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rotsevni
03-02-2005, 12:40 PM
I just bought these a few days ago on a punt. Now seems to have broken through 40c where a lot of old volume was. All indicators (OBV, DMI, Elliot retracements, etc look really positive, except perhaps stochastic. One of my 40c trades came through late for some reason (!?) when other bidders were at 41c and last trade was 42c. This seems to have upset the stochastic a bit. My radar says the next strong resistance will be at 48 cents (50% retracement from 12c low to 90c high), although it might be dicey emplying Elliott Wave theory to a small stock like this. Id post my chart if I could find out how from the help files and FAQs. Any other opinions?

rotsevni
03-02-2005, 01:44 PM
0.25 million shares on Tuesday took price up by 2c (5%). Seems like a large top up by small shareholders doesn't it? What's the holding required to avois buyback. Can't see any news item about a buyback anywhere, looking back 12 months.

rmbbrave
03-02-2005, 03:00 PM
It certainly is a great product. Check out the animation at:

http://www.sealegs.co.nz/

I spent Xmas day at Raglan and got wet launching a boat so one of these sealegs boats would have been great. It is just a pity that one of them costs $98,000! If the boats were a third of the price it would be a great company.

blackcap
03-02-2005, 03:55 PM
quote:Originally posted by rotsevni

0.25 million shares on Tuesday took price up by 2c (5%). Seems like a large top up by small shareholders doesn't it? What's the holding required to avois buyback. Can't see any news item about a buyback anywhere, looking back 12 months.

Minimum holding is 1000 shares, so its not the small holders doing the buying up in my opinion.

Bling_Bling
03-02-2005, 05:02 PM
quote:Originally posted by rmbbrave

It is just a pity that one of them costs $98,000! If the boats were a third of the price it would be a great company.


Have them built in China. :D

Greyhound
03-02-2005, 08:43 PM
I firmly believe that Sealegs is a real prospect.They're soon to do an English channel crossing record attempt that will generate much european media interest.Should see them buzzing around the streets,beaches and bays of Monarco soon. [8D]

da player
03-02-2005, 09:10 PM
Anything Dave McKee has got his paws on is high risk, how much are these puppies anyhow

Zodiac 9 man rigid hull $18k
60hp mercury approx 15k?
say $35k for a setup

surely a fancy set of wheels has only a $10k premium????

Have seen one in action however and they are kinda cool, real handy if you live close to the sea but dont want to bother with a boat ramp, plenty of baches at coromandel cvould do with one,

melsmith90210
03-02-2005, 09:39 PM
I agree high risk little return.....isn't this just the old ITC Company that "re-invented" itself by Mr MW and Mr McK using the company to buy them out of their own investment? Price is huge for this product and it won't be long before some Asian outfit mass produce a superior product at half the price....ex ITC shareholders should cut their losses the fundamentals of this business fail to inspire. Do they still own their investment in DVI?

rotsevni
03-02-2005, 09:45 PM
SLG entered into an agreement with KIWI (investment arm of Tindall) to sell its share in DVI for $1M back in July

Onthemoney
03-02-2005, 10:12 PM
Old ITC vietnam brings back memories. Out at 39 cents thank god......

Greyhound
04-02-2005, 05:40 AM
I think Mr McKee-Wright is right into this project.Look at the way they're promoting it,-attending boatshows in every corner of the world,record attempts and a very good 'trailor' on their website.No guareentes of success,but a failure won,t be throgh lack of trying.I'ld sooner be in( I am),than out.

melsmith90210
04-02-2005, 06:21 AM
I think one needs to look at the underlying position of this Company....the history of this shares life leaves a lot to be desired though as any fund manager will tell you "Past performance is no indication of future performance".

They are selling a product....all be it not that many, that is incredibly expensive for what it is and appeals to a very small market and will be expensive to market offshore regardless of the strong $. Living offshore this company has never been mentioned unlike Gibbs car/boat which Branson got hold of.

As the companies that have gone before this one.....avoid at all costs...and I will. I can't access my Bloomburg at the moment maybe someone can enlighten me to who the key shareholders now are.....excluding the MW's and MM, are there any Institutions?

Steve
04-02-2005, 11:26 AM
Does SLG have more than the 1 product? Did they get rid of their previous forays?

rmbbrave
04-02-2005, 12:52 PM
Sales have topped $1m - at $98,000 a pop apparently they have sold 14 (11 in NZ)

Halstead is right when he describes the Sealegs amphibious boat concept as being "ideal for the new waterfront Palm Islands, Jumeirah and Jebel Aliblah, developments in Dubai".

The Palm is pretty impressive. Check it out at http://www.thepalm.ae/

It also costs a fortune to live there and many of the inhabitants have got more money than sense (David Beckham has a house there) so some of them might be willing to buy a sealegs boat for 3 times the price of a good car.



27 Jan 2005 01:09
GENERAL: SLG: Sealegs Tops $1 Million in Sales

Sealegs International Limited today announced that sales of its innovative
amphibious boats have topped $1 million.

Sealegs CEO, David McKee Wright, describes the sales results "as most
encouraging, bearing in mind our first amphibious boat was only delivered in
May 2004".

"We are now beginning to see production efficiencies which will flow through
into the 2005 year," he says. In the nine months to the end of December 2004,
Sealegs had delivered 14 of its 5.6m amphibious runabouts, 3 of those
offshore, worth a total sales value of over $1 million.

As part of its international sales expansion plans, Sealegs also announced
the appointment of Dubai based X-Press International Limited as the Sealegs
amphibious boat distributor for the Middle East.

X-Press International Limited''s CEO, Mr Andrew Halstead, describes the
Sealegs amphibious boat concept as being "ideal for the new waterfront Palm
Islands, Jumeirah and Jebel Aliblah, developments in Dubai".

X-Press International Limited will launch the Sealegs amphibious boats into
the region at the Dubai International Boat Show in March 2005.

Mr McKee Wright says Sealegs is looking forward to releasing its product to
the Middle East market. "There is a large sales opportunity for Sealegs
boats, both in the United Arab Emirates and surrounding regions, and we are
pleased to have appointed X-Press International Limited as our Middle East
distributor", he says.

melsmith90210
04-02-2005, 09:00 PM
Well good luck to them is all I can say.....

To all the shareholders of this company though my thoughs:

Remember Iddison (I think I may have the spelling wrong) which it was before IT Capital and then this SLG. The people who made the money were the ones who were in early and then didn't get greedy and got out....I should know I was in ITC at $0.06 and out 4 odd months later at $1.04 while people were still throwing money at the dead beast. If it moves up go with it but at least set an exit strategy....and don't follow it all the way down if it starts to die GET OUT!!!

shasta
05-02-2005, 01:58 PM
Well said MS90210.

I was trading in this under the ITC guise, but wasn't too happy with the letter i received from the Securities Comission - vowed never to actively trade in "penny dreadfuls" again.

To those with SLG holdings - watch the related party transactions closely & beware!

Disc: Ex ITC/SLG shareholder

rotsevni
09-02-2005, 08:11 PM
Thanks for your helpful comments and background. For what it's worth, I don't intend going down with the ship (if indeed that were to happen). And whether its less well known than the Aquada, that doesn't bother me either (that sort of publicity costs Megabucks). It could be a sack of spuds for all I care, as long as the trend keeps going up, I'll stay with it. So far, the trend is steep (about 10% per month) and looks solid since September(confirmed by support last month), OBV going up, DMI and other indicators all very supportive.

rmbbrave
03-03-2005, 02:31 PM
21 Feb 2005 11:51
GENERAL: SLG: Sealegs Appoints UK Distributor

Sealegs International Limited has today announced that it has appointed
Amphibious (UK) Ltd as the Sealegs amphibious boat distributor in the United
Kingdom.

Amphibious (UK) Ltd CEO, Mr Nicholas Fox, describes Sealegs amphibious boats
as "offering a unique solution for the tidal harbours and beaches in the UK".

Amphibious (UK) Ltd has purchased a demonstration Sealegs amphibious RIB, in
time for the UK summer season and will attend the major UK boat shows showing
the Sealegs concept.

The UK shows that Sealegs will be exhibited at include the Southampton Boat
Show and the London International Boat Show.

Sealegs CEO Mr David McKee Wright said, "We are very pleased in appointing
Amphibious (UK) Ltd as our United Kingdom distributor. There is a large
sales opportunity for Sealegs boats within the UK and this distributor
appointment furthers our international expansion".

Amphibious (UK) Ltd is based in London, England.
End CA:00111716 For:SLG Type:GENERAL Time:2005-02-21:11:51:24

rmbbrave
03-03-2005, 02:35 PM
17 Feb 2005 03:51
ALLOT: SLG: Sealegs Issue New Shares

Listed marine company, Sealegs Corporation Limited (NZX:SLG), has announced
that by directors resolution it has today issued, for cash, 200,000 new
ordinary shares at $0.36 per share. This takes the total number of ordinary
shares on issue to 42,459,220 with this issue being 0.005% of the total
class.

The issue is to assist funding in international marketing and distribution
development.
End CA:00111595 For:SLG Type:ALLOT Time:2005-02-17:15:51:37

rmbbrave
03-03-2005, 02:46 PM
"I have been following SLG closely over the passed few months since they begun selling boats to international distributors, and showing them off at boat shows. The price has generally been going up (though not recently) as has the number of boat shows, there will be 5 boat shows this month alone.

The volume traded is usually low, just a few thousand dollars a day. However today, a couple of trades adding up to around $300K occured at 36c. There have been no announcements, does anyone know whats going on and why the price has come down recently?"


I imagine the SP has fallen to .36 because they issued 200,000 new shares at .36.

They issued the shares to get some cash to attend all those boat shows. Here is the Dubai boat show stand costs...

http://www.boatshow.dwtc.com/info/index.html

This may be the last throw of the dice for SLG. If the money they have invested in attending boat shows isn't repayed with orders they may go under or at the very least they will find out that they have a product that just won't sell as $98,000 a pop.

da player
03-03-2005, 02:56 PM
quote:Originally posted by Greyhound

I think Mr McKee-Wright is right into this project.Look at the way they're promoting it,-attending boatshows in every corner of the world,record attempts and a very good 'trailor' on their website.No guareentes of success,but a failure won,t be throgh lack of trying.I'ld sooner be in( I am),than out.


hahahah yeh, jetting around the world and spotting the chicks at boatshows- the management really have changed there tune from a couple of blokes out to get as much money and good times out of the smaller shareholders- to good honest salesmen! hahaha good joke greyhound!

jfdawber
03-03-2005, 04:44 PM
Okay I think this may be the answer to my earlier post in the SLG topic.

SLG
03/03/2005
GENERAL

REL: 1707 HRS Sealegs Corporation Limited

GENERAL: SLG: Sealegs Completes Share Sale

Listed marine company, Sealegs Corporation Limited (NZX:SLG), has today announced that it has actioned the sale of parcels comprising less than the NZX minimum holdings held by company shareholders (less than 1000 shares).
The shares were crossed today on the New Zealand Stock Exchange at 36 cents per share. A total of 840,000 shares have been sold pursuant to this process.

Shareholders were written to twice over the last three months and told that they needed to either dispose of their shares or increase their holdings to the minimum holding to avoid their shares being compulsorily sold. The shareholders affected by today's sale were those who decided to take no action.

Shareholders affected will be advised of the outcome of the sales process and sent their net proceeds within the next two weeks.

jfdawber
03-03-2005, 04:51 PM
quote:Originally posted by rmbbrave

I imagine the SP has fallen to .36 because they issued 200,000 new shares at .36.
They issued the shares to get some cash to attend all those boat shows. Here is the Dubai boat show stand costs...

http://www.boatshow.dwtc.com/info/index.html

This may be the last throw of the dice for SLG. If the money they have invested in attending boat shows isn't repayed with orders they may go under or at the very least they will find out that they have a product that just won't sell as $98,000 a pop.



Well I'm not sure that a 0.005% increase in the number of shares (a drop in the bucket) is going to affect the share price, shares are usually issued at a discount and 0.36 seems a reasonable discount. However I agree with you that having raised money just to enter a boat show shows some desparation.

rmbbrave
04-03-2005, 01:58 AM
Listed marine company, Sealegs Corporation Limited (NZX:SLG), has today announced that it has actioned the sale of parcels comprising less than the NZX minimum holdings held by company shareholders (less than 1000 shares). The shares were crossed today on the New Zealand Stock Exchange at 36 cents per share. A total of 840,000 shares have been sold pursuant to this process.

Shareholders were written to twice over the last three months and told that they needed to either dispose of their shares or increase their holdings to the minimum holding to avoid their shares being compulsorily sold. The shareholders affected by today's sale were those who decided to take no action.

Shareholders affected will be advised of the outcome of the sales process and sent their net proceeds within the next two weeks.

Greyhound
04-03-2005, 05:23 AM
quote:Originally posted by da player

[quote]Originally posted by Greyhound

I think Mr McKee-Wright is right into this project.Look at the way they're promoting it,-attending boatshows in every corner of the world,record attempts and a very good 'trailor' on their website.No guareentes of success,but a failure won,t be throgh lack of trying.I'ld sooner be in( I am),than out.


hahahah yeh, jetting around the world and spotting the chicks at boatshows- the management really have changed there tune from a couple of blokes out to get as much money and good times out of the smaller shareholders- to good honest salesmen! hahaha good joke greyhound!

/quote]


What do you prefer they do,spot guys?[:0]

da player
04-03-2005, 07:59 AM
Nice one greyhound-mckee,

rather your money than mine- been stung there before

melsmith90210
05-03-2005, 12:48 AM
Classic....there are so many suckers in NZ...I am going to start a company and then issue more shares everytime I want to throw a party or head to some exotic part of the world.....who cares what my company does as plenty of people seem keen to throw money at anything these days.......

The Doctor
05-03-2005, 09:20 PM
the 'business model' is 42 below...get 'pissed' at the same time....what a life!

rmbbrave
04-04-2005, 01:03 PM
04 Apr 2005 09:36
GENERAL: SLG: New Sealegs All Terrain Amphibious Craft

Sealegs International Limited today announced that it has developed a new
all-terrain version of its amphibious marine craft.

The 5.6m Sealegs All Terrain Amphibious Craft (ATAC) has an extremely low
ground pressure which is less than a human footprint.

This is achieved by having two special purpose-built 31 inch by 18 inch
hydraulically powered wheels on the rear and three steerable tyres at the
front. These enable the Sealegs ATAC to traverse estuary mud flats and soft
shingle beaches that are beyond the reach of conventional boats and trailers.

Sealegs CEO Mr David McKee Wright says "We are very excited about the new
market possibilities the Sealegs ATAC opens up. People who have waterfront
property with soft terrain between them and the water at low tide finally
have a boat launching solution for the first time ever".

Once driven into the water, the Sealegs ATAC hydraulically retracts its
wheels to allow speeds of up to 60kpmh on the water. On land the Sealegs
ATAC has a ground clearance of 425mm which allows it to climb inclines of
over 25 degrees.

Meanwhile, Sealegs Corporation says that plans remain on track for an attempt
on the world record for the fastest crossing of the English Channel by an
amphibious vehicle later this year.
End CA:00113578 For:SLG Type:GENERAL Time:2005-04-04:09:36:07

rmbbrave
04-04-2005, 01:06 PM
What I would really like to know is how many orders they got, if any, from the overseas boat shows they have been attending recently. If only some one knew the SLG tea lady.

rmbbrave
04-04-2005, 01:17 PM
Here's a picture of the new boat.

http://www.sealegs.com/press/allterrain.pdf

dinosaur
04-04-2005, 01:36 PM
MB with the "boat" were at the 4x4 Show at Clevedon yesterday.
Didn't see the "boat" in action but the huge retracted ballon wheels at the back made it look quite funny as it came in on a boat trailer. It's still basically a one person tender, not much good to take the family out fishing in.

