Yes, me too!
Thought I would post as there was a bit of movement today! Hope it continues!!!
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woop woop 3 cents! I know it was on a $390 parcel. But i'll take it anyway!
Where there is cash there is life.....just.....
https://www.nzx.com/announcements/348590
100 to 1 consolidation, don't know why they didn't do a 1000 to 1 and be done with it, IMO that will happen sometime in the future!
http://blogs.nature.com/spoonful/201...tty-acids.html
Last paper I read said there were severe side effects with liver damage....
Can Seadragon actually produce it?
I'd rather get my Omega 3's this way.....http://omegalamb.co.nz/
Have had this on my radar for some time but still can't put my finger on where the weaklink is.Is it poor management,weak marketing or global demand for omega fish products just isn't there?
Many thought when the "smart" money of Mark Stewart bought in, that it was a sign. But situation hasn't changed dramatically as yet. Comvita also a shareholder - although maybe not that "smarter" money.
Yeah I would agree with Iceman. Don't think they are particularly special in terms of product, have to import raw material, haven't seem to be able to sell enough to gain critical mass etc. Would expect many cheaper/more efficient producers out there.
Burning cash and being propped up by major shareholders to survive. FY just ended end of March, so should report end of May.
Cheers.Ill been waiting for FY results but not holding my breath.
where to now...what is advantage of delisting from NZX? https://www.directbroking.co.nz/Dire...spx?id=5336329
Surprising they are driving at major cost cutting initiatives now, when they just lost another circa $5m on top of last year. Would have thought they'd be on to this a long time ago. The delisting from the NZX is just part of that cost cutting - volume/value would be a pittance.
Starting to look like it is in its death throes...…..
Wow.dodged a bullet with this one.i still can't understand where things have gone so terribly wrong.Clean,green southern ocean product(local fish at least)A world craving healthy, natural, essential goods.....go figure
With NTA of 0.20 is this not worth a punt at current sp?.I feel for long time holders but am interested in opinions.Are they carrying any debt?cheers
Have a look at their balance sheet (FY19) page 25 https://www.seadragon.co.nz/invest/annual-reports/
75.7 million x $0.20 = $15.1m net tangible assets.
They don't have $15m worth of assets, got some more cash from major shareholders, and no major liabilities but since that time they've lost another $5m. While their latest annual report hasn't come out, imagine they would still be cashflow negative on operations.
2019 HY had assets of $14m, but have a look at their assets and again have a look at their income/cashflow. Operations chew up $3.5m of cash....in 6 months - funded by $3.6m from major shareholders for convertible notes.
And not like they are experiencing huge growth in sales that they are funding to get to critical mass, 'buying' customers and where they get some cost efficiencies. Cost of sales still much bigger than revenue.
If you look at their assets, they have inventory, some stock, and a plant processing fish oil in Nelson. If it comes to a situation that you are reliant on NTA (ie liquidation??), then their cash is going to be gone, inventory is going to be sold at a discount and what is a specialised plant like that worth? Not the book value, for sure. In their 2019 HY there is $2.3m based on a lease (which I don't understand)
There is a quite a difference between Net Tangible Assets and Net Realisable Assets. It's more about income/cash they make out of it, and in this case the wrong measure. Look at A2 Milk, net tangible assets of $1.28 (alot of which would be cash in the bank) but trading at over $19.
Sea Dragon aren't going to shut up shop and sell everything - they are going to keep on going, so doesn't matter what NTA is. But if the worst happened, as a shareholder, you'd be at the bottom of the list.
If hunting solely based on NTA, then there are plenty of other fish in the sea......
I've just edited a few comments. Disclaimer, I'm no accountant or expert, but pays to read the annual reports, especially for a company like this.
2019: $9.5 million loss (includes $3.4 million impairment)
2018: $6 million loss (includes $350k impairment)
2017: $6.6 million loss (includes $300k impairment)
2016: $5.5 million loss (includes $4.2 million impairment)
2015: $2.8 million loss
If anyone thinks this story actually changes I'll be surprised.
I believe the thread has firmly established that this stock was not for investment or even for a punt fro the brave souls since the beginning.
Not much left now....probably use covid-19 as the excuse to cover for inept managment!
No wonder they had to do the share consolidation.....
And now they want to delist from the main NZX. Hmmm
What happened to the Certified Organic assets? The weedkiller. Anyone know?
Assuming SEA delist... How are shares traded on the Unlisted Securities Exchange?
Anyone attend the todays meeting, delisting approved I see ?
I see they have been successful getting approval to shift to Unlisted..... Moving patients in palliative care is a risky task........... don't be surprised if they don't make it and this was all about finding a way to die gracefully out of sight...
I haven't signed up but sure to be an interetsing read.....and doubt is glowing! :lol:
https://businessdesk.co.nz/article/b...mY0P_3zxMIN1cg
https://www.nzx.com/announcements/355420
Another great FY result to digest before they sail off to Unlisted......
