Forum Archive Index - April 2002

["Ben Dutton" <bendutton@sharechat.co.nz>]

Hi Iain,

Well...if that is a fact perhaps it's one the company should let the market
know of...still, maybe the money they'll make from the charter is too small
to warrant an announcement.  Do you have any further details on the charter?
Like, how long it is for, what it's worth, what this movie is etc?

Whatever the case may be, shareholders certainly have lost out big time on
this one.

Best Regards

Ben Dutton


----- Original Message -----
From: "Iain Ballantyne" <aircharter@aircharter.co.nz>
To: <sharechat@sharechat.co.nz>; <sharechat@sharechat.co.nz>
Sent: Thursday, April 04, 2002 4:24 PM
Subject: Re: [sharechat] SUB - Is it a buy at $0.06?


> What about the fact that the sub is about to be chartered at full rates
shortly for the new film Ogopogo down there......
>
> Good for a bit of short term speculation
> >
> > From: "Paul J. Brewer" <pjbrewer@ust.hk>
> > Date: 2002/04/04 Thu AM 08:47:39 GMT+12:00
> > To: sharechat@sharechat.co.nz
> > Subject: [sharechat] SUB - Is it a buy at $0.06?
> >
> > The story is that the sub lost money at Milford Sound and there is
> > a backup plan to operate in the lake at Queenstown.
> >
> > 30 June 2001 Financials showed book value of assets was $3.15 million.
> > $2.2 million of this is the submarine itself, which they built for $1.5
> > million.
> >
> > The market is valuing this company at $0.06 x 8.7 million shares = $0.52
> > million
> >
> > Suppose the company were liquidated.  Suppose we value the sub itself at
> > zero.
> > Losses in Milford Sound were est at around $600k, so that leaves
> > $3.15-$2.2-$0.6 = $0.35million
> > or about $0.04/share, as a conservative lower bound.  The sub must be
> > worth _something_,
> > right?
> >
> > Now having been down on the sub, I can say that the sub is pretty cool.
> >
> > If it were run in Queenstown, it would be in a much higher traffic area
> > than in
> > a remote corner of Milford Sound.  The lake is stocked with trout, so I
> > suppose
> > there would be some amusement value in the dive (though the dive at
> > Milford Sound
> > was probably more interesting from a biological perspective).
> >
> > The problems I see are these: (1) it gets cold at the lake in the winter
> > (does it freeze up?); (2) You can see the trout from the underwater gift
> > shop at the jet boat pier; (3) The jet boat is a better adrenalin rush
> > (the sub might be better for old people as long as they aren't
> > claustraphobic).
> >
> > I suppose I should be buying a bit more rather than posting this;
> > eventually they will find a sensible
> > place to run the sub (why south? why not north? or someplace tropical in
> > australia or fiji?), or they will run out of money.  Which do you think
> > will happen first?
> >
> >
> >
> >
>
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>
>
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