for more information about stanelco click on the links.

driver's research page link
http://www.moneyam.com/InvestorsRoom/posts.php?tid=7681#lastread
website link
http://www.stanelco.co.uk/index.htm

I have borrowed this from Sain Jaime on i i i - I hope he does not mind as he gives a more inn depth summary of the EGM

"My Personal Notes from Stanelco EGM 6th November 11:00 AM.
(Best Efforts Summary of Meeting Im open to any corrections from others).

Directors present : I Balchin, C Warner, M Wagner, E Filkin, R Duggan, P Lovegrove
Attendees - There were about 40 shareholders & others who attended the EGM.
(Howard White, Executive MD was not present as he was at a meeting at Heathrow with a US Packaging Supplier).

Meeting chaired by Philip Lovegrove , non-Exec. Chairman, started at 11.08 after arrival of Elizabeth Filkin who was held up in London traffic.

Kicked off with statement that meeting would start with questions from floor but asked to keep questions relevant to EGM and Prospectus, then Voting would take place. There would then be an opportunity after meeting to talk to Board members to ask other Qs..

1) Q re-Relationship with Sphere and US manufacturing - IB said SEO & Sphere have same objectives as joint owners of Biotec . Plan to keep IP of Biotec in Biotec and manufacture in USA. Want to protect IP of Biotec via patents etc but lots of know-how in processes difficult to cover. Risk factor in prospectus was necessary as regulatory requirement. PL said Objective is that SEO & Sphere work in harmony for the benefit of both parties. Joint owners have joint interest to expand via Biotec in Germany & Europe with scope for license fees/royalties depending on agreements. Comment from floor on RNS statements e.g. 3/10/06 had caused confusion on retention of manufacturing rights etc. - GOOD REASSURING ANSWERS !
2) Greenseal Question - all we hear is Testing Testing. Testing.. ongoing.. What is status ? ? ? M Wagner confirmed commercial trials are still ongoing with 1st m/c in ASDA. Issues when moving hi speed processes into factory environment. Each trial results in learning something new . Greenseal process 95% there but cracking additional 5% in real life providing challenges. Q -HOW LONG IS TESTING GOING ON ? Response was Weeks rather than months. Positive statements on 1st m/c in Hitchen Foods installed 7 weeks ago Other packaging co.s waiting for results. There is a good commercial business case for conversion of machines, but depending on company you talk to, numbers vary... P Lovegrove acknowledged that SEO in future will be more prudent and cautious before making (RNS) statements. CONFIDENCE BOOSTING ANSWERS !
3) Q on SEO Contracts. Yes commercial contracts are ready, SEO have prepared them. Question on Income stream from contracts Answer as previously stated at AGM (35k per m/c ? ) Greenseal income depends on machine and OEM m/c depend on each agreement.
4) Starpol 3000 Question - Statement in August that development needs further 10-16 weeks is this on schedule SEO have completed development of extruded materials. Product uses 3 layer sandwich of two approved food contact materials . Testing still going on in US. POSITIVE NEWS - WATCH THIS SPACE.
5) Question on Cash flow Management. FD Clive Warner only on board 4 months but getting things under control, Good relationship with in Board. All agreed need to get cashflow under control . SEO business has many variables as to when things happen and business assumptions must materialise. SEO now concentrating on their priorities e.g. no plans to spend more money on ciggy business where currently there are no significant negotiations. AT LAST SOME CONTROLS GOODNESS !
6) Question on RNS Statements being open to interpretation Agreed that previous RNSs have possibly lead to misinterpretation - No future SEO RNS's unless factual news and information available ! THEN A SNIPE AT CHATROOMS Discussion of no control of chatrooms (and BBs like this !) the fact that 90% of chatroom information is garbage by people who are anonymous and unregulated. It was then pointed out that SEO website has link to a chatroom. This will be reviewed.
7) Question on need of Exec Director to monitor performance of Board. Past year or so has been a rollercoaster on share price, announcements, financial status, press speculation etcStatement by shareholder Performance of Board has been poor, not up to expectations. Comments were noted, the Board shared all the disappointments and concerns by shareholders. There have been changes with new blood brought in and there could be changes in future All statements have been made in good faith by Board. SEO will stick to the facts in future and (maybe) not get too excited ! GOOD !
8) Q on the Rights Issue Price why wait so long before recognition of need to raise cash, meanwhile share price crashed , hence 0.8p ? Answer was that back in April /May there did not appear to be need more funding. But business assumptions not met and result was that partners did not want to put money in. Several funding options were reviewed and decided on rights issue the price was what the large City Institutions were prepared to pay ! OK NOW WATER UNDER THE BRIDGE.
9) Last question on Letters of Intent that SEO is holding Answer was TWO.
10) VOTING & RESULTS As seen on RNS (which gave only factual news). All the Resolutions were PASSED Typical voting patterns being that all shareholders at meeting voted FOR each resolution with none AGAINST or ABSTAINING. The Proxy voting received were equally positive with Resolution 1 getting 99.99% ( Some 328,600,000+ shares) FOR and 0.01 AGAINST with a mere 134,000 abstaining. GREAT ! NOW WE CAN MOVE ON.

