Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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If ML and FID are not sorted by June, that’s when I will worry. Enough chances will have been given at that point.
Setanta, I would say medium is 12-18 months and long term up to 5 years.
The equity deal is still on the table, the BoD want to pursue retaining 100% of the equity for IM and feel a few months (with equity secured) is a sound decision. Time well tell if it is!
Thanks Ban4118. I really appreciate the notes and your attention to details. I have always been convinced and remain so. Us LTHs have been hanging in through thick and thin - mostly thin as regards the share price ( unfortunately) but given the progress made on various fronts recently I once again am strongly believing that the light at the end of the tunnel is not an oncoming train. I do believe the next piece of concrete news will be the receipt of the Eu funds.
Thank you for taking the trouble to post such excellent notes. There are two questions that interest me.
1. When the importance of shareholder value was spoken about and the "focus on long to medium term " was stated was that time frame made more specific?
2 . The statement ,in relation to funding that "the other option would be activated in May". Does that relate to the equity funding which,(allegedly), has been available for the past 15 months?
As a long term loser of close to £100k here you'll appreciate why I'm interested. Thank you in anticipation for any clarification. Go well.
Love the continued nautical theme, Bruce .. one more item discussed informally is that IM has potential for Hyrdrogen storage whether mixed or not should in the long term Gas fall out of favour (that is not going to happen many years of course as renewables will take time to fully replace Fossil ..the Government are simply not going to let us fail at this stage so the ML WILL happen given time for consideration of all the probable objections and due deliberation by the civil servants....and the N.I. Executive will do it’s level best to help H&W with any applicable grants etc ..calmer sailing ?? by late Spring / Summer !! Oh yes by the way as I nearly forgot the EU monies are expected in February.........2020 or it’s another bite out of the ??!! That’s not a given .. just a fair bet IMHO
Thanks Ban that’s very good of you to post your detailed notes - reads very well, just need Infa to get it done
Kind thanks ban 4118 for taking the time to write this . On this will be buying more next week /
Have a good weekend all
FSRU
The potential project is being lined up to commence FEED after the IME project is in construction, it is essential to have a pipeline of new projects being evaluated ast they take some time to evaluate.
Due diligence will be completed mid March, along with negotiations with project owners and interested utilisation (3) partners.
Gate review will be completed by the end of March to proceed to the next stage or withdraw from the process.
Onshore elements have planning permission, offshore permits “obtained in principal’ and the environmental surveys have lapsed.
H&W
Strategy is to develop a multi-faceted business rather than just relying on defence contracts - one of the main reasons why H&W went into liquidation
Lots of work in the pipeline across multiple areas including; ship repairs (bread and butter), defence projects (type 26 program - 8 vessels, type 31 program - 5 vessels and type FSS program - 3 vessels - potential partnership with Nevantia) steel fabrication (potential wind farm project with Nevantia) and decommissioning.
H&W asset debt due to be announced soon. JW was hoping to confirm before the AGM, very close. JW was very relaxed on this.
H&W invest NI funds available over the next few months.
Riverfort convertibles cleared - necessary, although the terms were not ideal - they negotiated on the purchase price at the end, which helped the overall terms.
Riverfort short-term debt due on 14th February - this will be restructured and announced in due course.
Final payment for H&W acquisition costs due at the end of April - work is ongoing and noted as ‘green’ - happy with how it’s proceeding.
Potential annual revenues at full capacity (fully utilised) - £400-£500m - too early to predict where H&W will be in the short-term.
Happy with the current cash position and no immediate concerns - streamlined the costs early on to maximise efficiencies.
IM Energy
Confirmed DAERA has no issue with the science submitted to convert the marine licence (ML).
ML consultation ends on the 7th February. Typical, there will be a 4 week window for any objections or support. Infa will then be able to respond before DAERA make a recommendation. The energy minister, now Stormont is up and running, will make the final decision.
Equity funding offers still on the table. Any government funding will become clear once Brexit had happened. Priority is government funding and worth waiting if we can retain 100% of the project. If things are not clearer by May (at the latest), they will activate the other options. Mixture of central and local government funding will be explored.
