I have been reading about Subsea resources, and I will be keeping an eye on the stock, as their first salvage operation is imminent, and it will be interesting to see what level of sucess they can achieve, measured against their expectations.



SubSea Resources has been formed to salvage cargoes from cargo ships that have been lost in deep water. Only a handful of wrecks have been salvaged in water depths exceeding 1000 metres, whereas hundreds have been worked on in depths down to 300 metres. The barrier to deeper work has been a lack of technology, which is now available mainly due to developments in the offshore oil and gas industry.

Sonar scan of wreck

SubSea Resources has identified at least 70 commercial salvage targets and has identified twenty major target vessels containing cargoes with a gross value of over $450 million (based on recent LME metal prices and contemporary lading records). In the first phase of the companys business plan it aims to raise the cargoes from six of these vessels over the next three years.


In addition, it is anticipated that certain historic cargoes may be integrated with the commercial salvage operations. Some of the historic targets have potential values of many millions of dollars each, bringing the combined value of identified historic and commercial targets to well over $1 billion.




Initial Salvage Targets

SubSea Resources has an initial programme to salvage the cargos of six commercial wrecks in the period to 31 March 2008. The gross value of these six wrecks is estimated at US$180 million.

The wrecks allow for a mix of weather conditions - allowing for both northern summer and winter working conditions. All wrecks are in international waters and all of the cargoes will be recovered through contracts with the legal owners. The water depths range from below 1500 meters to 5000+ meters.




Corporate website : http://www.subsearesources.com/index.php

It is certainly an interesting if very speculative punt ..... Don't forget that their running costs will be very high indeed and there will or may be many (many) failures before they get to a winner .... Whether or not they are worth buying at all let alone at 37p is perhaps even more of a personal view than most.

cynic,

Well that's a quick response, I'm still trying to finish the header!

I totally agree, it IS speculative, but I think it's an interesting story, and one that I'm going to follow as they progress.

I don't own any yet, but MAY take a speculative position of the market settles down again.

Hi Andy ..... Given that the company is highly speculative and thus may go belly up at some point, I am disinclined to put my own money there, though i concur it is an interesting one to watch

Excellent article out on SUB.The site is free to register.

http://www.proactiveinvestors.com/registered/articles/article.asp?SUB

Subsea Resources: Will the ship wreck hunters hit pay dirt this summer?
By Ian Mclelland

I know what you are thinking. This can't be serious. A ship salvage company?

That was exactly my impression when a Proactiveinvestors.com member emailed me with a blurb on Subsea Resources, and why I should take a closer look. As I have said many times before, any company which has a compelling story to tell will get our attention. What I found at Subsea Resources turned out be one of the most fascinating business models I have ever seen.

h.hairettin,#

Yes that's an interesting article, and it will be interesting to follow the SUB story as it unfolds.

Once the first salvage operation has taken place we will be in a position to judge their abilities and competence, and I feel we may hear something late June or early July, so not too long to wait.

This is super-size risk with possible reward ...... However, as a documentary-lover, I shall watch with great interest to see how SubSea progress, but assuredly won't be throwing any money in that direction, for it is more likely to end in Davey Jones's Locker than reap reward.

Cynic,

I would agree that the risk is high, but so is the potential reward IMO.

I certainly wouldn't invest the church spire restoration money in SUB, but I do take a few modest sized punts ocassionally, and I think this merits one of those in in order to retain an interest in the project.

I would be verty surprised if SS come up with any real results within the next 12 months ...... not to be confused that they make the odd announcement or two that they have found some very interesting sites (true or false!)

cynic,

Their first trial is imminent, if they succeed, it will be well within 12 months IMO.

Trials of this nature are be a long way short in time and actuality of coming up with the goodies, as with speculative oil test wells ..... Even having found the wrecks, which I am sure they have, to recover the juicy bits is a very long-winded and expensive exercise, with the relevant government almost certainly taking a very large slice of any profit ..... but a fun one to watch nevertheless

cynic,

To the best of my knowledge, the location of the wreck is confirmed, the equipment is already purchased, an experienced underwater salvage team assembled, and they have either set sail, or are about to, so we will soon know!

cynic

If you want to know more about SubSea take a look on the ADVFN thread, some very good research on there by a few knowledgeable posters. Your comments I'm afraid are flimsy to say the least, demonstarting a complete lack of your own research / knowledge and not worth posting. For the record I no longer have a holding in Subsea having become frustrated at the delays in beginning operations last year, however I do remain an interested bystander.

pth

I too am an interested if disinterested onlooker ...... My posting was on gut feeling and having seen over my long long life exactly how difficult, time-consuming, expensive and potentially disppointing this kind of venture is ..... If others want to research (objectively of course!) and put their money into this company, then that is their choice ... as is mine not to.

As for ADVFN, I confess I spent just 30 minutes in there a couple of months back but it seemed so full of backbiting, general rubbish and abuse, and little constructive or sensible comment that I have not bothered to go back there again.

cynic,

ADVFN certainly has it's share of wierd and strange posters, but Moneyam have at least kept it civil here.

I just wonder why there aren't more poeple posting here?

In the room or on this thread? .... Other than that, I agree with you; can't be bothered with sites which tend towards personal abuse

cynic,

I meant in the room, we have threads for nearly all the stocks that are popular with investors on other bulletin boards, so I would have expected a bit more vibrancy, especially as personal abuse etc is not tolerated here.

Sadly, the most vibrant BB, in terms of volume of posts, (not necessarily quality), is ADVFN, yet others such as MF, FBB, MAM, FYB etc that do not permit the outrageous behaviour that is permitted there are quieter.

I think a lot of the posts on ADVFN eminate from a very small group.

I am afraid that in all walks of life, noise whether positive or negative always emanates from the few while the great majority remain passive observers, even when interested in the outcome or whatever.

Cynic,

Interestingly, SUB has been tipped by Clem Chambers as a "BUY" today, in The Business!

So buy then if you haven't already!..... Confess I have more than enough high(ish) risk plays already in my portfolio, but shall enjoy watching this stock and its progress for I am fascinated by underwater exploration and all similar.

SUB have started their first recovery apparently.

news could be released anytime, and the price drop yesterday when the whole market tanked gives a decent buy point IMO.

A very interesting share this and a steady gain over the last few weeks.
Also a nice little comment in Shares Magazine yesterday "the shares should start to
jump with a spate of salvage plans on the horizon". Keep a look out on this as the
first 4500 tons of copper is coming up to the surface as I type. Well thats the haul
they hope to get anyway!

archies,

Absolutely, SUB are on the cusp IMO.

Good news again from our undersea miner, now lifting 40 tons of copper per day and hopes to get to 400 tons per day very soon.
Copper assayed at 99.9% pure.
Their salvaging method works well, and they say that future wreck site mining will not be a problem..
Great stuff.
Cheers.

porky,

Good news indeed!

Lovely salvaged bars of cooper - fresh from Davey Jones locker!

"

In today's Daily Telegraph!

SOURCE

Ocean depths yield fortune for Subsea
By Melanie Feisst
(Filed: 02/09/2006)

Salvage operator Subsea Resources has now proved it is no mere "treasure hunter", its chief executive has insisted, after it laid its hands on part of a hoard of 5,500 tonnes of high-quality copper lying on the sea bed.
advertisement

Mark Gleave said Subsea, which floated on Aim in a wave of publicity in October 2004, said the company had raised a 12-tonne sample of copper from its first major salvage operation, dubbed Celia.

The company targeted the wreck of Francois Vieljeux, a "very ordinary cargo ship" sunk in a severe storm off the north west coast of Spain in the 1970s.

In its holds, now lying 1,000m below the surface, is copper wire, bars and cathodes worth around $30m (15.7m).

First tests from the sample showed that the copper is 99.9pc pure, Subsea said.

It expects to agree to sell it on to the copper market once 500 tonnes has been recovered.

The company aims to retrieve 80pc of the Celia cargo from the seabed using a giant mechanical grab before the end of September.

It will keep 90pc of the money raised from selling the copper, while the remainder will go to the ship's insurer, Lloyd's of London.

Mr Gleave said: "There were many people, serious investment people, who even quite recently considered the whole thing was a joke. It's not.

"It's a reality that you can take a large vessel and equip it with the right gear and personnel, applying years of engineering knowledge, to recover cargo from great depths."

A pity Melanie could`nt get the share price right.
up .25 to 15.75 I think she got the 15 round the wrong way....
So much for financial journalists.
Cheers.

From the Independent newspaper.
===============================

Copper treasure haul for salvage specialist SubSea
By Michael Jivkov
Published: 02 September 2006

The salvage expert SubSea Resources has begun recovering copper from its first project, a wreck at the bottom of the Atlantic Ocean off the coast of northern Spain.

The AIM-listed group said "Project Celia" had begun removing copper from the Franis Vieljeux, a ship which sunk in a storm in 1979 while on its way from Tanzania to ports in northern Europe. Its cargo included 5,500 tonnes of copper and 700 tonnes of zinc. SubSea expects to be able to recover about 80 per cent of this total, which analysts estimate is worth about 17.3m.

Mark Gleave, the group's managing director, said: "The fact that the method we have developed is now proven to work is fantastic for SubSea going forwards. With proven technology and ability in place, the company is confident the recovery procedure can be repeated".

SubSea shares fell 1p to 41p yesterday, valuing the group at 45m, as investors locked in profits from the stock's recent strong rise.

The shipwrecks SubSea targets are usually owned by the financial companies that had insured them. The group either buys the rights to the booty on board or cuts a deal with the insurer for a percentage of the sale value.

Over the past 20 years, it has built a database of more than 12,000 wrecks. Prime targets are identified according to cargo and ease of salvage operation.
After the area of the wreck is surveyed and the ship located, the recovery is undertaken by the Geomaster, a 117-metre vessel capable of holding its position over the target area even in force seven winds. A remotely operated grab is then used to recover the cargo from within the shipwreck. The Geomaster can haul a maximum of 400 tonnes a day in optimum conditions.

SubSea's technology enables it to go after wrecks lying up to 6,000 metres below the sea surface, which is far deeper than the traditional cut-off point.

Project Celia is scheduled to be completed by the end of the month. The group's focus will then shift to Project Ella, a mail ship with an estimated 20,000 ounces of gold on board worth 5m. In the new year, SubSea plans to move into projects Vanilla and Miranda.

Vanilla has an estimated cargo of 9,500 tonnes of copper, while Miranda 4,500 tonnes of nickel.

Analysts have suggested the group's pipeline of projects could be worth more than 90m.

Got to say I am very interested here, however I will see if the sp drops a tad Monday, if not I will probably buy anyway as it seems a fun stock to hold.

Well done Andy, I see you have been in a while, you are darn good at finding this sort of thing.

Are you still in Sterling or have you reduced orr moved on?

SWW,

Thanks, I agree, SUB look an interesting stock to hold, lowish market cap, plenty of potential, and the excitement of finding buried treasure!

Still in SEY, not one share sold.

Subsea Resources FY pretax loss widens to 3.1 mln stg vs 239,644 stg
AFX


LONDON (AFX) - SubSea Resources PLC, which recovers high value non-ferrous metals and other valuable cargoes from deep water ship-wrecks, said its full-year losses widened on administrative and operating expenses incurred in preparing for offshore operations.

'My comments on the group's expected performance in the period after 31 March 2005 anticipated that the group would by now have reached profitability. This has not proved to be the case due to the difficulty in finding a suitable recovery vessel,' said non-executive chairman Christopher Rowe.

