Future Mobility Solutions - FMS [was Sealegs - SLG]

[Meextr]

ODT.
Wednesday, 21 December 2016

Sealegs buys into overseas firms

By Simon Hartley

0 0

Business

New Zealand amphibious boatmaker Sealegs is plunging into the European and South African markets, taking controlling interests in two companies in cash and script deals worth $5.3 million.

If the deal goes ahead, boat production will rise to more than 400 per year, with operations based in Auckland, Gemini Marine in Cape Town and Sillinger in Paris.

Unable to find Sealegs on my charts/filters etc. with a price. Only with zero's

Disc. Not a holder.

I see what you mean by the zeros it confused me that it said market cap' $17million
Thanks

[Lola]

Where's the evidence that re-listing to Europe or Africa benefits NZ domiciled shareholders that makes you so convinced of that?

To take your claim to its logical conclusion there should be absolutely no internationally focussed businesses listed on the NZX because local investors are incapable of knowing what they have their hands on and rating them appropriately. I find that hard to accept.

The problem is that Sealegs has been an inept performer as a business both operationally and from a governance point of view. Their investor relationship management has been appalling. I have been to their AGMs when only two directors are present, and twice in my experience when the present Chairman has been absent and has not provided either a video hook up or recorded presentation. Directors and managers chop and change regularly, key staff retention has been an issue. Little wonder in my mind there is investor apathy toward the company.

Running away to Europe or Africa is not a solution. If overseas investors are so much sharper they should come here now buy up the available shares while they cheap.

Mooring Systems (Cavotec)
Glaxo

Probably won't convince you though

[Puriri Pete]

Business strategy appears to be gaining better visibility with recent acquisitions and particularly today's announcement of the conditional agreement to buy Willard Marine Inc, a 60 year old US based business operating in the military, first responder and commercial sectors. Perhaps this is the deal mysteriously touted a year ago?

https://www.nzx.com/companies/FMS/announcements/307843

The tone of company announcements and communications since the appointment of Mark Broadley as CEO is clear and unambiguous. I take this as a positive signal the business now has clear direction and purpose.

However I'm not impressed by their proposal to delist from NZX and move the company to the lightly-regulated AIM market in London. It will be interesting to see how the matter is handled at the AGM on Friday when they have a chance to convince shareholders to agree.

[Puriri Pete]

It's SNAFU at FMS - for the second time in 5 years uinder the current Chairman the AGM has had to be adjourned because NZX listing rules for giving notice to shareholders have not been followed. The opaque AIM market will seem even more appealing now. Such incompetence is unbelievable - time to walk the plank M. Series.

[Jay]

Perhaps they were focusing on the Boat Show - AGM minor details

In all seriousness - I agree not a good look and not a holder either

[Timesurfer]

If FMS were to join London's AIM Market how does that work for current shareholders?

[Lola]

if fms were to join london's aim market how does that work for current shareholders?

they wont so dont stress

[Timesurfer]

I wasn't stressing .. just haven't lived through a transition before.
Picked up a few more today - sorry for dropping the SP for everyone else.

[Timesurfer]

It sounds like they are going to start working on selling their story to shareholders.

https://www.youtube.com/watch?v=248V...tsCt6&index=14

Mostly liking what I see with this company. Revenue base up 100% over the past 24 months, largely driven by acquisitions.
Big goals and they appear to have identified a market gap.
Not sure about the new and dual listings they are investigating given the lack of interest on the NZSX.

Disc small holding

[Lola]

It sounds like they are going to start working on selling their story to shareholders.

https://www.youtube.com/watch?v=248V...tsCt6&index=14

Mostly liking what I see with this company. Revenue base up 100% over the past 24 months, largely driven by acquisitions.
Big goals and they appear to have identified a market gap.
Not sure about the new and dual listings they are investigating given the lack of interest on the NZSX.

Disc small holding

Yes you are right on about revenue growth. And it seems its continuing as someone at the Boat show referred to a document that said that FMS will / are looking at achieving a NZD $50 million plus revenue number in the year to 31/3/19. Now thats another near 100% on 2018. Good on them.!

Seems this little NZ manufacturer is now making progess on the world stage, not only in pleasure craft but in the government or semi government space and in tourisim too..... it is still an NZ listed company but for how long people ask. There' s an old saying in investment : " Value is where you find it". So who cares where its listed? One day for sure this one wont be, anywhere.