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cosmoray
Cosmoray Construction
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Posted - 2008.07.01 22:31:00 -
[1]
June Report (numbers in millions ISK unless stated)
Ship Sales = 6836
Profits = 476
Management Fee (30%) = 143
Net Profit = 333
Dividends = 333
ROI = 2.08%
Comments
1. 8 BPO's were purchased between 10th and 15th June, after financing was completed.
2. 4 BPO's had sufficient research to go into immediate production on 10th June.
3. 4 other BPO's are undergoing further research which won't be completed until mid July (14-17th)
4. I expect July to have improved results, but not at full capacity because I am running half the BPO's.
5. I expect August to be the first month when all BPO's will be in production at their designated locations.
6. June results accounts for about 30% capacity.
Dividends will be paid today or tommorow, depending when I log on.
Any questions, fire away.
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Kazzac Elentria
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Posted - 2008.07.02 03:28:00 -
[2]
Thanks for the update Cosmo.
Just don't get burned out  |
Bad Bobby
Ugly Toys
Zzz
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Posted - 2008.07.02 06:00:00 -
[3]
Edited by: Bad Bobby on 02/07/2008 06:05:08
Dividends recieved.
A less than impressive first month and disappointing predictions for next month too.
Since August will be the first month when all BPOs will be in production, will that constitute 100% capacity or will there be further lag between those BPOs going into production and the products hitting the market?
Sub 5.6% returns was one of the triggers for your exit strategy, I assume from what you say here that you are not planning to put that into practice?
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Rho'varo
Diversified Operational Services
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Posted - 2008.07.02 11:16:00 -
[4]
Dividends received.
Thanks, cosmoray: looking forward to more dividends in the future.
 Originally by: Bad Bobby
Sub 5.6% returns was one of the triggers for your exit strategy, I assume from what you say here that you are not planning to put that into practice?
If this 2.08% ROI turns out to be truly 30% of the full run rate, then that puts the returns in the lower half of the range projected in the prospectus. Higher would be better, of course, but the numbers look on track, and I would expect that the "low returns" termination would not be triggered in the startup phase of the operation.
Further, though hopefully this will change, the 5.6% threshold was established in reference to Fury Bank's accounts, and that seems perhaps less firm as a reference point than it did when cosmoray posted the prospectus.
Features & Ideas: Winding Up Learning Skills |
EBANK Ricdic
Eve-Tech Savings n Loans
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Posted - 2008.07.02 11:30:00 -
[5]
It's just getting started up. As he said in his first post not even half the prints are in action. It can take time to get research done and suppliers determined etc. Give her a bit longer before we start thinking of Exit strategy
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Bad Bobby
Ugly Toys
Zzz
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Posted - 2008.07.02 11:42:00 -
[6]
Even though the 5.6% was related to Fury Bank it was still the percentage on the IPO document and part of the agreement that I signed up to.
Quite frankly if this IPO can't manage a 5.6% return then I have no interest in retaining an investment in it. There are not only plenty of better yielding investments available but it is also very easy for me to put that money to work within my own businesses for a greater yield without detracting too much from my other activities.
Given that we are only in the first month I am willing to accept some teething problems, although I would have liked to have seen this entirely foreseable issue mentioned in the original IPO document. I want to see a significant improvement next month and I'm concerned that the OP suggests this IPO is still going to be underperforming even then.
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Kazzac Elentria
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Posted - 2008.07.02 12:15:00 -
[7]
Originally by: EBANK Ricdic
It's just getting started up. As he said in his first post not even half the prints are in action. It can take time to get research done and suppliers determined etc. Give her a bit longer before we start thinking of Exit strategy
I'm with Ric on this with less then half in production the numbers are still on track. In the low range, but still on track.
... man you all can be a catty bunch around here sometimes. |
cosmoray
Cosmoray Construction
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Posted - 2008.07.02 13:18:00 -
[8]
OK, sorry some of the investors are not happy.
This business is just starting and the returns made so far account for half the assets and half the normal running time for the month. Due to new waste calculations and production costs it is better to put some of the BPO's in research to improve their profitability as T1 manufacturing runs on slim margins and every bit counts.