Pretax losses for the year to end March widened to 3.1 mln stg from 239,644 stg the previous year. Its salvage operations did not start until after the year end, so there was no turnover for the year.

Its Ella project was delayed due to refurbishment of the John Lethbridge taking longer than expected.

However, Rowe said in recent months that the company has been put in a very strong position and he is confident that his March 31 2007 chairman's report will see the company entering its next phase and producing revenue.

newsdesk@afxnews.com

i agree this is a fun stock to watch, but imo, not one to buy ...... for sure the prospect of finding the modern equivalent pieces of eight always has appeal to "boys' mentality" but take good note that the company has not delivered as promised ...... all too frequently a bad sign of things to come.

further ..... have just returned home from NL and seen very bullish article in Shares Mag stating categorically that SUB has recovered +/-5kt high grade copper from the Celia project worth 20/25m ...... this does not tally at all with yesterday's RNS and update on Celia project nor with the market's sp reaction

......and then there are storms and huge waves.

Who would have a ship?

I'll stick to the car, then there are storms and huge jams!

Hum hum.........

Fun it is, fun it will stay, I weas going to buy in below 40p, but I stioll haven't.

I'm still not stalking you cynic, but we do seem to hit a fair few of the same stock threads.

aren't i pretty enough to stalk then?

I can't answer that here, someone may be watching.

Psst! .... e-mail me a pic then

I'm shy!

So SWW and Cynic - choose between drilling for oil using 2D and 3D seismic to guess where and how much (if any!) versus diving for sunken bullion clearly registered as to location and value at Lloyds? Why do we assume SUB is a higher risk than, say, SEY? Discuss . . .

sd

no need to ...... i currently hold neither thought used to be in SEY and was tempted by the sirens at SUB

We be pirates so there be gold down thar'

I've not said I wont buy.

I like this stock but cheaper!

I think this stock appeals to just about every bloke out there; slightly more interesting than insurance & banking!
I think I am right in saying that their income is to be derived from raising non-ferrous cargos which can be sold on the metals exchanges. I suppose they have to keep their cards close to their chest, but it would be nice to know what projects are in the pipeline & what cargos?
Also their profits are going to be dependent on high commodities prices, which may not remain this high for much longer.
Am watching with interest & agree with sww that sp needs to drop somewhat before I am tempted.

Harry and others .... please read my comment a few posts back ...... something strange that seemingly the company (or Shares Mag) should clarify as you will note

I dont think this will help the cause.

I am still watching but now unlikely to join in.

http://moneyam.uk-wire.com/cgi-bin/articles/200610160700194790K.html

SWW,

Well I think the selloff is overdone IMO.

I don't currently hold, but may well consider a few at this level when funds allow.

The RNS looks honest enough, and I didn't expect a problem free ride here, clearly they are trying out new technology and methods, and at the depths they are trying to recover from, (deeper than the Titanic!), there were bound to be some teething problems.

Oversold IMO.


SubSea Resources PLC
16 October 2006

SubSea Resources PLC
(or the 'Company')

Activity Update


John Lethbridge to be deployed on Celia
Geomaster returns to North Sea following initial operation on Celia
Miranda update


Celia

Following the successful completion of the phase 1 survey of the Miranda
project, the John Lethbridge (SubSea's 75 metre survey and recovery vessel) is
to replace the Geomaster on the Company's project Celia.

The Geomaster, contracted from Geoshippng through TS Marine, has opened up the
cargo on Celia to such an extent that it is now possible for John Lethbridge to
access at least 1,000 tonnes of copper (There are currently 5,000 tonnes
remaining on the vessel). John Lethbridge is expected to be on site over much of
the coming winter working period in conjunction with the ongoing Miranda survey.
The Geomaster is returning to Geoshipping for additional modification.

The Company has been very pleased with the performance of the Geomaster and TS
Marine. However, the project's appointed ROV operating company, FUGRO, have
performed very poorly. Without two reliable ROVs available to work the recovery
system, the significant costs entailed in keeping the entire heavy lift
operation at site are not justified. As a consequence the focus of the operation
will now change to a much lower cost but slower exercise, benefiting from the
progress made by the Geomaster. The Company expects to re-deploy the heavy cargo
team in 2007 both on what will be the completion of the Celia project and a
number of other recoveries.

The Company confirmed that recoveries to date exceeded 500 tonnes and that this
was achieved in less than 20 days of actual work, the remaining time having
largely been lost primarily to ROV failures. This 20 day period was not solely
devoted to cargo recovery but also covered hatch cover and tween deck removal
and removal of cargoes of coffee and sisal that were held in the upper holds.

A full report on the project to date will be published once the ROV contractors
have had the opportunity to comment on the poor level of performance.

John Kingsford (Operations Director) reported 'Despite genuinely heroic efforts
from the FUGRO offshore operators the state of their equipment was simply not up
to the task.'

The Company is satisfied that this was a problem that can be isolated to the
FUGRO ROVs, is not generic to the industry and is otherwise very pleased with
the progress of the Celia Project. The Company's in-house designed heavy lift
equipment worked as expected and, aside from addressing the FUGRO ROV issue,
only minor changes need to be made for heavy lift operations to be resumed next
year.

Miranda

The Company's survey team on board the vessel John Lethbridge have completed the
first phase of their survey work in on the Company's Miranda Project. This is a
single cargo of nickel, gross value of approximately US$80m (LME 13/10/06). The
Company has the exclusive recovery contract with the cargo owners.

During this operation SubSea's new state of the art sonar and ROV were deployed
for the first time at depths of over 4,000m (the Titanic lies at 3,700m). The
Company is extremely pleased with the results thus far, with the sonar providing
extremely high quality pictures of the sea floor, over great distances.

In addition to Miranda, this programme is providing several new copper cargoes.
The Company's heavy cargo recovery team will soon be receiving the survey
information and a programme to recover these cargoes will be developed. The
Miranda survey will continue in tandem with the Celia project, as described
below, as weather permits on one location or the other.

2007

As a consequence of the progress thus far on the Miranda and Celia Projects, the
Company plans to re-deploy its heavy lift equipment on the Celia site in 2007 to
complete the recovery and on the following other heavy recoveries; Kate - 70
tonnes silver, Dagma - 1500t copper, and Cristelle - 1500t copper. All of these
are located targets and the Company has either arranged or is in the process of
arranging contracts for their recovery.

Gina and Ella

In addition the Company will continue to plan for the location and recovery of
Gina - 20,000 ounces gold coin and bar. In view of Gina's likely location this
work will be best conducted from February through to April 2007. This cargo is
very similar in size to that of the Ella project which will also be pursued in
2007.

Future work programme

Following the operational success so far on Celia, in particular the excellent
performance of the vessel and the heavy lifting equipment, the Company is now
able to develop a longer term work programme. The Company is now actively
seeking to acquire certain long lead and long term contract items, in particular
ROVS, winches and a suitable recovery vessel.

Mark Gleave (Managing Director) confirmed that 'these changes will impact only
on the timing of the Company's revenue stream, not on the quantity. The work
done both on Celia and the Miranda survey now allows us to make far more
accurate planning of cargo recoveries.'

The Company is now planning for total revenues in the next 12 months of
approximately 50 million to be generated at a cost of approximately 15
million.

- ENDS -


Notes to editors:

The principal activity of SubSea Resources Plc., which joined AIM in November
2004, is the recovery of high value non-ferrous metals and other valuable
cargoes from deep water ship-wrecks (in excess of 1,000m). This activity
primarily involves the locations and recovery of bulk cargoes of non-ferrous
metals in modern metal-hulled wrecks, where title can easily be established and
where original owners can be identified ('commercial salvage')

Enquiries:

Alex Glover
Tel: 020 7930 9030 or M: 07887 610 335

Mark Gleave
Tel: 020 7495 8696



This information is provided by RNS
The company news service from the London Stock Exchange SCDXLFFQBBFFBX

Andy - very honest imo.

Can't ask for better than that, I thought it would drop, but to bomb like this is a bit much.

Now it's started though, I expect this to weaken a bit more.

Am still watching this one, but until they start actually recovering more cargo, I cannot see any reason for the sp to increase. Once the nickel is heading to the surface, then I can see interest picking up (Just hope by then the nickel price is as high or higher.)

fascinating companmy to watch, purely because of the technology involved and that all big and little boys get (over)excited atg the prospect of sunken treasure.

you don't need to invest to enjoy the thrills and spills!

cynic,

true, but a dabble here at the right time may well turn out to be fruitfiul IMO.

Looks as though we may have a few months to wait though.

personally, i would rather play blackjack!

Theres not much difference between this co and an oily or miner who says there's trewasure at the bottom, we just need to get it to the top.

It's unpredictable.

Not liking this anymore, I will stay a watcher for fun.

Not quite the same sww.
All these wrecks are charted and their cargoes are known, so the main difficulty is raising them from the depths, which seems to be possible now with ROV's.
Oil exploration is still not able to guarantee there is oil in the bottom of the well & the incidence of 'dusters' is considerable.

Fair comment H

I'm with Harrycat - SWW and Cynic I'm disappointed you did not take up my challenge to discsus the rellative reisks of known, guaranteed golden treasure difficult to bring to the surface and drilling for unknown black gold which can also be difficult to bring to the surface.

Oversold, likely to fall a bit more - will I be brave enough to catch the almost certain rise of 25-50% (??) at the appropriate moment?

Also with the price of Robusta at all time highs, there is an added bonus. Of course, with sisle, there are always strings attached - lol!

Key question - what of your current portfolio are you prepared to sell in order to invest in SUB?

sd

that's easy .... absolutely NONE!!

Actually SD I was being polite.

I also think there no chance of a rise inth sp, more chance of more falls.

And I would'nt sell anything to buy these.

SUB is submerging deep now...18.75p today...ARGH!

How are they going to raise the SP to the surface and find a ready market for it now?

Sorry for all involved - it's still a great story.

I agree , but said from Day 1 it was one to enjoy watching and not for buying

wait for the nickel

that's what you'll get for your shares!

That was a touch harsh, cynic!
But I do agree that the main reason for the sp to go up here is when they start to salvage the next cargo. But well worth watching & getting in at the right time, imo.

I think this now is possibly around the right level although it does not seem to be braking to hold it's price.

Striking resemblance to the Marianas Trench!!!

It seems to have that sinking feeling.

This is on my watch list it really is going Subsea today.

bust , pity was going to have a a bit of this big boys toy

sorry to sound smug, but i did warn that this was exceptionally high risk at Day 1 ...... comes as no surprise

NOT bust (yet). Major cash flow problems & no revenue on the horizon.
Still watching, but thankfully not holding.

"major cash flow problems and no revenue on the horizon" - wats your definition of bust then Harry :-)))

Hmmm... Well they have a few assets (Survey vessel) & er, um..........

:-))))

Morning all.

I have been sniffing around SUB since Shares' tip last week. Unfortunately, Shares seems to have an unerring instinct for adding companies to its list of screaming buy recommendations just before they announce the need for a sudden fundraising.

However, one shouldn't panic too much. Of course there will be some dilution involved, but this doesn't necessarily mean that the co won't be a good investment
as there are clearly large sums of money involved with the recoveries.

Am still DMOR but am defeinitely interested.

Harry, MD, an equity fundraising seems likely. Its definitely too early to talk about this co going bust. Look at SEO: they were in a really bad state and still managed to pull off their fundraising, which nearly trebled the amount of shares in issue.

