The joke continues - high stock, low cash, can't find a CEO and still planning expansion. Seriously the people that were supposed to know what they were doing and worked there couldn't get it right so who is making the decisions now on capital expansion??
Its just a smokescreen to do another capital raising for operating expenses under the guise of capital investment.
And how about this comment from the Chair to inspire shareholder confidence "Once achieved, we anticipate that additional orders will follow" seriously - 'we anticipate' !?
Doesn't go nearly far enough in terms of a market update to mitigate ongoing notice failures.
Directors selling in the last few months (which we are now advised were very soft) - dangerous territory.
Last edited by Apathy; 26-04-2016 at 02:21 PM.
Reason: typo
and the other comment...."SeaDragon believes the quality of the oil produced through its new Omega-3 refinery is of a high standard".... that's the easy part, now convince everyone else!
There is a massive difference between putting out an announcement claiming you are the "NZTE exporter of the year" when the truth is you won an industry award which was sponsored by......... these guys have always been shady with the truth - nothing changes.
Would like to know how they could even be considered?? Given increase in stocks and offshore sourcing they were probably net importers (is there an award for that?) and having stuck the knife in --- exporting at a loss is hardly an award worthy occupation.
Hope they allowed to capitalise those expenses they mentioned
I am sure they will have capitalised everything they possibly can and rounded it off with all sorts of wonderful 'one off write downs', non continuing losses. Soon it will be the one off restructuring costs, the exit costs from Omega 2 factory, etc etc etc
What I do give them credit for is mastering the understatement. The release when you read it carefully manages to signal...
Margin issues (Price pressure Omega 2)
Demand issues (Omega 2 and 3)
Stock issues (everything?)
Cash issues (increased stock no sales and CAPEX blow out)
CAPEX blowout ($1m)
All setting up the annual result disaster without really giving anything away,,,,,
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Originally Posted by ari
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