Interesting but not sure they would find many buyers there, as even the likes of Land Rover, etc., and other big 4x4 Mamufacturers weren't present at the show.

port hills
04-04-2005, 01:43 PM
Hey you guys the emporer has no clothes. ;)

This 'amphibious vehicle' looks ridiculous, do you think they will be a hot seller. [:p]

rmbbrave
04-04-2005, 01:45 PM
The boats are a great piece of engineering for what they enable their owners to do, that is, Launch the boat by themselves without getting wet. However, they do look a bit funny with the wheels sticking out.

The problems are:

1 I'm not sure whether there is a market for them. I certainly wouldn't buy one for $98,000
2 The management of SLG appears to be a bit slack.

Although, the second problem could be related to the first. If you have a great product even poor management can make a profit.

I have been watching this company for a while and as the SP has been falling have bought none.

rmbbrave
04-04-2005, 02:08 PM
An article in the Herald.

Sealegs to make all-terrain amphibious boat

04.04.05 1.40pm


Sealegs International today announced that it has developed a new all-terrain version of its amphibious boat.

The 5.6m Sealegs All Terrain Amphibious Craft (ATAC) has two 79cm by 46cm hydraulically powered wheels on the rear and three steerable tyres at the front. The company said these enabled the ATAC to cross estuary mud flats and soft shingle beaches that were beyond the reach of conventional boats and trailers.

Sealegs chief executive David McKee Wright said the listed amphibious boat builder was excited about the market possibilities the ATAC opened up.

"People who have waterfront property with soft terrain between them and the water at low tide finally have a boat launching solution for the first time ever," he said in a statement.

Once driven into the water, the ATAC hydraulically retracts its wheels to allow speeds of up to 60kmh on the water.

On land the ATAC has a ground clearance of 425mm which allows it to climb inclines of over 25deg.

- NZPA

marinesalvor
05-04-2005, 07:37 AM
Its always been a nice concept - only issue I have is their distribution - their middle east (key market) co seems to be mysteriously absent from regional directories. So far I havent seen to many orders going that way

dinosaur
05-04-2005, 07:56 AM
quote:Originally posted by marinesalvor

Its always been a nice concept - only issue I have is their distribution

Surely the other issues has to be price and deck area and it looks to be a very 'wet' boat?

At $98,000 plus delivery costs it's an expensive way to keep your feet dry for such a small boat.

I see they at at the Sanctuary Cove Boat Show again in May. Most water front properties in that area are on waterways and have floating pontoons that allow quite large boats (more versitile than Sealegs) to be keep high and dry and launched in a few minutes.

I would not like to take my family through the Motuihe Channel with the wind opposing the tide (most days)in Sealegs. I imagine everyone on board would be soaking wet after a few minutes.

marinesalvor
05-04-2005, 08:26 AM
Hey Dino

as a mariner, I dont have any issue with the "wetness"- it performs as all RIBs that size do, yes its wet in adverse conditions, but these are designed for a pleasure market that wont even be launching if its not smooth and blue

98k isnt too far off the mark either given the added benefits in terms of beachablity and storage. It really just needs to be distributed and marketed correctly

dinosaur
05-04-2005, 12:45 PM
Mariner

Who do you think is the right target market.
My guesses:

1)The retired older couple, perhaps with a beach front property or close to the beach, say up to 500m, possibly asset rich but cash poor.
Owns or have had boats before but now want a boat that they can launch by themself/self so one doesn't have to stand in freezing water while the other parks the car or tractor. They want a partial of full cabin, as experience tells them that it can be smooth and blue when they go out, but quite rough when they pull up the pick and head for home and they want shade from the sun for their fragile skins. Oh, they want a power anchor too. Would also be nice to have proper seats for the grandchildren. I know that if young children or women in particular have a bad experience in a boat, it's very had to get them out again. "@#&$@* Sell that dam boat".

Can't see them choosing Sealegs.

2) Multi-millionair with beach front property who wants a water toy. My guess Sealegs is too clumbersome looking and at 60KPH the top speed is too slow.

3)Luxury boat owner who wants a tender to go ashore onto remote islands etc. Sealegs may have a market here but it is very limited market. A standard tender will do fine for going ashore via a wharf. Most of these owners only use the boat as a hotel at major ports.

zac
05-04-2005, 01:13 PM
I looked over the prototype at the 4$WD show and totally agree with Dino. As a solution to a perceived problem it is a very clumsy option. Very little useable onboard space, wheels sticking out front and rear, and all those mechanical bits to corrode and give trouble. No thanks. The mangrove crossing scenario may be an attempt to foster more interest but this is no hovercraft; I would not chance it in estuary mud.

rmbbrave
05-04-2005, 01:13 PM
You are right Dinosaur,

I too have difficulty imagining who would buy these boats but SLG is a small company $13m cap. They sold 11 boats for $1m in sales last year. They only need to sell 20 or 30 boats a year for the next couple of years to see a dramatic increase in SP from 32 cents.

That is all I'm hoping for.

Buy $5000 -10,000 worth of shares and double my money in a year or 2.

What do you reckon the chances of that happening?

dinosaur
05-04-2005, 01:28 PM
Hmmmm Rmbbrave

You are very Brave Indeed.

Of those 11 boats sold do you know what percentage of sales Sealegs, the public company gets to keep? My last understanding, based on disclosures, is that the boats are manufactued here in NZ under Licence. My guess is that the profit on 2-3 boats per month wouldn't come near to covering operating costs for SLG, let alone R & D.

marinesalvor
05-04-2005, 01:38 PM
Dino - ignore the one with the pic in the herald - the standard one is a fair bit more elegant for the rich Mediterranean playboy - its less than 40k Euros and is a good talking point

As long as its positioned properly I htink its a reasonable prospect - that said - dont think I am as certain as rmbrave

rmbbrave
05-04-2005, 01:49 PM
Hey Guys,

I have committed no money to this company. I have boths doubts and hopes. I am only following this company to see what will happen and I appreciate all opinions and information.

I have plenty of time, a good internet connection and use both to hunt around for investments. Some pay off, some don't and some are pots on the back of the stove keeping warm.

dinosaur
05-04-2005, 03:44 PM
quote:Originally posted by marinesalvor

Dino - ignore the one with the pic in the herald - the standard one is a fair bit more elegant for the rich Mediterranean playboy - its less than 40k Euros and is a good talking point

As long as its positioned properly I htink its a reasonable prospect - that said - dont think I am as certain as rmbrave


Caution all the way with this one.

But why spend precious $ developing the new version? Makes one wonder if there is a problem with the current design.

The front wheel doesn't drive. Ever tried pushing a loaded wheel barrow thru soft sand? You can pull it easily, but push it and it bogs down. Funny too, looking at the respective specs that those extra wheels don't add a single kg to o/a weight or reduce performance?

marinesalvor
05-04-2005, 03:51 PM
I'd certainly like to have a blast around on one and test it out - I did take a close look at the original prototype (not too close as it was deafeningly loud) and they did a good job smoothing it all out to an attractive offering

agree with you re drive wheels

rotsevni
09-04-2005, 02:03 PM
quote:Originally posted by dinosaur

[quote]Originally posted by marinesalvor

But why spend precious $ developing the new version? Makes one wonder if there is a problem with the current design.


Doesn't look to me like they spent much at all. If it results in a few more orders it will probably have been worth their while. This is the normal way for start-ups... a few customers ask you for what you 'aint got, so you make a special for them and call it a new model. At least I hope that's what happened (pull-through from the customers rather than a solution looking for a problem)

rotsevni
09-05-2005, 06:04 PM
Forgot to mention this announcement:

SLG02/05/2005GENERAL REL: 1000 HRS Sealegs Corporation Limited GENERAL: SLG: Sealegs RAC JET Wins Research and Development Grant Sealegs International today announced that it has received a Technology NewZealand Grant for $100,000 for the research and development of its Sealegsjet powered Rugged Amphibious Craft (RAC-Jet) technology. The grant is to assist in the funding of the research and development of thesingle engine powered Sealegs RAC-Jet, which will incorporate a speciallydesigned hybrid air/water cooling system to allow the amphibious craft tooperate on land and water. Sealegs International CEO Mr David McKee Wright says the Sealegs RAC-Jetconcept "has received considerable interest from recreational boaters as wellas military, police and rescue organisations from around the world". The Sealegs RAC, developed as a result of market feedback, is a robust craftconstructed of marine grade aluminium with a large work/payload area and abig hard-top canopy. A commercial version of the Sealegs RAC-Jet is expected to be in productionand available by the end of 2005 with a price of $98,000.End CA:00114705 For:SLG Type:GENERAL Time:2005-05-02:10:00:53

rmbbrave
07-06-2005, 09:33 AM
Amphibian poised to blitz Channel



Maurice Bryham


07.06.05


Auckland businessman Maurice Bryham hopes the weather will be good enough today to allow him to take an English Channel crossing record off Sir Richard Branson.

Mr Bryham wants to break the Virgin head's record of 1hr 40m 6s for crossing the 34km Channel in an amphibious craft, set last year.

And he is so confident in the power of his rigid-inflatable that he aims to smash the record rather than merely break it.

Speaking from Calais last night, Mr Bryham said that unlike Sir Richard's Aquada, an amphibious car built by a company controlled by expatriate New Zealand multimillionaire Alan Gibbs, the Sealegs was designed more for water than land.

The outboard-powered boat has motorised wheels on hydraulic legs that retract when the craft is afloat.

It has a top speed of 60km/h on water and 15km/h on land, whereas the Aquada can reach 120km/h on land but just 30km/h on water.

"The Sealegs is much quicker than the Aquada. If everything goes right we should get there in half the time that he did," said Mr Bryham.

He has not attempted any similar records and admitted it was only the publicity for Sir Richard's effort last year that prompted him to make the attempt.

"I knew I had a boat capable of breaking the record. I just wanted to show them what we were capable of."

ari
07-06-2005, 03:16 PM
Nothing new in either vehicle. Have a look at this site and search for the 'Rinspeed Splash' 2004 under Complete list of amphibious cars...don't get so wet:D
http://mitglied.lycos.de/amphicar/englisch/amphicar.html

Bob C
21-06-2005, 03:46 PM
Interesting to note the share price strenthening as the rights issue close date looms and several announcmeents confirming a director selling down his shareholding?

Looking forward to the outcome of the channel crossing attempt.

Bob C

ari
21-06-2005, 04:31 PM
quote:Auckland businessman Maurice Bryham hopes the weather will be good enough today to allow him to take an English Channel crossing record off Sir Richard Branson.


What happened, was the trip completed or is he still out there somewhere?

Dough Boy
21-06-2005, 05:20 PM
Has anyone seen this product. It is laughable that they can really think that marketing the dinghy with wheels is going to capture the consumer except for the freaky recreational fisherman. If it is going to cost more than the basic dinghy it has got to be 'cool'. Standing at the helm as it trundles up the bank (if it does not get struck) is not cool.

The Doctor
21-06-2005, 05:53 PM
this one is even worse than FTB!...take the record off Branson...![:o)]

Dough Boy
21-06-2005, 06:08 PM
quote:Originally posted by marinesalvor

Dino - ignore the one with the pic in the herald - the standard one is a fair bit more elegant for the rich Mediterranean playboy - its less than 40k Euros and is a good talking point

As long as its positioned properly I htink its a reasonable prospect - that said - dont think I am as certain as rmbrave


Marine sailor just how much travelling have you done from your armchair.

Mediterranean play boys DO NOT climb up on dinghys with outboard motors and steer it past their neighbours and friends at 20km/hr. What are you smoking man, get real. A sealeg boat is not cool and definately not going to pull the babes.

A sealeg is for the outdoors man who doesn't own a tie, can't tie a tie and nor has the money to buy a sealeg boat - no market!

ari
21-06-2005, 08:14 PM
quote:Mediterranean play boys DO NOT climb up on dinghys with outboard motors and steer it past their neighbours
As I referred to in an earlier post, it's the 'Rinspeed Splash' for them[8D]

21-06-2005, 08:42 PM
If it Could make Birkenhead to Queen street Auckland in 20mins in rush hour could be a reasonable investment at $30000.00

CJ
21-06-2005, 11:54 PM
quote:Originally posted by ENIGMA

If it Could make Birkenhead to Queen street Auckland in 20mins in rush hour could be a reasonable investment at $30000.00


Unfortuately you would then have to pay to park it. Just catch the bus. Quicker than a car and go every 10 minutes. Or the ferry is just down the road. That will be $30k thanks.

melsmith90210
21-06-2005, 11:59 PM
ha ha, living in the UK there has not been any mention of this so called record attempt....if he did do it then no one really gives a toss especially the newspapers because they are small company small country and no one knows who MB is (And they don't care)...this is a company that is going to end up on the heap.....where are these "military" contracts where are any contracts....and how many of the boats "sold" were actually to suppliers who can get their money back on return if need be????

Paddie
22-06-2005, 07:23 AM
quote:Originally posted by ari


quote:Auckland businessman Maurice Bryham hopes the weather will be good enough today to allow him to take an English Channel crossing record off Sir Richard Branson.


What happened, was the trip completed or is he still out there somewhere?


Heard a piece on the 8 oclock news this morning saying that the crossing had ben completed in 43 minutes. I presume it happend yesterday, northern hemisphere time.

Paddie[?]

22-06-2005, 07:59 AM
CJ 90mins in a bus in rush hour last time I tried it.

rmbbrave
22-06-2005, 08:22 AM
NZ firm breaks English Channel record



Maurice Bryham


22.06.05 8.20am


New Zealand company Sealegs has smashed the world record for crossing the English Channel in an amphibious craft.

Founder Maurice Bryham says they made the 34km crossing from Dover to Calais in 43m 12s, nearly an hour faster than the previous record held by English entrepreneur Sir Richard Branson.

The outboard-powered Sealegs boat has motorised wheels on hydraulic legs that retract when the craft is afloat. It has a top speed of 60km/h on water and 15km/h on land.

The Aquada amphibious car used by Branson, and built by a company controlled by expatriate New Zealand multimillionaire Alan Gibbs, can reach 120km/h on land but just 30km/h on water.

- NEWSTALK ZB, HERALD STAFF

rmbbrave
22-06-2005, 08:26 AM
From the BBC website.

Branson doubts car-boat 'record'

Sir Richard Branson set a world record in the Aquada in June 2004
Sir Richard Branson has challenged a New Zealand businessman's claim to have set a new record for an English Channel crossing in an amphibious vehicle.
Nick Fox, who lives in London, travelled from England to France in 43 minutes and 12 seconds on Tuesday.

Sir Richard entered the record books in 2004 when his car-boat made the crossing in a little over 1hr 40mins.

However, he has questioned whether Mr Fox's vehicle qualifies as amphibious because it only goes slowly on land.

"They've obviously done an incredibly fast crossing of the Channel," admitted Sir Richard.

"Whether it is an amphibian vehicle I'm not quite sure, that would be for the Guinness Book of Records to decide."

His argument is that Mr Fox's Sealeg boat - which has three wheels that retract on entry into the water - can only travel at speeds of around 5mph on land.

"The car-boat that we were in [the Gibbs Aquada] was a proper car that went 120mph on land and also was a proper boat when it was on water."


A champagne celebration in France for Nick Fox and his crew

The Sealeg, invented in New Zealand, can travel at speeds of up to 35 knots on the sea.

It was launched from the Dover slipway in Kent and landed in Cap Gris Nez near Calais on Tuesday.

Mr Fox and his crew are already celebrating a new world record, although the time and their vehicle type still have to be verified by the Guinness Book of Records.