I could also see a bank or investment company putting up a loan in return for a share of the spoils, or alternatively a convertible bond might be on the cards.

.........plus only they have the map of where the treasure ships are.

Ah ha, ah ha, ah ha!

Splice the mainbrace, shiver me timbers, hoist the yardarm, let go sail

It's off to the treasure where we be goin' or my names not Red Beard

Oh it's not!

soul , think company has said no to rights issue , just jesting in part as i know they have a nickel cargo in view and so may get a loan of some sort on the strength of that - where there is an entry on the sp tho i have no idea and worry shareholders may be locked out of profits from next salvaged cargo

MD, I wasn't arguing for a rights issue (although you may be right in saying that the company won't use one - this tends to be a last-ditch measure in the case where not enough willing investors can be found to subscribe to a placing). An equity placing is a different animal and was going by today's RNS as being a possibility.

Just to be devil's advocate, the wording of today's RNS doesn't exclude the possibility of a rights issue, as the words "equity finance" cover a variety of options. However, I don't think that SUB will be so short of takers that they'll have to go to the lengths of putting the squeeze on their shareholders.

same question really on the sp , at what price will we see a placing? could be very damaging

MD: Off the top of my head, possibly 50 - 60 million shares at 10 - 11p in the worst case. That assumes they have to raise minimum 5 mil, including a premium of 10% to cover the placing costs.

That's a 60% dilution, meaning the SP would have to hit around 10.6p to equal current market cap (17.2 mil at SP 15.5p). However, it's possible there will be at least a partial recovery in the SP, a la Stanelco, once the bad news is out of the way.


I still think there might be some mileage in a convertible bond, but they don't seem to be issued all that frequently and do present the company with more of a problem if they find themselves facing bankruptcy. However, I don't think this is likely - the recent problems have been incidental rather than fundamental IMO and can be resolved given time and funding.

How can their problems be incidental soult?
Revenue from salvaged cargoes should cover operating costs, payment of debts & produce a % profit to finance future work. It doesn't.

What I mean by "incidental" is that the problems are due to issues that are happening more or less by chance, rather than issues intrinsic to the company's business model. I refer to Stockdog's excellent post a couple of pages back in which he points out that there is a lot more certainty with this co than with minnow oilers, who mostly find dusters all the time. Also they are able to outstrip miners (perhaps the best direct comparison due to the fact that the end product is identical) in terms of time taken to get to production and sales.

Looked at like that, a bit of weather trouble and the fact that one of their supposed contractual partners in the financing has either got cold feet (for what good reason?) or is severely lacking in competence are trifling issues. SUB will arrange financing; with all small co's you have to expect some dilution along the way, so SUB will hardly be a unique case if they have to go to a placing.

If this co is really going to make a 12 month op profit of 35 mil on 50 mil revenues, you may as well make an appointment with the TVR garage now, because the potential EPS is huge.

At the point of the last results, the co hadn't had any revenues, but they are now selling salvaged cargo. As long as they just keep bringing up the goods, the rest should take care of itself.

Crikey, I've almost talked myself into buying on the spot . . . !!

The unfortunate thing about that is, you are obviously unaware of the recent demise of TVR in the U.K. I rest my case :o)

soul,

It's tough raising cash in the city at the moment apparently, so I would see an equity finance as the only option here.

So relieved I sold and took my profit, but I will consider a tranche in any placing if I have the chance, as at this low market cap, there really could be some value IMO.

LOL - you have to be joking! My brother just bought a (fairly old) Cerbera about 4 months ago! I don't believe it!

Still, my brother knows nothing about investing. And I want a BMW 1-Series anyway.

Andy, thanks for the insight; I agree equity placing looks most likely.

Wish I had the readies to get a toe in on the placing; will have to settle for grabbing some stock via the usual channels, but I agree that the market cap (even allowing for a 60% increase in shares in issue) looks cheap.

If they seriously manage to make 35 mil op profit, deduct a generous 5 mil for admin costs, leaves 30 mil, minus tax at 30%: 30 - 9 = 21 mil net profits. PE 10 gives you a market cap of 210 mil, divide by 162 million shares = SP 129.6p.

Am I being silly?

Heck, if they're going to make that kind of money, they could buy another couple of boats and seriously expand their operations.

Never mind the shares - I think I might write to them and ask for a job!

Soult, I think you might be needing my brown paper bag pretty soon if you don't pause for breath!!!
"The boy stood on the burning deck whence all but he had fled". I can think of others, but I am sure you have got the messsage by now. :o)

LOL - thanks Harry!

I will retire to the lifeboat and view the situation from a safe distance. :o)

I suspect it will be close to 10p. Management has taken its eye off the ball with the (hoped-leaseback) of the ship which faltered = gross carelessness - even with a company used to explaining away Events outside its control.

The business of Risk Management...... is NOT being good at explaining after the event....it is in having alternatives, so that each Risk is minimised - to the extent that if ( out of five ), they ALL OCCUR the overal strength of the business is not severely affected..........Not Easy....but then that why these Execs are so Very Well Paid for looking at Charts.......

. . . . . . . .. . . . . . .. . . . . . . . . . . . . .Expect some dilution with this new money -

I haven't followed SUB with my own money - but why haven;t they Factored the cargos? ie sold them on at a discount, taking the cash to pay for the recovery?
-Has this been suggested?
((It reduces profit, but it (should) eliminate risks:- in getting the metal, identifying its grade and fluctuations in Metal prices... A small bonus might be due to SUB if they raise the Metal within a tight time-scale to encourage good practice at sea, etc.))

soul* ..... please tell me you were not suckered into buying into this leaking and now foundering hulk.

It is sinking like the Titanic, not looking salvageable.

on the other hand, memory tells me that the Titanic or at least its artefacts were!

Cynic, HL, you exaggerate. I believe the point is that they have now proved they can recover the goods from wrecks in deeper water than the Titanic.

Another thought has occurred to me regarding the potential dilution: if they really do generate the kind of profits they are expecting, then there may well be a share buyback once they have some cash in the bank. Reverse dilution (= concentration??) !! Makes sense to me.

I may be a sucker (the jury has retired and has been deliberating its verdict for many long years now), however I did see a programme on German telly a few months back that followed a crew that did exactly what SUB is doing: recovering silver coin and bar using a mechanical grab, ROV and sonar and they were very successful. Admittedly they were in shallower waters than SUB but the principles were identical.

The only major snag that did occur was that the grab bucket suffered metal fatigue and sheared off from its attachment while at depth. By that stage, however, most of the cargo had been successfully recovered and the grab was bringing up more sea-bed mud than anything else. So the crew shrugged its shoulders, toasted a job well done and sailed back to land to get busy with doling out the booty. Which amounted to around 15 million of either , $ or , I can't remember which now.

Having seen it being done for real, I guess I'm slightly more optimistic.

However, I do know better than to catch a falling (sinking!) knife, so will observe and be patient.

Hangon: "gross carelessness"? If someone lets you down, they let you down.

getting gold bars from the bottom of a swimming pool is easy.
i think you will find it is the excessive depths that are the major problem.
AVOID like the plague but enjoy watching

getting gold bars from the bottom of a swimming pool is easy

The heck it is!

I had trouble with a brick when I got my Bronze Medallion for life saving.

I really am not too good a swimmer, but luckily my "casualty" was and with his help when I was towing him, we whizzed through the water at a fair rate of knots and the examiner did not notice, even though I was making quite a bow wave with my head nearly underwater.

Those were the days.

lucky he was not 10,000 feet down then!

SWW,

LOL!

Andy, have you had a look at the warrants (SUBW)?

FYI: SUBW Bid: 5p Offer: 6.5p Change 0
Exerciseable at 40p until 04 Nov 2009

LOOK AT THEM BUT DON'T BUY!

glug glug glug .,..... dive dive dive

I have decided to buy........

...........something else.

sensible sailor ... lol! ..... what if i may ask?

Wel..........GTL but only a few.

This has been driven down by the hot money leaving, as there's no prospect of any news really now until spring 2007, and the knowledge they are going to have to raise funds to replace the abandoned sale and leaseback on the J. letheridge.

The market can be ruthless sometimes, and this is one example.

this share has been driven down because it is on the road to perdition .... imo, get out and stay out .... sorry to hear you were even in as was always at the upper end of high risk

cynic,

I actually made a profit here, (not much), but I wanted the funds elsewhere so sacrificed SUB intending to do a quick turn and come back in, but those trades never work out for me timing wise, so I was out when the fall started.

I am still going to watch, they will need a financing soon, and once they start another wreck recoverey, there will be room for SP appreciation if they deliver the goods.

Nearly there.

Andy, I agree with your thinking; glad you were safely out of the way when the fall began.

There may be something of a recovery once the financing gets underway; will be watching intently.

12.75p today

Suspension

SubSea Resources PLC
08 November 2006


SubSea Resources PLC
(or the 'Company')


The Board of Directors of the Company announces that it has requested the
suspension of its ordinary shares and warrants from trading on AIM pending
clarification of its financial position. A further announcement will be made in
due course.

Oh Dear

SWW,

Yes as predicted by a few wise people here, a suspension clearly caused by a lack of funds.

I hope for the sake of any holders that they are sucessful in raising new money.

Shares Magazine recntly did a spread on the as I recall.

Sorry Shares, I onbce subscribed, but noit anyome and never will again.

I have a sneaky memory that they recced Langbar as well?

Shame for holders.

The worry is more than enough.

SWW,

Yes Shares did recoment Langbar if my memory serves me correctly.

As a subscriber to Shares, I have to say they make quite a few good recommendations too, afterall they cover quite a few companies each edition so they are bound to pick some rockets, and a few bloopers, by the law of averages.

I use it the magazine, as i do all media sources, as a starting point for further research, I never buy such a tip blindly.

My prediction (which I can make without losing any sleep as I still have no shares in the company) is that SUB will sort out its fundraising and that the SP will rise nicely when the suspension is lifted. And I hope I can get in before it rises too far.

I don't think for a moment that SUB is going to join the Celia at the bottom of the deep blue sea. Suspensions don't always have to be a bad thing - if it prevents the SP from shooting lower and accordingly reduces the likely dilution then ultimately it will be advantageous.

Watch this space. IMO/PDYOR, etc.

Soul t, you could well be right, I to will be watching to see what happens, it is still a fascinating share. :)

and still one to avoid like the plague

He must have read your post cynic!

http://moneyam.uk-wire.com/cgi-bin/articles/200611170700292409M.html

SubSea Resources PLC

(or the 'Company')



London 17th November, 2006: SubSea Resources plc announces that Mr Christopher
Rowe resigned yesterday from his position on the Board of Directors of the
Company with immediate effect. A suitable replacement is actively being sought
and a further announcement will be made in due course

I hear Edward Teach may be interested.

Or Bartholomew Roberts.

Or Jaques Cousteau

Can't have Jaques Cousteau, he's not a notorious Pirate.

One other thing, they are all dead, but that won't be a problem

Davy Jones is perhaps the most apt of all ..... derivation on request!

How about Sinbad!

Popeye is free....

So is Mr Humphreys.....

I hope you lot are not going to start on gay pirates now!!!
& you are not taking soult's investment very seriously - Heaven knows how many pieces of eight he's got invested in this one.:o)

for sure he has had to pawn his wheelchair and blanket

Pugwash!

don't forget Master Bates!

Seaman Stains

Yes Captain?

