SeaDragon

[Dentie]

https://www.youtube.com/watch?v=UF8uR6Z6KLc

"Your time is limited, so don't waste it by living somebody else's life".

Be careful.

Exactly Balance ... so why do you bother with your tirades ...instead of Caveat emptor?

[Dentie]

Given the passion of you lot against SEA & SNK and anyone else that doesn't fit with your criteria and superior knowledge etc etc etc .... why are you jockeying on the sharetrader forum to see who's got the biggest one? I think you owe it to the investing community to register your concerns with the FMA. They are there to sort out the likes of SEA and SNK as they appear to administer the securities types of Acts.

[Balance]

Priceless isn't the word - a cash-strapped industrial manufacturer two year's late on a factory build and with raw material access issues is now going to leap the fence into the retail space.

Brilliant. This passed for strategy in a previous post!

Our mate, Dentie, is getting rather strident and shrill now with your 'cross examination' bobbells.

Maybe time to back off before he does an Oscar Pistorius on you!

[Bobcat.]

Maybe time to back off before he does an Oscar Pistorius on you!

That's a cheap shot...calling him legless...or is it that you're suggesting he'll break down and cry - either way Bal, it's a bit insulting.

[Balance]

That's a cheap shot...calling him legless...or is it that you're suggesting he'll break down and cry - either way Bal, it's a bit insulting.

Appropriate reply to this from Dentie : "why are you jockeying on the sharetrader forum to see who's got the biggest one?"

If putting forward views and counter-views is simply that to Dentie, what does it say to you, Bobcat?

[Snow Leopard]

I see that the thread went down-hill over the long weekend .

This is in the too illiquid basket for me to be owning any but I did choose it for the contest last year so have a soft spot for it .

Anyway a couple of matters arising for you lot who would rather make sweeping guesses and then complain about the company rather than do a little basic research.

The 250m earn out shares have NOTHING AT ALL to do with the revaluation of the Snakk holding but are related only to the performance of the bought oil refining business (Annual General Meeting Presentation).

There are potentially another (and final) 250m earn out shares to be issued this year if the performance threshold is again met.

The accounting treatment of the Snakk sales / holding re-evaluation is, I believe, the correct way to approach this and not an attempt to hide anything. It is consistent between reports. Looks weird I know.
[Accountants do like things to be too straight-forward otherwise we would realise that any idiot with a spreadsheet could do their job ].


Best Wishes
Paper Tiger

[Snow Leopard]

Fair call on the earn out - had actually deleted the post as looking at it closer I couldn't be sure. Having read it still not sure I understand.... maybe I am just slow but struggle to see how the earn out could be triggered if they burnt $1.5 million cash more than prospectus and the trading loss was more than $600 k worse? Good deal for someone - possibly not shareholders!?

Read 2013 Annual Report page 16 and 2013 Annual Meeting Presentation slide 38

Credibility not helped by the massive drop in turnover in the 6 months following - certainly don't expect $9m full year to be dropping to a $2m half year???

Yes, seems to be have been very uneven in their ability to get stuff to process. Maybe the future looks better with the recent supply announcements.
The iceman seems pretty clued up on this sort of thing.

Clearly anything in an audited set of accounts is going to be (one hopes) an accepted accounting practice. That does not mean there aren't alternate methods for reporting/classification. Instead of (this year) taking the loss on sales as 'continuing operational loss' they took the loss to balance sheet and now claim the profit as 'continuing operational profit'

End of the day it all evens out in dollar terms - difference is they get to hide ongoing under performance of the core business through some account juggling.

It might be acceptable accounting practice but seriously - when CEO claims in the latest shareholder update the result has been improved by $920k Snakk sale you can't help but cringe. The correct description should be we clawed back $920k of the $2.7m we wrote off at the start of the year.

OK - for every company there is the consolidated statement of comprehensive income which can be divided into two parts, the profit and loss bit up top and then the other comprehensive income beneath.
SEA is rather unusual (but not after this FY) in that the bottom has dwarfed the top in size and comprises of the movement in the current value of their investment in that other much maligned company SNK.
SEA correctly reported that the value of their SNK holding went up $3M65 at last full year.
SEA correctly reported that the value of their SNK holding went down by $2M69 at this half year.
Both appeared as other comprehensive income.

SEA also reported a profit of $810K on the SNK shares they sold (they bought them for a tenth of the price they sold them for).


Best you get your head round all this sort of stuff, go learn.

Best Wishes
Paper Tiger

[EAGLE]

in 2013 FY report, SDMO business only, I can't work out >$1mil of NPBTDA, for them to get earn out shares.
I just emailed their acting CFO, hope he will tell me how, I should ask him before.

[Snow Leopard]

in 2013 FY report, SDMO business only, I can't work out >$1mil of NPBTDA, for them to get earn out shares.
I just emailed their acting CFO, hope he will tell me how, I should ask him before.

2013 Annual Meeting Presentation slide 38 details this information.

Best Wishes
Paper Tiger

[Snow Leopard]

Ok I was trying to be subtle and polite but you have exposed my weakness; inability to suffer fools....

I can see that you are not interested in trying to actually understand.

Best Wishes & Take Care
Paper Tiger