SeaDragon

[Harvey Specter]

Half year is out and it looks ok but IMHO, it is a bit dodgy including the SNK sale in "Continuing operations".

I assume the revenue in the prior year audit figures is from a different business before SEA reversed itself in??

[robbo24]

Just saw the summary of results for the interim and it looks pretty good..... hope it starts going up...

Is it really good? Does the below quote mean they only made a profit from hocking off Snakk shares?

Profit from continuing operations for the six months rose to $219,000. It is the first profit from continuing operations that SeaDragon's holding company has achieved in more than 13 years and reverses last year's loss of $211,000.

The result was lifted by a $801,000 profit on SeaDragon's August sale of 10 million shares in Snakk Media. The sale represented 40% of the 25 million Snakk shares and in early November, post balance date, we sold a further 10 million shares, reducing our holding to 5 million shares.

[kevjws]

It would have been best to sell before the bookbuild but then you didn't know that was going to happen. By holding now, you have the right to participate in the SPP so can get another $15k at the same price as the book build.

So when is this SPP? This means I can purchase Seadragons' shares at discounted price and no brokerage fee??

[kevjws]

Is it really good? Does the below quote mean they only made a profit from hocking off Snakk shares?

Hmmm yea you are right... it seems like they made a large profit from just the sale of shares...

[Harvey Specter]

So when is this SPP? This means I can purchase Seadragons' shares at discounted price and no brokerage fee??

Still to be announced but should be before the end of the year. No brokerage.

Some of the reduction in price will be because of the large discount in the placement (ie, they have sold of quick for a profit) but also other holders selling down now as they know they can buy back in at the SPP price. Have a look at BLT so see the short term impact of a SPP on a share like this.

[kevjws]

Oh sweet.. its recovered a little to 0.026.... Keep going up baby~~~

[Snow Leopard]

The operating profit of $273K does include the $801K realised from the sale of Snakks.

Also the operating cash flow figures do not add up to the total as given:
they have +$123K and my calculator insists on -$363K, I think the $123K may be right but one of the parts is wrong/missing.

But the 'are we not doing wonderfully compared to last year' & 'sharp turnaround' is really pushing reality a bit.

Best Wishes
Paper Tiger

[Harvey Specter]

The operating profit of $273K does include the $801K realised from the sale of Snakks.

yep - a stupid move they will regret next year when they cant match 2013 profitability.

The key issue for these guys is when will the new plant be complete (late 2014? needs to be brought forward, delays will be expensive) and how long till they are operating at capacity (ie. will they have idle capacity or can the sell all they make).

[ari]

And if this new plant is capable of 5000 tonnes pa. of refined fish oil, that makes for a huge amount of raw material to find.......being 'capable' is the easy part.

[biker]

Ari, this is a bit old, but with the NZ fishery producing over 120000 tonnes of Hoki per annum, they should be able to work something out over the next 12 months.



Date of publication Jul-Dec 1992
AGRIS Categories Processing of agricultural wastes
AGROVOC terms Unsaturated fatty acids; Byproducts; Canned fish; Fish oils; Tuna; Mackerel; Lipid content; Chemical composition

Language English
Notes 4 ill.; 4 tables
Type Summary
Journal Title Journal of The National Research Council of Thailand
Journal Title Warasan Samnakngan Khana Kammakan Wichai Haeng Chat
ISSN 0028-0011
Volume/Issue v. 24(2) p. 1-11
Abstract (English) Analysis of oil contents and fatty acid composition from byproducts of fish canning and freezing industries were carried out. Oils extracted from the byproducts were tuna oil, mackerel oil, hoki skin oil and hoki fat muscle oil. Tuna oil from the precooking process was 0.1 percent of the whole tuna processed. Oil contents of mackerel byproduct, hoki skin and hoki fat muscle were 5, 15.4 and 28.2 percent on wet basis, respectively. Tuna oil contained the highest omega-3 polyunsaturated fatty acids (PUFA) among those oils in the amount of 31.9 percent, which the major component of omega-3 PUFA was docosahexaenoic acid (DHA). Omega-3 PUFA contents of mackerel, hoki skin and hoki fat muscle oils were found to be comparable in 26.3, 22.6 and 21.0 percent, respectively. Moreover, hoki fat muscle oil contained the highest monounsaturated fatty acids in the amount of 48.2 percent, while hoki skin oil, tuna oil and mackerel oil contained 46.1, 20.2 and 18.6 percent, respectively.
Source:

Thai National AGRIS Centre (Thailand)
PO Box 1084
Bangkok 10903
Contact: Ms Wanphen Srijankul
Tel: +66 2 5611398
Fax: +66 2 5611369
Email: libtnac@ku.ac.th; libarn@ku.ac.th;
URL: http://thaiagris.lib.ku.ac.th/eng/
AGRIS 2013 - FAO of the United Nations