Roger the Cabin Boy.

Yes Captain.

No, not roger the cabin boy...........

Splicethe Main Brace but watch out for Rum Bum & Baccy

Pirate Christopher Rowe has walked the plank.

Shiver Me Timbers.........

Enough of thsi silly stuff, I'm now going to splice the mainbrace.

Later.

Pirate Christopher has *what* his plank?

Morning all!

Why does everyone think I have shares in this company?

I would like to buy some, at some point, possibly, maybe. Meanwhile am continuing to DMOR, etc.

Maybe I could apply for the job of chairman and get some free shares that way :o)

Who is everyone?

I dont think so,.

Awww, Seawall, I'm touched to know that someone thinks I'm okay :o)

Yeah, you're okay.........!

xxx

Apologies soult. Thought you had invested.
Interesting article in the F.T. this weekend which, to paraphrase, implies that Mr. Rowe was encouraged to go by both investors & analysts following the collapse of the deal to sell the survey vessel & the length of time it took him to notify the public that funding was not forthcoming. The MD, Mr. Gleaves, describes the resignation as "a net positive for the group".
Sadly, not any other positives to report!

Harry, thanks for the heads-up about the article.

SWW, you've made me blush . . . .

Steak and Kidney - 1.85p

Chicken and Mushroom - 1.70p

Canada, is this an obscure reference to the "What's a piecost?" joke in the Marmalade Atkins story? And why?

Or have you posted to the wrong thread?

Whatever the answer is, it's making me hungry. Can I get a Chick 'n' Mush with chips and gravy?

soul traders, it's two more pie rates!

LOL/Groan - that's awful, Canada - is that supposed to be a warm-up for the inevitable flood of excruciating Christmas-Cracker jokes in 5 weeks' time?

1.70 seems okay, though.

So I was almost there with Marmalade Atkins (and would probably be even further if anyone had a clue what I'm on about).

soul, sorry!

On a more serious note, I spoke to subsea this morning, they seemed absolutely gutted for the shareholders, if you've got shares give them a call, they should put your mind at ease.

Article in Shares Mag this week says that SUB is in talks over possible JV or similar to provide funds.

But who would JV with them????

SubSea Resources PLC
24 November 2006



NOTICE OF EGM

SubSea Resources PLC

('SubSea' or 'The Company')



Subsea Resources PLC (AIM: SUB) announces that it has today sent out to
shareholders a circular containing a notice of an extraordinary general meeting
to be held on 18 December 2006. The Board of Directors of the Company announced
on 8 November 2006 that it had requested the suspension of both its Ordinary
Shares and Warrants from trading on AIM pending clarification of its financial
position and that a further announcement would be made in due course. The
suspension followed an announcement on 1 November that one of the counterparties
to the sale and leaseback of its survey vessel, John Lethbridge, had failed to
complete the transaction.



The Board of Directors are working closely with its advisers to clarify the
Company's financial position and hopes to make an announcement on its current
position within the next three weeks.



It is, however, clear that whatever the outcome of this exercise, the Company
will have to raise a significant sum of money to finance the Company and to
provide ongoing working capital. At present your Board are discussing a number
of alternatives to secure the immediate financial future of the Company and
details of the form that any fundraising might take are not yet determined but
this is likely to involve a private placing of new Ordinary Shares. In
addition, it may be advantageous for the Company to refinance or restructure its
existing financing arrangements and this may involve the capitalisation of some
or all of such loans, including those from Subsea Shareholders and Directors.
At this stage it is not possible to state exactly the amount of cash which may
be required by the Group. However it is anticipated that, in order to leave the
Company adequately funded to meet its creditors and to move ahead with its plans
for 2007, an amount somewhat greater than the 4.5 million due to have been
received in respect of the John Lethbridge sale and leaseback will be required.
Whilst the Company has received indications of support from certain
institutional and other shareholders, investors and creditors, at this stage
there is no guarantee that a fundraising will be successful.



To give the Board of Directors maximum flexibility to accomplish a fundraising
in an expedited manner, an extraordinary general meeting is being convened for
the purpose of authorising the allotment of new Ordinary Shares (and other
relevant securities). Given the Company's urgent situation the Directors
believe that it is in the best interests of the Company and the Subsea
shareholders to undertake the Proposed Fundraising by way of a private placing
which, subject to the passing of the Resolutions, can be completed relatively
quickly as opposed to a pre-emptive offer to Shareholders.



The Company intends to make a more detailed announcement to shareholders
regarding its financial position and the Director's proposals to provide finance
and working capital for the Group as soon as reasonably practicable before the
latest time for receipt of signed and completed forms of proxy on 16 December
2006 and in any event prior to the extraordinary general meeting on 18 December
2006.

HLYeo, according to the Shares article, various offshore companies, some capped at over 1bn, have expressed an interest in loaning equipment or providing funding in return for a slice of the proceeds.

Who they are, I don't know, but if I had a large cash-pile and could make SUB an offer of help, I'd do it.

Smiler, thanks for the post.

soul t I am still interested in this stock having spent the last 25 years at sea, but I guess we will have to see what happens. :)

Okay, Smiler, I see you have some experience of nautical life (mine is confined to frequently getting stuck on mudbanks in Poole Harbour aboard my father's dinghy, but that's another story!).

I am still convinced that this is a real gem, currently being unfairly overlooked, but am happy to wait and hopefully get in ahead of the herd in the near future, once the suspension is lifted.

PDYOR, etc.

there is a herd out here watching wot you are saying and wanting to get a bit of this toy

MD! just when I thought everyone was totally disagreeing with me.

Race you to the "Buy" button on the day the shares are unblocked :o)

.

soul* ..... you have clearly lost your marbles as well as your wheelchair and blanket .... lol!

Cynic, I protest; I have never felt better. Avast there, me hearties!! (dribble)

:o)

Yo ho ho and a bottle of Pussars Rum........

ST so it was you who put that dent in the sand banks ferry ! :)

Received from Subsea via e-mailing list 26 Nov


Dear Friends and Investors,

Many of you are likely to be aware of the suspension of trading in SUBSEA RESOURCES PLC shares and warrants. This suspension was at the request of the Board to allow for a clarification of the Companys financial position. It is hoped that the suspension will be temporary.

The Company itself has not ceased trading.

Some of you may also have noted that the Companys Chairman Christopher Rowe has resigned. This was a disappointment but I am pleased to advise that a number of other equally capable individuals have already been proposed to the Company. Once again it is hoped that the absence of a Chairman will only be temporary.

By way of background the Company has been forced into a difficult position due to a counterparty defaulting on an agreement to finance the Companys survey vessel John Lethbridge. This agreement had been put in place prior to the start of the Celia project as a means of ensuring that the Company would survive any unexpected problems on that project.

Obviously, the failure on the vessel financing has left a rather large hole in our budget and every one here is doing their very best to resolve the problems that this has imposed. At present there are a number of options open to the Company, one of which is a placing of shares. In the event that a placing does occur the Board will need to issue shares and accordingly an EGM is now planned for 18th December 2006 at which meeting shareholders will have the opportunity to vote on the proposed issuance. The EGM notice is available on the website.

It would not be appropriate for me to comment further at this stage other than to thank those of you who have expressed support for the Company at this difficult time.

With very best wishes,

Mark FJ Gleave

sounds like it is in its death throes , could have been worded better!

Smiler, fortutately getting swept by wind and current into the side of the Sandbanks Ferry has been one embarrassment we have managed to avoid. Good thing, as that kind of caper usually guarantees you a spot on the regional TV news.

My Dad made up for it at the end of the summer by getting rescued by the RNLI lifeboat when his engine wouldn't restart just off Bournemouth Beach . . .

MD, I'd be surprised to see this one die just yet. Watching and waiting . . .

"support for this company at this difficult time" - kind of wording you get before an obituary!

"Our thoughts are with the bereaved at this harrowing . . . "

Okay, I get your drift. (crikey, now we're back to my Dad sailing into car ferries again . . .!!)

SubSea Resources PLC
07 December 2006

SubSea Resources PLC
(or the 'Company')

SUBSEA RESOURCES PLC - Revised notice of EGM



A copy of the circular convening an extraordinary general meeting referred to in
the announcement released on 24 November is available on the Company's website
at
www.subsearesources.com

SubSea Resources PLC
15 December 2006



SUBSEA RESOURCES PLC

(Registered in England and Wales with No. 5228335)

NOTICE OF POSTPONEMENT OF EGM


SubSea Resources plc (the 'Company') HEREBY GIVES NOTICE THAT the extraordinary
general meeting of the Company ('EGM') to be held on 18 December 2006 at 11.30
a.m. at 52 Bedford Row, London WC1R 4LR and convened by a Notice of EGM dated 23
November 2006 ('Notice') has been postponed until 20 December 2006 at 10.00 a.m.
The place of the Meeting remains at 52 Bedford Row London WC1R 4LR.

The Meeting is postponed to enable the Company to complete and release a
detailed announcement regarding its financial position prior to the Meeting. It
is anticipated that an announcement will be released on Monday 18 December 2006.

Any member entitled to attend and vote at the EGM convened by the Notice is
entitled to appoint one or more proxies to attend and, on a poll, to vote in his
place. A proxy need not be a member of the Company. Proxies which have been
received shall remain valid for the postponed Meeting. Any further proxies must
be deposited by 10.00 a.m. on 16 December 2006 at the offices of SubSea
Resources PLC, 3-40 St James's Place, London SW1A 1NS.

If two or more valid appointments of proxy are lodged with the Company in
respect of the same share(s) to use at the meeting and on the same poll, the one
which was executed last shall be treated as replacing and revoking the earlier.
If the Company is unable to determine which was executed last, none of them
shall be treated as valid.

By order of the Board

Dated: 15 December 2006

That's great news, as I would have been aboard a plane on Tuesday and might have missed the action!

Let's see if more than 8 shareholders turn out to this one :o)

GLU GLUG GLUG ...... GLUG GLUG GLUG

To much to post !

http://moneyam.uk-wire.com/cgi-bin/articles/200612181230081112O.html

18/12/2006 12:30pm



RESTORATION OF TRADING ON AIM



SUBSEA RESOURCES PLC



The trading on AIM for the under-mentioned securities was temporarily suspended.
The suspension is lifted from 18/12/2006 12:30pm, an announcement having been
made.




Ordinary Shares of 5p each (B03CKQ8)(GB00B03CKQ88)
fully paid


Warrants to Subscribe for Ordinary Shares (B03CKT1)(GB00B03CKT10)

but still no reason to buy! ..... in fact, far more likely that sellers will predominate as they try to liquidate what is left of their investment

I tend to agree, interesting to see what happens over the next few months !

if they survive that long! ...... not sure which is the safer to short; SUB or BFC? ...... have already acted on BFC!!

SUB is a definite SELL down to 5p.

very very low volume ...... may imply most sellers have already abandoned ship, and with a 15% spread you need a big move just to break even

Abandon shop, abandon shop

This is not a daffodil........

agreed, but as above, not sure there is sufficient to make it worthwhile to short

SubSea Resources PLC
19 December 2006

THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR PUBLICATION,
RELEASE OR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR THE
UNITED STATES



SubSea Resources PLC ('SubSea' or the 'Company')



Result of Placing



19 December 2006, SubSea announces that, further to the announcement notified to
the market yesterday, a total of 78,512,000 ordinary shares of 5p each ('Placing
Shares') have been successfully placed at a price of 10 pence per Placing Share,
raising approximately 7,851,200 before expenses.