Responding to Sir Richard's comments, Mr Fox said: "It's not a car. It is mainly an amphibious boat but it can drive itself in and out of the sea and that's what makes it count as an amphibious vehicle."

The Virgin chief insisted it was not a case of sour grapes.

"If they've beaten our record we'll certainly be out there again seeing if we can wrench it back from them. We had a lot of fun doing the Channel crossing."

Dough Boy
22-06-2005, 06:15 PM
quote:Originally posted by ENIGMA

If it Could make Birkenhead to Queen street Auckland in 20mins in rush hour could be a reasonable investment at $30000.00


....and we have 10,000 dinghys tied up at Queens Wharf whilst you are at work??

Dough Boy
22-06-2005, 06:19 PM
quote:Originally posted by melsmith90210

ha ha, living in the UK there has not been any mention of this so called record attempt....if he did do it then no one really gives a toss especially the newspapers because they are small company small country and no one knows who MB is (And they don't care)...this is a company that is going to end up on the heap.....where are these "military" contracts where are any contracts....and how many of the boats "sold" were actually to suppliers who can get their money back on return if need be????


yeah I can just imagine the US Marines making a beach assult with 300 motorised dinghys as they trundel up the beach, this is just too much ha ha

Dough Boy
22-06-2005, 06:21 PM
Who on the forum actual owns this Joke Co. Ltd.?

rmbbrave
22-06-2005, 06:26 PM
quote:Originally posted by Dough Boy

Who on the forum actual owns this Joke Co. Ltd.?


Not me.

Dough Boy
22-06-2005, 06:32 PM
quote:Originally posted by rmbbrave


quote:Originally posted by Dough Boy

Who on the forum actual owns this Joke Co. Ltd.?


Not me.


Well then can talk to you in future as want to avoid polluting my mind with the thinking of a Sealegs pundit.

digger
23-06-2005, 10:52 AM
Dough Boy
Member




75 Posts
Posted - 22/06/2005 : 7:21:45 PM
--------------------------------------------------------------------------------

Who on the forum actual owns this Joke Co. Ltd.?
Me
For NOGOC conversion i had to look at selling many shares,this one i will keep. It has several things i look for .One is large management holding. The second is an interesting idea.It has both and i think they are markeable.Bought a lot on last rights issue,was well up until this issue came along. Will stick with it .It has the potential to be a winner.

troyvdh
23-06-2005, 11:29 AM
The Aquada costs approx $450000 and recent info indicates they've sold zip
How much does this thing cost ?

Also may I suggest the maintainence costs of the Aquada would make one cry as opposed to the Sealegs thingy.

rmbbrave
23-06-2005, 11:49 AM
One boat costs $98,000.

I have said this before and I'll say it again.

I think the boat is a great product but I have difficulty imagining who would buy one at that price. Cut the price to $30,000 and it is a winner.

salsanova1
28-06-2005, 04:25 PM
hi all, well brought a share in the boat today on account of the fact these looked to be ready to move ,to me the signs looked right more buyers than sellers , low and behold the boat sprung a small leek, the sellers started lining up and down a cent within the hour @#*&%ouch well as long as it does;t leek much more, i think we'll be staying a float for a while(he says very wishfully )but we'll just have to wait eh!
read the reports it all sounded ok, hope i got the TA and fundimentals right on this one .as i need some confidence to get me trading and see if what i am doing has any merrit.so i haven't called for the coastguard yet ,but any words of encouragement would be graciously accepted.here's to riding the wave
HOLDING FPA;KIP;CDI;SLG
salsa

Dough Boy
28-06-2005, 07:47 PM
quote:Originally posted by rmbbrave

One boat costs $98,000.

I have said this before and I'll say it again.

I think the boat is a great product but I have difficulty imagining who would buy one at that price. Cut the price to $30,000 and it is a winner.


Did not reliase they were so damn expensive!

Lets see 50K gets you a nice car and the remaining 48K could be spent on really nice boat. Think I take that option any day as it will get me to work, and to Taupo for the trout, and to the pub after a great day's fishing.

As for a Sealeg guess you could drive it to your local Fish N Chip shop to get some fish (children could run ahead to place the order in time for your arrival).

Greyhound
28-06-2005, 07:59 PM
Applying your argument DOUGHBOY,one would wonder why people from Remurewa buy 4WDs.:)

salsanova1
28-06-2005, 10:48 PM
In retrospect, a good sales person can never tell who is a buyer and who's not .So don't judge the book by the cover ,have a read first.You'll also be surprise at what a person will spend his money on ,and you can;t caterise people either . I think these fella's have thoroughly researched the product and there market
salsa

dinosaur
29-06-2005, 08:10 AM
quote:Originally posted by salsanova1

I think these fella's have thoroughly researched the product and there market
salsa

Yes they have. They are very smart business men. But they need new investors to keep funding the loss. Suggest you read the threads on ITC or search for the DD.

Someone else mentioned that they liked the company because the directors owned most of the shares or something to that effect.

I think you will find if you trace back through those purchases and later sales and include the very healthy management fees that they have been paid over the last few years, that that ownership has cost them very little if anything, in hard cash.

The patent books are full of inventions that are useful but have never taken hold in the market.

Maybe SLG is worth the gamble???? After all people buy Lotto tickets.

Enumerate
29-06-2005, 01:14 PM
quote:Originally posted by Dough Boy

As for a Sealeg guess you could drive it to your local Fish N Chip shop to get some fish (children could run ahead to place the order in time for your arrival).


Hehe ... this is the funniest image of the Sealegs "value proposition" have read.

Why do Bryham and McKee need to develop the Sealegs concept with a public company as a vehicle? They are rich enough and well connected enough to make a go of it by themselves.

I assume the drawings from the company, for these two, fulsomely reflect the high guru status afforded entrepeneurs of the first water.

If it looks like a dog; barks like a dog; it is a ... wonderful investment opportunity.

salsanova1
29-06-2005, 01:34 PM
hello enumerate ,
yes i agree to your comment about the dog bit. but like any new investment i'd rather be following the money,( as in mckee and bryham ),they might be rich and mighten lose to much sleep over the loss of what is a little money to them ,but they have a reputation to live up too.
i am of the opinion if the market picks up on the novel idea of the easy launch aspect of the product,this adventure could hold water.
thats the risk you take.
salsa

ari
29-06-2005, 03:51 PM
quote:thats the risk you take.
salsa although most risks are calculated. I had shares from the very early days under the ITC banner and lost huge and really feel sorry that this company is still around to be discussed. One AGM was enough for me, a total farce! Directors could not even answer the questions put to them, but they're still going.....so was Caphill till he got caught out[:0]
You would have done better to buy a bag of chips to go with your salsa...

salsanova1
29-06-2005, 04:17 PM
ARI,LIKE THE SENCE OF HUMOUR AREN'T WE LUCK ITS ONLY MONEY
AND I DO LIKE SALSA WITH MY CHIPS TOO!
YOU COULD BE RIGHT THEY'RE DOWN 0.02 SINCE I BROUGHT IN AND NOW WITH A NEW RIGHTS ISSUE AT 0.15 ITS A BIT LIKE TREADING WATER
I DON;T REALLY KNOW HOW THIS ONE WILL PAN OUT BUT GOING TO STAY WITH IT A WHILE TO SEE HOW SHE FLOATs
salsa

dinosaur
29-06-2005, 05:24 PM
quote:Originally posted by Enumerate
Why do Bryham and McKee need to develop the Sealegs concept with a public company as a vehicle? They are rich enough and well connected enough to make a go of it by themselves.


Because ITC was a nice little vehicle (no pun intended) or shell company which could be rebranded. It had assets (DVI) and accumulated tax losses. Maybe they really thought Sealegs would have returned a profit before now on which those losses could have been used and have privatised the co, as at one stage they owned near to 90% of the shares,

Dough Boy
30-06-2005, 07:06 PM
quote:Originally posted by salsanova1

hello enumerate ,
yes i agree to your comment about the dog bit. but like any new investment i'd rather be following the money,( as in mckee and bryham ),they might be rich and mighten lose to much sleep over the loss of what is a little money to them ,but they have a reputation to live up too.
i am of the opinion if the market picks up on the novel idea of the easy launch aspect of the product,this adventure could hold water.
thats the risk you take.
salsa


Reputation in what sense?

I think that 'making money' counts for a whole lot more than a 'public reputation', and if they can milk it for several years and be paid for it before it goes bust, any 'real business person' would think that was 'crafty' and their 'business reputation' remains intact or even improved.

Enumerate
01-07-2005, 09:03 AM
I propose a new challenge to resolve the "fastest amphibious vehicle" debate:

LONDON to PARIS - road/water race

Branson in the Gibbs Aquatica (sic) vs Bryham/McKee in a Sealegs

I'd even pay good money to see the Sealegs trundling down the M1. (I'd cover my investment with a bet on Branson in the Gibbs-mobile).

I'd look forward to the Sealegs, under the Arc de Triumph, a couple of weeks afte the race started.

Compelling television ... you heard it here, first.

Idea: Copyright (c) 2005 by Enumerate - talk to my agent.

Arthur
01-07-2005, 10:25 AM
I was very cynical about this company, but I'm starting to think that they might have some merit.
-The big shareholders took up their entitlement.
-Their initial targets seem realistic - sell 40? boats this year.
-Most of the other amphibious vehicles are cars that can be boats, not boats that can be driven on land.
-they plan on reducing the price to more of a mass market when they can scale up production.

In the meantime there is a niche that they may be able to fill. Somebody bought the boats that they have sold and they can't all be mates.

salsanova1
01-07-2005, 11:09 AM
yeah get down arthur ,i am with you on this one mate, i read there last report and checked out the product. it's not a car and for all reasonable purposes there is a niche in the market for this and especially if they get the price down.
but they could put shareholders minds at ease with number of orders on hand and forecast orders of to be met this year .so you could measure the companies performance.also will the company be likely to crack the profit line, be it all only small .
i also would like to see directors reduce there fee's until such time as the company at least shows a viable profit,maybe that would get them working harder to see this company be sucessful in the near future .
i believe the good thing about this is the human nature aspect . people just love pooring money into boats . any thing that makes launching at five in the morning any easier, has to be a plus and it does trailor.the idea being is to trailor to the destenation ,roll off the trailor and into the water .great in area's with sand flats or no boat ramps. boat ramps like MtMaunganui where the tide is out 100 mtrs from the end of the ramp and don't for get all those old timers who live just accross the road from the beach, with a stack of dough and love there fishing
so don't right this off[enumerate]just yet .but hey this is only my opinion and what are forums for eh!
salsa

ari
01-07-2005, 04:38 PM
quote: boat ramps like MtMaunganui where the tide is out 100 mtrs from the end of the ramp and don't for get all those old timers who live just accross the road from the beach, with a stack of dough and love there fishing

Excellent idea, I'll just send an email to my old man who retired there some years ago, and perhaps he could send a note around the retirement village and see if he can get some sales for you......that should really stuff the baby boomers inheritance;)

salsanova1
01-07-2005, 06:10 PM
[8D]GREAT TO SEE SYNICISUM IS ALIVE AND WELL:D

ari
05-07-2005, 01:40 PM
salsa....hot news...

quote:GENERAL: SLG: Sealegs adopts Monopoly dollars as functional currency

Auckland, 5 July, 2005 - Sealegs advised today that it had formally adopted
Monopoly dollars as its functional currency. It also advised that for
financial years beginning on and after 1 July 2005, it would present its
financial statements in Monopoly dollars.

digger
05-07-2005, 01:58 PM
Ari,what is monolopy dollars. I have played the game of monopoloy as a kid. What are you talking about?????

ari
05-07-2005, 02:32 PM
S hite I need spell check.....poly/poloy... worth f.all anyway:)

rmbbrave
06-07-2005, 08:30 AM
Sealegs to enter jet skis market


06.07.05 5.40am


Jet skis are among the next marine craft amphibious boat-maker Sealegs hopes to put on wheels.

At the company's annual meeting in Auckland yesterday, managing director David McKee Wright said jet ski companies had research and development budgets of hundreds of millions, and he believed Sealegs had a valuable proposition for them.

Although there were a lot of rich people who could afford the company's boats - priced at about $98,000 - McKee Wright's desire to "get the company rocking quickly" meant it could not rely on the deep-pocketed few.

Sealegs was looking to license its wheel system to other boat manufacturers and planned to take over some of the manufacturing it now contracted out, which would bring down the price.

hesiod
06-07-2005, 08:50 AM
Or this ...

Sealegs to shoot for Mars.

With the impending discovery of water on the Red planet ampibious craft manufacturer Sealegs announces a joint venture relationship with NASA to send a modified vehicle aboard the next martian lander.

With NASA's deep pockets and Sealegs propensity for publicity generating stunts analysts will be jumping on this venture and issuing strong buy reccomendations to prospective clients.

An unnamed source has called this the honeymoon deal for Sealegs. If the lander mission fails there will be any number of investigations and Senate enquiries that they'll still get the exposure from the international press that will boost their profile into interstellar proportions. Success would of course be a whole new league ...

ari
06-07-2005, 09:08 AM
quote:Sealegs to shoot for Mars.

With the impending discovery of water on the Red planet ampibious craft manufacturer Sealegs announces a joint venture relationship with NASA to send a modified vehicle aboard the next martian lander.

With NASA's deep pockets and Sealegs propensity for publicity generating stunts analysts will be jumping on this venture and issuing strong buy reccomendations to prospective clients.

An unnamed source has called this the honeymoon deal for Sealegs. If the lander mission fails there will be any number of investigations and Senate enquiries that they'll still get the exposure from the international press that will boost their profile into interstellar proportions. Success would of course be a whole new league ...



And I thought it was just a rumour......

Steve
06-07-2005, 11:51 AM
Someone traded 2.5% of SLG this morning, therefore there MUST be some truth to the rumour...

dinosaur
06-07-2005, 03:44 PM
quote:

McKee Wright's desire to "get the company rocking quickly" meant it could not rely on the deep-pocketed few.


Translated: Does that mean he believes they reached or are close to reaching market saturation with the few boats they have sold???

Dough Boy
06-07-2005, 04:15 PM
Just reading between the lines.....................

Sealegs to enter jet skis market


06.07.05 5.40am


Jet skis are among the next marine craft amphibious boat-maker Sealegs <s>hopes</s> (is not even mildly optimistic) to put on wheels.

At the company's annual meeting in Auckland yesterday, managing director David McKee Wright said jet ski companies had research and development budgets of hundreds of millions (,wish we could have that to spend), and he <s>believed</s> (wants you to believe) Sealegs had a valuable proposition (worth about $10) for them.

Although there were a lot of rich people who could afford the company's boats - priced at about $98,000 - McKee Wright's desire to "get the company rocking quickly" (rocking: technical term for detroying a companies finances) meant it could not rely on the deep-pocketed few (, as even the rich won't buy it).

Sealegs was looking to <s>license its wheel system </s> (attempt to sell the patent on 'the wheel'!) to other boat manufacturers and planned to take over some of the manufacturing it now contracted out (because we can't build them ourselvesfor a sensible price), which would bring down the price.

salsanova1
06-07-2005, 04:53 PM
[8D]Well good to see all the pesimistic knockers out there bagging the sealeggs venture, makes me get the giggles .I can't help think some of these baggers, are disgruntled share holders, who have brought into this share and have taken a beating.Otherwise why could you be bothered with the reteric.....
(Ahhh!! dddon't have a life).[V]
Any way don,t worry I'm sure there are a lot of share holders out there who are quite happy to give this company a chance to get off the ground and if it doesn't, hey its only money .If you've got your money in shares,then you are'nt spending it on anything are you,(like a holiday or a beer) so there's no problem then is there.So bring it on knockers lets have a real whinge eh!:D

dinosaur
06-07-2005, 09:30 PM
:D:D:D
You have much to learn young one!

ari
07-07-2005, 07:38 AM
quote:who are quite happy to give this company a chance to get off the ground
Ah....there's another idea.....WINGS[8D]

rmbbrave
02-08-2005, 11:23 PM
Now Sealegs has sold at least 25 boats at somewhere near $100,000 a pop.


