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Killick has actually nearly DOUBLED their holding..
Killick not reduced, placing shares reduced their holding % as Crux yesterday...
Looks like the Killick holder reduced, crossing below the 6% threshold
Well it is 10 days till GM, I would hope for some positive news to at least give more clarity on our financial position (not pipeline-but actual signed up).
Interesting another holding today ,this is building up nicely ready for contract news,placement, capital raise ,ML news ...
Current sp would not give much confidence to pay 0.0035 in the cash raise (for PI's), needs to be at least 0.0040 for good PI take up, but I assume that the II's will mop up most.
Regarding Costain I just thought as they are owed money and we still want their services it may be prudent to pay them and not incur interest charges.. IMHO
Doesn't
"pay the final tranche of deferred consideration for the Harland & Wolff acquisition"
indicate where Costain's payment will be sourced from?
Until otherwise stated we should assume the Costain loan is outstanding. Again would hope/ expect clarity around AGM.
Hi, Jabido. Just did a search of the RNS and can't see Costain mentioned at all explicitly or otherwise.
"The net proceeds from the Placing will strengthen the Company's balance sheet and enable it to tender for and win larger contracts, as well as to:
pay the final tranche of deferred consideration for the Harland & Wolff acquisition
pay down smaller bridging loans and the redemption of redeemable preference shares
provide additional working capital for enhanced operations at Harland & Wolff, including but not limited to, stock-in-trade, materials and manpower"
Interestingly, the repayment to costain wasn't explicitly mentioned in the rns covering what the raise will go towards. So, can we assume its been paid already, or it will still remain owed? Answers on a post card please :) would need to read again but I assumed this raise would clear all outstanding debt plus provide decent working capital for contract wins
It hasn't, they were trying to strike a deal with Costain same as they did with the last payment for H&W.
From interims
"Finally, the Company was pleased to report on 14 April 2020 that it had formally received a sum of £1.13 million towards the EU grant reclaim from the EU's Innovation and Networks Executive Agency. Whilst a portion of this EU grant monies was initially apportioned towards liquidation of the Costain loan, as announced previously, given the current COVID-19 situation, discussions are now underway with Costain to agree a future date for repayment of their loan amount as soon as the Company and the overall economy returns to a business-as-usual situation. "
I can't find out where it says Costain are paid?
Also the debt secured on the assets of Harlands still stands
If I have it correct, we own H&W, we have paid off the Vampires (Riverfort) neutralised any options, and paid Constain. so pretty much debt free?
Not a bad place to be at, in the current circumstances!
Yes I think that's what it points to spud... Hopefully they'll buy the lot! Haha
I agree Jabido , 1st tranche of placing shares were issued yesterday.
Means they didn't participate but could do in the second tranche?
I've been caught out by that too in the past :)
AHH, never thought of that, very true...
Hi tango, I think it's the percentage decrease as a result of shares going on the market yesterday. But at least tells us crux didn't participate? All guess work at the mo!
So crux sold into the cash raise also :-) Now we have II's Infa don't need to communicate to their PI's (well so it seems).
I recall somebody saying the £9mill raise was peanuts, but it isn't when it is 80% of your current Market Cap.
It is very frustrating, having a cash raise and cant even give us some numbers as to where we are, but probably due to needing a cash positive balance sheet in order to get any significant contract work IMHO.
Do we expect to get some financial update on H&W at the end of July? Would be good to get insight into performance for H1 good or bad...looking through RNS history it has been a while since we have had any tangible update. I would hope/ expect something as we approach AGM.
Si,intresting
It says "(on behalf of various discretionary clients of Killik & Co LLP)" on their other RNS's though.
At least they did'nt take a month to notify this time, as they did when they sold some last month.
So last month they sell c.9m then buy back c. 85m this month. Interesting!
Well, some people say there is no such thing as bad publicity....boats, supercharged for speed once they’ve been souped up at H&W
“The report said: "This incident happened because the submarine's control room team overestimated the ferry's range and underestimated its speed.”
https://www.belfasttelegraph.co.uk/news/northern-ireland/nuclear-submarine-metres-from-hitting-belfast-ferry-investigation-finds-39370922.html