Only 4.5 billion shares on issue!
Probably another 5.5 billion to be issued before they sent this dog (not dragon) to the pound to be put down.
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But for Joe Punter (and deliberately used the term 'Punter') Why buy at $0.0033 when can buy on market at $0.002?
Just $2k to buy a million shares!
https://simplywall.st/stocks/nz/food...adragon-shares
Most financial analysis I've ever seen on SeaDragon....
There's a shortfall?....who would have thought?
Acceptances and over subscriptions for one-for-one renounceable rights offer
raise $1.0 million ....... your move!
Hope they use the money wisely, lol
I cannot understand how they find themselves in this position except to say that the management is a complete bunch of ninkempoops today and for the last ten years, how much money has been poured into this company and for what, defies logic imo!!
I believe all their energies over the past 6 years have been used to shoreup capital due to high cash burn. From building cost shortfall which washed for a while and they are still using transition away from Omega2. They have several Omega3 customers...which means didly squat....3 is several...
And a plant that is capable of producing 5000tonne...cannot see this ever happening. Colin Groves your time is up!
Looks like that the Stewart family have taken a 16% S Hing of SEA via a take up opportunity , another major who has expressed satisfaction with SEA's business plan, WHAT ARE WE the long standing share holders missing ?
Another rabbit out of the SEA hat imho !
[QUOTE=whatsup;732567]Looks like that the Stewart family have taken a 16% S Hing of SEA via a take up opportunity , another major who has expressed satisfaction with SEA's business plan, WHAT ARE WE the long standing share holders missing ?
Ziwi……………………………………...
Ziwi factory in Tauranga could not keep up with export demand,so opened another factory at Rolleston.
Great success story.
The link would appear to be Mark Stewart
Fish oil...…………………….
Top quality pet food needs top quality ingredients.
As an aside the sink from the Rolleston factory is horrendous.Cooking liver kidneys etc.
Sited between the army at Burnham, and the prison at Rolleston.
Easterly the army gets it,southerly the prisoners.
Yes and after PDL had been run down by poor managers Mark took over as CEO and sold the business for millions.Think he took the market cap from about $30mil to over $130mil.
Sold a plastic factory out of PDL,then brought it back and sold for millions.
Made huge money out of his shareholdings ABA,then EBO,then a hospital company.
Very big on researching before buying.
SEA will be so he can access ingredients for Ziwi.Would love to know what Ziwi is worth today.
Be interesting to see whether he and CVT take control of SEA and take it private,after shareholders give up.?
Different agendas from other shareholders and one can see how their strategies are unfolding to try and salvage some value.
Both are stuck in there and looking for ways to salvage their investment.
Notice how their convertible notes are renegotiated at ever favorable convertible terms? Comvita's was convertible at 0.008c - now 0.0033c = so instead of 375m shares, now it's 909m shares!
Next rollover (given that the rights issue was a spectacular failure) will see the terms renegotiated to 0.0001c?
Then, Stewart & Comvita will simply take over the company for the useless value of their convertible notes.
Minorities will have nothing left.
http://nzx-prod-s7fsd7f98s.s3-websit...064/288303.pdf
Tokenism at its most pathetic!
$1,000 from this director - taking up less than 0.0000001% of his rights entitlement!
This read likes more bad news
Chairman is ‘disappointed’
http://nzx-prod-s7fsd7f98s.s3-websit...583/290174.pdf
Well bugger me...who would have guessed!
What a cluster...….
The Board of SeaDragon today announces the appointment of Mark Stewart as
interim Chair whilst the Board search for a suitable independent Chair. Mark
is head of the Stewart family investment vehicle and cornerstone shareholder
Masthead Limited and joined the board in November 2017.
Former Chair Colin Groves remains on the Board and has been appointed Chair
of the Audit and Risk Committee. The Board thanks Colin for his Chairmanship
over the last four years.
From my post 1/10/18....'Colin Groves your time is up'.......it's a start
Exactly what I was thinking Percy.....no need to look any further!
Somebody likes the news. Up 50% today on quite significant turnover :-)
Nothing positive here - just rearranging the deck chairs on the titanic as its beyond salvaging. Groves gets dumped as chair but stays around? Why? Can't be that short of cash? And seriously - if he needed dumping why on earth would you put him in Audit? Unless they are hoping his pattern of incompetence fits the narrative later....