01 Aug 2005 02:57
GENERAL: SLG: Australian Sales Underway

Listed marine company, Sealegs Corporation Limited (NZX:SLG), today announced
that it has sold 10 Sealegs amphibious boats in Australia in the last three
months.

During the Sanctuary Cove boat show on the Gold Coast in May, Sealegs
announced that it was moving to a direct sales model in Australia, a move
which has resulted in the latest sales.

Sealegs CEO Mr David McKee Wright said "Sealegs is making good inroads into
the Australian market. We have experienced great feedback from the market
and a quick acceptance and understanding of the advantages of our amphibious
boats."

"Sealegs amphibious boats are proving to be popular throughout Australia and
particularly in Queensland. One of our customers uses his Sealegs as the
ultimate tender on his superyacht".

Sealegs is exhibiting at the Sunshine Coast Boat Show and Outdoor Expo on 5th
to 7th August.
End CA:00118764 For:SLG Type:GENERAL Time:2005-08-01:14:57:30

marinesalvor
04-08-2005, 07:12 AM
going to need a few more sales before I look at it again - am still smarting over their flip flops in the middle east

salsanova1
09-08-2005, 11:13 AM
[[8D]ANNONCEMENT TODAY SEALEGS HITS FIRST 50 BOAT ORDERS MORE THAN A YEARS MANUFACTURING UNDER THE PRESENT CAPABILITY TO SUPPLY CUSTOMERS .is now seeking large manufacturer to shorten delivery time .:D
looking goodfont=Arial][/font=Arial]

rmbbrave
09-08-2005, 06:01 PM
So about 5 million in sales in 15 months ($4m a year) and a market cap of $13m. How does this compare to a "good" company like FBU?


09 Aug 2005 09:17

GENERAL: SLG: Sealegs Hits 50 Boats

Listed marine company, Sealegs Corporation Limited (NZX:SLG), today announced
that production orders of the amphibious boats manufactured by Sealegs
International Limited had reached 50 orders.

Production of the 5.6m amphibious boats is done in stages in East Tamaki and
Auckland''s North Shore. The Sealegs amphibious boats are specially designed
to fit inside a standard 20ft container for ease of shipping them to
international customers worldwide.

Sealegs CEO Mr David McKee Wright says that "Sealegs is pleased with hitting
the 50 boat milestone, especially since the first Sealegs amphibious boat was
delivered only 15 months ago".

Production of the Sealegs amphibious boats is currently running at
approximately three boats per month. Mr McKee Wright says the search is also
on for larger production facilities to increase production capabilities so
that lead times for new customer orders can be reduced.
End CA:00119043 For:SLG Type:GENERAL Time:2005-08-09:09:17:22

Steve
10-08-2005, 06:44 AM
quote:Originally posted by rmbbrave

So about 5 million in sales in 15 months ($4m a year) and a market cap of $13m. How does this compare to a "good" company like FBU?

Production capacity is 3 boats per month = Revenue of $3.6m per year.
What is their profit margin on each boat? Is it enough to cover all the "corporate overhead" costs?

What is FBU's Sales/Mkt Cap ratio for comparison?

rmbbrave
19-08-2005, 09:46 AM
Jenny Ruth: Boat-builder finding sea legs





19.08.05


Shareholders Association chairman Bruce Sheppard isn't ready to give amphibious boat-maker Sealegs Corp his seal of approval.

Asked if his view of the company has changed from a year ago, when it was described as being "Seadog run by Mickey Mouse", Sheppard asks if there's any reason to change his view.

"Have they just done a deal to sell a minimum of 200 boats a year to some tosser in Europe?"

Not quite, but the company has hardly been idle and has reached several milestones towards building much-needed credibility.

Its history is unfortunate, to say the least. It has been listed on the stock exchange since October 1994 but has never reported a profit. Accumulated losses to March 31 were $36.2 million.

Previous incarnations include mining, chicken farming, a building materials distributor and an investor in high-tech companies, then named IT Capital, before turning into Sealegs in 2003.

That last metamorphosis was a long time coming. The company's two largest investors, managing director David McKee Wright and chief operating officer Maurice Bryham, whose brainchild Sealegs was, took over the company's management in early 2002.

Their original plans to sell three ventures into IT's shell raised Sheppard's ire over inadequate information and the proposed prices of three ventures.

Thanks to a mixture of this criticism and a failure to agree on terms, the duo and the company bowed out of the other two business ideas to concentrate on Sealegs.

McKee Wright and Bryham have also overseen the sale of all IT's high-tech investments, including Terabyte, Golden Orb and then, in July last year, its stake in Deep Video Imaging (DVI), which raised $1.025 million in cash.

That was money the company sorely needed. By March last year, it had only $420,050 in the kitty. The company raised $147,000 during the year ended March through two placements. It also won a couple of government grants, $20,000 from New Zealand Trade and Enterprise last November to assist with patenting costs and $100,000 from Technology New Zealand to develop a new model of boat in May.

Even so, it finished the year to March with just $183,614 in cash. Auditors Ernst & Young again tagged the accounts, saying the company needed extra funding.

It had already been preparing for another rights issue but, first, it announced last November a much-needed share consolidation. Its shares, all 672.4 million of them, were trading at around the 2c level.

It rolled every 16 shares into one from late November and then cleaned up its register by requiring all shareholders to build their stake to a minimum parcel of 1000 shares or have their holdings compulsorily sold.

Sealegs says the number of shareholders dropped from 4759 to 2068 after that exercise, saving the company more than $50,000 a year in costs.

McKee Wright says one of the benefits of the registry tidy-up is that the company shed many of its disgruntled shareholders.

Then in mid-May it announced a one-for-three rights issue priced at 15c a share which aimed to raise $2.12 million.

The company's previous rights issues met significant shortfalls. In November 2003, a one-for-one rights issue of 303 million shares to raise $500,000 ended up with a 69 million share shortfall, which McKee Wright and Bryham took up as underwriters as well as their own entitlements. At March 31, McKee Wright owned 15.7 per cent and Bryham 21.6 per cent, both through family trusts.

In mid-2002, the company tried to raise $3.7 million but managed only $2.1 million, including $1.2 million provided by McKee Wright and Bryham.

But this time around, it found new underwriters, Wellington broker McDouall Stuart.

It agreed to take up to 9.3 million of any shortfall in the 14.2 million share issue. In the event, the issue was reasonably well supported and McDouall Stuart had to take only 3.2 million shares.

"We were happy to underwrite the issue. We undertook extensive modelling of the company and

salsanova1
19-08-2005, 12:36 PM
thanks for the view rb,
very interesting, i am of a similar view ,but i think if you are expecting the price of the boat, to get down to 30,000.oo ,theres not much chance in that.
as you can't buy a 18' boat these days for under 45,000.oo .but as you have said ,the fact that there has been an increase in sales and demand is positive, as well as the loss has been approximatly halved from the previous year,is all positive. it will be interesting if the they can balance the books this year.
being in the softer economic climate, this product is what i consider a high end product.the risk is also high ,but i am one of the shareholders sticking with the share for the time being and have placed 40000 shares into a nursery portfollio.it will be extremely positive if the books balance this march in the current economic climate .this is imo only.
disc;
holding;ing;iftwb;vct
nursery and traders slg;ctl;kid

rmbbrave
19-08-2005, 12:41 PM
I haven't bought any - still watching the SP fall.

rmbbrave
22-08-2005, 09:21 AM
Another article in the Herald today


Rugged way to chart new water


22.08.05


By Georgina Bond


Sealegs is hoping to tap commercial markets with a new "rugged" version of its boat on wheels.

Company founder Maurice Bryham said the 5.6m all-aluminium D-Tube was more versatile than the company's inflatable model and would suit military and rescue organisations or fishermen.

But he did not think it would slow sales of the rubber inflatables and expected to sell equal numbers of each.

The listed marine company makes amphibious boats - those that can be driven in and out of the water on retractable wheels.

The D-tube, which will retail for $69,000, was unveiled at the Hamilton Boat Show on the weekend.

The craft has a 4mm marine-grade aluminium hull with solid 3mm aluminium foam-filled pontoons and a self-draining deck with scuppers.

Like the earlier models, it will reach a top speed of 60km/h on water and 10km/h on land.

Sealegs' boats are made in stages in East Tamaki and Auckland's North Shore, and sell for an average price of $75,000

Last week, the company said production had reached 50 orders, after the first boat was delivered 15 months ago.

In June, Bryham broke the record for crossing the English Channel. His Sealegs boat took 45 minutes - less than half the time taken by British entrepreneur Sir Richard Branson when he set the record last year.

ari
22-08-2005, 10:51 AM
http://img398.imageshack.us/img398/75/21sealegs0nr.jpg (http://imageshack.us)

Good marketing, looks like Navy has just taken delivery......

Steve
23-08-2005, 11:59 AM
With all this recent publicity, is there another RIGHTS issue waiting to be announced?![?]

rmbbrave
22-09-2005, 10:40 AM
Sealegs International is moving to larger premises to meet the growing demand for its amphibious boats.

The move by Sealegs to a new manufacturing and office location in the North Harbour Industrial Park, about 1km from its current premises, takes effect at the end of October.

The new Sealegs building will increase the current final assembly manufacturing facility by 300%. The move to larger premises coincides with new staff joining the company in the roles of Design Engineer, Production Technician and Administration Assistant.

Managing Director, Mr David McKee Wright, said that the move will allow Sealegs to centralise its sales, administration, research and development, final-assembly and shipping all to one location, with improvements in efficiencies and communication.

"In the last few months Sealegs International has experienced demand for its amphibious marine craft beyond that of its current manufacturing capacity. The new facility will help in increasing monthly production capacity," he says

Enumerate
23-09-2005, 03:00 PM
A future Sealegs press release?

Sealegs introduces a new military model and extends its product set


22.09.07


By Staff Coorespondent


Sealegs is hoping to tap military markets with a new "militarised" version of its boat on wheels.

Company founder Maurice Bryham said the 5.6m all-aluminium "amphibious attack sealegs" was the ideal solution for governments wishing do dominate small, weak, maritime third world nations.

With a top speed, on land, of 10 kms per hour the "amphibious attack sealegs" could prove useful against infranty formations. (Unless the enemy ran away, or at least walked briskly away). The shock value of massed "amphibious attack sealegs" appearing on an enemy flank, previously thought impassable, could redefine warfare at a tactical level.

In related news the company announced a new range of zeppelin to complement the land/sea "amphibious attack sealegs".

Company founder Maurice Bryham said our new zeppelin product is designed to work in concert with the "amphibious attack sealegs". Massed zeppelins, providing air support for the land/sea sealegs formations, would provide a innovative way for superpowers to subdue small, coastal, third world nations.

One further innovation is that the zeppelins are covered in a thin coating of lead to promote the maximum resistance to nuclear attack.

The "amphibious attack sealegs" and the "lead zepplins" are available, in quantity, from your nearest sealegs supplier. The company quotes significant interest in the new tactical systems from the Salvation Army.

rmbbrave
28-09-2005, 08:13 PM
Sealegs attracts UK boaties at Southampton show

28.09.05 3.40pm


New Zealand company Sealegs' record-breaking drive across the English channel in its amphibious vehicle appears to have paid off, generating solid interest at a big UK boat show.

Sealegs secured orders for six of the inflatable boats, which carry a price tag of around $98,000, at the Southampton Boat show in the south of England.

In June Sealegs' founder Maurice Bryham crossed the channel from Dover to Sangette in a Sealegs 5.6 rigid inflatable amphibious boat in 43m 12s, less than half the time set by Sir Richard Branson last year in one of New Zealand entrepreneur Alan Gibbs' Aquada cars.

Sealegs' managing director David McKee Wright said the company had attracted a lot of attention from a wide range of boating enthusiasts who had seen the crossing on TV or read recent boating magazine reviews.

"We are delighted with the positive response Sealegs has received in the UK and the increased brand awareness gained from the successful English Channel record crossing," he said.

"Sealegs is now getting good traction in this big international market."

Sealegs shares were unchanged at 22c shortly before midday.

- NZPA

rmbbrave
04-11-2005, 02:27 PM
Sealegs posts $723,000 first half loss

04.11.05 1.00pm


Amphibious boat-maker Sealegs today reported a net operating loss of $723,000 for the six months to September 30.

The result was down almost 800 percent on the $105,000 profit recorded for the same period a year earlier, while total operating revenue declined 25 percent to $1.3 million.

Sealegs' chief executive officer, David McKee Wright, said last year's September half profit included a one-off benefit from the sale of Sealegs' Deep Video Imaging (DVI) division, and the operating revenue figure included trading figures for DVI.

"We'd written DVI off in the years leading up to last year and then we were forced to recognise it as operational revenue because it was (no longer part of the business)," Mr McKee Wright said.

That aside, Sealegs did a busy trade in the first half, with trading revenue climbing 70.6 percent to $1.2 million.

"Sales into Australia and Europe have been encouraging and are continuing to grow," Mr McKee Wright said.

Sealegs moved into its new premises in Albany, on the outskirts of Auckland, yesterday, and expects to improve production efficiency and capacity from there.

Sealegs will be demonstrating its amphibious boats at the upcoming Big Boys Toys show in Auckland and the Wanganui A&P show on November 11-13. Planning is also underway to attend the Paris and London International boat shows later in December 2005 and January 2006.

Shares in Sealegs last traded down 2c at 18c, close to a year low of 17.1c touched in May.

- NZPA

Contrarian
04-11-2005, 06:48 PM
Gidday
market cap $11,326,259 Should be making 2 mill a year profit. Or is the thinking you buy into this $11 million dollar business at this time which is not making a profit because it's a punt and maybe one day get a 50% pa profit on investment. In which case if they made $30 k on a boat =189 boats per year.

marinesalvor
07-11-2005, 06:58 AM
yes a very intriguing opportunity - they have certainly taken the concept a long way - pretty impressive little boats too - if I was filthy rich I would have one on the beach.

ari
09-11-2005, 03:14 PM
Lets call it 'Project X' and find some more suckers....and if we do it B4 Xmas we won't need Santa.....;)

quote:Listed marine company, Sealegs Corporation has started 'Project X' to design and manufacture a new amphibious marine craft. The new boat will be designed as a high-volume, low-cost craft. The company estimates it will produce 100 boats in 2008. The company is seeking a strategic partner to help fund and assist the project.

rmbbrave
17-11-2005, 11:43 PM
Sealegs plans to ride bigger waves
17 November 2005
By MARTA STEEMAN

Sealegs chief executive David McKee Wright is keen to lift the amphibious boat company from a niche player to a high-volume producer.


That will require capital raising, a boat manufacturing partner and re-engineering the boat design to make it cheaper to build.

The key features of the craft are its wheels - one at the front and two at the back - that make it easy to launch and recover.

The company makes two 5.6-metre models - one of aluminium at $79,000 and the other a rigid inflatable at $69,000. Top speeds are 56kmh at sea and 10kmh on land.

Mr McKee Wright says the models enable older people to enjoy boating for longer.

"They are fundamentally going to men over 50 years with access to a waterway."

Sealegs has sold more than 50 boats, half of them to New Zealand buyers.

They are also selling in Australia and Britain.

Mr McKee Wright and Maurice Bryham, who together own 36 per cent of Sealegs, founded the successful PC Direct.