The Placing Shares will be issued credited as fully paid and will rank pari
passu in all respects with SubSea's existing ordinary shares, including the
right to receive all future dividends and other distributions declared, made or
paid after the date of issue of the Placing Shares.



Application will be made for admission of the Placing Shares to trading on the
AIM Market of the London Stock Exchange ('Admission'). It is expected that
Admission will become effective and dealings in the Placing Shares will commence
at 8.00 a.m. on 21 December 2006.



The Placing is conditional, inter alia, upon shareholder approval at the EGM (to
be held 20 December 2006), Admission becoming effective on 21 December 2006 (or
such later date as Canaccord Adams Limited and SubSea may agree, this being no
later than 12 January 2007) and on no force majeure event having occurred before
Admission.



Enquiries:


Contacts:

Buy or sell, its good to see them back.

probably not for long!

Well, I for one have stuck my neck out on this. Checked the SP at Fleet Services on the M3 while travelling down from Heathrow to find that a late surge in buying had pushed the SP up to:

SUB Bid: 13p Offer: 14p Change: 1.75

and got in at 13.9p.

SubSea Resources PLC - EGM Statement

RNS Number:3086O
SubSea Resources PLC
20 December 2006

SubSea Resources PLC


20 December 2006, SubSea Resources PLC announces that at an Extraordinary
General Meeting this morning shareholders approved all the resolutions that were
proposed in the EGM notice posted on 23 November 2006.


This information is provided by RNS
The company news service from the London Stock Exchange
END

up 0.25p, 900k traded

"DIRECTOR SHARE DEALING

The Company announces that it was notified 21 December 2006 that, on that day,
Mr Christopher Harborne, a non-executive director of the Company, became
interested in a further 18,000,000 ordinary shares of 5 pence each in the
Company, as specified by the Company in its announcement of 18 December 2006.

These ordinary shares were issued to Mr Harborne in connection with the
capitalisation of loans previously made to the Company by Mr Harborne. The total
amount of loans made to the Company together with accrued interest amounted to
1.8 million and 18,000,000 ordinary shares were issued at a price of 10p per
share as full consideration for such loans.

Mr. Harborne also advised the Company that on 21 December 2006 he sold
10,146,200 shares at a price of 10 pence.

Following these transactions, Mr Harborne holds 22,825,352 ordinary shares
representing 10.86% of the issued share capital of the Company. Mr Harborne
also holds 4,656,338 warrants exercisable into ordinary shares of the Company"

Seawall, the shares Harborne sold weren't free, they were given him in exchange for a loan he had made previously. and he effectively paid 10p a share, as detailed in the RNS you posted.

Since he still holds almost 11% of the co, I don't think anybody can accuse him of cutting and running. And he didn't make an effective profit, either.

Fair enough.

I looked past the post.

Subsea 7 Inc. have won a contract from Shell RNS shows Subsea Resources which of course is different.

Hapy New Year, all.

A nice bounce today: SUB Bid: 13.5p Offer: 15p Change: 1.75

Almost 1 mil shares traded so far.

Extract from an RNS out late today, disclosing Fidelity's holdings:



Schedule A


Security: SUBSEA RESOURCES PLC


Current ownership
percentage: 4.12%

Total Shares Held 8,667,100

Shares in issue: 210,118,201

Change in holdings
since last filing: +1,167,100 ordinary shares

Change in holdings is primarily due to the increase in the issued share capital
figure.


SHARES HELD MANAGEMENT NOMINEE/REGISTERED
COMPANY NAME

7,879,100 FMRCO Mellon Bank N.A
788,000 FIL Brown Bros Harrimn Ltd Lux


This information is provided by RNS
The company news service from the London Stock Exchange
END

Happy new year ST, LETS hope its a good one for all :)

Thank you, Smiler. I am certain it will be.

Soul t you still in SUB ?

brave men serve in submarines and even braver men invest in SUB

cynic I am still interested in the whole aspect, however whether or not they can recover the cargo and make a profit remains to be seen !

i fear not, though s i said at the very very beginning, a fascinating subject

Smiler, I am indeed still in. (only got in on 19th Dec, actually!)

SUB Bid: 13.25p Offer: 15p Change: 0.25

SubSea Resources PLC - Holding(s) in Company
RNS Number:9866O
SubSea Resources PLC
04 January 2007

COMPANIES ACT 1985 ss. 198-202

DISCLOSURE OF INTERESTS IN SHARES



Pursuant to the above provision we hereby notify you of the following change of
interest in shares of SubSea Resources.



As at 21st December, 2006, the interest is as follows:



Name of Shareholder: Royal Bank of Scotland as Trustee of the 33 King William
Street Growth and Recovery Fund.



Class of Shares: Ordinary GBP 0.05

Purchase: 5,000,000

Holding: 6,626,278

Shares in Issue: 210,118,201

Level of Interest: 3.15%




This information is provided by RNS
The company news service from the London Stock Exchange
END


"Growth and Recovery" - I like the sound of that!

perhaps they reckon to grow kelp or whatever else grows in the depths of the oceans

Cynic you could be on to something they do in some places harvest Kelp and sell it as fertiliser !!

Hebrides springs to mind (seriously)

BTW caught another programme on German TV this week - this time salvagers were recovering quantities of rubies from wrecks on the sea-bed and sieving them out of the sand. I didn't watch for long or see what depths were involved, etc., but it was enough to offer more proof of concept.

PS And the Welsh eat seaweed as laver bread.

try lava or even tastier is larva!

Bluebottle larva - the roach love 'em!!! :o)

thought one smoked a roach!

:o) only when they've stopped flip-flopping around on the bank, Cynic. They taste better that way, though.

SubSea Resources PLC
18 January 2007



18th January 2007
For immediate release



SubSea Resources PLC
(or the 'Company')



SubSea Resources PLC (AIM: SUB) is pleased to announce that, as anticipated in
and on the terms set out in the announcement made on 18 December 2006, the
Company has now completed and drawn down a loan from Laminar Direct Capital
Luxembourg S.a.r.l ('Laminar') for 2.0 million secured against the assets of
the Company, with a proposed maturity date of 30 June 2011. Laminar has been
issued with an option to acquire SubSea Resources Ordinary shares on terms as
set out in the announcement made on 18 December 2006.


Of the 2.0 million drawn down, 0.5 million will be used to refinance a loan
dated 5 December 2006 made by Laminar.


The Laminar loan is in addition to the 7.8 million (gross, before 0.75
million expenses) raised in the Placing announced on 18 December 2006.


For further information please contact:


Ric Piper, Chairman, Karen Wyatt or John Kingsford on +44 20 7495 8696


This information is provided by RNS
The company news service from the London Stock Exchange

RNS from yesterday:


SubSea Resources PLC - Change of interest in shares
RNS Number:4881Q
SubSea Resources PLC
31 January 2007


SubSea Resources (SUB)

31st January 2007


DISCLOSURE OF INTERESTS IN SHARES

Subsea Resources PLC has today 31st January 2007 received notice of the
following change of interest in shares of the Company.


As at 30th January, 2007, the interest is as follows:


Name of Shareholder: Mark FJ Gleave.

Class of Shares: Ordinary GBP 0.05

Sale: 2,400,000

Holding: 6,800,000

Shares in Issue: 210,118,201

Level of Interest: 3.24%

SubSea Resources PLC
12 February 2007





SubSea Resources PLC ('SubSea')



Trading update


Following his appointment as Chairman in December 2006, Ric Piper has instigated
a comprehensive review of the business which will be concluded as soon as
practicable. Ahead of the review's conclusion, the Board is taking this
opportunity to update shareholders as follows:


Project Ella


On 8 September 2005, SubSea announced that its survey team had succeeded in
locating a 19th century bullion wreck code-named Ella. The Board now believes
that the wreck located has not definitively been proven to be the Ella. Further
work, including a further survey visit to the site of the wreck, would need to
be carried out to definitively conclude the wreck is indeed the Ella. Salvage of
the Ella project was not a priority for the 2007 season.


Ship for interest


On 18 December 2006, SubSea announced, inter alia, that it was in negotiations
for the supply of a large recovery vessel for the completion of the recovery
project code-named Celia. The Board of SubSea now believes it is unlikely to
secure such a ship for interest contract for the 2007 season.


A further announcement concerning the Board's plans for the 2007 season and the
conclusions of the review will be made in due course.

So, nothing doing this year.

Will they stay afloat?

Subsea .... the name says it all .... lol!

yeah.........to the bottom..lol

I'll just take some pictures instead then.

Lets remember there are investors that have been netted by this incompetent ship load of Pirates.

I think this is heading towards liquidation.

(All imo and I am guessing, no advice given!)

seawallwalker
Disagree I think this is going to a price I may buy in over the next couple of months.

driver - who dares wins!

I'm too scared to jump on board a waterlogged ship!

Good luck in your journey, I'll be watching if only to see you win your bet.

To be fair, they only said they had 1200 wrecks to locate, they said nothing about being competent enough to find one that works !

the only thing that didn't work was the finance!

Just been looking back at the finance especially the float at 40 pence.

Ouch!!

should have added .... unless you were a founder director who cashed in some chips to allow the float

What an afternoon - just been let down by a lady who seemed set to take over my flat and now this!

Got a headache - going to bed :o(

Wake me up in time for the HAIK float on Weds :o)

IMO it is still worth watching this because of the IP. The database of wreck locations and the established rights to salvage have some value. Just because those who have tried so far haven't succeeded doesn't mean that it won't be done in due course.

Let Davy Jones look after the metals a while longer.

P.S. I never held these and congratulate cynic for having been right all along.

Comp, you are right - and I still think the concept is excellent. Just can't believe what a trail of pratfalls the Subsea adventure has been so far.

I'm beginning to think the SUB PR machine needs oiling, too. Seems to me that every time they announce something negative, they only announce the bad news and don't think to talk about what they are doing that is constructive, with the result that the SP takes a hammering. Or have I over-estimated them, and they really are sitting on their thumbs waiting for the next disaster to roll over them?

did not feel i was very clever ..... merely said all along that it was a fascinating subject (and thus stock) to watch ..... always very very very high risk, regardless of what Shares Mag may have said (think they thought it wonderful at some point)

If my memory serves me well I was approached, some years ago, to get involved with these - before they came to market. As with cynic - found their idea/concept fascinating but far too risky - even for me !!!

Have watched on the sidelines - quite amazed that they got it away at the launch price. Bad luck to all those who invested for the dream. I think they will struggle to get further investors involved. It was always a high risk now, I'm afraid, they appear like a bunch of enthusiasts who couldn't make the business concept stack up.

I've watched this lot with interest for quite a long time.

I'm quite amazed that "Ella" suddenly turns out to be questionable. The company has been pushing it as a prospect for about a couple of years. It seems astonishing that they are suddenly not sure.

I'd suggest we short this mutha into oblivion as the management are plainly taking the market for a ride.

Al
;-)

I think you are completely correct Big Al.

.

.


Oh dear there's that dot again

LONDON (AFX) - Yesterday's downbeat trading update continued to weigh on Subsea Resources, which dipped 1/2 more to 5-3/4 pence.

The deep water recovery specialist warned it is unlikely to secure the large recovery vessel needed to complete the salvage project code-named Celia for the 2007 season.

Subsea also said a wreck it previously announced was a 19th century bullion wreck code-named Ella has not definitively been proven to be the Ella.

newsdesk@afxnews.com

fjb/vjt

The story just goes from bad to worse!

