THREAD NOW CLOSED 3 May 2007

LATEST NEWS...(Check RNS service for details)

10/4/2007 - GME removes its minority interest in Patriot so shareholders enjoy 100% of all growth at Patriot
20/3/2007 - GME announces it will no longer support as NIM as non-core but instead focus on Patriot's US$123 order book
4/1/2007 - Cantor Fitgerald report 6.90% Holding
Decemebr - $31m orders reported
w/b 27/11 - Cantor buy >3%, Further order of $11m for rig packages
w/e 24/11 - Orders of $20m announced, but not profitable as expected
w/e 13/10 - Further $8m orders
w/e 27/09 - Further additions by Schroders to 12%
w/e 22/9 - Further orders of c $18m plus Gartmore stake increases to 20%.

Global Marine Energy plc is an Oil services company primarily bringing together and delivering rig component/equipment packages to international markets. GME is the holding company for two subsidiaries, Patriot Mechanical Handling and NIM engineering. Patriot provides the bulk of GME's sales.

GME is a niche player, there being only 1 or 2 alternatives for packaged equipment.
Patriot is a member of Source One drilling - a marketing alliance created by Le Tourneau Ellis Williams (LEWCO). www.source1drilling.com

Thread re-opened post results. Feel free to post away. News summary under picture.

Disclaimer: As always, Do Your Own research as no comments or foward looking statements posted here can be guaranteed.

This is an AIM listed company so high risk - only for investments you & your family can afford and are prepared to loose.



***Latest*** (also see estimated Share position analysis below @ 20 April 2006)
19 Sept - $9m from Brazil & America
14 Aug - GME announces $9m of orders including $1.2m NIM orders for Baker marine
These funded in part from recent raised capital.
11 Aug - GME delivers 11.2m stg (2005 4.76m). NIM issues notified in July addressed.
June - Cobra Ltd take large stake, a few previous buyers add
June - Placings at 15p
25 May - Paul Findlay promoted to Group CEO. S Wild (NIM subsid) off board.
10 May - PMHH signs up to http://www.source1drilling.com alliance
8 May - PMHH huge $8.6M china order+announces multiple chinese deals
5 May - PMH signs exclusive deal with winch company EMCE/Stokvis
4 May - Shroders increase to 11.16%
19 Apr - Shroders buy 10.10% 4,525,000
4 Apr - Gartmore adds stock now 17%, CAML buys 3.52%

capetown

Very envioous of your entry point of 23p! Welcome aboard.

Owl

Hope you have a good time on the piste!

Chrissie

wonderful time, thanks.

New IT work starting (my other job!) in a couple of days so back just occasionally.

Analyst estimates/forecasts now available for 2008 - (Source: IC)
Personally still don't believe GME can achieve 13M for 2006.

I think 7-8M is more realistic - but what do I know?! I guess we should just use last year as a guide till told otherwise.

IMO 13M only possible if they've done some clever things with delayed turnover from last year - i.e. booked most of it in 2nd half. Even then it's pushing it.


Forecasts
Year Ending Revenue (m) Pre-tax (m) EPS P/E PEG EPS Grth. Div Yield
31-Mar-06 13.02 (0.37) (1.13)p n/a n/a n/a n/a 0.0%
31-Mar-07 18.29 1.67 2.63p 9.2 n/a n/a n/a 0.0%
31-Mar-08 21.54 2.97 5.26p 4.6 0.0 +100% 0.10p 0.4%

Forecast Ratios
Year Ending Revenue/Share Price/Revenue per Share
31-Mar-06 0.29 0.83
31-Mar-07 0.41 0.59
31-Mar-08 0.49 0.50

Owl you mentioned 4 bits of news 2 imminent (post 119). Have not seen much in the way of news since then are you still expecting these and any idea when?

Like watching paint dry with this lot!
Yep, 2 pieces of news before end Feb - but it's now March!!
1) What they'll do with OTCbb shares
2) Is there to be early announcement of results

3), 4) are speculative for March/April.

In with 15k PMH@16c today. V.risky as they may cancel OTCbb shares, and totally against the market, but think Mr Baer will come up with something good in next 2 months.

PMH are exhibiting in April.
http://www.iadc.org/conferences/OL6_Program.html
http://www.energyinternat.com/pdf/412-pdf/412-citn.pdf

Owl

You're right, it is like watching paint dry. I really thought the sp would have come good by now. I am 40 in August and was hoping to treat friends and family to a wild weekend. So what do you think, shall I book something up or what? Surely the sp will have reached 1 by August after some cracking reslts and decent contract wins. Is it possible or am I dreaming?

