SeaDragon

[Balance]

The original release was very very clear "today we push the green button on the new factory and commercial products start"


Today's releases contain a significant back tracking on the original statements and apparently the 'final stage' of commissioning didn't start until December 6th. Further they have identified issues which will see out of action till 11th January at which time 'final commissioning' will recommence.

Getting closer to telling the truth but not there yet. You do not announce a factory is complete and producing commercial product until it actually is.

Other giveaway is they don't know what final cost will be?? Bit strange if it is complete?

Also note - that with December all but done and dusted and only three months left on their financial year they are reaffirming year end forecast...

Misleading and deceptive.

27 Nov - "SeaDragon will commence the new refinery’s first commercial production run in the next few days. The factory will first refine retained stocks of Alkoxyglycerol (AKG) to extract residual Omega-2 fish oils before moving to Omega-3 production later next month [December]."

Now we read that the first commercial production run is actually a 'test' production run!

Well, I am out.

Good luck to Seadragon and its shareholders.

[Dentie]

Misleading and deceptive.

27 Nov - "SeaDragon will commence the new refinery’s first commercial production run in the next few days. The factory will first refine retained stocks of Alkoxyglycerol (AKG) to extract residual Omega-2 fish oils before moving to Omega-3 production later next month [December]."

Now we read that the first commercial production run is actually a 'test' production run!

Well, I am out.

Good luck to Seadragon and its shareholders.

27 Nov 2015 - In at .012c and advised the market as to why.

Market must have followed me? Sp was 0.019c a few days later!

Maybe some may like to do the opposite?

Looks like a quick $10k for you Balance (if that was you)...some might say that was a "pump and dump" gone wrong ...

[Balance]

As for the second one, I applaud you for having the conviction to take it to the authorities. But re-reading the announcement, I'm not so sure it is as clear cut as you say - it is possible for a factory to be termed "operational" but not actually "operating". Nevertheless, I will be very interested in the outcome.

Outcome will be very interesting indeed as the announcement today is rather telling - the company went through step by step details to explain how the plant is not commercial yet, contrary to its earlier assertion of 'all systems go.' Most unusual to get such details.

[nobby]

What is your agenda? Have you just joined this site to stir the pot?

No agenda just a healthy interest. Some of us have a broader view beyond the positions actually held. It is incumbent upon all of us to take an interest in the market as a whole and the ethics that prevail. This one has never smelt right.

As for 'stirring the pot', no need in this case. This one simmers along on its own energy given the heat below (or the actions behind the scenes). Interesting statements today at variance with past. Not to mention very detailed. Beware those that protesteth too much.

[Apathy]

So with the share price post today's announcement back at 1.5 cents will we see an NZX censure?

It is all starting to unravel and I think we they will be waiting for the dust to settle on this before issuing a profit revision.

I mean seriously - to hit that target they will need to make $433k more margin on $500k less sales than what they did in the first 6 months? With full costs from new factory plus commissioning trials etc won't be happening.

[ari]

With faith in Directors evaporating yesterday, market has spoken..........pretty glum........

[Apathy]

With faith in Directors evaporating yesterday, market has spoken..........pretty glum........

Acting CEO extending stay until April - you can rest assured be will want to be long gone before the year end result comes out. Good timing for new CEO - we can do another round of 'blame the predecessor but don't worry we're all good now'

[Dentie]

Acting CEO extending stay until April - you can rest assured be will want to be long gone before the year end result comes out. Good timing for new CEO - we can do another round of 'blame the predecessor but don't worry we're all good now'

I'm just looking at Colin's last quoted comment of the announcement...how dare he sound even the slightest bit positive about potential new CEO's... It's outrageous!!

I'm now shuddering with expectation that you will make a complaint to the authorities Apathy - especially as this was a price sensitive announcement.

[Apathy]

I'm just looking at Colin's last quoted comment of the announcement...how dare he sound even the slightest bit positive about potential new CEO's... It's outrageous!!

I'm now shuddering with expectation that you will make a complaint to the authorities Apathy - especially as this was a price sensitive announcement.

Actually haven't made any complaints - aware of the two that have been made and where they came from. Both clearly very effective in raising the bar in terms of honest disclosure.

It will be impossible to attract any high calibre candidates to the role without an exorbitant remuneration package which would need to include large amounts of Liability insurance and coverage for legal fees.

[Dentie]

Actually haven't made any complaints - aware of the two that have been made and where they came from. Both clearly very effective in raising the bar in terms of honest disclosure.

It will be impossible to attract any high calibre candidates to the role without an exorbitant remuneration package which would need to include large amounts of Liability insurance and coverage for legal fees.

Yes, I am sure there would be quite a few budding CEO's who THINK they are "high calibre" - looking for an exorbitant remuneration package. That's the trouble for a lot of fledgling Companies.....they have very, very good product/s with plenty of financial prosperity on the horizon. The trouble is they get dragged under prematurely by these big noting CEO's who are being overpaid - BEFORE they actually deliver any meaningful results. Their salaries quite often rip the guts out of the early working capital.

IMO, incentivised salary packages should take effect from the first $ - NOT kick in after the first $400k to $500k. This would make them accountable and encourage them to prove their worth!