Sealegs designs, makes and markets the boat itself but it will not make a fortune selling 50 boats a year, Mr McKee Wright says.

Sales are price-sensitive. The initial price was $98,000 but, once that was dropped to $69,000, the order book filled. If the price was $50,000 Sealegs would sell several hundred a year, he says. "I want to be a volume manufacturer. I believe this company can be worth $100 million very quickly."

To do that, Sealegs is seeking a partner to help it manufacture a fibreglass boat which the company wants to have in the market by 2008.

AdvertisementAdvertisementIt hopes to be making at least 100 of the new craft a year and Mr McKee Wright believes there are plenty of wealthy people around the world who would be interested in buying them.

marinesalvor
18-11-2005, 07:13 AM
They need to link with one of the big French government subsidised manufacturers like Jeanneau or Beneteau... then they can really think about volume

rmbbrave
18-11-2005, 10:28 PM
http://www.nzherald.co.nz/search/story.cfm?storyid=0003E0D3-894F-1379-811A83027AF1010F

Design student puts sealegs to powerful use

16.11.05
By Mathew Dearnaley


A student who found his sealegs yachting on a South Island hydro lake is conquering the City of Sails with a state-of-the-art design for a jet-powered amphibious boat.

Matt Gibson's Anaconda is one of six transport projects on display at the Vero Centre in central Auckland this week to showcase the achievements of Massey University's top design students.

All the exhibits have been designed for potential production, but Mr Gibson has the head-start of having been sponsored by North Shore boat-builder Sealegs, which in June broke a record for crossing the English Channel with an inflatable amphibious craft.

The 21-year-old transport design graduate emphasises that it is entirely up to the company, which has been employing him part-time, to decide whether to take his one-to-six scale proof of concept any further.

Sealegs, which says it has sold more than 50 amphibious craft in 18 months, is busy making a new aluminium version of the inflatable that crossed the channel in 43m 12s in June.

That was less than half the record, set by Sir Richard Branson last year, in one of New Zealand entrepreneur Alan Gibbs' Aquada cars.

But Mr Gibson says Sealegs has already patented his design, which he developed according to company specifications, and he is confident a 240-horsepower jet engine would allow a 5.6m production version to travel one-and-a-half times faster than the record-breaker.

The Anaconda is designed to barrel over the water at up to 88km/h before coming ashore, when its three retractable wheels could carry it across land at 15km/h.

"It could be used for anything from commuting to sight-seeing and picnicking," said Mr Gibson, who overcame his land-locked Central Otago origins by sailing as a youth on Lake Dunstan.

Sealegs managing director David McKee Wright said the company was impressed with how the model was developed from computer software, which enabled its dynamics to be worked out before the hull was built.

The model was fabricated by a computer-cutting machine, saving money compared with traditional boat-building and giving the company confidence in testing the market for future products.

rmbbrave
22-11-2005, 08:16 PM
Sealegs secures $1.5m in forward orders

22.11.05 1.00pm


Sealegs is proving that its amphibious boats have legs, securing $1.5 million in forward orders.

The company said it has received forward orders for 18 of the patent-pending boats.

Sealegs chief executive David McKee Wright said the orders are from customers in Britain, Europe and Australasia.

With the latest batch of orders, a total of 34 of the rigid inflatable and d-tube aluminium amphibious boats have been ordered so far this year, more than twice the number at the same time last year.

Mr McKee Wright said growth was expected to continue next year.

"Everyone is flat out meeting the strong demand and we are continuing to field regular enquiries from local and offshore buyers," he said.

The increased demand has led to a price reduction, with buyers now able to snap up a standard 5.6m amphibious boat for $69,000 plus GST, down from $98,000.

The company also hopes to bring amphibious boats to the masses, with plans to design a high volume, low cost craft selling for $50,000 by 2008.

- NZPA

marinesalvor
09-01-2006, 08:27 AM
saw a few of these out on the water this summer - looked pretty fun beasties!

D_Pick
17-01-2006, 12:58 PM
did you see the boats in Estonia?

Dough Boy
17-01-2006, 04:34 PM
quote:Originally posted by rmbbrave

Sealegs secures $1.5m in forward orders

22.11.05 1.00pm


Sealegs is proving that its amphibious boats have legs, securing $1.5 million in forward orders.

The company said it has received forward orders for 18 of the patent-pending boats.

Sealegs chief executive David McKee Wright said the orders are from customers in Britain, Europe and Australasia.

With the latest batch of orders, a total of 34 of the rigid inflatable and d-tube aluminium amphibious boats have been ordered so far this year, more than twice the number at the same time last year.

Mr McKee Wright said growth was expected to continue next year.

"Everyone is flat out meeting the strong demand and we are continuing to field regular enquiries from local and offshore buyers," he said.

The increased demand has led to a price reduction, with buyers now able to snap up a standard 5.6m amphibious boat for $69,000 plus GST, down from $98,000.

The company also hopes to bring amphibious boats to the masses, with plans to design a high volume, low cost craft selling for $50,000 by 2008.

- NZPA



So they are 'flat-out' with 'forward orders'. Now the question is what is Sealeg's definition of a 'forward order'. Is it a non-binding agreement or binding contract to buy without a deposit or contract with deposit. How about some breakdown of what all these all orders amount to in the real sense of firm contracts and completed and paid for work.

rmbbrave
18-01-2006, 09:56 AM
Sealegs seeks partner to finance boats on wheels

18.01.06
By Georgina Bond


Amphibious boat builder Sealegs is seeking an investor as it gears up to mass produce its boats on wheels.

Managing director David McKee Wright said it was seeking $2 million to $6 million from a partner in the marine industry.

Sealegs was selling more boats than it could produce, with an order book in excess of $1.75 million coming off the back of the London Boat Show last week and is ready to move from making 50 boats a year to 500, he said.

Sealegs boats can be driven in and out of the water on retractable wheels and the 5.6m inflatable and aluminium models sell for between $70,000 and $100,000.

With freight costs raising that price higher still for overseas customers, who make up 50 per cent of sales, only a few could afford the boat.

The next step was to open up its market with a high volume, low cost, fibreglass recreational model in the $30,000 to $50,000 price bracket, he said.

This required a capital partner and McKee Wright hoped to attract a company with boat building experience and international sales channels.

The move was likely to see its manufacturing, at present outsourced around New Zealand with the final assembly at its Albany factory, brought together under one roof.

"Sealegs' profitability will come from scale not small boutique manufacturing," he said.

Boosting revenue by licensing its hydraulic wheel system to other boat manufacturers was a further possibility beyond its high-volume manufacturing plans. Another long-term plan was to put wheels on jet skis.

Sealegs shares closed at 18c last night, having traded at between 15c and 39c in the past year

D_Pick
18-01-2006, 10:49 AM
SLG
18/01/2006
GENERAL

REL: 0900 HRS Sealegs Corporation Limited

GENERAL: SLG: Sealegs Enjoys Successful Start To 2006 At London Boat Show

Listed marine company, Sealegs Corporation Limited (NZX:SLG), has started
2006 on a high note with a number of confirmed sales resulting from last
week's London Boat Show.

According to CEO, David Mckee Wright, Sealegs UK reseller, Amphibious UK Ltd,
reported a number of strong leads from the 130,000 people who attended the
January 5-15 show, resulting in five orders for Sealegs rigid inflatable
boats (RIBs).

During the show Sealegs featured on an ITV boating programme, which has a
viewing audience of about 1.5 million people. "Our reseller, Nick Fox, tells
me that feedback exceeded their expectations and they expect further orders
to follow in months to come," says Mr Mckee Wright.

"He says that Sealegs is receiving a fantastic response from the UK market.
Every show they attend gives the product more credibility and seeds future
sales. It is still the middle of winter in Europe and Nick is confident
sales this summer should easily double those of last year."

"We're not surprised by this good result as it reflects the response we've
had from other attendances at international boat shows," says Mr McKee
Wright. "Sealegs has now established itself as the world's most successful
amphibious boat manufacturer and it can look forward to a successful year."

Sealegs is exhibiting at the Melbourne Summer boat show on 10th to 12th of
February 2006.
End CA:00126353 For:SLG Type:GENERAL Time:2006-01-18:09:00:07

marinesalvor
19-01-2006, 11:45 AM
nice little project - hopefully they are tapping up Beneteau or Dufour

If they get a large French builder on board they could sweep Europe

D_Pick
19-01-2006, 03:43 PM
Does anyone know who the biggest boat builders are (by volume) in

New Zealand
Australia
Europe
North America
Asia

Where can one find out these sort of market stats?

TerryA
19-01-2006, 04:50 PM
Mr. Pick,

&gt;&gt;Does anyone know who the biggest boat builders are (by volume) in&lt;&lt;

You would need to define "volume" ie, number of hulls built, size limits, total value, built under licence, built in own yards etc etc. for the answers to have any relevance.

I had to look for just such an answer, in relation to "Super Yachts" a good few years back but the information did not then exist.

Best wishes,

marinesalvor
20-01-2006, 08:12 AM
French Yards are the biggest in terms of mass production, follwed by Germans and Scandinavia. Poland is also pushing fast with mass production boats in the 18-25 foot range

Dough Boy
20-01-2006, 03:48 PM
So I thought they issued all this equity initially so they could produce their boat and sell it. Now they are effectively saying they can't do it (make boats) and want to dilute your investment in this company by bringing in partners. Now I wonder if they said anything of this in their initial prospectus when they talked of the thousands of boats they were going to produce and all that profit that was to be shared around?

Ha ha you loose.

D_Pick
20-01-2006, 10:52 PM
Thanks TerryA and marinesalvor

I guess the type of manufacturing partner heavily depends on the new design of the "Project X" boat. New volume boat could be a RIB, Fiberglass or Aluminum.

I haven't come across any decent manufacturing statistics yet. From what mgmt are telling the market they are after a partner who has the capacity to build 100 to 500 boats per year in the near term. Current capacity is about 48 (4 per month).

Dough Boy you may loose. SLG value isn't necessarily being diluted by bringing in a partner, if anything it may greatly enhance value if managed well.

My interpretation is demand exceeds supply/in-house manufacturing capability so Sealegs needs to scale up for additional growth. Growth typically requires capital wether that comes from internal retained earnings or externally (from partners/existing shareholders). I can't see much wrong with going for growth.

SLG needs to get some critical mass under its belt to become profitable long term. However going from zero to roughly two and half million sales in 18 months isn't a bad start. Especially for a completely left field product new to all markets. The progress so far is tangible. If SLG can continue their sales growth rate (70%) then 10 million sales isn't unrealistic in the next 2-3 years.

I'm not sure what scale/break-even point is required for SLG to be profitable though. Depends on how big mgmt want to be and how quickly they want to continue growing. I'm sure they are focused on the margins though as they have plenty of skin in the game in equity.

It is early days for SLG. Take a look at your local boat ramp and see all the phaffing around at the waters edge as people get their boats in and out the water. SLG has potential if the product is right.

rmbbrave
01-07-2006, 10:17 AM
Sealegs gets grant for 'project X'
01 July 2006

THE Government has given amphibious boat developer Sealegs a $410,000 boost to help it launch its "project X" craft.


Managing director and chief executive David McKee Wright announced the New Zealand Trade and Enterprise grant at the company's annual meeting yesterday.

Project X is the firm's scheme to develop a cheaper amphibious boat – with motorised wheels that retract once the boat is in the water – able to be manufactured in greater quantities and more quickly.

Sealegs had been recognised as having "clear and significant growth potential" and the project had been identified as likely to increase export sales and create jobs.

Mr McKee Wright said the company had shipped about 75 of its rigid-hull inflatable and aluminium craft to customers, priced at $69,000 and $79,000 respectively, excluding gst. The project X fibreglass craft, expected to cost between $800,000 and $1 million to develop, would sell for about $40,000 each.

"One of our boats takes two to three weeks to build and actually is a labour of love, but not production-efficient. We hope the fibreglass boat will take three to four days to build."

In the year to March 31, Sealegs' turnover increased by 79 per cent to $2.74 million, but its loss deepened by 18.3 per cent to $1.26 million.

Chairman John Robertson said Sealegs was projected to break even in its 2008 financial year and make its first profit the year after.

Shareholders re-elected Mr Wright and Simon Vodanovich as directors and were told director Don Caldwell had resigned.

Sealegs shares closed yesterday unchanged at 20 cents.

rmbbrave
01-07-2006, 10:21 AM
quote:Originally posted by rmbbrave

It certainly is a great product. Check out the animation at:

http://www.sealegs.co.nz/

I spent Xmas day at Raglan and got wet launching a boat so one of these sealegs boats would have been great. It is just a pity that one of them costs $98,000! If the boats were a third of the price it would be a great company.


I said that if they boats cost $30,000 a piece SLG would be a great compny.

Now they are planning to sell cheaper ones for $40,000.

I might have to back up my words with an investment soon!

D_Pick
01-07-2006, 01:31 PM
This grant is a timely vote of confidence for a fledgling little company like Sealegs. I'm an shareholder and view their prospects as having good upside, albeit over a longer term timeframe, as they will need plenty more capital before they change the world.

To really create value for shareholders the directors and management need to prove that this business can operate profitably. Margins aren't exciting given the current manual manufacturing process, and marketing must be a big chunk of operating expenses as they appear to have an intensive boat show calendar

Project X should be postivie for profit margins, and once this company reaches a certain critical mass (say 8-10 million NZD sales) then the next few increments in company growth could be quite exciting.

salsanova1
09-10-2006, 03:09 PM
hi folks well i haven't posted for some time but still keeping an eye on things here.
interesting news today with th company signing up the first asian supplier with an initial order of five boats to the tune of $400,000.00 and some.
i brought into this share on pure speculation and nothing else with the opinion i could very easily do my dough ,but loved the idea and have been willing to gamble on the company.
so far i am down about 2,800 and have been right down by 4,800
i look back in retrospect and now have seen the era of my ways and realise that if i had a trading plan back then i could of trade this share many times and possibly made money, but as it stands i'm still in deficit,
i stil have confidence in this company and going on the forcast results for this year, if they are achieved ,the company should gross about 4,500,000.00 which equates to approx .o7 cents gross per share .sorry i can't put up better fundermentals. this would mean an increase in revenue, before all the the stuffing is taken out ,by aprox 26% which is less than last year but still significant .
to those who have not got a trading plan buyer beware .since i have put one together the lights getting brighter and i don't fell so much in the dark. my plan is evolving the more time i spent examining it ,but the biggest thing is i now have a mechanical approche to trading base on cash management position sizing ,i use technical annalysis is for me .atr volitiaty stoploss breakeven stop and trailing stops ,if i had this at the time i started i would not have been in this share for as much as i am to and would of traded the company on many occassion ,this is a short term trading winner
if someone could be bothered to do some real fundermentals on the company i would really appreciate it

cheers
salsa ( the heavens are just a large salad bowl)

Caesius
17-10-2006, 03:33 PM
Sealegs reduces losses

4.00pm Tuesday October 17, 2006

Amphibious boat maker Sealegs today posted an improved deficit for the six months ended September 30, and said it expected to break even next year.

The listed marine company said its total operating loss of $499,343 was a 31 per cent improvement on a year earlier, and included a $391,746 writedown of research and development expenses.

Revenue rose 118 per cent to a record $2.6 million.

"Our aggressive policy of writing off R&D costs rather than capitalising them means we are absorbing development costs now even though they are for future year's models," Sealegs chief executive David McKee Wright said.

"The earnings result, excluding R&D, demonstrates the company's ability to break even next year and then move to profitability."

Sealegs has received 18 new amphibious boat orders from customers in South Korea, Britain and Kuwait, representing about $1.4 million in forward revenue.

