The year 2006 brought sporadic news about Odyssey Marine and the firms continual search for lost treasure. There were government mandated financial reports and a few operational updates.
CEO John Morris returned after an extended medical leave.
A new, heavy weather capable, ship was purchased.
OMR stock prices were less than exciting; trading throughout 2006 was in a fairly narrow range between two and four dollars per share. The high for the year was $4.18 on March 13th with the low for the year, followed three months later, on June 19 at $1.52 per share.
Odyssey is in some ways a “story stock”. A story stock, according to investorwords.com, is, “A stock whose price is currently moving, or expected to move, due to some important company news”, hence, no exciting news and no, or not much, movement. The last major news was the recovery of silver and gold coins from the wreck of the SS Republic in 2005. At various times through the year a bit of hopeful news regarding the HMS Sussex project would surface resulting in increased interest.
The new year, 2007, arrived and it appeared not much had changed – until March 26th.
That’s the day Odyssey issued a press release stating that agreement had been reached between the Spanish government, the Junta of Andalucia, the UK and Odyssey concerning survey and identification methodology to be employed on the shipwreck believed to be the HMS Sussex. The full press release is available on Odyssey’s website.
After that the stock price wandered around in the “fours” until May 18, 2007 and then…
Stay tuned for the next exciting installment…
Elmer Hurlstone