Quite a shame really, there was a spirit of adventure about holding this stock, and early promise has just evaporated.

Must admit they were an outfit I considered several times, but never jumped in. Lucky for me I guess.

Just rang the Royal Navy to see if they can do something with one of their ships, they're going to get back to me !!

I Found this ( finance availble )

http://commercial.apolloduck.co.uk/feature.phtml?id=28763

Who bought 200k at 6p?

either a damn fool or someone who was closing a very profitable short

Sorry guys, no luck with the Royal Navy, they don't have any ships capable of doing the job, although the rates sounded cheap enough, only 23,000 a day for ships on film duty.

SUB is a sinking ship like the Titanic...save yourselves!

SubSea Resources PLC
21 February 2007

SubSea Resources (SUB)



Notification of major interests in shares
21 February 2007



Subsea Resources plc ('the Company') announces that it received notification on
19 February 2007 that Majedie Asset Management Limited is indirectly interested
in 17,700,000 Ordinary Shares of 10p each in the capital of the Company
representing 8.42 per. cent. of the Company's issued share capital. The
notification states that Majedie Asset Management Limited is a discretionary
fund manager which invests funds on behalf of its clients on a segregated basis
as well as through its pooled vehicle, Majedie Asset Management Investment Fund
Company.




This information is provided by RNS
The company news service from the London Stock Exchange

"......funds on behalf of its clients on a segregated basis as well as through its pooled vehicle...."

Lets hope it can keep afloat for their pooled vehicle.

Maybe Subsea can make use of it?

perhaps it's amphibious

Subsea constructs cazatesoros in Metalships to extract copper in You back water
18/03/2007

The new ship replaces the Geomaster, reconverted petroliferous platform for Norway

The shipyard will give the John Lethbridge to resume in May the rescue of the sunk metal

They are left 4,000 tons submerged

To send the news To print the news


--------------------------------------------------------------------------------
Text of the news: To jump to outstanding
--------------------------------------------------------------------------------

(Company/signature: M. S Dopeso | Place: Vigo)
Company British Subsea Resources has adjudged to shipyard vigu Metalships construction of new ship cazatesoros, with that it will resume the extraction of the copper load that remains sunk to 30 miles of the islands You back water, in the warehouses of the Franis Vieljeux's.

The new ship, property of the British company/signature, will conserve the helmet of the old ship John Lethbridge, but all its technological equipment and its inner accomodation vigu will be work of the shipyard, that already works in the construction for its delivery in May.

Subsea Resources decided to do without the Geomaster, its previous cazatesoros, that exploded in regime of rent, and with which it initiated the denominated Project Celia (drained of 6,600 tons of copper and 700 of zinc to 1,250 meters of depth, as opposed to You back water), by the John Lethbridge to lower the price of the costs of the operation that went off bad weather during the last campaign as a result of in the viguesa coast.



http://translate.google.com/translate?hl=en&sl=es&u=http://www.lavozdegalicia.es/ed_vigo/noticia.jsp%3FCAT%3D111%26TEXTO%3D5639093&sa=X&oi=translate&resnum=1&ct=result&prev=/search%3Fq%3Djohn%2Blethbridge%2Bvoz%2Bde%2Bgalicia%2Bvigo%26hl%3Den%26rls%3DSUNA,SUNA:2006-29,SUNA:en

ANY THOUGHTS !!!

don breathing apparatus and get in the escape hatch

Stop thinking, it's safer.

Subseas website is being updated too!



http://www.subsearesources.com/

Smiler, thanks for the heads-up re this thread on AAU.

When I read your posts last night I couldn't make head or tail of the translated Spanish, but it seems to be that SUB is having a ship built or outfitted for the salvage work.

Apologies if I've stated the obvious! Seems like good news. I think I'll dash off a quick one-liner to SUB and ask for clarification.

Regs, etc.
ST

Mail's away!

Dear sir, dear madam,

Reports are circulating that Subsea Resources are having a new ship built or fitted out in order that salvage operations may resume.

Please would you provide confirmation, including details of the new vessel and an idea of the timescale involved, as those of us who continue to hold the company's shares would be most interested in such positive-sounding new developments.

Many thanks and kind regards,
(ST)

SubSea Resources PLC
22 March 2007

SubSea Resources plc.

(AIM: SUB)

22 March 2007



Notification of major interests in shares



SubSea Resources plc ('the Company') announces that it received notification on
20 March 2007 that RAB Special Situations (Master) Fund Limited is indirectly
interested in 29,090,000 Ordinary Shares of 5p each in the capital of the
Company representing 13.84 per. cent. of the Company's issued share capital.
The notification states that RAB Capital Plc acts as investment manager for RAB
Special Situations (Master) Fund Limited. RAB Capital Plc does not act as
custodian for its clients and therefore the shares are held in the name of the
custodian of its clients, which is Credit Suisse Client Nominees (UK) Limited.




This information is provided by RNS
The company news service from the London Stock Exchange

well ST I am in NOW, right or wrong, but I think we will see a tic up with a bit if good news if this gets back to 10p I have doubled my money (got in at 5p) lets see what happens :))

Well, Smiler, you will have definitely got in at a better price than I did!

And here's the answer I got back from SUB's PR firm:

Thank you for your message regarding Subsea Resources. College Hill has recently been appointed to handle financial public relations matters for the group and I have therefore been asked to answer your query.

The vessel "John Lethbridge" has recently undergone a routine five-yearly inspection at a shipyard in Vigo. It came out of dry dock last week-end and will be at sea in the next couple of weeks undergoing trials of the ship, sonar equipment and Remote Operating Vehicle (ROV).

As we have previously announced, the new management team at Subsea Resources is currently finalising its strategic plans and remains on track to announce its intentions by the end of April.

With kind regards,

Gareth David

So they have the survey vessel almost ready to go, but it is the recovery vessel they have been having trouble with.

They must be able to get a boat from somewhere . . . .

you never know Cynic may "DIVE " in and buy a few !! :))

Good to see some trading today

if the bars weren't so damn deep could be persuaded into a rubber suit (lol!!!)

Cynic, the thought of you in a rubber suit has put me right off me dinner !!

I would think that this is more Cynic's style !! So finish your dinner ST ; )

prefer a gimp mask

We will have to meet up Cynic, @ 7 pm in the Railway inn
I'll be in a white suit in the corner holding a can of slim fast!
Bring the gimp mask! ( lol )

Is that a suicide note around his neck ;-)

on the move !!!

it's been a while eh Smiler? let's hope the trend is up for a while....

Bu**er, just topped up at 8.5p, straight down the pan..doh!

Don't panic Canada. Wait until we find out why there has been a trade volume of over 2.5 million so far this morning.

Smiler, I bet you're really smiling, having got in at 5p!

Current SP: SUB Bid: 7.5p Offer: 8.5p Change: 3

I'm about 47% down . . . .

The reason for the rise may be linked to the imminent relaunch of the 'John Lethbridge'.

just a theory. Would be nice if they can find a recovery boat too.

Stop showing off soul traders, only 47% down, pah!!, I'm still in from 38p, 26p, 14p.

Chuckle; sorry, Can, didn't realise I was rubbing it in there!

Apology accepted, the moral of the story is, don't have "fun punt's" on boring days.

Agreed; I have come to the conclusion that I'm dangerous when I get bored. It's best then to put me in my playpen with a box of Sticklebricks.

Kin'ell, that made me laugh, I'd better get one as well!

SubSea Resources PLC
28 March 2007


SubSea Resources plc.
(AIM: SUB)
28 March 2007


DISCLOSURE OF INTERESTS IN SHARES

SubSea Resources plc ('the Company') announces that it received notification on
23 March 2007 that Fidelity International Limited is indirectly interested in
857,375 Ordinary Shares of 5p each in the capital of the Company representing
0.41 per. cent. of the Company's issued share capital. The notification states
that Fidelity International Limited acts as nominee for Brown Bros Harriman Ltd
Lux.

SubSea Resources plc ('the Company') announces that it received notification on
20 March 2007 that RAB Special Situations (Master) Fund Limited is indirectly
interested in 29,090,000 Ordinary Shares of 5p each in the capital of the
Company representing 13.84 per. cent. of the Company's issued share capital.
The notification states that RAB Capital Plc acts as investment manager for RAB
Special Situations (Master) Fund Limited. RAB Capital Plc does not act as
custodian for its clients and therefore the shares are held in the name of the
custodian of its clients, which is Credit Suisse Client Nominees (UK) Limited.



ENDS

I too read the RNS - but rather than post it verbatum..... "what does it mean" ...to us Punters?.....does it really mean that SUB is alive and well, - or is this a dead-cat bounce opportunity?
I have been surprised at the speed SUB has gone under - it was flying high not that long ago, before Exec incompetance overcame the hope-value.
This is not one I've held, being "too high" when I first noticed it.

.

ajcc, at 1900 I will log on to AIS mine does cover a large area And will see if the JL shows up ???

well done smiler - we would get a shock if we saw it on the AIS at work!!!

One better, got hold of the HM @vigo via the noonsite, site and have sent mail asking for the shipping movements for the next week if they have them ! :)

Good stuff - didn't realise you could access all this info.

ST will let you know what we find :)

SubSea Resources PLC
29 March 2007

SubSea Resources plc.

(AIM: SUB)

29 March 2007



Notification of major interests in shares



SubSea Resources plc ('the Company') announces that it received notification on
23 March 2007 that FMR Corp is indirectly interested in 9,684,725 Ordinary
Shares of 5p each in the capital of the Company representing 4.6 per. cent. of
the Company's issued share capital. The notification states that FMR Corp acts
as nominee for Mellon Bank N A.




This information is provided by RNS
The company news service from the London Stock Exchange

Nice to see the big boys buying. Talking of which, have you seen IMY? up over 150% in a month on institutional buying.

hangon ..... you don't have e-mail so this is the only way to respond .... thank you, or at least i think it was a compliment .... merely try to have some fun with words, be slightly facetious but with some underlying common sense!

Morning all. forget what I said about IMY - the takeover offer was for far less than the current SP, hence today's drop!

OSLO (Thomson Financial) - Aker Kvaerner ASA said it has been awarded a contract for a subsea tie-in system project in Brazil by Norwegian peer Subsea 7 Inc, in a deal worth 4 mln usd.

Under the terms of the deal, Aker Kvaerner it will provide a retrievable tee structure and vertical connection system to the underwater project at the Camarupim Field, in Brazil's Espirito Santo basin, part of Petrobras's Plangas

Program.

( If only it was our one )

It's not the same Subsea, Smiler.

: ( THERE was also one called Deep6 but it sank !!, ST may here something in May ?

4p!!, 1,350,00 down the pan for listening to directors bullshit, shudda been a "feel good" share, a company delivering the cargos that so many men lost their lives trying to deliver.

4p is fast-approaching it seems as more punters leave the sinking stock. What is surprisiing is that the Mkt Cap is shown as 7m - yet I'm trying to remember if they had any meaningful T/O - do I recall some zinc was lifted? (odd metal to find, as I'd have thought the sea would have fast-corroded it).
Was this co ever a go-er . . . or were Directors in posession of a great wheeze of an idea and sold it to innocent punters (and the Banks! using our money).

Pity the punters.