Shares in the company, which received a $410,000 NZ Trade and Enterprise grant this year to develop the next phase of its amphibious boat, were up a cent at 25c, matching its highest level since October 2005.

- NZPA

================================================== ======

First time I've ever noticed SLG. Nice idea in theory.

rmbbrave
20-10-2006, 11:08 AM
New wave of orders has Sealegs counting up
20 October 2006
By DAVID HARGREAVES

Amphibious craft developer Sealegs International is raising its sales revenue forecast for this year by 25 per cent to $5 million after a wave of orders for its boats.


The company is also moving to a new 1850-square-metre Albany factory – four times bigger than its existing plant – in March next year.

Chief executive David McKee Wright said that its factory was now running at capacity to service $3 million of forward orders.

"We've now got a backlog of 40 boats and we are really constrained. This is the tipping point where we get big," he said.

In the six months to September Sealegs had an operating deficit of nearly $500,000 compared with a more than $720,000 loss for the same period a year ago. Sales increased by 118 per cent to $2.6 million.

About $400,000 of the loss represented the design costs of "project X" the company's new fibreglass boat, which will take two days to make against two weeks for the current 5.6-metre aluminium model, and costs less to produce.

The new boat would be ready to go by the second quarter of the next financial year. The company predicts it will break even in the year to March 2008. Mr McKee Wright said Sealegs had funding in place to take it through the rest of its establishment phase.

shasta
20-10-2006, 11:25 AM
Sealegs International Limited has today announced it is building its amphibious boats at full capacity and has $3 million dollars of forward orders.

The company is struggling to build its unique amphibious boats fast enough to keep up with international demand. More than 40 boats are pre-sold with 80% of the orders from international customers.

Although Sealegs moved to larger manufacturing premises in November last year, it has already outgrown its current production facilities in 12 months. To cope with the increased demand and anticipated future demand, Sealegs has today announced it is moving to a new 20,000 sq ft factory in March 2007. The new factory will increase current production space by four times.

Sealegs has also announced that it expects to exceed its current financial year sales forecast by approximately 25%, with total sales revenue now forecast at $5 million instead of its previous sales forecast for the year of $4 million.

David McKee Wright said "Sealegs is retaining and strengthening its market leadership position as the worlds leading manufacturer of amphibious boats. We are continuing to develop new markets for our innovative and patented, New Zealand designed and built amphibious boats, which have worldwide appeal."

ratkin
20-10-2006, 01:10 PM
Have just dipped my toe in the water, bought a small number of shares today, has an appealing product and story, so count me in

ratkin
20-10-2006, 07:35 PM
Having just read through this thread and trawled the internet for information a number of aspects i find interesting

1) A boat that goes on land will be much more useful and wanted than a car that goes on water.
Everybody owns a car anyway, and for an amphibious car so many modifications have to be made that for the 90% of time it on land it not a very goos car.

A boat that goes on land is very much more useful however. It is not designed to go on motorways etc but is great for people living near the water. No need for trailers, dragging boats in and out of water or a permanent mooring. Can be kept in a garage and find its own way into the water

In short, i can see people wanting these things

2) Cost issue, cost will come down as scale improves, but really 50-70000 isnt much money. It is in NZ but for many wealthy foreigners it not much at all, especially when the exchange rate drops a bit.

3) Credibility - This is the biggie, when this outfit started many wouldnt touch them with a barge pole due to the ITC connection. ITC were just another victim of the tech bubble and cant really be blamed if people pumped up its value, they went the way of many of the overly hyped stocks.
Since then sealegs has grown in credibility, the fact that they recently gained a 400000 grant shows they are being taken very seriously. Many boating magazines , show judges etc also are very impressed with the quality of the product

4) The future- they have invested plenty in research and are due to launch a fibreglass model which can be made about 10 times faster than the current model at a lower price.

like they said yesterday

"We've now got a backlog of 40 boats and we are really constrained. This is the tipping point where we get big," he said.


All aboard !!!! But bring your life jacket :)

rmbbrave
20-10-2006, 11:15 PM
quote:Originally posted by rmbbrave


quote:Originally posted by rmbbrave

It certainly is a great product. Check out the animation at:

http://www.sealegs.co.nz/

I spent Xmas day at Raglan and got wet launching a boat so one of these sealegs boats would have been great. It is just a pity that one of them costs $98,000! If the boats were a third of the price it would be a great company.


I said that if they boats cost $30,000 a piece SLG would be a great compny.

Now they are planning to sell cheaper ones for $40,000.

I might have to back up my words with an investment soon!


After watching SLG for a year and a half I have finally bought some - 20000 @ 0.27.

After recent news I believe SLG is on the way to becoming a good investment.

However I'm far from convinced so that's why I'm only risking $5,400.

ratkin
21-10-2006, 04:20 AM
Here is the video of the newsreport on the world record and another clip from british tv

http://www.sealegs.co.nz/news.asp they on the right of the page

ratkin
28-10-2006, 06:09 AM
Any of you going to the big boys toys expo in auckland?

Shareprice doing well, half expected to see some selling into the good news but none really evident. Highest price now since mid 05.
Might arrange to visit the factory while up in auckland , have a closer look

digger
28-10-2006, 07:01 AM
I have held this share for some years and you might note now is a good time to own up to it. Hold very little outside NZO but decided some years ago to keep this one. To me it is a bit of an extension of Team NZ. New Zealand just has a name for taking on the world on the water and i could not help thinking it just might happen here.
Also fit my thinking that the chairman must have a big holding.He must want the company to succeed.This co is working in a unique role and therefor has the potential to fly. I will not sell this company to fund NZO.

ratkin
31-10-2006, 03:41 PM
Up 10% today, what that all about?

Maybe some tipsheet has recommended it?

Paddie
31-10-2006, 04:03 PM
quote:Originally posted by digger

I have held this share for some years and you might note now is a good time to own up to it. Hold very little outside NZO but decided some years ago to keep this one. To me it is a bit of an extension of Team NZ. New Zealand just has a name for taking on the world on the water and i could not help thinking it just might happen here.
Also fit my thinking that the chairman must have a big holding.He must want the company to succeed.This co is working in a unique role and therefor has the potential to fly. I will not sell this company to fund NZO.



Yes I admit holding this share from the old ITC days (remember DVI)
Even brought some more from memory at under 2c in 2003 to raise some capital.
Anyhow, recent annoucements look very positive and hence a re rating.

Paddie[^][^]

ratkin
01-11-2006, 04:32 PM
Whats going on?

Up over 9% today, that a 20% gain in two days. Quite good volume too

ratkin
01-11-2006, 04:34 PM
In a post last week i said

all aboard but bring your life jacket

I should of said bring your parachute !!

Paddie
01-11-2006, 06:17 PM
And Digger, I know you have a heap of the above.

As recently posted, this share is being re-rated, and has doubled in the last couple of months.

Paddie[^]

rmbbrave
03-11-2006, 01:30 PM
quote:Originally posted by rmbbrave


quote:Originally posted by rmbbrave


quote:Originally posted by rmbbrave

It certainly is a great product. Check out the animation at:

http://www.sealegs.co.nz/

I spent Xmas day at Raglan and got wet launching a boat so one of these sealegs boats would have been great. It is just a pity that one of them costs $98,000! If the boats were a third of the price it would be a great company.


I said that if they boats cost $30,000 a piece SLG would be a great compny.

Now they are planning to sell cheaper ones for $40,000.

I might have to back up my words with an investment soon!


After watching SLG for a year and a half I have finally bought some - 20000 @ 0.27.

After recent news I believe SLG is on the way to becoming a good investment.

However I'm far from convinced so that's why I'm only risking $5,400.



Up 33% since I bought a small parcel !

ratkin
03-11-2006, 02:17 PM
Do you trust them though?

Im in at same price as you but very wary. Nice little letter they sent out, bit concerned they trying sell me a boat already though.
Thought they had too many orders

rmbbrave
04-11-2006, 12:13 AM
Most certainly not!

But I think they have a good product and if they can get the price down to $30,000 - $40,000 the boats will sell themselves.

All they have to be in that case is not incompetent.

ratkin
09-11-2006, 02:06 PM
GENERAL: SLG: Sealegs Unveils Amphibious Rescue Craft

Sealegs International today unveiled a new amphibious rescue boat utilising
its proprietary and patented amphibious technology.

The 6 metre Sealegs Amphibious Rescue Craft (ARC) is constructed of marine
grade aluminium for demanding field deployment applications. It is aimed at
worldwide markets for flood rescue roles with government agencies, fire
departments and civil defence forces.

Sealegs CEO, Mr David McKee Wright, says "we are increasingly receiving
enquiries for this type of amphibious rescue craft from around the world and
the new Sealegs ARC showcases the application of our technology in a rescue
format. The company is exploring strategies to present this craft to North
American Homeland Security as well as specialised agencies in security and
rescue industries".

ratkin
16-11-2006, 04:27 PM
Here are a couple of links to some interesting magazine articles


This one shows the new rescue boat

http://www.gizmag.com.au/go/6464/

While this one is about another attempt at the cross channel record which sealegs holds. Sealegs did it in 43 minutes !!! While this new craft took over seven hours lol

http://www.gizmag.com.au/go/6469/

ratkin
20-11-2006, 02:16 PM
Something floating the boat today. What occuring? maybe new orders?

ratkin
21-11-2006, 03:59 PM
RE: Sealegs Corporation Limited (SLG) - Share Price Enquiry

We are in receipt of your letter dated 21 November 2006 in respect to the
NZSX
Listing Rules on continuous disclosure.

In response to a share price enquiry by the NZX, the Directors of Sealegs
Corporation Limited believe that SLG has continued to comply with the NZSX
Listing Rule 10.1.1 on continuous disclosure.
In this regard, we have made a number of positive announcements over the past
six weeks about the company's performance;
o 9th, 11th & 13th Oct - Orders in excess of $1,400,000 from Kuwait, UK
and Korea
o 17th Oct - Sealegs 1/2 Year revenue more than doubled over same
period last year
o 20th Oct - Demand for Sealegs amphibious boats exceeds supply, $3
million in forward orders, moving to new 20,000 sq ft factory in March 2007
o 26th Oct - Australian Patent granted
o 9th Nov - Sealegs unveils Amphibious Rescue Craft
These announcements included a number of new orders for Sealegs amphibious
boats, resulting in the current financial year sales forecast being increased
by 25% to $5 million from the previous forecast of $4 million.
We suspect that these announcements may have caused an increased interest in
Sealegs shares in the market and the lift in the share price and volume.
Yours sincerely
David McKee Wright
CEO
Sealegs Corporation Limited

ratkin
23-11-2006, 10:11 AM
1 million shares just crossed at 42c for value of 420.000 Very interesting goings on this week with the shareprice

ratkin
11-12-2006, 01:08 PM
See sealegs have recieved another grant today. At least some people are taking them seriously.

The share price has been fairly solid recently, all looking good

ratkin
27-12-2006, 08:15 PM
http://www.sealegs.com/news.asp

some good new videos to watch

ratkin
17-01-2007, 03:59 PM
Huge news today.

Selling rescue boats to Italy could be the start of something very big. Rising sea levels , hurricanes etc have put many city on alert , they all worry about floods and these rescue boats could be snapped up.
They probably just like the other boats with the word rescue on the side , but hey , cities have big budgets for this kind of stuff now so expect plenty more orders.

The new factory should be operational soon , then capacity can be ramped up. Here is the announcement


quote:REL: 1450 HRS Sealegs Corporation Limited

GENERAL: SLG: Sealegs Secures First Sale in Rescue Sector

Sealegs International today announced that it has secured the first order for
its unique amphibious boats to be used in an operational flood rescue role.

The initial order is for six Sealegs 5.6m rigid inflatable boats which are
capable of traversing both land and water. The amphibious craft have been
purchased by the Italian Fire Department for deployment in flood prone areas
of Italy.

Sealegs CEO Mr David McKee Wright says "making the first sale of Sealegs
amphibious boats to the rescue sector opens a whole new market opportunity
for the company. We see this sector as a growing segment of our business
revenue as we move forward. There are a large number of flood rescue
situations worldwide where Sealegs would be ideally suited as a rescue craft,
due to Sealegs having such special and unique capabilities".

The initial order of six Sealegs amphibious boats for the Italian Fire
Department represents approximately $500,000 of forward revenue.

Paddie
17-01-2007, 04:13 PM
Ratkin,

I think that they are making very good progress.
Now that they are producing boats at a more appropriate price, I think that sales will only improve.


Paddie

ratkin
17-01-2007, 04:43 PM
And look at the premium they get for the rescue boats !!!

6 boats 500,000 or 83,000 a boat.

The italian fire brigade must be a very respectable organisation and if they are prepared to buy six boats it shows the product must be very good.
There will be huge demand round the world for this type of craft and sealegs is in there first.

If this dosent spark up the shareprice nothing will

Hawke
17-01-2007, 05:13 PM
Where is the new factory? - Is it in Albany-Auck' near the existing office?

It would great to see a NZ manufacturer make in good on the world market!

Go Sealags!
H.

ratkin
17-01-2007, 08:23 PM
Yes it is a 20,000 sq foot factory in bush road, this will allow them to increase production 400% They plan to build upwards of 100 boats this year.

Project x is also well under way

Steve
18-01-2007, 07:27 PM
quote:Originally posted by ratkin

Project x is also well under way

What is project x? Will SLG be having another rights issue this year?

ratkin
18-01-2007, 07:43 PM
Project x top secret

Company said in interim report they had to put this on the back burner to concentrate on current sales and production, although they have built an initial beta prototype, but not full size.

With these rescue craft being sold they may well do better to concentrate on that area

Steve
18-01-2007, 07:55 PM
Would it be fair to say that SLG has shaken its 'DOG' image? Or is the jury still out?

ratkin
22-01-2007, 11:42 AM
Following is a TV1 news story about the sale of the rescue boats to italy



NZ company makes waves in Italy



Jan 21, 2007

A tiny player in New Zealand's marine industry has won a contract with the Italian fire service.

The half million dollar deal for six amphibious craft is a modest one but the marine industry says it promises the fledgling Sealegs company a shot at a lucrative niche market.

The Kiwi ingenuity will soon be put to the test half a world away after Italian officials spied the inflatable, which comes with its own set of wheels, at a boat show in Southampton last year.

Sealegs chief executive David McKee says the Italians gave the vessel a stringent workout before the fire service ordered six of the amphibious craft for rescues in flood prone areas.

"We're very excited about it...it represents our first government sale...we've engaged with many governments around the world but it takes a very long time to get an order out of them," says McKee.

The company has been operating for six years but is yet to make a profit.

"The key point is it's a very small company...people should not get too excited right now but obviously there is some hope for the future," says McKee.

The Marine Industry Association says international buyers are generally wary but now the Italians have led the way rescue services around the world will be watching closely and if the craft do the job as promised more orders are likely to follow.

ratkin
22-01-2007, 11:46 AM
you can watch the video of the news story here

http://tvnz.co.nz/view/page/411749/965314

leanmeanfightingmachine
22-01-2007, 08:27 PM
i think these guys will go alright. will take 2-3 years though to get that share price up to $1. they need more revenue streams and the a bigger yard. a bit like charlies juice a real slow burner. way over priced and will come back to 2005 high of 40c and sit there for ever. well 2-3 years.

lmfm

ratkin
23-01-2007, 04:46 PM
Well, nobody wants to sell , that should tell you something.

Amazing the power of television. After the announcement about the rescue boats the price stayed at .45 for several days, then they are featured on one news and the price jumps to .52c.

Its about time this company was taken seriously. They have a very innovative product, are manufacturing in NZ , real kiwi ingenuity out there with a great product.
Time they recieved more recogition

barnsley bill
23-01-2007, 06:13 PM
quote:Originally posted by ratkin

Well, nobody wants to sell , that should tell you something.

