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NMS - Neptune Marine Services

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YOU can't go wrong providing specialist services to the oil and gas industry, can you? Neptune Marine Services has, big time. The Perth company's chief, former Schlumberger heavy Christian Lange, walked the plank last Wednesday and by Monday the company was having to pull not only a grant of rights to Lange but a management performance rights plan that was "withdrawn as a result of investor and market feedback".

Make of that what you will but it didn't help that the stock was already suspended. Company chairman Ross Kennan said on Lange's exit that he'd provided "vision and tenacity that was instrumental in the transformation of Neptune from a local, single-product company to the global, multi-faceted business we have today". Less than a week later, Kennan was telling angry shareholders yesterday that Neptune had turned in an EBIT loss of $6m in the September quarter alone and gave the age-old line that "we are in detailed discussions with our bankers regarding our restructure plan".

Several shareholders had vended businesses into the topsy-like Neptune in the past couple of years in exchange for stock, the price of which has dropped from more than $1 in late 2007 to a last sale of 20.5c. As one observer put it, Neptune has "more presidents, regional vice-presidents and group vice-presidents than a small African nation".

* Andrew Main
* From: The Australian
* December 01, 2010 12:00AM
 
I feel sorry for all shareholders, particularly the small ones....inso's can generally look after themselves.
I'd been playing with NMS since late '06 and, seen the price fluctuate from
my buy in price of 53c, as high as $1.37, it seemed like the sky was the limit back then.
I made some trades then, got back in at 84c....sat for almost three years thru the worst of the GFC, then sold at 22c, just before the present proverbial hit the fan.
As hard as the hit was, it'll be a pittance on what I could have ripped up.
What a croc of sh*t it's all become........
 
I felt the highs also after buying at 0.30 and riding it up to 0.90. Unfortunately i bought more because of the fundamentals painting a bright future. Now it's just a sour taste in my mouth. Lange always filled me with hope that it would get back to that level, but now all bets are off. Oh well, i'll put it in the pocket for tax time.
 
from the bits i get from those within the industry they are not confident we will see NMS ever again. the suggestion is that with offshore assets of similiar or better quality all over the world for bargain prices, any selloff of NMS assets will barely raise a dime, leaving NMS with very little collateral to look ahead, just when the industry is getting ready to roar.

have been a long term holder of options - expire in 30 days and are guaranteed worthless. im also a long term holder of a smaller parcel of shares, and consider them worthless too.

maybe a management buyout of their former businesses is the best and only option.

its all over for me.
 
son of baglimit,

is that a serious post? You have been a champion of NMS for many years, so why the sudden change of heart?
 
prawn_86 said:
son of baglimit,

is that a serious post? You have been a champion of NMS for many years, so why the sudden change of heart?
Click to expand...

why ? read the AGM release - that $6m loss from the sep qtr is apparently a bad debt from their gorgon work - sub contracting for another group who have gone into admin. the banks are having a problem assuring them they will extend lending, the brokers are finding it hard to find support for the capital raising, and in this industry, lack of a certain future means you dont get contracts. A$, foreign firms undercutting and destroying margins - theres zero to provide confidence of a future.

sudden change of heart because it has been sudden. in the space of 12 months gone from a business surging with a $20m profit, down to virtually zero profit, assets not being utilised at all and fixed costs that wouldnt go away. remember they raised cash at 50c for an acquisition that never went ahead, and that cash got eaten away over the last 12 months.

in summary, it dont look good.
 
the whole problem with this stock, has been the way people have thought it was some kind of game by putting price predictions on the stock in the hotcopper forum. Funny how one of the posters got it right
30cents 2008
90 cents 2009
No longer listed 2010

When i pointed this out, they replied it was going to be taken over, I said these price predictrions are going to end the company, your going to put a bad vibe on the company. How right was I. Lesson to be learnt is dont be so bold in future, nothing is a sure thing.
 
Hi SOB, I hope that your writing off of NMS is a sign that they have finally reached rock bottom and CAN turnaround from here. IF there is a possibility that they will come good, then the point where the strongest supporters finally give up hope is usually the point where the fortunes start to change...

Not expecting any miraculous turnaround though, there is going to be much pain before there is gain IMO, assuming that they don't go over to PE or into administration. If they do come off suspension I'm not going to be buying more no matter how cheap until there is a strong indication that management has a handle on things and that the company is doing the right things for a sustainable future.

Tony.
 
Gee.....isn't it nice of the company to give the final ex-directors interest holdings.
Maybe they're trying to make investors feel better about the money they're about to lose in comparison....
Of course, that would be okay if it had cost those same (ex) directors any outlay.....which I seriously doubt.
I've got to stop looking at this crapola.....So I will...
 
Well Spotted SOB. 3 months doesn't really inspire too much confidence to me tho, but its a start. I just want the share to come out of suspension so i can see the damage, deal with it and move on. Any ideas when they might release it?
 
Tukker said:
Well Spotted SOB. 3 months doesn't really inspire too much confidence to me tho, but its a start. I just want the share to come out of suspension so i can see the damage, deal with it and move on. Any ideas when they might release it?
Click to expand...

see the ann last night re: options - not trading til the new year at the earliest.
 
googs said:
3 for 1 pro rata offer at 6c....
Click to expand...
Ouch! They really are desperate. The dilution will be 'orrible

read all about it: http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01136043
especially the bit about: "If you want, you may apply for more than triple the number you've already got." As if they had an inkling already people may not be keen to throw good money after bad. Not being a holder anymore, I'm not affected, but I can imagine how I'd react if I were...
 

TERP ~9.4c by my calculation, but that assumes the last traded price of 21c actuall has some meaning.

I think they will have huge difficulty getting this off the water. The share will remain suspended until the capital raising is completed, which means existing shareholders can't liquidate their positions, and everyone is sitting on a 50% loss at a minimum. Many will no doubt just want to cut their losses...

Again, PGA comes to mind... last price ~$1, suspension, cap raising at 10c, and now trading at 6.7c.
 
Yem27.

I really hope so.
(If the prospectus looks good) I'm planning to buy in and then sell my existing shares to make a loss that I can use very effectively this financial year.
Then........I'll probably hold onto the new ones for a few years and try to salvage something from this.

The worst outcome for me would be a trading suspension lasting through July!!!

I'll check with an accountant though - as there's something called 'share washing' (which I know nothing about).
 

a brief summary surf - you cannot sell a share and buy the same one again immediately if it is only to create a tax advantage. has to be proved - dare i say value of the transaction would likely dictate its worthiness in any investigation.
 
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