The start up time to receive the capital took longer than I would have liked. People reserve shares in about 30 seconds, but some took up to 10 days to pay after the audit.
This also caused some delays, as I spent time chasing people which I wouldn't do again.
When full capacity is reached (August) I expect the returns to be in the 7-10% range, assuming no nerfs etc..
My business plan does include closing down the business if 5.6% ROI is not maintained per month, but after full production is reached.
I have no plans to make any changes or buyback any shares until the business is running at full capacity.
For those investors that are still unhappy I suggest that you look to sell the shares, hopefully I will get shares listed on the exchanges to make it easier.
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Sarah Tuttle
Plato Academy
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Posted - 2008.07.02 13:22:00 -
[9]
A good start up month. Most of us understand that it takes a few months to get a production operation up to speed so don't worry about that.
Sarah Tuttle
My Eve Site |
Kazzac Elentria
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Posted - 2008.07.02 13:30:00 -
[10]
If people are unhappy, I'm sure between the current investment lot we can buyout what shares you have. |
Bad Bobby
Ugly Toys
Zzz
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Posted - 2008.07.02 13:56:00 -
[11]
Originally by: cosmoray
OK, sorry some of the investors are not happy.
This business is just starting and the returns made so far account for half the assets and half the normal running time for the month. Due to new waste calculations and production costs it is better to put some of the BPO's in research to improve their profitability as T1 manufacturing runs on slim margins and every bit counts.
The start up time to receive the capital took longer than I would have liked. People reserve shares in about 30 seconds, but some took up to 10 days to pay after the audit.
This also caused some delays, as I spent time chasing people which I wouldn't do again.
When full capacity is reached (August) I expect the returns to be in the 7-10% range, assuming no nerfs etc..
My business plan does include closing down the business if 5.6% ROI is not maintained per month, but after full production is reached.
I have no plans to make any changes or buyback any shares until the business is running at full capacity.
For those investors that are still unhappy I suggest that you look to sell the shares, hopefully I will get shares listed on the exchanges to make it easier.
I understand the reason for the poor first month returns. I'm involved in the ship manufacturing industry myself so I am fully aware of what is involved.
However, there was no mention in the IPO document of a wind-up phase where returns would be poor. If this was your intention it should have been mentioned, as many other IPO's have done before.
There was also no mention of this or any other exception to the 5.6% minimum return. I invested on the basis that I would get 5.6% return on my investment OR the IPO would fold and the investment returned. This was clearly stated in the IPO document and therefore this was what I expected to occur.
I don't see why it should be considered wrong of me to expect the IPO holder to do what he said he would do in the IPO document.
I know that if I carried out by business operations in the same way, promissing 5.6% and delivering 2% my investors would not be happy and I would seek to redress my failure to provide the promissed returns. Whether that be waiving my management fee or otherwise paying the deficit out of my own pocket. I definately would not try to pass it off without taking action to correct my mistakes.
The opinions of others may differ of course, but this is not how I do business.
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cosmoray
Cosmoray Construction
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Posted - 2008.07.02 14:17:00 -
[12]
Sorry your still really unhappy.
I didn't realise there would be as many start up issues as there were, primarily over raising the finance and receiving the ISK, this is my first IPO. Nothing goes as smoothly as you would like. Hind-sight is great thing.
If you want to sell your shares send me an eve-mail, and I will re-purchase the shares and sell them to the person next on the reserve list if they still want them.
Let me know by end of today, as its July 4th weekend in US, and I will be relaxing and drinking heavily and will have limited access to a computer.
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Bad Bobby
Ugly Toys
Zzz
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Posted - 2008.07.02 14:26:00 -
[13]
I will accept your offer of a buy-back. Thank you.
I'll send you back the shares in 3 hours when I get home from work.
I wish you the best of fortune with this venture.
