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spud,
I have had a few beers, so I am giving you a thumbs up.
Otherwise...
BP
the 2million asset backed debt facility is expensive and the company suggest it is short term.
H&W can be considered a start up imo but with reasonably high overheads lol.
Infa is still high risk and Harlands will be the main value driver medium term. Lots of risk but also lots of potential...
Debt.
Over nearly 50 years of investing, I have never heard a bear story about a company value (share value) below that of its assumed asset valuation. Why would anyone talk so negative is beyond me. Clearly, this stock has short traders who hope that a zero value is possible. If breakeven, of a newly acquired bankrupt assets, is possible by year end, then I applaud the board. With all the best news of a ML in front of us, I cannot understand why long term investors would bother with such poorly portrayed opinion. Stay strong, buy dips, as I am doing, the sunrise is close. A bear with little to gain (0.028 of a penny) is to be smiled at...this will be a good investment.
"fairly soon", or as they say down these parts, dreckly, or a non specific time in the future. :)
They have had all the docs since before the "first" PC. They are now, "now in the process of compiling community responses obtained during the public consultation" and "the Company will respond to any clarifications that DAERA seek".
So the ball is still in their court. But are they still working on it during lockdown?
I see that the NIMTF is quite scathing if you read their reports, as would be expected I guess.
https://nimtf.org/consultations/
Just back to waiting. It's what we do best
Thoughts from CFO
https://twitter.com/infrastrata_plc/status/1255909511153541127?s=21
So if the discussions have slowed down with the government and the funding partners have indicated no investments till the end of the year, does it mean that FID will be delayed also? Or is that only dependent on the ML?
Agreed Radders and I think that it is a wise decision to try to defer or delay loan and debt repayments so that cash can be conserved to ride out the period of uncertainty.
Personally what looks like potentially 6-9 month delay with Gas Storage given we are in the midst of a Global Pandemic is almost the minimum of impacts we could have expected, and once ML issued and funding agreed, as others have mentioned it will be a very different proposition in the current climate of economic downturn to be arguing against job creation
"For the period ended 31 January 2020, the Company's consolidated revenues stood at £515,230. The Company has never before been a revenue generating entity and these revenues are the Company's maiden operating revenues. The Company's management committed to becoming revenue generating by the end of 2019. Within the first 45 days of the Acquisition, management has fulfilled that commitment. Looking ahead, management expects to be in a cash break-even position within the next 12 months."
Just a prompt for those of you who haven't made it that far down into the RNS. Surely this must inspire confidence in the long term holders here!
Dear Marine82,
Never seen you on this board. Kind of strange to have someone ****ging the company off and who has bothered participating in discussions although it claims to have been watching this share for a long time.
By the way, isn't this the same competent board of directors and management that you refer to that actually put Harland and Wolff into administration last year?
If that is your definition of competence, I suggest a visit to the dictionary at best and a visit to the shrink at worst.
If you want to deramp, at least use some borrowed intelligence.
The share price went over 2p. At one point can it go again ?
Think we should say, a big collective thank you to Marine 82, just think he's went to the bother of joining a board, that he's not invested in, just to warn us all, of pitfalls ahead! He obviously knows his stuff, he's called Marine. GLA
To further reply to the concerns posted by marine82 about why the timing of H&W acquisition was bad, the RNS says this:
"The Company is of the firm opinion that, as the impact of the COVID-19 outbreak dissipates, there will be a substantially increased demand for dry dock availability. Given that several cruise ship owners are unable to operate their fleet during the COVID-19 crisis, the Company has received enquiries regarding maintenance and refurbishment work being carried out whilst the vessels are idle. "
Please at least read the RNS before starting with the negativity. I suspect it's an alternate account from one of the usual trolls here, considering that was his only post it was quite a pathetic attempt. As I said before, this BB has some of the weakest trolls of any on this site.
Hi All - Like most people there is a lot to read & digest.I note the accounts were released on the 30th April being the latest date within the AIM rules (within 3 months after period of accounts) in addition I am not sure the 'Revaluation' should have been shown in the 'Income Statement' as it is a non-distributable reserve & is why it is shown on the Balance Sheet as a separate amount to the 'retained earnings' .I understand that the figure is called the 'CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME' & we will get clarity when we see the final audited accounts for the year.
The 'Directors' consider that they have a 12 month cash run way & I am sure the 'Administrators' will agree a solution to the £1,450,000 now due to them but there will be a cost associated with it.
There are many caveats in the accounts & so I do not see any inflection point for the SP any time soon until the Marine License is agreed to.
