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

Tonyrelaxes/Oilywag,

Thanks for the update, info and opinions on your visit.
The impression I got reading between the lines of the last results were as such, but obviously an eye to eye so to speak must be worth more.

Appreciated, Greek.

Thanks Greek.
I dont know if you follow other freds but I posted this elsewhere yesterday -
- - - - - - - -
After a day of mulling over Mondays visit and comparing notes with some other attendees about 'off meeting' informal conversations and comments, I remain very happy to stay in.

Statements towards this include-
-the 77% convertion of trials into production orders.
-400% increase in BioPlastic direct sales.
-the BioPlast market is forecast to expand at least at 25% compound pa for the next 5 years and the statement "we expect to be ahead of that"

Other of my considerations include-
-although no full year forecasts have been made/announced they will be in an analysts note to be published in Q4. That shows management caution in not risking incorrect forecasts and leaving little time for falling short - and a confidence to tell us this now. (See also final bullet point of Outlook part of the presentation slides)
-an inkling in my mind(from informal seemingly unrelated comments made separately by 2 different of the SEO people present, to me and another attendees) that the preceeding bullet point might also be quite near. Something that will require shareholder approval (EGM?) might well be in the offing - not imminently though or they would have clamped up! Or maybe I am confusing gold with iron pyrites.

Thanks again.

3. BASIS OF CONSOLIDATION
The Group interim statements consolidate the results of the company and all of its subsidiary undertakings drawn up to 30 June 2008.
Subsidiaries are entities over which the Group has the power to control the financial and operating policies so as to obtain benefits from its activities. The Group obtains and exercises control through voting rights. At 30 June 2008 the subsidiary undertakings were Stanelco RF Technologies Limited, Stanelco Products Limited, InGel Technologies Limited, Zircotec Limited, Adept Polymers Limited, Aquasol Limited, Stanelco Inc, Biotec Holding GmbH Group, Biotec Biologische Naturverpackungen GmbH & Co KG and Biotec Biologische Naturverpackungen Forschungs-und Entwicklungs GmbH. During the 6 month period to 30 June 2008 the subsidiary undertakings InGel Industrial Limited, Starpol Packaging Systems Limited, Greenseal Technologies Inc and Starpol Edible Films Limited which were all dormant since incorporation were closed.

The Group's shareholding in Biotec is 50 per cent. However the Group is party to an agreement giving it a casting vote over all material
decisions and so Biotec is accounted for as a subsidiary on the basis of control.

Can anyone clarify to what extent Biotec's contribution is incorporated into SEO's accounts:
1) 50% of Biotec's profit/loss as previously proposed here

or

2) Biotec's full account as I believe the above to indicate

Garyble
Sadly the years have eroded what I learned about Consolidated Accounts and the principles involved in eliminating Minority Interests.
Even then, it was the minimum to pass exams and qualify and never encountered in life.

Maybe there is a younger, keener person around who would like to impress me - and you!

Thanks Tony.

My concern is what happens when the golden share period runs out!

Sphere take-over?

G
As a guess, from what they tried to instill into me in the 60's (when I was more interested in other figures) (still am for that matter!) -

When the Golden Share expires, BioTec becomes a pure 50% holding and as such the requirement for Consolidation of the Accounts ceases. Hence the present qualification about how they consider the Golden Share to make it "a subsidiary on the basis of control". I would add "for the time being"


However, from then, although the JV dales, costs etc may not be consolidated, our 50% share of any profit or loss from the company has to be included in SEO Accounts - and previous year comparitive figures probably adjusted to be in line with the new basis. Also our share in the JV assets be included in the Balance Sheet as a Trade Investment, at the lower of Cost or Net Current Value.

I add the caveat that this is reaching back in my memory to an era long before Financial Accounting Standards and Statements of Accounting Practices (or whatever these things are called) started being spewed out.

Tonyrelaxes,

Thanks re the above. The mud is a bit clearer now.

Regards Greek.

I meant G for Garyble, but you are welcome Greek! LOL

Since slightly edited my post.

Thanks again Tony.

So the accounts will show a lower turnover and either a greater marjin on profit or loss!

G (both of you! LOL)

Yes, the reported Turnover will (probably) be lower.
But, I think the comparative (previous year) turnover etc has to be similarly adjusted so as to be able to compare like with like.



To illustrate when the Golden Share lapses, looking at the Interims 'Income Statement' on page 5 -

Presently 100% of BioTec Sales, Cost of Sales, Distribution Costs, Admin Expenses, etc are included in the various figures listed and SPhere's 50% taken out in the 'Minority Interest' line.
When Biotec is not considered a Subsidiary on the basis of control, there will be no BioTec Sales, CoS, Costs Exes etc included with SEO's but a new item "Profit/Loss on JV" appearing somewhere above the subtotal line 'Profit/Loss before Taxation'. This would be our 50% of BioTec's achievement.

Dont even think of starting to ask me how tax is affected!

Ahh much clearer......so Biotec made a loss of ~268k.

Yep - looks that way.
But we (PIs) have no access to BioTecs accounts to see how much of that was trading losses, R&D expenditure etc.
Maybe the German Companies House receives/publishes such info - I don't know. All I know about Germany is they made my motorcycles. Not exceptional bikes, but good ones, sadly considerably overpriced!

(small rise today)
-Grief, this tired old ghost is still listed.
I suppose the Execs are drawing a decent salary, pension etc,
If they survive the next 2-years perhaps we could have a new thread, this one is rusty

Ever feel like a Broiler room victim?

Perhaps the company is in such a mess, the Government are thinking of nationalizing it and the news has leaked

It would dilute the price too much.

HI THERE. I HAVE DECIDED GIVE SOME ADVICE WHICH IS RARE I JUST VOICE THINGS BUT DON'T OFFER ADVICE. OKAY THE PRICE OF THE FTSE IS APPROX 4100 RIGHT NOW AND YES IT COULD HIT 2700'S BUT IF YOU HAVE ENOUGH MONEY TO COVER TO ZERO SO 4000 AT 1 PER POINT WILL COVER EVERYTHING AND YOU WILL STILL GET SOME INTEREST FOR HOLDING SHORT IF IT GOES TO ZERO. YOU UNDERSTAND WHAT I MEAN. THE FTSE WILL NOT DISAPPEAR UNLESS MANKIND DISAPPEARS TOO. SO IF YOU BUY NOW OR LOWER AND HOLD FOR THE FUTURE, YOU CAN SECURE A TIDY NEST EGG FOR YOUR CHILDREN YOURSELF OR WHATEVER. IT WILL GO BACK UP FOR SURE JUST DON'T GET TOO GREEDY AND OVERSTRETCH YOURSELF.

I can tell you one thing for sure that if this company needs to raise more capital it will be at : .01p...and that will be the last time ...if they do not get it : this will go under and this is not the only stock that will crash !.

As was stated at the AGM, they do not anticipate a need for further capital for present activities.

However it is always a possibility of future fundraising if some new activity/integration/acquisition is contemplated. Watch this space.......

The CEO was put there by Schroders. Having spoken to him on 3 occasions I consider him, as well as the exec Directors and main officers, to be of a very different calibre to the old lot. Quiet. Purposeful. Knowledgeable. And looking at things differently.
I remain happy with them.