Yup - looks that way as last year's results were announced during trading hours.
Printable View
https://www.nzx.com/companies/SEA/announcements/283215
Nothing inspiring here - just more excuses and no information of terms of Comvita's convertble note issue yet.
Meanwhile, note that it coast SEA nearly 10% in fees, commission etc to raise the $10m last year! Desperate stuff!
its a total (predictable) disgrace. There is no excuse - certainly not accounting systems - they could have used a pen and paper or cash register at volumes they were shipping.
Furthermore they have written off more stock than they had at half year - no doubt they will claw it back in next year as margin (same as Snakk) write it off as non continuing, hold the stock and nil value and ship it out as continuing to make the balance of the business look better.
Lots of talk about supply and production - clearly no sales. Anyone know who new CEO is??
There is no possible way this can meet any of the ongoing disclosure requirements and if it isn't investigated and dealt with then NZX is a joke.
And what are CVT thinking getting involved with this embarrassment? Surely they have a good enough business to not want to be tarnished.
Too late for Comvita - roll with pigs (even with lipsticks) and you will be covered in mud and dung.
Agree FMA and NZX need to have a look at this absolute nonsense from SEA in terms of disclosure :
27 Nov 2015 :
"Releasing its results for the six months to 30 September 2015, SeaDragon also announces it is on track to meet the forecasts given during its $10 million
capital raising earlier this year.
In July 2015, SeaDragon forecast sales for the year to 31 March 2016 would rise to $10.1 million from $6.3 million a year earlier. It also forecast
EBITDA of $144,000, reversing the prior year's EBITDA loss of $2.2 million."
30 May 2016 :
Actual sales = $5.6m (yes, $5.6m) - $4.5m below forecast. In other words, SEA sold a staggering $300,000 of products in the second half of FY16! So second half sales were 93.75% BEHIND forecast.
NO DISCLOSURE WHATSOEVER BETWEEN THE TWO DATES of how badly they were tracking against forecast. An absolute disgrace.
WOW, I agree, this is just silly stuff, to be 93% behind forecast & no prior market disclosure. (so much for an informed market )
Disc: I first purchased a few shares about a year ago, as I thought they would be a nice "bolt on acquisition" for the likes of SAN
Yes, I also ignored the negative comments by Apathy while I held my shares, "Sorry, you were right" !!
PS: Sure glad I sold earlier today ! ( Gut feeling is a wonderous thing )
Yes, thanks to Apathy - I also took notice and took my leave from this company last year.
Apathy has not only read and assessed this company correctly and accurately but is prepared to share his views and information - despite the arrows and poisonous darts thrown in his direction by some ill-informed and ignorant posters.
Thanks - it won't change the opinions and I am sure Dentie will be back to tell us that CVT aren't stupid they see the potential, its a longer ride but the fundamentals are there and if you look at the non recurring impairment it is actually a huge improvement with normalised profit $1.8m ahead of last year etc etc.
The fact is they have just announced they are exiting the only business they have ever sold anything in - thats $5.6m of revenue off next years books already.
This is the business that was constrained by supply - that they raised the money for is now non viable? In simple terms they have closed the business and reopened April 1st (appropriate) with a new plant and no sales... and if you read the release they are talking about 'interest and inquiries' not sales - so 4/5 months of fully commissioned plant and still nothing significant?
Convertible note will make interesting reading --last one was paying 18% and you can rest assured the conversion price will be market related.
Lot of shares have changed hands recently - would imagine that there will be some disgruntled purchasers and rightly so. The release of the CVT announcement was nothing short of cynical manipulation of the market prior to dropping the hammer.