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NMS - Neptune Marine Services

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prawn_86 said:
Another delay to the suspension. Looks as if things are not going as smooth as they would have hoped. Not looking good unfortunately...
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This reminds me of another listed company PGA. Last trade $1, suspened for 2 months, massive cap raising at 10c, and now trading at ~8c.

Massive dilution to existing holders who don't participate, and a 20% loss to holders who did. Not too good at all.
 

I would love to know exactly why they are not performing to expectations. They seem to have infrastructure, contracts etc in place.

Too high a cash burn? Or are they simply not charging enough tfor their services? Or something not as simple i wonder?
 



never one to refer to 'that other site', but they on the mark over there. the recent shock is a large bad debt on some gorgon contract - subbing for another contractor who have gone under. plus the bank have possibly withdrew support, plus the $A, plus high cash burn, plus large earn out payments due.
 
Now a change in CEO as Lange steps down. Things behind the scenes are obviously not going smoothly at all.

Not going to be healthy on re-open thats for sure...
 
Holy toledo.......
That's gonna make my loss seem like peanuts.
As much as I hated taking the hit, the writing has been on the wall for some time. (IMHO)
I've said it before, even if the cards are played well, the wheels can still fall off....glad I got out when I did.
 
Comsec have yet to reduce its LVR rate for margin loans on NMS. Is that because they are not worried or do they have to wait until the company shares start trading again?
 
I've always been a supporter of nms and hoped it would one day recover, however if this cap raising is true im running. Does anyone think that this 0.08 raising may be rethought now that Lange has left... It obviously has something to do with this issue. Was Lange for or against it, i wonder?
 
prawn_86 said:
My gut feeling is that he was against it and hence forced out. If he was for it there seems to be no reason as to why he would have left.
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i'll disagree on this. the info is that the cap raising is being repriced - i assume as a result of lange being gone, likely at the request of brokers and/or bankers. he apparently has been on the outer at patersons (one of the underwriters for this raising) for maybe a year now and patersons clients just werent interested with lange in charge.
 

Hmm very interesting as i said before i was just speculating. Either way i dont think the market will react well when it starts trading again, but will be interesting to see where we are in 6 months and if the new CEO can acheive the potential
 
It seems to be "No news is bad news in this case" market panic is the last thing this stock needs. Don't know much about the new CEO Mr King but his appointment timing seems pretty interesting, did he join NMS in September only to become CEO two months later?

Hopefully he brings buisness and investors with him.
 

http://www.linkedin.com/profile/view?id=54394828&authType=name&authToken=Dm-4&locale=en_US&pvs=pp&pohelp=&trk=ppro_viewmore

just a fyi.
 

That will have a lot to do with how he handles this re-financing i believe. I am prepared for a slaughter on Thursday, but i do not think it is the end of the road for this company. Just a bump.
 
Tukker said:
That will have a lot to do with how he handles this re-financing i believe. I am prepared for a slaughter on Thursday, but i do not think it is the end of the road for this company. Just a bump.
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A bump that will see the SP depressed for a long time, unless they can pull off some lucky contract wins that will balance out the effect of the dilution, however unlikely if its going to be at 0.08. Im sick of being misled, there was always talk of improvement in the next quarter/ half / or year. I think the 15m facility that needs to be refinanced to NAB was swept under the rug. It got only a small mention in the Annual report. One sentence in the notes!
 
Neptune makes sushi out of boss

"...It is understood Neptune initially planned to raise A$28.3 million through a share placement and a further A$51.7 million through a 4-for-3 rights issue, both at 8 ¢ a share, a hefty discount to the stock's last trade at 20.5 ¢, said the West. "Industry sources said shareholders liked Neptune's story and were prepared to back the raising, but on the proviso that changes were made to its senior management."

full article at:
www.upstreamonline.com/live/article237582.ece
 
Gday mate, thanks for your hard work destroying the faith of your shareholders, we like the new guy better, he flosses.

Love
BOD
 
Im relatively new to trading halts, it's only happened to me once before. Can anyone shed light on the procedure for when it will reopen. Does the company have to inform the market of a future time and date of when shares will reopen for trading, or can it be anytime they please?
 

NMS shares are actually "suspended" from quotation. The company voluntarily suspended but the ASX would have, automatically, after a certain period in a trading halt - 2 or 3 trading days, I think it is - if the company had not done so.

Length of suspension depends on how long it takes to sort things out and make an announcement.
 

I know that announcements will be made over the course of the suspension, but Will they give warning of when trading will recommence in the form of an announcement?
 

Usually company makes an announcement and, depending on the nature of the announcement, the share will re-open a short time (~20-30mins) after the announcement is made to allow the market to absorb the information.

If the update announcement is made during market hours, there will be a 10 min pre-open period. In certain circumstances, ASX may purge all orders (i.e. every order currently in the queue are cancelled). This helps protect people against trading uninformed. E.g. you have a buy order on NMS for 18c and the market will open at 10c.

http://203.15.147.66/ListingRules/guidance/gn16_trading_halts.pdf
 
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