SeaDragon

[Scooter]

Yip, agree Apathy. With the review being undertaken, I would think that Heartland bank wouldn't put up all the required capital, and shareholders will need some input. Due to the risk involved, this would need to be at a discounted price to the market. They should consolidate the number of shares on the market, then to capital raising. They could do a non renounceable issue 1:6 @ 1.5cps which would generate roughly $4.5mil.

[Apathy]

Yip, agree Apathy. With the review being undertaken, I would think that Heartland bank wouldn't put up all the required capital, and shareholders will need some input. Due to the risk involved, this would need to be at a discounted price to the market. They should consolidate the number of shares on the market, then to capital raising. They could do a non renounceable issue 1:6 @ 1.5cps which would generate roughly $4.5mil.

that makes sense as a mechanism - really can't issue more shares as they would hit the 2 billion issued mark (that would have to be a first in NZ?)

Think you are probably spot on at $4.5m being whats needed.

[Scooter]

Slammed down again at midday with 4 million shares sold @1.6cps. Still 1.85 million to be sold @1.7cps. Who is selling in big numbers?

[Apathy]

Slammed down again at midday with 4 million shares sold @1.6cps. Still 1.85 million to be sold @1.7cps. Who is selling in big numbers?

They aren't big dollar values so really could be anyone (with half a brain) selling.

Last year the AGM was August. Given the last release showed they had (on historical burn) around 8 weeks of cash left will they make it till next AGM? Audited report has to come out soon which will be interesting.

[Apathy]

They should consolidate the number of shares on the market, then to capital raising. They could do a non renounceable issue 1:6 @ 1.5cps which would generate roughly $4.5mil.

We were wrong on quantum Scooter - they are looking for $7.5m www.nzx.com/companies/SEA/announcements/266081

Company is unbankable - Outgoing CEO in such a rush to exit they have to fill with an interim CEO. Cornerstone shareholder is actually being pretty generous with 18% interest and 20% discount on weighted average share price..

Any issue will have to be at least 20% below market to attract interest and even then it isn't really enough as at that price you are looking at issuing 500 million more shares so the dilution rate is 20%.

Interesting to note the last construction video update on their website is more than 2 weeks ago - I did pass comment they only had 8 weeks of cash on historical burn March 31st..

[Apathy]

Latest release from the comedy writers at SEA - https://www.nzx.com/companies/SEA/announcements/266280

Clearly the new Chair has a good sense of humour - “The company has reached this position in no small measure thanks to the dedication and commitment of Ross Keeley. The Board, has today recognised this contribution with his appointment as Honorary President and thanks him for his efforts.”

Obviously he is referring to the $18 million in accrued losses and the unworkable capital structure which will see them ultimately collapse.

[Xerof]

He joins an elite group of ex-chairmen honoured in this way. Allan Hubbard was titled President for Life.....

[Apathy]

He joins an elite group of ex-chairmen honoured in this way. Allan Hubbard was titled President for Life.....

Didn't Idi Amin declare himself President for life?

Clear case of the rats running from a sinking ship. Par for the course for a couple of them that have long established track record of this sort of sham. Others associated are simply guilty of greed and ignorance.

Pity the patsy's that have to there for the carnage at the end.

Cheerleaders have all gone now?!

[ari]

https://www.nzx.com/files/attachments/215977.pdf

[Apathy]

https://www.nzx.com/files/attachments/215977.pdf

That has to be a first - annual accounts with the signatures redacted??? Hard to imagine that is compliant.

Developer has put his hands up and said enoughs enough and isn't funding anymore of the build.
Auditors have a foot in both camps - haven't qualified the report - simply said if they don't get additional cash then everything is out the window in terms of financial position.
All the positive press about raw material supply was a joke - ended up trading third party finished product.
Check out lease commitments that aren't showing in Balance Sheet - $4.3million have to guess there are some personal guarantees for those (as there are for the Heartland facility)

7.95% from Heartland, 18% on the convertible loan - clearly paying a risk premium.

No one dresses a pig prettier than these guys.