Amazing the power of television. After the announcement about the rescue boats the price stayed at .45 for several days, then they are featured on one news and the price jumps to .52c.

Its about time this company was taken seriously. They have a very innovative product, are manufacturing in NZ , real kiwi ingenuity out there with a great product.
Time they recieved more recogition

ratkin you are a ramper without peer on this site, claiming rising sea levels as a reason this company will go well is a comment worthy of the biggest plus sms rampers over in the sand pit. Tell me where exactly is the sea rising? and by how much do you expect sea levels to rise this year?

ratkin
23-01-2007, 06:21 PM
Uncalled for.

Im sure you realise that governments around the world are starting to take global warming very seriously and are starting to spend money to try and avoid its consequences

Flooding is one consequence of global warming , that fact was probably instrumental in the italian fire brigade ordering six of these craft.
Look at what happened last year with the hurricane in the states, massive increase in spending on flood defences.

barnsley bill
23-01-2007, 06:25 PM
linking global warming to sales for a dinghy with wheels is laughable.
Like i asked before; Where are sea levels rising? And by how much will they rise this year?

ratkin
23-01-2007, 06:30 PM
Sea levels are rising , its a fact. Its also a fact that they dont need to rise very much in some places to cause many flooding problems.

Im not interested in debating global warming with you, im more than happy with my investment in sealegs which has already seen a rise in price of around 100% in a few months.

Keep scoffing if you choose , it will be your loss.

barnsley bill
23-01-2007, 06:43 PM
quote:Originally posted by ratkin

Sea levels are rising , its a fact. Its also a fact that they dont need to rise very much in some places to cause many flooding problems.

Im not interested in debating global warming with you, im more than happy with my investment in sealegs which has already seen a rise in price of around 100% in a few months.

Keep scoffing if you choose , it will be your loss.



I am not scoffing about sealegs. it is the ridiculous ramping that you are undertaking that is causing the, as you put it "scoffing". And if you are not interested in debating global warming or sea levels dont try and link your obvious self interest in the floating skateboard company with the impending disaster "du jour"

ratkin
23-01-2007, 06:50 PM
Time will decide who is correct

barnsley bill
23-01-2007, 06:55 PM
indeed it will. odds on that neither of us will be around to see it though

ratkin
23-01-2007, 07:03 PM
We already are but some have their heads in the sand

rmbbrave
23-01-2007, 07:13 PM
The sea levels don't actually need to rise at all, nor does flooding actually need to happen more often.

As long as Govts and believe there will be more flooding they are likely to spend more on rescue boats.

Most govts and most scientists "believe" in human induced global warming. Bush's Govt is the rare exception.

Ratkin and I are well in the money on this one.

artemis
24-01-2007, 03:00 PM
There have been some disastrous urban floods, esp in the northern hemisphere, in the past few years. Some have not been well handled by the authorities. I would not be surprised if those authorities are under intense local pressure to lift their game for future flood events. Perhaps they will never need amphibious crafts, but it is likely to be good business for Sealegs if they elect to ramp up their capability.

Sealegs - pity about the name which sounds rather trivial. Though I guess it is catchy.

spector
24-01-2007, 03:31 PM
Not wanting to knock Sealegs at all because it's always good to see NZ companies making a go of it... but I reakon they'd do way better if their boats didn't look so incredibly ugly. A bit of form to cover up the functionality would do wonders.

Placebo
25-01-2007, 08:07 AM
Given his rescue heroics of yesterday will Graeme Hart now take an interest in Sealegs? [?]

Steve
25-01-2007, 02:13 PM
quote:Originally posted by Placebo

Given his rescue heroics of yesterday will Graeme Hart now take an interest in Sealegs? [?]

I think that the shareprice has increased today on speculation that he will launch a takeover!;)

Placebo
26-01-2007, 12:04 PM
quote:Originally posted by Steve


quote:Originally posted by Placebo

Given his rescue heroics of yesterday will Graeme Hart now take an interest in Sealegs? [?]

I think that the shareprice has increased today on speculation that he will launch a takeover!;)


A "rescue bid", perhaps? :)

anna
27-01-2007, 11:45 AM
Noone has mentioned the word 'initial' with respect to the order detailed in recent SLG announcement. I'd bet 6 boats is the tip of the iceberg. When they've satisfied themselves about performance expect far more and an avalanche of orders from elsewhere.
Some observations: Digger 28/10/06 - The Chairman holds very few shares. Maurice Bryham's interests are the biggest shareholder and he's not on the board. rmbbrave 4/11/06 - why not 'trust them'? They've done all that they've said and more. leanmeanfightingmachine - Theses shares could double or more without being overpriced. At 52 cents the company is valued at half MSL and less than a third of WDT. I'd know which I'd rather hold.

Caesius
27-01-2007, 04:35 PM
So how many orders do they have now?

anna
27-01-2007, 05:35 PM
Back in early December they had '$3 million in forward orders' of which 'over 80% ..international customers'.
That would be 40-50 ish boats I guess so they're flat stick keeping up. New premises will help alleviate backlog I imagine.

ratkin
31-01-2007, 05:47 PM
Auckland, 31 January 2007: Sealegs international Ltd today announced it has shipped its 100th amphibious boat to a customer in Australia.

Sealegs CEO David McKee Wright says the delivery of the 100th boat represents a significant milestone in the company’s development. “We delivered the first Sealegs boat to a New Zealand customer just over two and a half years ago and have done well to get to the 100 mark in a relatively quick timeframe.

"With 80% of our total production now exported, there are Sealegs boats in use in all four corners of the globe and we expect this will increase," he says.

Sealegs is moving to new, larger premises in March to help cope with the demand for its unique product. Currently production is at full capacity with 40 boats on forward order so sales are fully sold-out until June this year. The new factory is 400% larger than the current production facility.

“With the new production facility on line we are planning to build 100 Sealegs amphibious boats with a total value of around $8 million in the new financial year, so the next 100 boats should be built in just 12 months,” said Mr McKee Wright.

The 100th boat has been purchased by Mr Robert Stephen Cocking of Perth Australia for use as an amphibious tender on his yacht. Mr Cocking says, "Sealegs will be an amazing tender for exploring the many bays and islands in our cruising grounds and makes going ashore for supplies and trips an adventure and pleasure in itself."

Footsie
31-01-2007, 09:09 PM
Hmmmm

I think i smell something.....

perhaps a new stock for footsie...

I'm keen but i think $31m m/cap is a bit rich......

would have bought in at 20c tho :D
but it wasnt on my radar last year

Disc: haven't bought any yet, but may well - in the mean time will wait for the "correction" in the NZX that is coming to whet the appetite

Titus
01-02-2007, 03:42 PM
I bought these back in the bad ol' days of IT Capital, having gone thru the share consolidation and having to top up when my numbers went under 100 shares. Have sat on them for the past 4-5 yrs. Frankly, I can't believe I'm actually sitting on a small profit now!
(I really should be more active in managing my share purchases...)!

ratkin
13-02-2007, 10:52 AM
Promising news out today

Sealegs International Ltd has today announced that it has appointed LMT
Maritime as the distributor for Sealegs amphibious boats in Malaysia.

LMT Maritime Managing Director Mr. Ibrahim Ali said that "Sealegs has
numerous application possibilities in Malaysia and we are very excited by the
prospect of showing Sealegs to several Malaysian government agencies, who
would all benefit by having such technology in their respective fleets".

Sealegs CEO Mr. David McKee Wright said "this appointment continues to
demonstrate the global potential of Sealegs. The Malaysian market, in
particular the government sector, represents a good sales opportunity for
Sealegs".
The first Sealegs amphibious boat purchased by LMT Maritime will be used for
field demonstrations, focused at the government and commercial sectors. A
Sealegs amphibious boat will be on LMT Maritime's display at the 2007
Langkawi International Maritime and Aerospace Show (LIMA 07) later this year.

ratkin
15-02-2007, 01:57 PM
Massive trade went through today , 2million shares changing hands for over 1m dollars. Highest volume in the last year

anna
16-02-2007, 10:13 AM
That 2 Million trade yesterday is a mirage I think.
It is likely Hubbard Churcher Trust management ( who acquired 2 mill shares in the past few weeks) transferring them to a related party.We'll know who /what when the next registry update is available.
Previously those shares were in the name of Nessock Custodians which represents the family interests of.....Selwyn Cushing.
Don't have time to dig into Hubbard Churcher but they're Timaru accountants who run an investment vehicle of some sort.

ratkin
14-03-2007, 06:42 PM
This company is still recieving many positive write ups in many magazines/ internet sites. Here are a couple of examples from just the last two days

http://www.sail-world.com/cruising/index.cfm?nid=31694&rid=11

http://www.btimes.com.my/Current_News/BT/Tuesday/Nation/BT610053.txt/Article/

a bowden
14-03-2007, 06:45 PM
Anyone else go to the Boat show in auckland. I went, and was very impressed at the qulaity of the craft and the speed at which it comes out of the water. Rumors are a new craft is due out soon, with a hard top (cabin) this should boost orders because it would suit colder climates. They are also in the process of shifting into their new factory which will dramaticaly increase production rates.

Hawke
14-03-2007, 07:49 PM
Is that really a Bowden?- originally from Hamiltion??
Perhaps a family connection.

Slg is looking strong and I might get in if some weakness develops.

Cheers,
Hawke.

a bowden
14-03-2007, 08:05 PM
Yep, a bowden, but sorry not from hamilton, im is Auckland.

a bowden
20-03-2007, 12:05 PM
Sealegs International today confirmed that it has taken orders for 12 amphibious boats representing over $1 million in sales from the Auckland International Boat Show held at the Viaduct Harbour earlier this month.

Sealegs says the 12 new orders represent continuing strong local demand for Sealegs amphibious boats, with new customers from Auckland through to the Bay of Islands. Three new Sealegs boats were ordered by Waiheke Island residents, which brings to 20 the number of Sealegs amphibious boats on Waiheke.

Chief Executive David McKee Wright says Sealegs "is pleased to see the continued and growing demand for our amphibious boats both locally and internationally. These latest local sales show that our market segment is still growing and that an installed base helps attract other customers - the phenomenon on Waiheke is a good example of that".

We have now taken orders for over 25 boats this year and will enter the new financial year with a strong forward order book.

Sealegs will move to a larger facility in Albany with four-times the production capacity later this month to help keep up with the increasing demand for its boats.

ratkin
20-03-2007, 07:22 PM
Plenty of blue sky potential with this stock , still not on the radar of many investors, this stock has huge potential upside , only worry will be can they keep up with escalating demand?

ratkin
12-04-2007, 03:23 PM
The stock looking strong today , up three and not a seller in sight.
The hidden gem of the NZ market

digger
13-04-2007, 07:28 AM
In my sharemarket lifetime i have held three dogs that lost on paper heaps. This one has now come back to life and starting to show a good profit.Naturally i now regret not taking up the big cash issue they had about 5 years ago. Have continued to hold over this interval for mostly the wrong reason that i do not like to lose,but with a small feeling that the management holding a large slice of the company. In fact the management must hold a large slice of any company for me to remain. Very often that in itself is the best guarantee that success will be persued,even if it is on a longer time frame than the market will accept.
Anything could happen now with this company.Watch for inst accumulating.

duncan macgregor
13-04-2007, 08:11 AM
DIGGER, I have a completely different outlook on a share stagnating. It costs lost opportunity in the market. They either trend up or i get out. Time is money i set a time line, plus a stop loss on all my investments. I dont care if management have shares or not, or the product is the best thing since sliced bread, We are in the market to make as much out of it in the shortest time nothing else. macdunk

D_Pick
13-04-2007, 10:10 AM
Fisher Funds on board has to be good news, especially at an entry price of 58 cents.

http://www.directbroking.co.nz/directtrade/dynamic/announcement.aspx?id=1571147

I was thinking 58 cents is getting a bit rich for current cashflows but going forward this company has a great market opportunity and potential.

Lets hope the Fisher Funds analysts have done their homework and 58 cents represents good value going forward.

I'm in a SLG boat wanting to stay dry having weathered an awful storm with ITC.

D_Pick
13-04-2007, 11:14 AM
The NZX annoucement said 1.7 million new shares issued to Fisher Funds

and a trade for 2.5m shares @ 58 cents has also gone through this morning.

Is it about time for a SSH notice to arrive as well?

craic
13-04-2007, 11:44 AM
I rebuilt my portfolio completely two or three weeks ago on the basis of an equation I use and SLG popped up so I went in for a few thousand. I didn't even know what the company did at that stage.

ratkin
13-04-2007, 01:12 PM
Everybody now following the Rat into this stock. Suddenly because Fisher jumping in everybody thinks it a goodie.

If you had all listened to the rat you would of been onboard the ship at .26c

rmbbrave
13-04-2007, 01:14 PM
I was in at 0.27 but it wasn't because I was listening to the rat.

ratkin
13-04-2007, 01:35 PM
Sealegs have done well to recieve new funding at .58c , normally any capital raising would of been at a decent discount to the current price

D_Pick
13-04-2007, 03:32 PM
SSH Notice From Fisher Funds Management Limited

Welcome aboard its 10% plus having you onboard the boat

https://www.directbroking.co.nz/DirectTrade/dynamic/announcement.aspx?id=1571748

D_Pick
13-04-2007, 03:41 PM
Will SLG be added to the Kingfish Nursery?

blackcap
13-04-2007, 09:12 PM
quote:Originally posted by D_Pick

Will SLG be added to the Kingfish Nursery?


If this isnt a big vote of support I dont know what is. But in light of market events in the past this gives sealegs some credibility at last!

ratkin
13-04-2007, 09:34 PM
That is the key factor here. Sealegs are great but many people wouldnt touch them with a bargepole due to the dodgy history, those who took the risk have been well rewarded, but if this stock is the real deal then the current price is very cheap indeed , the upside could be massive

Fisher funds are very conservative and for them to come onboard will really make people sit up and notice , those who were too scared to invest will now be reasured enough to join in.
Fisher will of had a good look at the company and must of liked what they saw.

ratkin
16-04-2007, 12:39 PM
up 12c so far today , unbelievable.

Can this all be just because fisher have moved in? If so it kind of debunks the efficient market theory.
There should be plenty of good news coming out of the company in the next few months.
They move to their new premises around now , and shoould be plenty of new orders flowing in

D_Pick
16-04-2007, 07:11 PM
It might be Fisher doing the buying as they usually like to have a little more than 6.92%

Tok3n
16-04-2007, 07:52 PM
This is weird, now my "I.T Capital" shares are in profit lol.

Why are they buying this?, seems a bit over-valued (though promising), is there not much to pick from on the NZX nowadays?

ScrappyO
16-04-2007, 07:59 PM
"is there not much to pick from on the NZX nowadays?"

You answered your own question.

D_Pick
17-04-2007, 09:40 AM
Not much to pick from .... or smart investors?

At an entry price of 58 cents Fisher Funds are up 30 odd percent in a week.

Sealegs albeit small today is a high growth company selling products that have global demand/application.

With the patents they own they also have options to outsource/license manufacturing when they are ready to expand further.

SLG is a growth story going forward and has recently been put on the radar of a far wider group of investors.

I'm not saying they are undervalued today based on fundamentals, however good growth stories rarely are....

ratkin
03-05-2007, 04:27 PM
Have just receved a complementary copy of The headliner (apr 26th)
Has an interesting article on sealegs.
Headliner rates the shares a buy.

Momentum and awareness of sealegs as a good investment appears to be building. International expansion is not far away. Sealegs has a growing orderbook and has trouble keeping up with demand.
The company plans to licence out manufacturing as demand grows.
Sealegs is aiming to be 100m dollar company.