Bloody shipping delays this time
Making progress with infant formula ...that sounds promising
Sure they meant to say UP instead of down in this sentence (bigger loss than previous guidance)
Loss before Tax: ($6.8M) to ($6.6M), down from ($6.6M) to ($6.4M)
http://nzx-prod-s7fsd7f98s.s3-websit...688/295042.pdf
Given up trying to track how many earnings downgrades with this backdoor job.
If all else fails, bring in the magic infant formula!
As if the Europeans cannot do it!
And the Chinese do not allow 'additives' outside of a limited and finite prescribed list - does not include tuna oil. :D
Incredible "black hole" keeps on getting deeper.
Even delayed revenue isn't going to help out this pup.
Not if delayed sales of $1.9m only impact bottom line by $200k.... doesn't add up - or if it does it then its another damning insight.
If it is a genuine result of shipping delays under IFRS standards they will be required to report in the current period so shouldn't have any impact at all....
https://en.wikipedia.org/wiki/Docosahexaenoic_acid
Pretty standard omega3 used in IF, I know of a few NZ producers which source theirs from Australia, not sure if the source is an issue as long as it achieves the required spec
SGM for 17 th May, should be interesting , is there any future here ?
What a sad case....just slowing down the inevitable..http://nzx-prod-s7fsd7f98s.s3-websit...686/299958.pdf
Very very astute.
Dog tucka.
Ziwi Peak is owned by Masthead [Stewarts run by Mark Stewart]].
Tauranga factory could not keep up with export orders.
Therefore another factory,which is in the SI between Rolleston and Burnham,giving them access to SI ingredients.
So Stewart is after ingredients for pet food.Fish oil.
I continue to be surprised that even following the massive dilution following the most recent share issue plus convertible notes the share price managed to stay in the 0.2-0.3c range (same as pre issue). I thought it would have gone to 0.1c some time ago, although that day appears to be drawing closer. Of course this is a trader's dream - 100% return on a single trade from 0.1c to 0.2c.
Do you see this need for fish oil in pet food, helping SEA share price?
No..............................................
It has come to my attention,Ziwi [Stewart] should be able to source plenty of "fish oil" at reasonable prices,without having to buy into SEA.
Chairman Bryan says unacceptable result
https://www.nzx.com/announcements/335268
Do I read this right , SEA has approx. $13 mil of Con notes on issue, with more to come IMHO, where is the tunnel let alone the light.
4.8 billion shares on issue so how many once the notes get converted ( if they do ) ?
An additional 9,000,000,000 add the existing 4,800,000,000 , 14,000,000,000. give or take a few, with more to come imho, WHAT A DISASTER !!!!!
I have not seen this company as a worthwhile investment. Their claims and statements have been silly right from day one and their claim at the start of this business that they were going to source their raw material in NZ, when I knew the NZ seafood industry does not produce the amounts they wanted, put me right off.
But I am very interested to eventually (hopefully) find out what game Mark Stewart is playing here.
If there is a game here it would be called "Delusional Pursuits" its a black hole not just for shareholders funds but common sense and morality... check out the job they are advertising on trade me........ some of the highlights:-
Sea Dragon is a unique start-up. We’re the only New Zealand refiner and blender of high-quality, internationally certified Omega fish oils, supplying nutraceutical and functional food manufacturers around the world to meet the growing demand for pure, high quality, marine-sourced bioactive compounds.
Operating our refinery in stunning Nelson, our future is bright. And right now, we are looking for Process Technicians to join us.
You’ll be joining a team of exceptionally talented individuals from diverse backgrounds, in a cohesive and friendly environment and working with state-of-the-art equipment.
As a start-up, we’re continuously learning and changing - fresh thinking and innovation is not only rewarded here, it’s expected and encouraged.
Not sure 7 years and $50m on the NZX qualifies as a start up.....
100% increase! Nice $100 trade does the trick!
The Annual Report, in all its gory goodness:
https://www.nzx.com/announcements/336535
https://www.directbroking.co.nz/Dire...spx?id=5147291 ....hopefully this is a positive move as I feel the only way forward is to make various products not just sell oil at wholesale prices...and Dr Craig Patch has this expertise...
Wow, $11,000 worth of shares today. Very impressive :) Signs of life?
Now at 8mil shares! I wonder if something is actually happening, haven't seen this volume in a long time.
Can't believe all you ST'ers missed the big announcement yesterday! ;)
https://www.nzx.com/announcements/345123
Revenue up, but all but the same end result.....and enough cash for another 6 months....
Noticed on Direct Broking 'Total issue' no. does not show.....calculator maybe does not go that high!