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Waseem
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Posted - 2008.07.02 14:27:00 -
[14]
Edited by: Waseem on 02/07/2008 14:26:55
Something tells me there is going to be no problem with someone else picking them up. |
Anas Damona
KOM TV
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Posted - 2008.07.02 14:37:00 -
[15]
Edited by: Anas Damona on 02/07/2008 14:37:42
You're being very reasonable here cosmoray, but are you sure about this? If you're saying the 5.6% figure applies here, then any investor can reasonably expect the same buyback that you're offering Bad Bobby. You could say no, and continue the operation until you reach full production. Then, if the target hasn't been met, wrap it up and return the capital plus 5.6% per month (from your own wallet). Wouldn't that be fair? The bottom line is you've got the money, and the only person who can interpret the IPO is you.
Maybe if you personally buy out his shares that's a different matter, but there's a precedent here.
Would a shareholder vote be appropriate in this case?
Edit: too late!
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EBANK Ricdic
Eve-Tech Savings n Loans
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Posted - 2008.07.02 14:41:00 -
[16]
Edited by: EBANK Ricdic on 02/07/2008 14:42:46
Yeh I can take his shares Cosmo
edit: I can take anyone else's share's at purchase price that wants to cash out too.
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cosmoray
Cosmoray Construction
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Posted - 2008.07.02 14:51:00 -
[17]
Originally by: Anas Damona
Edited by: Anas Damona on 02/07/2008 14:37:42
You're being very reasonable here cosmoray, but are you sure about this? If you're saying the 5.6% figure applies here, then any investor can reasonably expect the same buyback that you're offering Bad Bobby. You could say no, and continue the operation until you reach full production. Then, if the target hasn't been met, wrap it up and return the capital plus 5.6% per month (from your own wallet). Wouldn't that be fair? The bottom line is you've got the money, and the only person who can interpret the IPO is you.
Maybe if you personally buy out his shares that's a different matter, but there's a precedent here.
Would a shareholder vote be appropriate in this case?
Edit: too late!
I know I am taking a risk, but I am confident in the business plan and that I can re-sell the shares. As stated above EBank will take any other shares available, so I will move them on to them.
As I also stated above, this is my first IPO and I didn't foresee a couple of the starter issues that probably hits every IPO. This caused a delay in the actual starting date of production. Should I have anticipated this fact, maybe, did I, No!
Now I agreed to re-purchase the shares from bad Bobby because I didn't want there to be any bad blood so I took the high road. I think on the whole most investors are happy with the start, and will be happy with the divs.
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Blue Dice
Gallente
Flying While Intoxicated
The Threshold
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Posted - 2008.07.02 14:51:00 -
[18]
Looks like i'm a bit late allready, but i'd buy those shares at original IPO price too.
So if someone sits on them and doesnt want them, let me know.
Cosmoray: Dont let one unhappy Investor get you off track. Even if the start was not as fast as hoped it's still a good result, seen that you where running closer to 25% of full potential than 30%.
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MilowFV
Echo Heavy Industries
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Posted - 2008.07.02 15:34:00 -
[19]
If anyone else is interested in bailing out I also woudnt mind picking up your shares. I was just to slow to buy in when it orginally was posted.
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Bad Bobby
Ugly Toys
Zzz
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Posted - 2008.07.02 16:20:00 -
[20]
My 500 shares have been returned to Cosmoray Construction.
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Reben
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Posted - 2008.07.02 16:52:00 -
[21]
Any shares available? I would be interested in some if so.
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Thorrak McFluffypants
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Posted - 2008.07.02 16:58:00 -
[22]
If anyone else wants to cash out, I'll pick up shares at 1.1 million/share, max 100. Drop me a line in game if interested.
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Kwint Sommer
Caldari
Lothian Quay Industries
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Posted - 2008.07.02 18:09:00 -
[23]
Originally by: Thorrak McFluffypants
If anyone else wants to cash out, I'll pick up shares at 1.1 million/share, max 100. Drop me a line in game if interested.
I'm willing to part with up to 500 shares at that price.
