RE: Even Naugthier now!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.