Softly, softly catchee monkey - but yes it's pretty dull stuff. Perhaps there'll be a Trading update end of March. Hope for everything, expect nothing.

sd

Don't think you're dreaming, Chrissie.
Why not have a wild time anyway - only 40 once :-)

Wise words SD!

Small confession guys 'n gals - bought 40k PMHH avg 16c.
I know, I know - Pinksheets n all that.

Just don't see a $2 share being worth 1/13th of its value in 10 months with $20m orders announced in 5 months. They may have wrongly valued PMH at $2, but not so wrongly it's below original purchase price!

If they cancel/swap PMH for GME, possible loss on PMH should be offset by rise in GME. On other hand if any danger of GME not delivering good results, I think they'd look to sell PMH. Could be very wrong here though & extremely risky strategy!

Too clever for me Mr Owl. It should goive you an intersting perspective on GME at least. Good luck.

Here's to 40p for Chrissie's 40th!

sd

Patriot up another 38.9% @25c - up 67% on the week from 15c low.
Wonder why?

Owl
If GME hold 82m Patriot shares @ 25c = 11.7m and there are 44.38m (Dig Look) GME shares in existence, then Patriot is worth 26p per GME share.

Did I get the number of patriot shares held by GME correct?

As I've suggested before, it would be great if GME bought in the 18% o/s Patriot stock - they could probably do it on a share swap at no material cost (except prof advisors) to anyone. At $/1.75, they would issue about 4 GME shares for each 7 Patriot shares at today's respective SP's. There would be no dilution, because the additional shares of GME issued would bring with them real value of the same amount into the company.

sd

Agreed SD. Sounds a great idea too.
Problem is May 2005 RNS which said GME would reduce holding as funds allow.
Not sure where their current OTCbb share discussions will lead.

Would be good to hear the outcome sooner rather than later as the OTCbb listing celarly not gone as intended.

Owl
Well here's the thing, I want to treat my friends to the wild weekend. Can't do that if GME don't reach 1 or thereabouts by August. Refuse to sell at huge loss!

I'm sitting on a large loss and wondering whether to move on as you say a trading update would help!

The next 6 months should be very telling. Maybe a trading update at year end and then results. As far as we know order books are full and still plenty of work around to keep us busy for years to come.

PMH books are certainly full. Also lots of UK staff now have PMH addresses.
If they needed to, the NIM yards could probably take some work.

Last I heard re NIM (Oct AGM) was they'd built 4 cranes for Baker Marine who now wanted 4 more (2 per rig). They didn't have the funds at that time, but have now so I guess if the order is still there, they must be building away. Anyone's guess on additional work. The orders are not huge so don't need to announce, also issues of confidentiality. IMO Mr Wood is ambitious with the parent so if NIM (which he only bought recently) doesn't perform (i.e. show signs of regular 300-500k orders, he'll sell it off in favour of PMH - thereby raising GME sp.

Let's just hope the whole co. is still 'trading profitably' as per Dec RNS as this is not what the market expects at all.

I keep reminding myself only started this investment in May! AIM's really meant for Medium- long term (i.e. 2-5years) otherwise there's no reason to hold AIM stocks, plus you don't get the 10% CGT advantage until 2 years have passed.
We've been extremely unlucky with the turnover disappointment & placement. The stock is oversold and should be about 45p at the mo IMO. It's 23p because of the appalling PR - i.e. no reason other than speculation why it should be higher.

I'd love to see 2, but have tax issues if we go over 60p soon! ..hence ok if they take another 9 months -1 year (just so long as there's progress) to get to this then hit 1 by May- Sept 2007.

We do need a trading update around the end of the year Mar/Apr to cheer us up (or otherwise). I share moneyplus' predicament - big loss, bored, looking for some progress, BUT I have a number of other stocks firing up very well to keep me happy and as Owl says, 1 in a year's time will be a very nice result whilst my current fiery steeds are either taking a breather or have been put out to grass and replaced by other watch, wait and hope mustangs.

The relative stability over February since the last whiplash at least gives confidence that there is no bad news out there. The reports of orders placed and trading profitably make waiting for full year results worthwhile IMHO before jumping ship.

Also we seem mercifully uncluttered by rampers and bashers, so we can reflect upon Owl's very welcome snippets in tranquility and optimism (tinged with the watchful eye of fear, of course!).

sd

In another place, I've heard there'll be a trading update in April.

When in April, or what it will be is anyone's guess.
As you say SD, a healthy fear :-)

Patriot up 54% today. Not much volume though.

Never mind the volume, feel the quality my dear!

You seem like a good candidate for Chrissie's wild weekend, Stockdog ;-)