Purchasing and Shipping Moon Minerals |
Finedele
Marquie-X Corp
Majesta Empire
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Posted - 2008.07.02 18:40:00 -
[24]
i agree with bad bobby that the resulats are a bit lacking to fulfill my expactations and maybe cosmoray should have taken some steps back from his management fee, but on the other hand this is still a game, unforseen things happen, new old calculation of material waste, gathering money of reservers etc pp. so some kind of fun and benefit should stay on cosmo's side (plain said, his management fee).
i am very confident that OUR rewards will cash out in an acceptable manner as soon as all these small stones are moved away
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Ulstan
Caldari
State Protectorate
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Posted - 2008.07.02 18:57:00 -
[25]
I am not overly concerned with a 'ramping up' period of less than full production. Sure it wasn't spelled out in the prospectus but this is far from the first IPO to have such a start. I don't see it as a big deal.
Quote:
Further, though hopefully this will change, the 5.6% threshold was established in reference to Fury Bank's accounts, and that seems perhaps less firm as a reference point than it did when cosmoray posted the prospectus.
Eh? Did something happen to Fury Bank?
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Bad Bobby
Ugly Toys
Zzz
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Posted - 2008.07.02 19:05:00 -
[26]
I'm sorry if my view on this appears harsh.
But at this moment in time, with the oppertunities for profit presented by FW, I cannot afford to have half a billion locked away in an underperforming investment.
I've got ships flying off the shelves, in my chosen location, faster than I can replace them. This half billion will do me a lot more good invested there. I expect Cosmoray will also profit from this market so I'm sure you will all do well out of it once 100% capacity is reached, but I can't wait that long.
I truely understand Cosmoray's position and I sympathise, but I take no prisoners where money is concerned.
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Thorrak McFluffypants
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Posted - 2008.07.02 21:43:00 -
[27]
One thing I think that has gone largely missed is the timeline here. The prospectus quoted monthly ROI, yet dividends were paid out for 2/3 of a month. Extrapolating the actual ROI across an entire month, you get a bit over a 3% return. Assuming that production is currently at 50% capacity (not 30%) that would yield a 6% ROI after the ramp up period is done. While I agree with Bad Bobby that for some there are alternative investment scenarios that will result in higher returns in the short term, I think it is important to keep what is going on in perspective.
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Rho'varo
Diversified Operational Services
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Posted - 2008.07.03 00:46:00 -
[28]
Originally by: Ulstan
Originally by: Rho'varo
Further, though hopefully this will change, the 5.6% threshold was established in reference to Fury Bank's accounts, and that seems perhaps less firm as a reference point than it did when cosmoray posted the prospectus.
Eh? Did something happen to Fury Bank?
My understanding is that (i) the eviction of BRUCE from Fountain and (ii) FuryBanker's recent RL commitments have had an impact, hopefully temporary, on the performance of the investment. By my (perhaps imperfect) reckoning my Fury Bank account is currently behind two weekly interest payments. Personally, I have every hope and confidence in Fury Bank, but it no longer seems as 100% rock-solid as it did a couple of months ago.
Back on topic, regarding Cosmoray Construction, I was tempted to offer to buy Bad Bobby's shares in my first post, and I'm sorry now that I held back!
Features & Ideas: Winding Up Learning Skills |
EBANK Ricdic
Eve-Tech Savings n Loans
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Posted - 2008.07.03 04:13:00 -
[29]
Originally by: Bad Bobby
I've got ships flying off the shelves, in my chosen location, faster than I can replace them. This half billion will do me a lot more good invested there. I expect Cosmoray will also profit from this market so I'm sure you will all do well out of it once 100% capacity is reached, but I can't wait that long.
Maybe you should consider an EBANK Loan 
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YouGotRipped
Ewigkeit
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Posted - 2008.07.03 09:49:00 -
[30]
Edited by: YouGotRipped on 03/07/2008 09:54:42
Originally by: EBANK Ricdic
Originally by: Bad Bobby
I've got ships flying off the shelves, in my chosen location, faster than I can replace them. This half billion will do me a lot more good invested there. I expect Cosmoray will also profit from this market so I'm sure you will all do well out of it once 100% capacity is reached, but I can't wait that long.
Maybe you should consider an EBANK Loan
I have a feeling you'd get more clients if you were to alter you signature a bit. Instead of Ebank Ricdic (which is of no use to anyone but you) it should read "Need a loan? click here."
I mean everyone who knows who you are also knows that Ebank provides loans, those that do not, certainly don't give a damn about you and are only interested in loans.
Motherships |
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