Member Info for sirimcbonus

It was Aberforth on behalf of the Wellcome Trust, a charity. They have ignored the investment merits, in favour of other considerations, shirking their fiduciary obligations.

Strange price action, but small volumes.
Thinking of the big vol last week. What is the reporting schedule for significant holders ?

Like the 2 previous bids at higher prices ?
You are catching on...

What I dont like about the raise is
1/ The lack of notice on the terms of the raise.
2/ The lack of clear up to date guidance ...where are the Q1 figures ?
3/ The unnecessarily low price. How do I know it is unnecessarily depressed ? Seafox bought more shares last year and this at a prices well above the current sp. and in the teeth of the oil price collapse , tried to bid for GMS ie. they found the company attractive even last year. Subsequently, we know the vessels are in higher demand and earning more, so why the lower price for the offer shares.

I have subscribed in full and applied for excess, but the board's actions have been designed to worry and rush shareholders, who will therefore be less inclined to subscribe for their shares...and when they do, who is there to mop these up ?
Seafox of course.
A failure of corporate governance, but I see end 2022 net debt $280m and a $100m op profit supporting a share price of around 21p [x5 operating profits] and the banks waiving the obligation to raise the $50m, due to cash generation.
If x 6 valuation 28p...gearing works both ways!

Certainly am, in 2014, when they had 10 vessels, utilisation rate was 97% and operating cash flow of $123m.
Current year utilisation rates 81% , but we now have 13 vessels.
Enterprise value at 31/12/20: Total liabilities = $448 - current assets $36m = -$ 412m [ignoring fixed assets] - $25m from open offer= $387m
+ equity 1.016bn shares at 3p =$40m
so about $427m EV earning I estimate around $70m ebitda this year and $130- 160m peak, looks v cheap to me !
Debt will start to get paid off rapidly from H2 this year.
Let's see...

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Agreed. The lack of audited results and numbers on Q1 trading is clearly designed to obfuscate the company's strengths and create doubt in shareholders minds, before a lowball bid. Remember, the board have similar company which they have explicitly said they wish to merge. How do we know there isnt a problem with trading ? The banks will have checked the books and would not have provided a better deal if theirvery large loans, relative to equity were at risk. In addition we know that a few different equipment providers are reporting 80% utilisation rates and we know that above this day rates start to shoot up.
I hope people are contacting the company to register their disastisfaction.

Key issues will be utilisation and day rates. These were glossed over in the last t/u.
Also the financing update;interested to see if they adopt scare tactics or lay out an inclusive plan. Suspect a change in par value to enable a rights issue.

Bearing in mind the behaviour of the new management of late, which seemed designed to frustrate a refinancing, I think there is a chance that the loans do get called. However, if this were to come about and they then attempted to buyout and merge with SF, they would be open to an action for abuse of minority shareholder interests. Thus I suspect that they will salvage a deal. Again their advisors will remind them of their obligations towards minority shareholders. Whether the deal is as good as that which was offered 2 months ago is quite another matter.

Yes still here from 2013, bought more at the wrong prices since !