CSS - Clean Seas Seafood

tge oracle · 15 March 2013

Re: CSS - Clean Seas Tuna

Yes, you and I have been asking that question for a number of years. I guess the answer lies in Hagen’s stubborn refusal to accept reality. Kinki University took 20 yrs to successfully complete the lifecycle of NBT and for many of those years it was on a small scientific scale, not the commercial scale CSS were hoping for.
It is reasonable to assume that CSS would take many years and they should have structured the business accordingly. This now, finally, appears to be their objective by focusing on a profitable YTK business.

I am watching closely as there are a few fundamental dynamics that are becoming appealing to me:

1. FT selling pressure most likely finished.
2. YTK demand and prices on the rise.
3. Realistic objective for future growth of YTK business.
4. Capital requirements significantly reduced. If they do raise capital, it will most likely be a modest sum.
5. YTK health issues appear to be resolved.
6. The sale of YTK fingerlings to 3rd parties. This has significant potential in my view.

I would prefer to see some progress with their plan before investing again. But will have no hesitation in doing so if they can deliver on their promises.

Disc – As before.

nizora · 19 March 2013

Re: CSS - Clean Seas Tuna

Seen this before, jump-started the SP price, and this quickly follows :

Clean*Seas*Tuna*Ltd*(ACN*094*380*435)*(the*Company)*(ASX*code:*CSS)*hereby*requests*a*
trading*halt*in*its*ordinary*shares,*effective*immediately*on*19*March 2013.
In*accordance*with*ASX*Listing*Rule*17.1,*the*Company*advises*that:*
• the*Company*expects*to*make*an*announcement*in*relation*to*a*proposed*capital*
raising;*
• the*Company*wishes*the*trading*halt*to*remain*in*place*until*the*earlier*of*such*time*
as*it*makes*an*announcement*to*the*market*in*relation*to*the*capital*raising*and*the*
commencement*of*trading*on*21*March*2013;

tge oracle · 19 March 2013

Re: CSS - Clean Seas Tuna

Yes, not unexpected Nizora.

I will consider investing after this Cap Raising but there are a few essential requirements for me to do so:

1. The raising must be commensurate with their growth plans as outlined in the recent investor update i.e. I would expect that to be a modest sum, possibly around $ 3-4 Mill.
2. They must detail how the money will be used to achieve profitability.
3. The Directors must participate, unlike last time. Their involvemnt is sign of confidence that they will deliver on their promises. They must have some " skin in the game "!

I will await the announcement with interest.

Disc - Not invested. Will consider doing so, dependent on Cap Raising details. Opinion only. DYOR.

pixel · 21 March 2013

Re: CSS - Clean Seas Tuna

3 for 5 renounceable rights issue to buy at 1.2c.
Record day will be April 3rd.

Will be interesting to see how the Market reacts.
If we disregard the trades since March 6th as "artificial intensification", the price could drop to 1.5c or lower. But then again, the Market could see it as a positive and support the rescue.

Basilica · 21 March 2013

Re: CSS - Clean Seas Tuna

pixel said:
3 for 5 renounceable rights issue to buy at 1.2c.
Record day will be April 3rd.

Will be interesting to see how the Market reacts.
If we disregard the trades since March 6th as "artificial intensification", the price could drop to 1.5c or lower. But then again, the Market could see it as a positive and support the rescue.

The market was down a third the bounced back to down a quarter a little while ago.
My prediction is about 1.2c share price when the 3:5 buyers try to sell.

The tuna broad stock would be a significant cost to maintain.
Will they now change their name to Clean Seas Kings.

pixel · 21 March 2013

Re: CSS - Clean Seas Tuna

Basilica said:
The market was down a third the bounced back to down a quarter a little while ago.
My prediction is about 1.2c share price when the 3:5 buyers try to sell.

The tuna broad stock would be a significant cost to maintain.
Will they now change their name to Clean Seas Kings.

Give the second "S" some meaning. Sharks? Sinkers? Subs maybe?