One again we need to wait & the current COVID-19 situation could not have been foreseen by anyone but what is clear is that there is business that can fly once the hurdles are all jumped over & I am not surprised at the current drop in SP.
Marine82 did you read the part right near the start of the RNS where it says H&W are schedule to break even in 12 months? And I could go on similarly for the rest. Honestly the level of deramping that goes on for this share is awful, none of you are even trying. At least act like you read the stuff that's released.
Hi Droderic. My bad, ur 100% correct. Home schooling 2 young uns is not conducive to reading an RNS. Thank you
Dear BillB,
The 200k is at the end of 31 Jan 2020. Since then there base been a debt raise of £2MM and a further EU grant receipt of £1MM in March.
So you are looking at a cash balance that is now 3 months old!
Marine82,
Excellent (if brave!) post.
I have long maintained that the ONLY hope for this company is Government support of some kind. I also posted in December that the H&W acquisition, whilst anger-inducing, would increase the likelihood of State funding of some kind.
Mind you, the cash position is making this look a bit DeLorean-esque...
I have been a long term follower of this share and have been amazed by some of the posts recently by pi's and how heavily invested they are in this company in terms of their pension funds and SIPPs. I must admit that I was tempted to invest in this share at various times but that interest has disintegrated recently and even after reading the most recent RNS I find it hard to believe that you can put a positive spin on this RNS.
Main areas of worry for me are the following:_
IM project - these large scale engineering projects with possible environmental concerns do not have a good track record in NI. You only have to look at some of the Gold mining companies that have been trying to develop fields in NI over the past 20years with very limited success. Once local opinion gets poisioned even the best PR company in the world will have a job selling this and getting it up and running.
H&W - the cashburn is unreal. Why has nobody highlighted this? 2.7m in 6months - without a clear breakdown you can only assume that a large part of this was the wages of the facility and the newly recruited board. The assets of the facility have been independently valued at £11m? but surely everyone must realise that it would be near impossible to ever realise those assets, as who is ever going to buy large bespoke crane-age/dockgates that are only useful in their present use/location. Otherwise to this they are merely worth scrap value.
Timing - I think the management have been extremely unlucky in their timing. You must realise every cruise ship in the world is currently tied up and the companies will be reluctant to spend any more funds on them until they have forward revenue coming back on stream which will take some time considering the negative press they have had recently. The oil and gas industry is also on its knees.
Debt - is nobody concerned about the amount of debt they have taken on. The asset backed loaned for £2m is credit card lending at best and this was secured well before the pandemic crisis.
Do your own research into this, for example did anyone ever wonder how the former company managed to burn through £25m in cash over the last three years of operation of the facility? At this time they had a competent board and workforce in place and were carrying out major projects.
A thousand thankyou's for your free advice bp, it's helpfully been laid out in this mornings rns. I'll stick with investing, much like you will no doubt stick with deramping.
Should have stated Government loans and grants.
Having had a better look, now I'm more awake, It's a very thorough and extensive report. Very encouraged for the future.
They seem to have a lot the topics discussed here, as suggested routes to income, covered. And a couple more.
A museum, never thought of that one, but given the history of H&W it makes sense. Good tourist attraction.
Regardless of confirmation, as to a done deal, they keep mentioning the FSRU as if it's a dead cert that we will be going ahead with it. Break-even within a year would be a good goal to aim for if only for H&W. Funding for any other projects, as Droderick says, would certainly be helped by having a profitable company and retain more equity for ourselves.
The drop this morning was kinda to be expected after a near 50% rise over that last few weeks and the sell on news brigade.
But if you sold on the bell @ .275, expecting a bigger drop, the cheapest price to get back in was .275.
And, tbh, we are still up 40% from the lows with lots to play for in the near future.
Yeah, feeling very positive and will keep adding as funds allow, whilst still down here.
GLA, Si. :)
whatamess,
Government loans during the COVID crisis are only available to positive trading companies.
That is not to say that INFA won't receive some form of State support, however (indeed, this is probably the company's only hope and they may well get it).
Jabido,
I had assumed that someone would have reminded you of the debt facility taken out in February, at brutal terms. Since no-one has stepped in, I will less gently remind you of same, as well as stating that, if you can't keep on top of a company's debt position, perhaps you shouldn't be investing at all!
Bit of a mixed bag. Going to be a very high m/cap when all things are up and running, but financing proving difficult in this new normal. 200k left in the bank is a worry. Hope ML comes before they need to raise more funds. atb