Member Info for Deanowls

decent buys coming in today, news should be just around the corner.

From the AGM?

my radar Rolly, multiply them figures out and this is a bargain any way that you look at it.

This afternoon, I see no reason over time that this should not be at 140, share buy back should push the price up.

know if you have done your research, sorry if it has wasted 15 minutes of your life!

It quickly moved onto point 14, now I think it was at this point although it could possibly have been a bit earlier that the Chairman spent a few moments talking about renumeration and reward/recognition programmes, he acknowledged that there was more of a concern on how much directors are paid but made a valid point that the company had slipped from over 3 pounds to 60p at one point and down to the ftse 350, they had to go and get a team together to turn the company around and return to the ftse 150 and to do that you have to pay those rates (again these are not verbatim and some of it is how I have interpreted it). I asked the question about if the directors were still in a closed period, it was explained that they have basically been on lock down for a considerable period of time due to known issues such as refinancing(s)that they knew there would be a quick resolution with the FSA and various other items. With the conclusion of this fundraising they will be in a open period other than usual closed periods due to scheduled announcements. The vote changed here with no show of hands but a poll which was recorded on a form, there was then a stoppage of around 10 minutes whilst votes were counted. ( I don't know what has happened with this point after reading the Agm rns this afternoon, it passed me by). The meeting then was formally closed. Now for those of you still with me, I asked Jim if I could have 5 minutes of his time to ask some questions, 1) I asked whether Nexen would still look to put work towards lamprell with them now having Chinese owners, he replied that they are pushing for work in the North Sea, they have a cost advantage with their location, have an excellent safety and quality record and the work that they have done for Nexen has highlighted these points. He is looking to have six divisions and to grow the other businesses (generally around the lines of what has been said if anyone has watched any of the presentations). 2)I asked about the fundraising, Jim spoke about the options this gives the company in going after new business, apparently there were over 70 rigs ordered last year of which lamprell won 2, however they could only bid 7 due to financing requirements in the bid, this gives them the option to increase the numbers they bid for. 3)I asked about Landrigs, he explained there were interested party's that like their design but its a new design and the cost of building one to show the concept works has not been possible due to obvious circumstances over the last year. 4)the process of selling businesses not required continues. 5)I asked about the Ensco options and he confirmed it is six months from the announcement date which was rns'd on the 15th April. Jim spoke very upbeat about the business and the future prospects, once again my comments are my version of events and how I have interpreted conversations, My apologises should they be wrong. Nothing there really other than what you

Okay usual caveats apply and this is wrote from brief notes and memory so if I do get anything wrong I welcome any corrections, Jim Moffat has told me he does read the board. However should I legally get anything wrong I will be using the company secretary Alex Ridout for legal representation as he was the one who explained the specail resolutions in less than 30 words but more of that later. In terms of attendance I was the only PI/II that attended other than directors that hold shares(Mr Lamprell or his better half were not present this year) I arrived early as the coffee and biscuits are free (shortbread fingers and fun size nestle offerings for those who are interested in these important details). I was sat next to the new(ish as joined in the last year) CFO Jo Curin who introduced herself and had a brief chat before proceedings started at 10am. John Kennedy the chairman have a brief summary of the last 16 months and the sterling work that has been done, 2x refinancings, ring fenced and supplied the problem contracts and a refreshed board, he passed his thanks to the management team that have put in the work to get the company where it is now. The resolutions went through and the directors were reelected, a little bit funny as after every resolution everyone looked over to see if I agreed or disagreed by a show of hands, so I was the kid who looked like he really needed to pee holding my hand up in the air, mindst you it's the yearly who got the most votes competition from the shareholders for the directors who were scribbling down the numbers, director bingo if you will. Looking at the numbers it was a close run thing between Micheal Press(the eventual winner)and Ellis Armstrong, my votes are up for sale next year and could have swung it in Ellis's favour! Then onto the specail resolutions, if anyone has read point 11 and understood it, kudos to you. The chairman spent about 10 minutes reading the legal jargon, I nodded at various points, I nodded off at various points, I held my eyes wide open at points, then after each point as normal the chairman says "any questions?", I raised my hand, in fact it may have been up still from the last point, "I have a question, what does it all mean", "well" said the chairman as people nodded around the room, "who wants to explain", people stopped nodding and averted panicked gazes from the chairman, they were now in the classroom, hoping they were not picked out to explain, "Alex can you explain", relief washed back over faces, eyes popped up, people sat back in there chairs, basically just allows the company to issue five percent of shares should they need quick finance, pretty standard stuff. It quickly moved onto point 14, now I think it was at this point although it could possibly have been a bit earlier that the Chairman spent a few moments talking about renumeration and reward/recognition programmes, he acknowledged that there

The II'S seem to want more of it and they would know more han me and you.

You'll need to give one of them American women the push mate, look on the bright side, despite all of the positives in the last twelve months that haven't moved the price bizarrely it moves when the company asks for more money! Onwards and upwards, inshallah.

Good stability and the year high, hopefully the dividend is raised and the debt is reducing, still a very undemanding PER.

Any of you guys still in? Sheff owls, you still here and are you taking up the rights?

Couldnt resist it.

Two rigs today, how things change in such a short space of time!

Have a read through the prospectus, particulary the Chairmans statement at the beginning and the refinancing of the loan whee it talks about an initial 200m facility with cosideration for a further 250m, mot probably to go towards financing deals, there has been discussion in previous updates of the financing that is offered from the far east yards with the payments being back ended, this proably helps remove one of the obsticles when deciding on contract awards. The B facility would have gone upto 14% +libor on an initial 60m loan, this was reduced from the sale of the subsidery ealier this year but is a positive step. I'm sure Mr Lamprell would not be sticking in 20m+ if he was not confident in the management. Time will tell!

I'd disagree chill pill, look around the market, its holding up quite well. Just reading the Rns this morning the only thing I dislike is the fee being paid to organise it all. What no one is commenting on is the decent ims, maybe the structure of financing deals going forward has held back contracts, the bulk of investment has a roi in 4 years and deals are close. Add to that this may remove certain issues regarding director buys and an earlier return to dividend and the fact current shareholders are being involved in the raising is very good. Remember there's virtually a new board that may be chomping at the bit to buy in once permission is granted.

If you read the annual report directors have been unable to buy shares for the past twelve months.

Just rns'd

What's worse than thought?

Has this been tipped?

Hopefully the climb back has commenced.