After all the voting was completed Philip Lovegrove thanked the attendees with a final statement that hopefully all the ongoing initiatives that the company has will come to pass in a positive direction .

The meeting was then brought to a close at 12:00 Noon. The Board of Directors were then available for further questions and discussions with individual shareholders.
As I had another meeting to attend I shook a few hands and left the meeting.
OVERALL I WAS IMPRESSED WITH WHAT I HAD HEARD !
I will continue to hold my shares and keep faith in SEO.

All the usual disclaimers and DYOR etc. ( plus remember 90% of chatroom info could be garbage !)
Regards, SJ.

There is an extremely wicked corner in a small village near where I stay where the actual road swings sharply left and it is actually a turn off the road that you see in front of you as you see the corner.... the name of the village that the road goes to is Lost. Funny, cos they were thinking of renaming it as the signpost is periodically stolen.

Anyway, my take on events, and I hasten to add that I was not at the EGM.

I cannot help but feel that this is groundhog day. We've heard it all before, close to contracts, Greenseal close blah blah blah.

Only time will tell and although i am interested in reading what people thought of the EGM I feel that it counts for nothing and should not be used by anyone thinking about buying/selling/holding in SEO. Only contracts and cash will turn sentiment in this lot around.

One thing, was there any indication on who had bought large quantities of SEO shares and what the board felt this may mean for the future of the company?

Thanks from me too for the feedback from the EGM. Agree with the conclusion that this is a 'sit on your hands time.' Investors are like pigeons, scare them (and SEO's Board has certainly done that!!!!) and they fly off en masse; if they return, they do so only slowly, and in ones and twos at the start.

Morning all.
First, many thanks to those who attended and were good enough to post their reports.
This is the first opportunity I have had to digest the information they have given and my over-riding impression is one of calm. The boards contingent of bulls (myself included) seem to have been right in our research into what is happening but wrong in the question of when. Like SEO, once again, we were over optimistic.
Asda have taken GS. Starpol 3000 is going the normal course for FDA approval. The LOI do exist and were contingent on the financing issue. Even our timings may have been a little more accurate were it not for the need to halt negotiations to raise more cash.
The boards bears were also right in many ways. SEO are still groping around in the dark a little, with a great range of product and a limited range of managerial ability, though if the directors are to be believed then this is being addressed. The ciggy filters are, to all intents and purposes dead and buried. In SEO speak they are now a regarded as a very high fruit that is not worth any effort in picking. If it falls, then fair enough, but no point in pursuing it too vigorously.
On balance, I am comfortable with my holding and the cost of it. I said 5p by spring and I feel that is still very achievable. The LOI should be signed and announced long before then and the last 5% of problems with GS should be ironed out. If they are not then SEO is in real trouble.
Alan

i guess without further substantive news this was bound to fall today!
back to waiting