Fantastic support from the local community - 77% in favour 23% against at the consultation meetings. This is not an official poll and was carried out by Infa representative on all attendees.
Funding decision will be made either way by H1.
EU grant refund is imminent. In a recent discussion with the EU, they confirmed the refund will be paid over the next few days/weeks. It will be confirmed on the EU website before officially being confirmed to Infa.
If Infa proceed with the equity offer, the BoD are still very confident of retaining the c£15m in back costs.
Vitol are happy with the situation and they delay. This was always the priory before any decision to delay FID was made.
Infa AGM
Started with a few words of condolence for Snowman - nice touch!
Focus is on long-term projects - infrastructure and assesst management
Income generation from; Project development, Construction Management, Facility Operation and Retained Equity
Shareholder value is important - focus is on medium to long-term - was quite deliberate with this point (despite the recent dilution) and referenced H&W revenues to help support that.
Share holdings split by 54.58% retail and 45.42% institutions - all institutions visited the H&W facilities last week - confident in them retaining these shares
Noted the passion, commitment and expertise of the H&W workers - Julian Smith has been very supportive and attended a function following the re-opening of the dock.
Dear Dawski37, Many thanks for the update of the AGM and well done you and a few others for attending. It's very appropriate that SS INFA now has her own shipyard.
Thanks Dawski, seems firmer footing with hopefully a clear set of milestones this year, did they provide any updated timeline to FID ?
Dawski many thanks for the very encouraging post. Lots of excitement coming up everyone!
Nothing new ( as you would have had a RNS!!) but those that can stay on board for a few months or so will be well rewarded . The new II’s like what they see and the new appointments are top notch/drawer. Top people with proven track records in their chosen fields not needing to work now but on board as there are VERY excited about our medium to long term future .still a few choppy seas but a lot happening and ... please ... do not worry about the ML .it will take time but it will happen . So there you have it !!
ANY info on eu funding or cash in bank ? thank you
Good to meet several LTHs at the meeting. I consider the information provided was reassuring. Nice weekend all.
All resolutions passed - only biscuits and coffee!
I will post my notes over the weekend. Nothing new as you’d expect, but I’ve come away assured that we are in good hands.
It should be over by now, and sandwiches courtesy of FieldFisher, but paid for through our fees.
In the usual way of things, we should be getting an RNS saying all Resolutions were passed.
Feedback appreciated.
“......... Deborah will be crucial in providing the required advice and oversight on our corporate communications strategy.......”
Below, is the spending in £/per head of population region by region. As you can see, Scotland has not only a big share compared with NI but it has grown 20% since 2014. This is probably to counter the SNP. Recently, additional significant investment for 2020 and beyond has been confirmed for Scottish ship yards. If Boris wants to get some votes in NI and more importantly, stand by his pledge to make growth more balanced in the UK...H & W would be a significant opportunity.
Region 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19
UK Total 290 300 290 280 290 290
East Midlands 210 160 200 180 190 190
East of England 180 160 140 130 190 180
London 190 190 200 160 160 170
North East 100 90 70 40 40 40
North West 260 270 290 280 290 270
Northern Ireland 60 60 50 60 60 60
Scotland 250 260 280 290 300 320
South East 600 610 580 540 480 500
South West 850 870 820 920 940 930
Wales 250 300 280 300 310 350
West Midlands 130 120 100 90 110 100
Yorkshire and The Humber 70 60 40 40 60 60
MEANT non exec
New NED
Seems good but more wages atm when money is tight .. Lets hope the next 6 months is a gane changer . It would be nice to know the cash balance as it must be getting low . Contracts are great but i guess they gey get 90 days to pay
Nice post longlasting, you have to wonder if the excuses hold water anymore , one thing we don't like is being let down and last year we were thrown from the top of everest.
Jw and the crew need to restore credibility in storage side , h&w was good value but now they have got to make it work , it don't run on peanuts ,
Bottom line they owe us ,they took us dry , if you don't believe that look at the sp and dilution. Eu and the ml are total 2019 *uck ups