Seriously though: Trading of those rights will reveal what the market thinks of the prospects.
I've taken a punt at 1.8c, but may trade it if the price is right.

smart · 21 March 2013

Re: CSS - Clean Seas Tuna

pixel said:
Give the second "S" some meaning. Sharks? Sinkers? Subs maybe?

Seriously though: Trading of those rights will reveal what the market thinks of the prospects.
I've taken a punt at 1.8c, but may trade it if the price is right.

Very good prediction can ccs buy feed from australian feed suppliers or are they feeding there fish chinese feed i wonder!!! Could this be a major risk like there share price today?

Basilica · 21 March 2013

Re: CSS - Clean Seas Tuna

pixel said:
Give the second "S" some meaning. Sharks? Sinkers? Subs maybe?

Seriously though: Trading of those rights will reveal what the market thinks of the prospects.
I've taken a punt at 1.8c, but may trade it if the price is right.

Good point pixel
I like Sub because the Kings are a sub plan.
So Clean Sub Kings
Lets give the first "C" some meaning too, Club?

Basilica · 21 March 2013

Re: CSS - Clean Seas Tuna

smart said:
Very good prediction can ccs buy feed from australian feed suppliers or are they feeding there fish chinese feed i wonder!!! Could this be a major risk like there share price today?

Buying feed should not be a problem as there are multiple suppliers and CSS has paid all of its bills. There are also Several custom feed extruders, and CSS is likely have its own feed "recipes".

tge oracle · 21 March 2013

Re: CSS - Clean Seas Tuna

Today's announcement still has me adopting a very cautious view on CSS. There is no mention of any participation by the Sterhrs or Directors in this rights issue which has me concerned. If the investment was compelling they would be exercising their rights. It is very hard to get an accurate assessment of CSS and Management/Director purchasing is one thing I look for in these circumstances. Another concern is the underwriting of only half of the raising, Patersons are obviously not very optimistic either!

Disc - Not invested.Opinion only.DYOR.

tge oracle · 25 March 2013

Re: CSS - Clean Seas Tuna

Having read the Prospectus over the weekend it does appear the directors are making a tacit attempt to participate in the rights issue. I can’t help thinking this is as a result of the poor take up of the last Cap Raising when only Hagen participated.
Hagen will only take up 7% of his rights whilst MS and PSR will participate with the princely sum of $ 2.5 K each.
As for the Chairman, CEO and NJB , all of whom own no CSS shares, they have agreed to very generously sub underwrite $ 10K, $ 50K and $ 10K respectively.
It speaks volumes that they will not purchase any shares, on market, in order to participate but will have the opportunity to buy at 1.2c if the offer is not fully subscribed.
Not surprisingly, the directors are recommending investors take up their entitlements.

I won’t be purchasing in order to participate and will stay on the sidelines for the foreseeable future to see how things progress.

Disc – Not invested, opinion only. DYOR.

Basilica · 25 March 2013

Re: CSS - Clean Seas Tuna

tge oracle said:
Hagen will only take up 7% of his rights

I am quite green on the renouncable rights topic.
If Hagan has 96m shares he will have 57m renouncable rights at 3:5.
If he takes up 7% then 53m of his rights will hit the market on day 1
Have i understood correctly?

tge oracle · 25 March 2013

Re: CSS - Clean Seas Tuna

Basilica said:
I am quite green on the renouncable rights topic.
If Hagan has 96m shares he will have 57m renouncable rights at 3:5.
If he takes up 7% then 53m of his rights will hit the market on day 1
Have i understood correctly?

Not necessarily Basilica.
He does have the option of trading his excess renounceable rights during the rights trading period, however, I don't believe he will as this would " spook the market " but more importantly, it would be a massive vote of no confidence if he did so. I think he will let his excess rights flow through to the keeper i.e the underwriter.
Of more concern to me is that he has not excerised his full entitlement. If they represent good value and the growth potential for CSS is compelling, he would have done so. This has me very cautious on CSS.

Disc - Not invested. Opinion only. DYOR.