Don't know how to take the news (if it was news) that came from the EGM, as we HAVE heard it all before. Do we take note of what was said, after all keep spouting the same thing enough times and after a while people stop taking notice.
SEO management remind me of New Labor. Spin,Spin and more Spin.
I would like to feel more positive re product uptake, progress but apart from the obvious funding acceptance I find it difficult.
As I have said previously, I bought this share as a blue sky or bust gamble part of my portfolio, so I will hang on until it does one or the other.
Perhaps we should all hibernate for the winter, and on waking up see what spring brings.
Now where did I hide my nuts. No comments please.

the fact that 90% of chatroom information is garbage by people who are anonymous and unregulated. It was then pointed out that SEO website has link to a chatroom. This will be reviewed.

If he thinks shareholders are talking garbage, then someone should point out to him that they are only responding to the rubbish way that that this company as been run .

Aldwick the link to the chatroom will most likely be deleted this week.Didn't realise you were there?

From yesterdays RNS - "The Firm Placing, Placing and Open Offer remain conditional upon Admission occurring by no later than 8.00 a.m. on 7 November 2006 or such later date as Teather & Greenwood Limited and Stanelco may agree. "

Admission is usually accompanied by a confirmatory RNS, is it not? As there has not been one by 8.00, todays SP drop must be selling of existing "old" shares.

I wonder what event/news T&G and SEO are waiting for to agree Admission of OUR new shares.

Erm, Tony...........we had the RNS at 8:01.
Alan

Tony RNS at 8.01,today.

OOps - just assumed as no comment here it had not happened. Sorry all.
You see I look here at your wise words before going anywhere !! ;-)

for the price to be holding as it is someone(s) must be buying - maybe the pension funds are averaging down !

I don't for one moment expect any news for some time, but the trading pattern today reminds me more than a little of the one we saw on the Monaday the offer was announced.
A heavy fall, for no apparent reason, followed by a steady climb back to the starting price, followed by news.
Alan

These plants they raised money to build in the USA, are SEO building them alone or are SPhere or Biotec putting the same money in the pot on this project, or some unamed US party putting up some cash. Anyone know?


(re-Relationship with Sphere and US manufacturing - IB said SEO & Sphere have same objectives as joint owners of Biotec . Plan to keep IP of Biotec in Biotec and manufacture in USA. Want to protect IP of Biotec via patents etc but lots of know-how in processes difficult to cover. Risk factor in prospectus was necessary as regulatory requirement. PL said Objective is that SEO & Sphere work in harmony for the benefit of both parties. Joint owners have joint interest to expand via Biotec in Germany & Europe with scope for license fees/royalties depending on agreements.)

Interesting morning so far, more trades for Stanelco than Vodafone, thats got to be a first ?

Dave

Just hope we are going to get some real positive news from the SEO camp shortly as otherwise the sp will drift lower and lower whilst triggering various stop losses in the process

jimward - I'm sceptical about the true status of the Biotec IP. Sounds like smokescreen to me. Of course SEO and SPhere have the "same objectives" - but I bet they have not yet agreed how to achieve them, otherwise they'd be more explicit. So there will be more wrangling to resolve how the IP is to be protected and kept secret whilst using it to manufacture Starpol in US. Someone in US will have to know the recipe, presumably - or does Biotec's head chef fly over once a week and sprinkle the magic ingredient into the steaming vats under cover of darkness? Vintage SEO - I love genre movies!

I wonder if SEO will have their micro plants ready for production at the same time as approval is (or may be) given in the US for Starpol 3000?
kim

Anyone see today's Times market report - SEO likely to drop out of FTSE AllShare Index due too liquidity of share - a stock must have minimum market cap of 90m and 0.5% of its shares must be traded in each of any of the previous 10 out of 12 months. And SEO used to be most traded stock for a while.

This will remove it from tracker funds, so look out for steady selling for a while I guess.

Perhaps some overfunded private equity hedge fund will spot this shining nugget in the dirt and solve all our woes. Losing heart, but not worth selling - doomed to months of boredom and endless posts on the BBs.

DYOR
sd