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Thread: SeaDragon

  1. #731
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    Quote Originally Posted by Apathy View Post
    https://www.nzx.com/companies/SEA/announcements/283771 wasn't a long weight and not overly surprising that as soon as trading window opened the founder and former CEO is taking the money and running.

    No "confirming on-going commitment" this time.
    So, not unlike the usual events at the end of a marriage then...

  2. #732
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    Quote Originally Posted by podg View Post
    So fairly predictable on the sell side. But again, would be very interested to know who/what was buying. I understand Forsyth Barr made the trade on both sides.
    It is very interesting - can't be existing shareholder or director of would have been a notice (plus they are too well informed to pay market price :-) ) Could it be Marlborough Lines ;-)

  3. #733
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    Quote Originally Posted by Apathy View Post
    https://www.nzx.com/companies/SEA/announcements/283771 wasn't a long weight and not overly surprising that as soon as trading window opened the founder and former CEO is taking the money and running.

    No "confirming on-going commitment" this time. It really is the miracle stock though - 100% teflon - nothing sticks and nothing impacts price. Until the day it does..
    Only 70m shares to go. The sell down has been managed well I must say.

  4. #734
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    SEA obituary is out .....https://www.nzx.com/files/attachments/238652.pdf

    In breach of covenants, cash from stock dumping has to go back to bank to repay debt early so won't be able to survive without additional capital from shareholders.

    Having a look at shareholder movement - the original offenders have done very well with their exit. How many shares traded between today's announcement and the result announcement?

    Most telling quote "However, we are also cognitive of the challenges of building certainty ofrevenue over the next 12 to 18 months as we establish ourselves as a credible supplier to thisrapidly growing Omega-3 market. Until we have done so we acknowledge a heightened elementof risk to our ongoing cash position and hence have put in place a number of mitigating steps topreserve our position"

    Basically still got no sales and have exited the only sector they did have them in.

  5. #735
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    Quote Originally Posted by Apathy View Post
    SEA obituary is out .....https://www.nzx.com/files/attachments/238652.pdf

    In breach of covenants, cash from stock dumping has to go back to bank to repay debt early so won't be able to survive without additional capital from shareholders.

    Having a look at shareholder movement - the original offenders have done very well with their exit. How many shares traded between today's announcement and the result announcement?

    Most telling quote "However, we are also cognitive of the challenges of building certainty ofrevenue over the next 12 to 18 months as we establish ourselves as a credible supplier to thisrapidly growing Omega-3 market. Until we have done so we acknowledge a heightened elementof risk to our ongoing cash position and hence have put in place a number of mitigating steps topreserve our position"

    Basically still got no sales and have exited the only sector they did have them in.


    Top of the "highlights" (snigger) page is the $10 capital raising. That really says it all. The other "highlights" are all negative (less sales with greater losses) or hollow rhetoric (refinery is "transformed.") And they're dealing (albeit badly) in ... fish oil. So meta...

  6. #736
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    http://www.nbr.co.nz/article/auditor...enant-b-191049

    "Graves said the company was reviewing the terms of their relationship with its bankers and looking at options to raise additional capital "if needed"."

    Forgone conclusion more capital raising on the way. Heartland Bank is the prime lender to SeaDragon? Hope it is for resaleable equipment leasing!

  7. #737
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    Quote Originally Posted by Balance View Post
    http://www.nbr.co.nz/article/auditor...enant-b-191049

    "Graves said the company was reviewing the terms of their relationship with its bankers and looking at options to raise additional capital "if needed"."

    Forgone conclusion more capital raising on the way. Heartland Bank is the prime lender to SeaDragon? Hope it is for resaleable equipment leasing!
    They have huge lease commitments going forward - though it doesn't separate plant from building,,

    The bulk of the receivables are reported as overdue - always hard for a company going out of business to get paid,,

    How was the bank covenant breach and additional write down not a 'price sensitive' release..

  8. #738
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    I guess they cant raise any more money from comvita? cause that would mean when the convertibles convert they would be over 20% have to launch a takeover?
    anyway seadragon was never going to be a pot of gold because they the manufacturer, the gold was always the finished product coming from comvita.

    guess cheap takeover for comvita if sea dragon go bust if the convertible are debt related they could end up owning the company from receivership thru a debt restructuring like private equitys do?

    so what camp ya in ? bust for sea dragon or survive for sea dragon
    Last edited by bull....; 01-07-2016 at 08:51 AM.
    one step ahead of the herd

  9. #739
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    Interesting watching a slow moving train wreck!

    My favourite part is where they say they have capacity for 5,000MT, and produced 60MT in the last 12 months!! I think their sales and production capabilities appear mis-matched?

  10. #740
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    Quote Originally Posted by bull.... View Post
    I guess they cant raise any more money from comvita? cause that would mean when the convertibles convert they would be over 20% have to launch a takeover?
    anyway seadragon was never going to be a pot of gold because they the manufacturer, the gold was always the finished product coming from comvita.

    guess cheap takeover for comvita if sea dragon go bust if the convertible are debt related they could end up owning the company from receivership thru a debt restructuring like private equitys do?

    so what camp ya in ? bust for sea dragon or survive for sea dragon
    Will end up with Comvita buying this dog with fleas for bugger all.

    That's the only way this dog is going to be of some value - as low cost feedstock to Comvita's high valued products.
    Last edited by Balance; 01-07-2016 at 12:39 PM.

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