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Thanks for those Stokey. Hope the Hamburg show goes well
Slightly off topic a round up of various news reports that may be of interest.
First this one from Energy Voice https://www.energyvoice.com/oilandgas/north-sea/436075/harland-wolff-shelves-plans-to-become-renewables-developer/ I note that it seems to be indicating that IslandMagee will be kept.
Then there is this from The Times https://www.thetimes.co.uk/article/contracts-boost-fortunes-of-ambitious-harland-amp-wolff-ktrbhxg7s I note the reference to 17 Offshore wind projects and to the request from the Scottish Government that local suppliers be used.
This from the Irish News https://www.irishnews.com/business/2022/08/17/news/harland_and_wolff_group_unlikely_to_break_even_in_2022_-2800353/
While the Liverpool Echo reflects on political matters https://www.liverpoolecho.co.uk/news/uk-world-news/tory-rivals-warned-tax-cuts-24786536 I wonder if there was any significance to the choice of backdrop.
Although there are a couple more stories finish this one about a trade show https://www.marketscreener.com/quote/stock/HARLAND-WOLFF-GROUP-HOL-4007667/news/Harland-Wolff-SMM-Hamburg-2022-41332633/
Jabido,
Sometimes, a company merely need pass the sniff test.
This one stinks.
Hopefully Richard, fingers crossed renewables will be a big part of revenue going forward. If we take the latest presentations as said then we have several mou's with the winner's of the latest crown estate awards.
BP I admit, at times, I understood your angst with the bod and direction the company has gone, I've felt it too. But seriously that's your reply? What the boat looks like? Laughable
I will try not to flog a dead horse anymore and my messages to fellow Investors have hopefully at least brought some ease to some. I certainly have needed it from others at times!
I will reiterate once more, we got the ML, JW has a plan B should the JR go against us, and we will get a big slice of the fss either through team resolute or team UK.
Good luck all, I think we'll be ok :)
Does that look like a survey vessel to you?
I would agree next 6 months will be important with new board member in Sept, JR later in year amd FSS announcememt likely to be in next 6 months also.
Arnish and Appledore look set for a while. Belfast has the barges as far as fabrication to come but I would like to see ship repair a lot busier amd also with regards to Methill or Belfast some large renewable contracts.
Jabido - Spot on & with regards tenders no way would there be tender information on the H&W website it just does not work that way.
I believe we must now move on & look to the future not the past.Regards to all.
PS I have been through many audits in my time through auditing & being audited & on balance I believe that the auditors would have given due attention to 'Related party transactions'. In addition I am saying 'Strong Buy' time to be positive.
The shareholders on this web forum manage to dig up all kinds of information.
Yet no one has managed to dig out a link of any variety showing how this contract was open to tender, H&W has a very nice website, surely anything out to tender would be put on there, or is that a far out claim to make.
As for being a NIMBY, i've not even got a back yard of my own.
From latest report "The Group utilised the services of Arrow Marine Management Limited (“AMM”), in which John Wood is sole director, for the various survey
works and studies required to be undertaken in order to update the necessary environmental information required for the marine licence
in relation to the Islandmagee gas storage project. The total fees paid for utilisation of the survey boat and personnel by the Group for the
17 months to 31 December 2021 was £185,760 ."
Chris thanks for supplying the info relating to the previous annual report. It confirmed my message regarding the why all the fuss now... particularly as the payment was less than the previous period and spread out over longer period. Point still stands, it assisted in getting us the ML.
Puggy, I see 2 recc's which proves you and the other nimby's are ever present just to bash. You literally haven't a clue what tendering process occurred so once again more mud slinging with zero evidence to back it up.
The question is do PI's wish to believe you or the auditors...I know who I believe and it isn't you
In addition to the reporting in the accounts to 31st July 2020 on 'Related party transaction' there is additional reporting in the accounts to 31st December 2021 on the same subject matter under Note 26 - total paid in period was £185,760.The matter of tendering I am sure would have been the subject of the audit.
Edit: Not possible to copy from the accounts reported by H&W this year.
Correctly reported yes, correctly tendered, no. Fact.
As I thought the issue of the 'Survey Vessel' was correctly reported in the audited Annual Report & Accounts for the year ended 31 July 2020 under 'Related party transactions' & would have been subject to audit due to the very nature of the reported item .I hope this now closes the matter & we can move on.