Yet to trade on the USX, and no live bids. Indeed saving some money....
Although if still on the NZX, then could have been Sharsies "Share of the Week" and spruiked it saying they made Seadragon's......:laugh::blink::p:lol: Share price may have done a BGI!
Whaoooooooohhhhhh! It's finally traded on Unlisted.
Perhaps thread should be moved to Unlisted market section? ;)
Capital raise at 3 cents.
https://usx.co.nz/uploads/paperclip/...pdf?1599105963
percy, WHAT are they selling ( again ? ) !!!
SeaDragon Limited ('SEA') is New Zealand’s largest refiner and blender of high-quality, internationally certified concentrated fish oils and fractions, including Omega-3 oils. Our oils are sourced from fish caught in the clean and pure waters around New Zealand, in the Southern Ocean, and elsewhere. We have more than 20 years’ experience processing fish oils and we are recognised for the quality and purity of our products. We supply health supplement manufacturers around the world to meet the burgeoning demand for pure, high-quality fish oils, which are scientifically proven to deliver significant human health benefits such as lowering the risk of heart disease, improving brain function and joint health. The majority of our supply is exported.
Disclosure.I have never owned,and doubt I ever will own any shares in this company.
More shares....
https://www.usx.co.nz/uploads/paperc...pdf?1600405961
I invested a reasonable amount in SEA when they started in the omega oil business, including supporting a shareholder offer. These shares are now virtually worthless (3c vs average 20c paid), and because their value now is less than $1000 (min holding - due to a recent board resolution) SEA are going to compulsorily sell them in 3 months, unless I buy more shares. Great way to treat a loyal shareholder!! I will no longer touch them with a bargepole.
S02
I bought in when Mark Stewart bought in.
Got my tail feathers singed on the way out and learnt yet another valuable lesson - nobody is infallible, even someone with Mark’s track record.
On virtual meeting it is said that present Capital raise should be their last........I may be reading too much into that!
All the Sea Dragon history for Bob. Somebody cleverer than me can transfer to Unlisted forum
SeaDragon
Couldn't find the old thread.....didn't search under SeaDog however.....
Latest results.
SeaDragon-Limited-Audited-Financial-Statements-2021.pdf (usx.co.nz)
Still a loss but an improvement
And Percy added
Sobering reading for those still holding
Still reliant on major shareholder for funding......
2022-05-10-SEA-New-Secured-Loan-Agreement.pdf (usx.co.nz)
Mind you, just spare change after Ziwi sale....
No thread on Unlisted.
Latest accounts: SeaDragon-Limited-Financial-Statements-2022.pdf (usx.co.nz)
Remains on life support. Losses about the same as their revenue, $57m in accumulated losses..!! :scared::blink::huh:
Another loan......payable in 40 days.....??? :confused:
2022-07-25_SEA_New_Secured_Loan_Agreement.pdf (usx.co.nz)
https://www.usx.co.nz/uploads/paperc...pdf?1663819900
Conversion of loan to shares, based on mid-point of valuation at $0.03 cps.
Good luck to those who bought in recent trades at $0.048 or even more luck from those on offer at $0.058!! :scared:
And there she goes https://usx.co.nz/uploads/paperclip/...pdf?1669073312
What a complete schmozzle this has been, for a company that seemingly had a good business plan to disappear into the eather now after how many years , shareholders funds and missed targets, a really sad experience imo !!
Well now Mark Stewart will own it.
He has always seen something there.
Knowing his record he will be proved right.
Be interesting to see how successful this offer is........Sheldon Limited is offering to acquire 100% of the fully paid ordinary shares in SeaDragon Limited @.04c
The independent committee (of one) recommends to accept as soon as possible.
https://www.usx.co.nz/uploads/paperc...pdf?1669696961
Has only been kept alive by Pescado over recent years.
deja vu....Regal Salmon>Queen Charlotte Hol>Aquaria 21>AQL Holdings>Certified Organics>CER Group>Claridge Capital....next step from ponzi scheme...Directors still did well...
Aquaria 21. Thanks for reminding me, when I'd actually forgotten another of my great 'investments'.........
Aquaria 21 was 10 years ahead of its time, apart from its directors who I cannot vouch for, the aquaria businesses world wide have done exceptionally well , every major city has one pioneered by our Kelly Tarlton it could have been a major winner for the N Z investment community imo.
I thought it was a great concept-hence my investment. Unfortunately a few of my early investments appear to have been ahead of their time......
Has anyone here jumping ship with Sheldon 0.04 offer? Great support for shareholders when buy back comes from within. Was this Mark Stewarts plan all along?
Not surprisingly, has control over >90%.
https://www.usx.co.nz/uploads/paperc...pdf?1670799152