They con-vinced the government as well, the war graves commission and me, nice as pie at 14p, can't get them on the phone now. I even suggested making a docusoap out of the operations, like "At home with the Osbournes", hlol !!

sorry for any guys who bought into this company ...... will admit i said from the outset it was one to avoid though fun to watch from the outside ..... sunken treasure always sounds great .... and i daren't continue that old chestnut on this site!

Sorry cynic, it's got nothing to do with sunken treasure, the navy always knew where the ships had gone down, they just couldn't decide whether they were war graves or not, subsea was supposed to be the first company allowed to salvage, hence the licences.

was always a dodgy enterprise with very high inherent risk ..... sorry to say, but the guys do not seem to have ever had the necessary capital unless all went well from Day 1

Yes, I agree, that's why I said they must have conned the government to get the licences, the navy reckon the process to get licences is very rigid and all contractors have to prove total liqidity.

Diving deep
Last Updated: 3:03am BST 12/05/2007



Market report
SubSea Resources, the salvage specialist that recovers high-value metals and other valuable cargoes from deep-water ship wrecks, saw its shares sink a further 6pc after its former managing director sold 500,000 shares in the company.


The sale reduces Mark Gleaves holding to 6.3m shares, or 3pc of the company. He stepped down from the board in December, when the company placed 78.5m shares at 10p.

The disposal comes only days after the company announced, following a comprehensive review of the business, that it was very actively and urgently considering new potential business models and associated funding opportunities. SubSea floated on Aim in November 2004 at 20p and rose to a high of 39p last year.

However, the company has since had problems, including locating a 19th century bullion wreck codenamed Ella. The company said this week that it was confident of SubSeas operational potential. Yesterday the shares slipped a further to a new all-time low of 4p.

Proposed placing.

Bu**er, might as well hang on for the next fundraiser at 1p.

They have raised some 4.4 million at 3p so this should underpin the sp at least until they reorganise the share-capital - whatever that means, this is because the current price is below the face-val;ue of the shares....so what?
Also Mark Gleave has sold his remaining holding, so presumably that was about 3-3.5p and draws a conclusion over his shareholding. Not sure whether this means the co is sound-enough, but it's a bitter pil for those that bought at higher prices when the smell of salty metals hit the Markets.
At this price(3.5p) it may be worth a punt, but am unsure about the share-reorganisation as I suspect Retail Investors will miss out...who else?

don't touch this with a bargepole unless you are desperate to lose money ...... if they get themselves up and running again, unlikely as that may be, then still restrict yourself to watching only

SubSea Resources PLC
06 July 2007

6 July 2007


SUBSEA RESOURCES PLC
('SubSea' or the 'Company')

EGM Statement, Completion of Placing and Total Voting Rights

At today's Extraordinary General Meeting ('EGM') of the Company, all resolutions
put to the Company's shareholders were duly passed.

SubSea is pleased to announce that, following shareholder approval, it has
successfully raised 4.364 million before expenses ('the Placing') by placing
145,468,340 new ordinary shares of 1 pence each (the 'Placing Shares') to
institutional and other investors at a price of 3 pence per share (the 'Placing
Price'). The Placing is conditional on admission of the Placing Shares to
trading on the AIM Market operated by the London Stock Exchange ('AIM') is
expected to take place on 9 July 2007.

The proceeds of the Placing will be used to strengthen the Company's financial
position and operational resilience over the coming year, which the Board
believes is a necessary, but not sufficient, critical element in successfully
achieving the Company's strategic objective of identifying and subsequently
undertaking the salvage of deep water commercial cargoes. In addition, funding
will assist the Company in continuing to comply with the financial covenants
contained in its bond arrangements.

Ric Piper, Chairman of SubSea, commented:

'The Board is pleased that shareholders have approved the Placing. The Placing
proceeds of 4.364 million before expenses will be used to strengthen the
Company's financial position and operational resilience over the coming year,
which the Board believes is a necessary, but not sufficient, critical element in
successfully achieving the Company's strategic objective of identifying and
subsequently undertaking the salvage of deep water commercial cargoes.'

The Capital Reorganisation, as defined and described in the notice of EGM dated
13 June 2007, will be effective from 5.00pm today and, as a result, each
currently issued SubSea ordinary share will be sub-divided into one new ordinary
share of 1 pence ('New Ordinary Share') and one deferred share of 4 pence ('
Deferred Share'). The New Ordinary Shares will have the same rights including as
to voting, dividends and return of capital as the current issued ordinary
shares. The rights attaching to the Deferred Shares are minimal and, inter alia,
they do not carry any rights to vote or to receive dividends.

Application has been made to AIM for the Placing Shares and the New Ordinary
Shares of 1 pence each to be admitted to trading on 9 July 2007 ('Admission').

Following Admission, the Company's issued share capital with voting rights will
consist of 355,586,541 ordinary shares of 1 pence each. The 355,586,541
Deferred Shares will not have voting rights and will not be admitted to trading
or listed on any market.

The above total voting rights figure may be used by shareholders as the
denominator for the calculations by which they will determine whether they are
required to notify their interests in, or a change to their interest in, SubSea
Resources plc under the Disclosure and Transparency Rules.


For further information:

SubSea Resources plc Tel: 020 7495 8696
Ric Piper, Chairman
Edward Cox, Chief Financial Officer

Finaly got the navy on board, Sir Tim McClement KCB OBE, surely it can't be another pirate ?

SubSea Resources PLC
19 July 2007


SubSea Resources plc ('SubSea' or 'the Group')


Former Deputy Commander-in-Chief Fleet joins the Board


SubSea (AIM: SUB) specialises in the recovery of high value non-ferrous metals
and other valuable cargoes from deep-water ship-wrecks

The Board of SubSea is pleased to announce that Sir Tim McClement KCB OBE, aged
56 years, has been appointed to the Board as a non-executive director, with
effect from today (19 July 2007). Assisting John Kingsford, the Operations
Director, Sir Tim will oversee the Group's research, survey and salvage
operations in a non-executive capacity. He is also appointed as Chair of the
newly formed Health Safety & Environment ('HSE') Committee.

For two years, until his retirement from the Royal Navy in December 2006, Sir
Tim was Deputy Commander-in-Chief Fleet, where he was responsible for delivering
a 2.1 billion annual budget, with assets of 17 billion and employing 30,000
people.

He joined the Royal Navy in 1971, and during his 35 years' service had five
commands: two submarines, two frigates and a Naval Task Group. In 1996 he was an
inaugural member of the Permanent Joint HQ, where he was responsible for
delivering the UK's global military contingency plans.

Sir Tim was promoted to the rank of Admiral in 2001, and served as the Assistant
Chief of the Naval Staff, which included being a member of the Admiralty Board.

Since leaving the Royal Navy he has worked as an independent consultant,
delivering training in strategic planning, risk management, as well as senior
executive leadership, management tuition and mentoring.


Ric Piper, Chairman, comments:

'Tim has been working with us in an advisory capacity since May 2007 and I am
delighted that he is joining the SubSea Board. Tim has a wealth of operational
and management experience, following his 35 year career in the Royal Navy, which
will very significantly strengthen the Board.'

Sir Tim McClement is currently a director of Pentreath Enterprises Limited. As
at the date of his appointment, Sir Tim McClement has a beneficial interest in
150,000 shares in SubSea, representing 0.04% of SubSea's issued share capital.

There are no further disclosures to be made under Schedule 2 (g) of the AIM
Rules.

I've also put sub and hms in touch with each other, hms need a ship with lifting gear and they have an rov, so might be something for the future.

http://translate.google.com/translate?sourceid=navclient&hl=en&u=http%3a%2f%2fwww%2ebrest%2emaville%2ecom%2fTrois%2dprojets%2dpour%2dle%2dJohn%2dLethbridge%2fre%2factudet%2factu%5floc%2d425674%2d%2d%2d%2d%2d%5factu%2ehtml

SubSea Resources PLC
31 July 2007

SubSea Resources plc
(the 'Company')


Disclosure of shareholding

SubSea Resources PLC ('the Company') has on 27 July 2007 received a notification
from Slater Investments Limited stating that it now holds a total of 23,951,501
ordinary shares in the Company on behalf of clients that it advises and manages.
This represents 6.7% of the issued ordinary share capital.


31 July 2007

This one has all but sunk!

2.1p to buy, what a pp investment !!

SubSea Resources PLC
24 September 2007


SubSea Resources plc

Preliminary Results for the 12 months ended 31 March 2007

and Operational Update

SubSea Resources plc ('SubSea' or 'the Group') today announces its Preliminary
Results for 12 months ended 31 March 2007 and provides an Operational Update for
Summer 2007 and plans for Winter 2007/08.


Loss before tax 17.9m (2006 restated: loss 3.8m).

2007 results include a loss of 7.2m on the salvage of a wreck code named
Celia in 2006 and non-cash charges of 4.7m for an impairment charge on
intangible assets of 2.5 m and an impairment charge on tangible assets of
2.2m.

As at 31 August 2007 cash was 4.8m and outstanding creditors were
approximately 1.3m, leaving free cash (excluding the bond liabilities of
5.0m repayable in 2011) of around 3.5m.

The Independent Auditors in their report to shareholders will include an
Emphasis of Matter that the Group's funding requirements indicate the
existence of a material uncertainty which may cast significant doubt on the
ability of the Group to continue as a going concern.

Following an extensive search in 2006 and Summer 2007 the survey for a wreck
code named Miranda was unsuccessful.

Current plans are to deploy the Group's survey vessel, John Lethbridge, over
Winter 2007/08. Commencement of certain surveys would require the successful
conclusion of permission to survey and the receipt of funds from project
farm-ins

Ric Piper, Chairman, comments:

'The next 6 months are a critical period for SubSea, particularly to finance its
operations through Summer 2008. The Board recognises that it must urgently turn
the Group's potential into proven achievements, ones which can be the basis of
funding and future operational cashflows.'

25 September 2007

smiler
Not good smiler, bottom draw or cut your losses.

i cannot believe that there are still some of you muppets holding this stock ...... it makes SEO look like the success of the century!

Sold A long Time ago !! this could well end up where the ships are ?

Speaking as a muppet, I'm sorry if I sounded upbeat at any time, I didn't realise that Sir Tim McClement, KCB, OBE, was a "REAR" admiral, I've taken it right up the ar*e with these b*stards!

There have been enough warnings here not to get caught like this.

I'm hoping to get my money back with my latest aim company, which is due to ipo shortly. They make inflatable dart boards, cud be a winner!!

LOL

It really lives up to its name. And Ric Piper is piping all its shreholders into the waters. LOL. Closed at 1.125p today.

Is Ric Piper, the chairman of Subsea still holding any shares or has he abandon the Titanic? I suspect the latter.

post 328. thats a 10 TEN. CHEERS.

37% up ????

Approaches

SubSea Resources says has received approach for possible offer for company
AFX


LONDON (Thomson Financial) - SubSea Resources PLC said it has received approaches regarding a possible takeover of the company.

The underwater engineering specialist added the approaches include a possible change of control or sale of the business of the company.

It said the discussions have been of a very preliminary nature, adding a further announcement will be made in due course as appropriate.

On Sept 27, SubSea Resources said shareholder RAB Special Situations Master Fund Ltd bought 10 mln shares, raising its indirect stake to 29.74 pct in the company.

The fund now indirectly holds 105.75 mln shares in the company. RAB Capital PLC acts as investment manager for RAB Special Situations Master Fund.

on the up.

NEWS OUT ON A DEAL WITH BP.

Where Dave? - Not seen it, but sounds good.