Project X is also reported to be progressing well and is due for release in 2008

rmbbrave
06-05-2007, 09:14 AM
Off to sea, with the big things in view

By Owen Hembry

Have you heard the one about the boat with three wheels? It's great at cornering shipping lanes but a bugger to park at the supermarket.

Sealegs - the NZX-listed company that makes amphibious boats with retractable wheels - has been the butt of broker jokes since a nightmare back-door listing in 2002.

But after last month's news that $950 million investment firm Fisher Funds had taken a 6.9 per cent stake in the business, other investors are now taking the company more seriously.

Other notable shareholders include Sir Selwyn and David Cushing, and professional investor Peter Masfen.

Sealegs chief executive David McKee Wright prefers to see Fisher Funds' investment as a milestone, rather than a vindication.

"What Fisher Funds for me in my mind did was mark the end of our startup - now institutions are getting involved because we've got some track record, proven the product, proven the business and we've got it all in front of us now," he says.

Sealegs joined the stock market in 2002, moving into the shell of tech company IT Capital.

The reverse listing and restructure was not well received - the original business plan failed and the share price slumped as low as 2c, compared with a closing price yesterday of 71c.

McKee Wright is apprehensive about discussing what he describes as a nightmare start.

"I think it's a little bit of who screams the loudest," he says. "Sealegs took over a failed tech stock so you had 5000 unhappy shareholders."

But some of the original shareholders are still there and a great deal happier, he says.

"As soon as you've got people in the money, they become very supportive."

Sealegs now has about 2500 shareholders, has passed the $4 million order mark and could turn a profit this year - depending which way a current management debate is settled.

"If we force the company to break even right now, it's going to come at the cost of innovation ... conversely, if we break even it's a good statement to shareholders," McKee Wright says.

"We've spent only $4 million on this idea so, in my mind, to spend another couple of million dollars to deliver a $100 million company is well invested money."

Sealegs sells rigid inflatable and aluminium boats which have steerable, retractable wheels enabling them to be driven in and out of the water, without the need for a four-wheel-drive car or tractor to back trailers down to the water's edge.

The company is aiming for half a per cent of the world's 5-12 metre boat market, which would equate to more than 1000 boats a year.

Two projects now being developed are a fibreglass boat which could significantly cut the cost of the hull compared with an aluminium boat, and a jet-powered craft which uses a single power unit to drive the boat on land and in the water.

Sealegs has global aspirations, although the original business plan for the reverse listing was to create a hands-on listed venture capital entity that would establish several companies - it had Virtual Spectator, Deep Video Imaging, Datasquirt, Conceptual Solutionz and Sealegs - before making an exit.

It didn't work.

"The market really didn't respond to that idea at all and we had to refocus ... had a look at the companies we had and said, 'Which one's got the most upside?"'

Sealegs was the quirkiest idea and McKee Wright no longer has an exit plan.

"We're just going to grow this thing as big as we can get."

The first two years may have been difficult but he had no doubts that the company would succeed.

"We just put our heads down, bums up and worked," he says. "Make success be your best revenge."

His faith in the product comes from a belief it solves a real problem of getting safely on and off boats and getting them easily in and out of the water.

"Once you start using them I couldn't go back to trailer boating," he says. "You couldn't pay me enough money to go back to all that hassle."

The boat can travel at 10km/h, enter the water direct from the beach and with its wheels

ratkin
06-05-2007, 02:31 PM
Write ups in the sunday papers, funds interested, buy recommendations in tipsheets, product appearing on television shows, all evidence this company is starting to be taken seriously.

Most exciting story on the nzx

brettdale
07-05-2007, 10:49 AM
SLG is up two cent so far today to 73 cents, I guess people are finally taking notice of this company.

ratkin
08-05-2007, 08:51 AM
More good news, the blue sky potential with this stock is massive.
If you dont have sealegs shares you must be mad, this is the start of something big

GENERAL: SLG: Sealegs Appoints Middle East Distributor with 12 Boat Order

Sealegs International today announced the delivery and deployment of the
first of six new Sealegs amphibious boats in Italy and the appointment of a
new distributor for the Middle East.

CEO David McKee Wright also confirmed that its new Kuwait-based distributor,
Middle East Mariner, had placed an initial order for 12 Sealegs amphibious
boats which represents more than NZ$800,000 of forward revenue.

Mr McKee Wright, who has just returned from a trip to Europe, Kuwait and
Dubai, said the interest in Sealegs craft for recreational and commercial use
"in those very important emerging markets was most encouraging".

Orders for six Sealegs amphibious boats were taken at the recent Kuwait boat
show, and Middle East Mariner will also be exhibiting Sealegs at the upcoming
Bahrain Boat Show. The 12 new orders from the Middle East have taken Sealegs
forward orders to more than 50 pre-sold boats worth $4million in future
revenue.

In Italy, The Lazio Fire Department is stationing six Sealegs amphibious
boats at multiple deployment positions along the Tiber River in Rome for
flood and rescue operations.

The Italian Sealegs distributor, Safelife, displayed the Sealegs amphibious
boats at the recent Naples Boat show and had a number of enquiries from other
Italian regional fire departments and rescue organisations.

Sealegs has now appointed seven international distributors throughout Europe,
the Middle East and Asia as it continues to expand into new export markets,
with more than 70% of total annual production heading offshore.

D_Pick
08-05-2007, 12:30 PM
Momemtum is underway, every beach house should have one

rmbbrave
08-05-2007, 03:29 PM
In the Herald again...

http://www.nzherald.co.nz/section/3/story.cfm?c_id=3&objectid=10438466

Sealegs talks up fresh orders

BigBob
08-05-2007, 08:30 PM
quote: Originally posted by ratkin
If you dont have sealegs shares you must be mad, this is the start of something big

That's what they said about ITC when they held stakes in Virtual Spectator, Deep Video Imaging and whatever all the other "blue sky" stuff was called back then....

I held ITC when things turned nasty and I'll never again invest in anything that the dynamic duo has anything to do with. I'm not blaming them for the dot bomb or for me holding ITC, but a few unpleasant things happened when ITC crashed and SLG emerged from the wreck.....

So thanks for the tip ratkin, but not one for me...!

Edit: FYI: In the arcticle above it says that the shareprice was as low as 2c, but that was before they did the 1 for 25 (from memory) consolidation.

shasta
08-05-2007, 08:46 PM
Here here Bigbob,

ITC was a disaster for me too, my biggest loss in all my time in the markets.

I don't trust the Sealegs management either.

Disc: None & thats not gonna change!

anna
08-05-2007, 09:19 PM
Tsk Tsk Bigbob and Shasta.
Jealousy will get you nowhere:)
David and Maurice have done all they've ever said. Nothing has changed except some folk's perception of the company's value.
Compare with WDT or MSL and you'd buy them at $2.
Trust them...they really do know what they're doing.
Blue sky? You jest surely.
They are making and selling a product that's in demand and useful. Like F&P.
Not 'we're gonna' but 'we are'.
Someone may make a better one but for now SLG is the best in the world at what they do. Enjoy and admire.
Comparison with ITC is ludicrous.

rmbbrave
08-05-2007, 09:35 PM
That's right Anna.

An amphibious boat is an easily understandable product.

Investors are only required to judge whether it is priced low enough to sell and how many will be sold.

SLG is not a difficult company to run. All they have to do is make the boats for as little as possible and sell as many as they can for as much as they can get.

Any fool could run it - and even if a couple already are, it should still be a success.

BigBob
09-05-2007, 08:54 AM
Anna,

Not being jealous - just stating that this one is not for me... ... and that, like most other companies and management teams, there's some history here that more recent or potential investors may want to check out for themselves...

ratkin
09-05-2007, 09:16 AM
Most people are aware of the history. I too was a holder of ITC

I too was very wary of sealegs. Only bought them six months ago when i became convinced that they have a genuine world class innovative product that is needed.
The order books are full , the publicity has been world wide (check videos on site) Reputable organisations like the italian fire brigade are buying.

In all honesty it is the past that held people back to realising the potential of this company. It is the reason i and others with some foresight were able to pick up sealegs shares for 26c.

It has taken a while for the company to be recognised for what it is, the past troubles are well and truly gone. Time to look to the bright future

craic
09-05-2007, 09:19 AM
My grandfather started a boatbuilding yard in the late 1800's. I have a boat. I am into recreational fishing. I have built one or two boats myself. This product is very attractive to an awful lot of people, many of whom have lots of money. There are two major negatives as far as I am concerned. One is the cost to buy and the other is the ease with which any (read Chinese)engineering firm can copy or improve on the technology.Disc. I have 15000 shares ion SLG

BigBob
09-05-2007, 09:52 AM
Hi ratkin,

No gripes with that at all - and I'm glad you to hear you're aware of what went on...!

Again, just merely stating that it ain't one for me.. but good luck to you and anyone else invested!

Oh, and this is me done on this topic for now - over and out..!

artemis
09-05-2007, 11:23 AM
Up again today - .89 when I just looked. Shades of ITC's meteoric rise! Or hopefully not.

China - guess they could steal the idea but SLG has lots of patents registered. And boatbuilding is not the sort of industry where China could quietly flood the market.

On which note, I saw a stat the other day that China is now producing 3 garments a year for every man, woman and child on the planet. Since a large proportion of the world is not going to buy 3, or even 1, there must be some bulging wardrobes and warehouses out there.

Disc - have had SLG since pre ITC days.

ratkin
09-05-2007, 01:23 PM
Did any of you see the clip on closeup last night about that auckland firm who sold all those dinghys to the americas cup brigade?
They were saying that if they made their boats cheap in thailand then the yachtie set wouldnt want them.

Seems with some of those rich yachties the more something costs the more they want it.

The patents should stop the sealegs idea being stolen. Costs are also going to fall dramatically once scale increases and the new design comes through.

At first an ambhibious vehicle was seen as a bit of a micky mouse concept. But the beauty of the sealegs model is it isnt trying to be a car, just a good boat that can exit the water under its own steam , without effort from the passenger and no need to get wet or risk accident getting in and out of the boat.

Ideal for the elderly and those with shore access.

There also the global warming factor , when i mentioned this a few months ago i was ridiculed , but since then the italian fire service have bought some for flood duties. With expectations of sea level rises , spending on this type of defence is going to esculate rapidly and with sealegs now having some boats on the front line , they are in a prime position to take advantage.

Must of been a lack of sellers this morning as some poor buyer who must of put in an at market order ended up paying 97c. Still this time next year he will know it was a bargain

neopole
09-05-2007, 08:06 PM
at $.89 this co is now worth $55million dollars.
and it has 50 or so pre sold boats worth $4million in the pipe line.
to me it seems that the investors have jumped the gun on the value of this share at present time.
im sure the traders are having a field day.

but to be fair........ i dont follow this stock at all,so i cant judge the sp. but i know someone working there, and their point of view seems rather netrual..... to the point of "just another day"
anyway..... good luck to you.

rmbbrave
09-05-2007, 09:45 PM
If you bought in at 27 cents like I did, 9 cents in a day is a massive rise!

a bowden
10-05-2007, 09:30 AM
Submitted Date : 10-May-2007 10:04
Status : Accepted

Substantial : Y Director : N
Add Holder : N Change Holder : Y
Ceased Holder : N Change Nature : N

Issuer Code : SLG Sealegs Corporation Limited
Holder : Fisher Funds Management Limited

Address : PO Box 33-549
: Takapuna
: Auckland 1309
Country : New Zealand

Contact Name : Warren Couillault
Phone : 09 489-7128

Total of Interest : 5046455
Total Issued : 62092696
Total % : 8.13

Class : SLG
Votes Attached : 1

Beneficial
Total of Interest :

Non Beneficial
Total of Interest : 5046455
Current % held : 8.13
Last % held : 6.92
Names : TEA Custodians, NZ Superannuation Fund Nominees
Provisions : 5(1) (b),(c),(d),(f)
Transaction dates : May 2007
Total Votes : 748000
Considerations : $585,833.60

Description :
Transactions on the NZSX.
Documentation
With Notice : No
Not Filed : No
Been Filed : No
Number of pages : 0

Date of Last Notice : 13-Apr-2007

Submitted By : Warren Couillault

digger
10-05-2007, 09:41 AM
Is there many like me who prevoiusly kept quite about a shameful holding in SLG.To me it was my second biggest all time lose from the IT days.After following the go nowhere NZO it is sure good to get back into the play with sealegs. Of coa-rse i can easily remember the early rubbishing of the sealegs idea as pure wishful thinking. Wonder where the early downrampers are now.
How far will the Fisher Fund take this thing?? They are reputed as knowing what they are doing so it should rival Team NZ for clear sailing from here on.
Now a holder who is happy to acknoledge to the world his holding in this company.Also have to say i am not that smart because i have not increased my accumulated in the last few years.

rmbbrave
10-05-2007, 10:01 AM
It's a run away freight train !!

craic
10-05-2007, 10:10 AM
Fisher funds upped their share by 2% of the company (todays notice)and this is now close to the 10%needed to keep out the Barbarians

notice that WDT have a big order? for motors - is this more anchors for SLG?

COLIN
10-05-2007, 10:43 AM
quote:Originally posted by neopole

at $.89 this co is now worth $55million dollars
and it has 50 or so pre sold boats worth $4million in the pipe line.
to me it seems that the investors have jumped the gun on the value of this share at present time.
im sure the traders are having a field day.

but to be fair........ i dont follow this stock at all,so i cant judge the sp. but i know someone working there, and their point of view seems rather netrual..... to the point of "just another day"
anyway..... good luck to you.




Tulip bulb mania has returned! Hope you chaps know when to bail out! (No pun intended).

ratkin
10-05-2007, 01:25 PM
Anyone remember the last time a non mining stock ran up this fast in NZ?

digger
10-05-2007, 01:48 PM
The Fisher Fund will go for the 10.1% now.

anna
10-05-2007, 01:49 PM
Yep Ratkin
SLG did in March 2004. From 0.5 c late 2003 it reached 4.7 cents intraday which equates to about 65 cents after allowing for 16:1 consolidation and 1:3 rights at 15c.
Anyone who bought then would be far better off now had they invested in the index.
This rise is not yet as great as 2004 in % terms and recall how the price plummeted after that spike. And stayed down for 2-3 years.

D_Pick
10-05-2007, 01:58 PM
Why bail out now when the future compound sales growth prospects are so attractive for this company.

Additionally Sealegs is only just beginning its journey?

At this pioneer/early growth stage of the company's lifecycle it has excellent growth prospects.

My views

1.There is proven and increasing global demand for its product (UK, Italy, Korea, Middle East, Australia, NZ etc) and the demand seen so far is only scratching the surface due to capacity constraints on the manufacturing side of the business.

2. Competition is limited (to date) and protected by patents that Sealegs owns.

3. Management have mentioned a target of $100 million for the company which I have interpreted as a sales target (could also be market cap?). If we assume a 100% compound Sales growth then this is achievable in 5 years. Last years Sales being approx $5m. If mgmt can grow sales at a faster rate than 100% then the $100m sales target could be reached earlier.

4. Fourth and lastly as Sealegs success attracts more attention from the boat industry worldwide then they become a takeover target. So a takeover premium needs to be factored into today's market value.

ratkin
10-05-2007, 01:59 PM
Have a feeling there will be plenty more good news in the coming months to help keep the share price afloat.
Fisher would not be buying up at these prices unless they had a fairly good idea they would gain in the long run.

ratkin
10-05-2007, 02:08 PM
The rising shareprice should in itself help to sell more boats. The more respected the company the more buisness they will attract.

Anna Naum
11-05-2007, 05:31 AM
Fisher Funds increasing its holding again. Have increased from 6.92% up to 8.13%