Notes to the financial statements
for the year ended 31 July 2020 (continued)
25 Related party transactions
During the course of the year, the Company utilised the services of Arrow Marine Management Limited (“AMM”), in which John Wood is sole director, for the various survey works and studies required to the undertaken in order to update the necessary environmental information required for the marine licence in relation to the Islandmagee gas storage project. The total fees paid for utilisation of the survey boat and personnel by the Company was £258,930 (2019: £Nil) and the balance outstanding at 31 July 2020 was £Nil.
The executive services of Graham Lyon are provided through Soncer Limited, a private oil and gas leadership consulting firm, in which Graham is sole director. The executive fees paid during the period were £Nil (2019: £20,000) and the balance outstanding at 31 July 2020 was £Nil.
Prior to his employment in April 2019, the non-executive services of Arun Raman were provided through Mira Energy Group Limited, a private consulting company in which Arun is a sole director. The executive fees paid during the period were £Nil (2019: £35,600) and the balance outstanding at 31 July 2020 was £Nil.
Details of directors’ remuneration is disclosed in Note 7.
Thanks all for your kind replies and recc's of the post. Onwards and upwards and gla :)
stokey12
with regards the auditors .....i suspect many auditors are/have been in similar positions where they have had too much work and not enough sufficiently experienced/qualified staff.... something that the Audit team heads would not sign off for fear of personal come back.....plus..the expectation of quality gets higher and higher after recent auditor fines for mistakes
I would hope that audit timetables in general will be better managed in the next 12 months and staffing levels at better levels
Personally I dont think it is a problem down just to these auditors....
Pokerchips ref 17.27 post Also due is formal notice of the AGM. At the AGM I think we should consider a protet vote against the reappointment of the auditors as they would appear to have dropped he ball over the auditing of the accounts which is there only job.
Next , there should be news of those new shares issued as further payments are made against the asset purchase of Appledore
" 25 August 2022: £2.50 million (£2.10 million in cash and £0.40 million in the Company's shares) "
Jabido ref 14.41 post I agree with everything you say. I also note that the man knockers yesterday were not prepared to attend the AGM and make their points to the BoD. The figures for where they hope contracted revenues in FY23 and FY24 are in my view achievable. So I think the genuine shareholders have much to be hopeful for.
Jabido - thanks for bringing sanity back to this place. I also read the latest business outlook with much happiness as it is the first time - I have seen - the company spell out what it can deliver in the future based on real numbers and insight.
Cashflow breakeven at £80m-£100m, and HARL has just confirmed it will do c£70m revenue this year. Ehhhhh that is massive news! Yet everyone's obsessing over inconsequential bull****.
Hi Jabido Thanks for your post which clears the air & clearly many of us agree with you based on the number of ‘likes’ posted today. Time to move on & look to the future not the past. Regards.
Hi all
With the greatest respect I'm quite dismayed with how the focus has shifted over the past few days on the board. As ban has mentioned, audit and processes are in place to make sure everything above board has occurred. Yes this is aim, but I am not concerned with how the services of the boat were acquired. It was there to do a job (a job we have very well known about for well over a year now without any fuss) and if it secured us the ML and the go ahead for the multi million pound project then to a large degree I couldn't care less how much it cost or if JW benefited.
What I see is pugwash and a few other nimby's stirring up trouble where there is none to be found.
The company has just released an outlook that literally paves the way for breakeven next year and dividends the year after and that has been completely overlooked due to folk allowing Consuela et al to take centre stage. They have no interest in helping us, they simply wish to throw mud in the hope that some sticks.
Raise genuine concerns with management if you want to but don't get suckered in to believing nimbys are here to do anything other than trash this share.
We are up against the MSPs, unions,enviro groups and now seemingly the telegraph so the last thing we need to be doing right now is adding to that by allowing ourselves to believe due process was not followed in this case.
Lastly, I ,like Stokey, believe the new NED has been brought in to help bring the company to a new level on it's journey. I don't believe it's so islandmagee can be sold off for a tuppence.
Quote me in 6 months time but I'm very confident us PI's will be much happier with the ML and fss wrapped up by then.
Gla