Dave that is subsea7

Different company......... wrong epic displayed

THANKS.

SubSea Resources PLC
09 October 2007



SubSea Resources plc

Project Ella

On 12 February 2007 SubSea Resources plc ('SubSea' or the 'Company') announced
the following:

'On 8 September 2005, SubSea announced that its survey team had succeeded in
locating a 19th century bullion wreck code-named Ella.

The Board now believes that the wreck located has not definitively been proven
to be the Ella. Further work, including a further survey visit to the site of
the wreck, would need to be carried out to definitively conclude the wreck is
indeed the Ella. Salvage of the Ella project was not a priority for the 2007
season.'

In early October 2007 SubSea's survey vessel John Lethbridge and the survey team
revisited the site of the wreck referred to above. Notwithstanding the
challenging physical and technical conditions, the Company's Remote Operating
Vehicle ('ROV') was able to find the ship's bell, proving definitively that the
wreck is not Ella.

Given the project's potential economic value, the Board plans to seek permission
from the relevant authorities to visit other sites and, if necessary, extend the
area of the search in due course.

news out on subsea.

dave7010
Bad news out on subsea.

imo, anyone still invested here deserves very little sympathy (ditto SEO) ...... SUB was at the very highest end of high risk at the outset and there was plenty of time to get out before the shares became effectively worthless

I doubt if anyone caught at this level is ever going to "invest" in anything ever again. The underwater film footage taken to date could be worth more than the Blair Witch Project, which cost 30 grand to make and took over 60 million at the box office, according to one of the directors.

where did you find that bit of information from out of interest?

subsea location of wreck.

SubSea Resources PLC
13 November 2007


SubSea Resources plc

Successful location of target vessel

SubSea Resources plc ('SubSea' or 'the Company') is an AIM-listed company which
specialises in the research, survey and salvage of high value non-ferrous metals
and other valuable cargoes from deep-water ship-wrecks

The Board of Subsea is pleased to announce that the Company's survey vessel '
John Lethbridge' has located and positively identified a wreck, code-named
Audrey. This ship is located in deep water in the Eastern Atlantic, close to
project Miranda, and at the time of sinking was carrying a cargo of non ferrous
metals which are estimated to have a gross value of approximately $28m at
today's prices.

Discovery of Audrey followed three days of searching for the vessel using the
sonar equipment on board the John Lethbridge. The target was only a few nautical
miles from the theoretical sinking position, as established from contemporary
records which are held in the Company's archives.

The John Lethbridge, the Company's 75 metre long survey ship, has provided a
stable platform for these operations which are taking place in mid November and
are on-going.

The sonar, which was towed over 8 kilometres behind the ship, was able to plot
the wreck coordinates with great accuracy, allowing the Remote Operating Vehicle
('ROV') to quickly find the target, which is lying at a depth of more than 4500
metres. The ROV has provided very clear video and stills images, which will be
required to plan future salvage operations.

http://www.euro2day.gr/articlesfna/47788020/

UK small caps close higher, Subsea Resources jumps on wreck find
13/11/2007 16:56 London Time | story 1150
LONDON (Thomson Financial) - UK small caps closed up, tracking the positive trend in the wider market, with Subsea Resources jumping over 34 pct in afternoon deals on news that it has located a valuable wreck.
At the close, the FTSE Small Cap index was up 3.8 points at 3,656.5, while the FTSE 100 added 24.5 to 6,362.4.
Among small-cap gainers, the high-value metals salvage company Subsea Resources leapt over 34 pct, or 0.300 of a penny to 1.175 pence in late afternoon deals, after news emerged that its survey vessel has located a wreck with an estimated 28 mln usd of cargo.

I expect it will soon sink back again and then some..............

I think so to, but still 2k at 1p now up to 1.6p still money to be made if your timing is right !


From The TimesNovember 14, 2007

Small capsRobert Lindsay
The discovery of a wrecked ship deep under the eastern Atlantic carrying an estimated $28 million (13.5 million) of nonferrous metals gave some much needed life to Subsea Resources, the treasure-seeker, yesterday. Its bombed-out shares rose 0.3p to 1.175p, perhaps proving that Philip Richards, of RAB Capital, was right to build a 30 per cent stake in the struggling company.

http://business.timesonline.co.uk/tol/business/markets/article2866533.ece

sub sea now shooting up in price. lots of people buying but not selling after finding a wreck worth aprrox 14 million pounds.

Market Capitalisation: 5.33 million
Shares In Issue: 355.59 million
Historic PE: -0.13


http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/11/14/cxmktrep114.xml

some big buys going on.

I CONSIDERED IT AT 1.53P. BUT THEN WITH FIDELITY SELLING 2 MILLION SHARES, I THOUGHT THE BROKERS WERE JUST SELLING ON AS THE PRICE STOPPED MOVING, BUT PURCHASES KEPT COMING, I RESISTED AND NOW I FIND THAT THE BID IS DOWN TO 1.4P, I KNOW THAT I HAD A LUCKY ESCAPE AND AVOIDED BEING LOCKED IN.

Finding a wreck is one thing.

Economical recovery of said 14m is quite another as has already been shown.

They should stick to recovering lobsters.

BREAKING NEWS !!!

SUB directors explain a cunning plan to the long suffering shareholders as to how they intend to salvage the alleged $28 million of treasure which currently resides at a depth of 4,500 meters.

Well we're out of the football, so need something else to bet on. Look at it this way, the odds are very good however the chances of it coming in arn't... Here's to a good bet and another intersting story from the sea's.

The End is Nigh..........?

"Emphasis of matter - going concern

The Company's Independent Auditors in their review of the Interim Results for
the 6 months ended 30 September 2007 report:

'In forming our review conclusion, we have considered the adequacy of the
disclosures made in Note 1 of the financial statements concerning the ability of
the Group to continue as a going concern. In addition to the cash currently
available, the Group will require additional financing to remain operational for
the following 12 months. As set forth in Note 1 and the Chairman's statement,
the Directors continue to pursue a number of potential opportunities, however
should none of these opportunities prove viable and the group is liquidated, the
sale of assets may well fail to generate sufficient funds to settle the secured
creditors."

Just as well all the players here saw this coming, so no one will get caught then?

if any have been caught out, then they are damn fools and have only themselves to blame ..... as i said from the outset, this is (was!) a really exciting stock to watch, purely because its raison d'etre appeals to the ones boyish sense of excitement - like reading Treasure Island or watching thud and blunder films - but was never ever a sensible place to put any money at all.

In fine form for the New Year then Cynic.

been honing my skills over the mince pies doused in pure but fresh lemon juice!

Speaking as a damn fool, this should have been making money from the start. Look up Ice road truckers, making money from tv, films and online gaming and that's just delivering equipment to a diamond mine in Canada.

rubbish! ...... SUB was always an unacceptably (to me) super-high risk gamble .... for once, i will actually say, "Told you so!"

Hear hear dear Cynic!

good grief! .... really can't cope with someone agreeing with one of my put-downs ..... it's truly appalling for the image!!

Amazing, truly amazing, sub hits 65p to buy and 140p to sell and "ceptic" says don't trade, doh!!!!!!

?????????????????????????? .... even if reported correctly, you do not seem to have heard of backwardation - you would not be able to trade; these freaks happen frequently

Ah Cyn, yet another one to be educated. LOL. Hope you are well, and all the little Cyns.

little Cyns??? .... vasectomy 21 years ago!! .... but the 3 acknowledged offspring are very well indeed and still great company, perhaps helped by the fact that none live at home!

Rescuers approach stricken SubSea
By David Litterick
03/10/2007



The fate of SubSea Resources appeared yesterday to lie in the hands of the same hedge fund building a stake in Northern Rock after the marine salvage company effectively put itself up for auction.

After a string of disappointing explorations, SubSea said last week that it did not have enough money left to last the year. Yesterday it said that, since the announcement, it had received a number of approaches that would see the company being taken over.

RAB Capital, the investment fund that has recently built up a near 7pc stake in Northern Rock through its Special Situations fund, is also SubSea's largest shareholder with nearly 30pc.

advertisementA number of trade buyers are understood to have approached SubSea with a view to buying its business, largely made up of its boat, the John Lethbridge, and its research and survey work into potentially valuable and salvageable wrecks thought to contain non-ferrous precious metals.

The company said it could also sell the entire company, or place new shares to raise money, losing control in the process.

SubSea has seen its share price sink from 34p a year ago, when it announced a haul of high quality copper and zinc from the wreck of the Franis Vieljeux, to just 1p yesterday after it tumbled deeper into the red on losses from salvaging the metal and said the search for another vessel known as Miranda had been unsuccessful.

SubSea Resources PLC
11 January 2008




SUBSEA RESOURCES PLC

DISCLOSURE OF INTERESTS IN SHARES


SubSea Resources PLC ('the Company') on 10 January 2008 received notice from
BlackRock Group of a change of interest in the shares of the Company.

Following sales of 13,242,945 ordinary 1p shares, BlackRock Group no longer
holds a notifiable interest in the issued ordinary share capital of the Company.



0.45 ! sub 0 soon !

a Sea of Red today and yet SUB is Blue !!!! The mind boggles ?

to catch the fish you first need bate.

Glub, Glub Glub...I feel like Jacques Cousteau in here......(and the rest of the stockmarket...) vat isz theez...eau eau eau...

Many thanks to Ric Piper and Edward Cox for calling me at home to re-asure me the future of the company was close to seeing a successfull outcome. May the crews of the "new company" ships that go to salvage the cargos that have already been located by shareholders money meet a most unpleasant end.

As someone who has some affinity with the sea and indeed many friends who risk their lives in this somewhat dangerous occupation, your comment is lower than a snake's belly, In fact your are a complete and utter twat!

I told you so...see post 329


SubSea Resources appointing administrators; no viable option for short-term cash - AFX

LONDON (Thomson Financial) - SubSea Resources Plc. said it has decided to appoint administrators after failing to secure sufficient financing to meet its needs.

After reviewing the current status of sale process, the marine services company said it has considered the options available to it and concluded that no viable option is available to meet the its cash needs in the short term.

On March 4, SubSea requested that its shares be suspended from trading pending clarification of its financial position and said it will seek to sell its assets and business after financing talks with its bondholder and other parties failed.

ptholden, if you look back through my posts, you will see that I supported this company because so many men lost their lives in the second world war shipping much needed materials to maintain the war effort. The cargos are still there and will be for as long as it takes for the next company to salvage them. I hope that company has as much bad luck as possible, I therefore re-iterate my pirates curse.

Those cargos are meant to lie there with the blessed ones and not to to salvaged and made profit out of it.

hlyeo98, I see you've read my post about war graves.

Surely if there's a car crash you don't let the wreck just lie there. You remove the human remains and give them a burial. Then the non-human remains can be recovered and sold to the highest bidder.

If there's an earthquake, you recover the bodies from the houses which fall down, then you clean up the site.

If you like, the site of a seabed wreck can be designated as a grave (not just a war grave because this would exclude deaths in peacetime) until any human remains have been removed. After that it can be designated as a salvageable wreck. The effect of this is that the company doing the salvage would first have to locate and remove all human remains for burial elsewhere.

AD

It's all-irrelevant this company has gone tits up punters have lost money, there is no moral high ground here. There will always be money made out of the dead look at Diana.

Lets just say we hope they dont run another AIM company or cross our paths again.

Ric Piper is to blame for sure and make sure he does not run any more companies