.. Nuclear energy, Building sector etc. Their Forensic side is currently outperforming its budget. At these price levels one could be tempted to buy but what is the upside for the next twelve months? I see none. So it will have to go single digit for me to buy as a long term investment for I see very little movement here for the next 24 months. I do give credit to SEA for being communicative and open, ensuring that all information is available to all shareholders, even the bad. That shows to me that SEA is a honest and trustworthy company and I believe will turn the business around but the wait is to long for me. Shame, but many a good company are reeling from the oil demise.
heavily discounted placing seems to be the general consensus. Still going to wait this out until single figures... GLA
haha newstatetrader, you deramping RRR and yet placing is most likely coming at 8p for SEA... GL TO YOU
We have 20% logp. Even with logp been at 5p that's 1/3 of our MC alone. Simple
I bought on the strength of a very positive recent article from Investors Chronicle. They don't make many mistakes...but this could be one of them !
Then again, perhaps not.
At least the rate of the decline seems to have eased a little today. You never know, we might even finish in the blue today. GL
Bottom reached, buyers coming back. I am in heavily at average 13. Good luck
i'm still a believer in a long term story here, just concerned about short term issues- such as those raised in the article. Could be a placing on the way, and at a heavy discount too... Think there may be more bad news before it starts to get better..
Hi Cacher, well its not looking good! So what do you think will they turn the company around or will it just get worst? It seems such ashame the company is in a bad way and the SP is still heading south
they were the words of Nigel Summerville - on the ShareProphets website...
Back to Landsdowne. The thing which strikes me is that we are told that Lansdowne remains a non-core asset – it has been for longer than I care to remember. Lansdowne has essentially put itself up for sale, and now SeaEnergy tells us that it is ‘remaining alert to opportunities this may present to achieve an exit’. Remaining???!! Lansdowne’s shares (currently 5.5p) were trading at 16p a year ago, 40p two years ago and over 60p less than three years ago, during the whole of which time the holding was deemed non-core. SeaEnergy currently holds c. 30m shares – so currently worth around £1.65m, down from about £18m at the peak. So for SeaEnergy to talk of remaining alert to exit opportunities is just unbelievable. Try the ShareProphets RNS translation service version: “the board has been asleep at the wheel for three years while it had plenty of opportunity to offload the Lansdowne shares at a very good price and has now realised that it has missed the boat, so is looking to sell them now that they are 90% from the peak”. Well done, chaps. Words fail me. There are some positives, I suppose, in that provided the company’s financial health remains robust one might imagine that there will be a decent level of recovery available when the oil market improves. So let’s have a gander at the balance sheet as at FY14: oh dear….cash and cash equivalents: nil. There are receivables of £2.7m but payables of £1.8m. That leaves things looking a tad tight for this £8.5m market cap company (ADVFN figures). So are we going to see a fire-sale of the Lansdowne shares, or is there a discounted placing ahead? Or both? I’d say the Board of SeaEnergy has its work cut out not only to turn the business round, but also to convince shareholders that they are the very best people available to run this company. Judging by the market reaction to yesterday’s RNS it seems I’m not the only one far from impressed.
One can have some sympathy for companies operating in the oil & gas support services sector: clearly with the oil price having dropped so much last year their products are going to be less in demand. But with SeaEnergy (SEA) there is another issue: that of spurning an opportunity. I won’t go back over what Tom Winnifrith had to say in yesterday’s bearcast – you can listen for yourselves HERE. There were, unsurprisingly, contract delays and thus a profit warning but that does not, for me, fully explain the 27% share price fall in the wake of yesterday’s RNS. The company indicates that it too saw a fall-off in activity coming and had identified ‘a number of specific opportunities which are expected to contribute to revenue in 2015’. For that, read ‘we think we still have still got some work in the book for this year’. The financial mainstay of the company is the ‘R2S Visual Asset Management software/service’ and we are told that the company expects R2S revenues to be marginally below last year. Overall the company, we are told, ‘expects to achieve broadly comparable performance to 2014’. The ShareProphets translation service says that means ‘expects not quite to achieve the performance of 2014’ which was an operating profit of just £151k, itself a figure quoted before an impairment write down of £2.5m relating to shares held in Lansdowne Oil & Gas (LOGP) which have fallen off a cliff. I shall come to that, but first a wee look back at the last set of FY results, released on 8 April. Now today’s RNS may not have come as a surprise to some, but the amazing thing is that there was no mention of any deterioration in the results RNS of less than two months ago. In fact, we were told then that ‘In the face of weaker oil prices, the Company has shown resilience by continuing to grow its client base across the globe……looking forward, the Board is confident that its new focus will enable the Company to achieve faster growth in the months and years ahead.” Hmmmm. ‘in the months…ahead’. And so, just two months on we have a profit warning. Given the forward expectations intimated just a couple of months back, I’d say there is more than a smattering of uncertainty over visibility of earnings. Or did the Board not notice until just the other day?
Thinking of getting in here but wondering if there is a background seller. If there is it will go down dome more......