Basilica · 25 March 2013

Re: CSS - Clean Seas Tuna

tge oracle said:
Not necessarily Basilica.
He does have the option of trading his excess renounceable rights during the rights trading period, however, I don't believe he will as this would " spook the market " but more importantly, it would be a massive vote of no confidence if he did so. I think he will let his excess rights flow through to the keeper i.e the underwriter.
Of more concern to me is that he has not excerised his full entitlement. If they represent good value and the growth potential for CSS is compelling, he would have done so. This has me very cautious on CSS.

Disc - Not invested. Opinion only. DYOR.

Thanks that helps clear it up.
Why would anyone not sell the rights they will not use?
even if a right sells at 0.1c it is still worth 50k to him.

tge oracle · 25 March 2013

Re: CSS - Clean Seas Tuna

Basilica said:
Thanks that helps clear it up.
Why would anyone not sell the rights they will not use?
even if a right sells at 0.1c it is still worth 50k to him.

The simple answer is that it will flood the market. I don't think there will be enough buyers.

i can't recall ever seeing a publicly listed company where both the CEO and Chairman don't hold shares. There may be a few " penny dreadfuls " but it does give an insight on their opinion of CSS.

disc - Not invested. Opinion only.DYOR.

Basilica · 25 March 2013

Re: CSS - Clean Seas Tuna

tge oracle said:
The simple answer is that it will flood the market. I don't think there will be enough buyers.

i can't recall ever seeing a publicly listed company where both the CEO and Chairman don't hold shares. There may be a few " penny dreadfuls " but it does give an insight on their opinion of CSS.

disc - Not invested. Opinion only.DYOR.

A 3:5 issue is a 60% increase in shares by my calculations, it will be hard not to flood market.
I don't mind the CEO and Chairman not owning shares, CSS did need some more independent Directors.

Sdajii · 25 March 2013

Re: CSS - Clean Seas Tuna

This is massive dilution and the market will certainly be flooded. I have trouble seeing the price not drop below 1.2c in the near future and am surprised to see the price holding so far above 1.2c at the moment!

So many warning sirens and red lights. As said, if things really had finally turned the corner, the guys at the top would be buying with enthusiasm, not just doing a token amount to try (but fail) to keep up appearances. It would take a lot to convince me to trust the situation, and not only do they fail to convince me, they demonstrate that they don't even believe it themselves. It seems to me that CSS hasn't changed. Same old story of overpromise, underdeliver and fleece the naive to keep themselves in a job.

DYOR, but I'll be keeping my money far away.

Basilica · 26 March 2013

Re: CSS - Clean Seas Tuna

I noticed in yesterdays release that the 3:5 offer is only open to shareholders with a Aust or New Zealand address, all others are ineligible.
I wonder if Frode Teigen is pissed as they have a Norway address and almost 5% of the shares in CSS.
I can not see the rights trading on the ASX and thought it would be listed today? Can someone post the price if you can see it. Thanks.
Wow offer is 1.2c and sell is 1.7c for full shares, no trades

nizora · 26 March 2013

Re: CSS - Clean Seas Tuna

Basilica said:
I can not see the rights trading on the ASX and thought it would be listed today? Can someone post the price if you can see it. Thanks.
Wow offer is 1.2c and sell is 1.7c for full shares, no trades

CSSR currently 1 buyer for 500,000 units bid price 0.001; 1 seller 96000 offer 0.01

Sdajii · 26 March 2013

Re: CSS - Clean Seas Tuna

Basilica said:
I noticed in yesterdays release that the 3:5 offer is only open to shareholders with a Aust or New Zealand address, all others are ineligible.
I wonder if Frode Teigen is pissed as they have a Norway address and almost 5% of the shares in CSS.
I can not see the rights trading on the ASX and thought it would be listed today? Can someone post the price if you can see it. Thanks.
Wow offer is 1.2c and sell is 1.7c for full shares, no trades

I'm not sure Teigen would be all that interested in participating anyway.

CSS - Clean Seas Seafood

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Basilica

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Sdajii

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