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Tango,
Correct there have not been any milestones set by JW that have slipped thus far. We have in the RNS 2 October the milestones set for Q4, we are still in Q4 and whilst none of the important milestones have been met as of today, nothing has slipped!!!
As for Riverfort, I do agree, however this finance is for H & W and not Infastrata as such, H & W will be run under a different banner to Infa, and therefore it is not a do or die funding excercise in the normal aim market conditions? ie the funding is not to financially save Infa as such. I wouldn't like to see further draw downs either. I think the current fall is attributable to this loan conversion.
Mr T
Thank you Tango. Your attitude is admirable. But like you I woldn't like to see more of such borrowing.
Setanta1, I can not dissagree with you regarding heads of terms as these could be released even if a caveat on the marine licience (so concern their shared), Riverfort I also agree is an Aim loan shark where few have survived, but given the low value of draw down I can tolerate this for a while but any further draw down would not be seen as positive. IMHO
Blair- What Milestones have slipped??? none is the answer, FSRU DD was stated as 09/10/19 as a minimum not a factual point in time of execution, Me for one applaud the DD going on to 08/01/2020 as it gives time for the IM project construction to actually start (which will not require the minute to minute monitoring of the board). I have absolutely no idea why the sp has gone down the last few days (other than Riverfort selling before buying which is noted as their modus operandi) but I do understand it will go up twice as quick when the news flows shortly.
Mt T, thank you foryour response. I understand about the debt / equity situation but the debt still has to come from somewhere, and given that it has been discussed for almost a year one would imagine that heads of proposals and a proposed time line,(among other things), would have been divulged by now. But nothing!. Infa has shareholders and presenting them with nothing except further expansion plans on the back of nothing is not good enough. THIS IS AIM. Yesterday is a long time ago on AIM. Never mind the passage of a year or two! What disturbed me more than any other event was the Riverfort deal. Most AiM companies I have seen who were obliged to accept such loan facilities subsequently went to the wall. Go well.
I am with Setanta.
A year ago, we were invested in a potential salt cavern gas storage facility, decent research indicated that this was a decent opportunity. Then followed the blatant share price manipulation and the bailing out by certain "stalwart" shareholders, as well as the sudden, unexplained, departure of the chairman and the dismissal of the broker whose name shall not be spoken.
Today, we are invested in an entity with three, very different, potential irons in the fire, each pf which requires massive funding, wrapped around a market capitalisation of six million quid. Whilst H & W may yet prove to be a masterstroke of PR and political leverage, I am beginning to wonder whether it is a fall-back for the imminent failure of the original project.
It is all well and good setting out a series of milestones, but allowing them casually to slip, with not a word of explanation, is disingenuous to investors, at best. Hence the continued battering of the share price.
We all need to understand we are on the verge of greatness and being at this point was obviously going to be the hardest time for investers as this is when the deals are done, We have no reason to doubt JW at this juncture (given his adhearance to the milestones) but a far greater reason to back him and have confidence the deals will soon be done.
Setanta,
I accept your "reality", none of which I can disagree with I'm afraid.
However, one piece of good news is that JW laid out the proposals and timetable for "Feed" and met the milestones. He has now done the same with "Fid" so let's see if he achieves his goals.
As for raising finance, my understanding of the IM set up is that the finance will come in at project level, debt/equity and Infastrata will then keep a proportion of project, more than the estimated £16M currently invested and will manage the project going forward. They will then concentrate on the FRSU project and will also have H & W to manage albeit in a separate company. It's a big task made all the more so by the aquisition of H & W, that is why the Chairman needs sorting asap and the EU funds need to arrive, like today!!
Mr T
I still have far too much invested here for my liking and I have certainly arrived at a very questioning stage in relation to what is going on here.
The SP today is where it was about 18 months ago when PW was CEO and he was telling us that INFA was "in touch with potential financial providers for construction of the project, (ie IM ). JW has continued to repeat the same mantra for the past year. Nothing has happened.
INFA made a pigs ear of executing the Marine Licence and in real terms we have no idea whether we are really close to achieving that, or the selfsame finance , or equity provision, or anything else really important to the the project.
Instead a few million Mcap companyy has just put down a deposit,(raised at punitive rates), to buy a bankrupy shipbuilding and engineering company with the intention of taking on hundreds of new employees when it can hardly pay the handful it currently employs, and when it hasn't been able recruit a new chairman during the past seven months. And, by the way this same outfit is proposing to raise half a billion pounds in finance. It doesn't sound very credible, does it ?
Look JW tell us about the debt and equity provider(s). You've kept it all under your cap for long enough. Tell us about the real relationship with Vitol. Tell us why the last chairman went and why the broker was given notice. Lel's have some solid good news which will stimulate the SP rather than depress it.
My confidence in INFA is at an all time low. And that is really saying something!!
Setanta,
Thanks for the clarification, I agree they could have, but also if they had wanted H & W they could have bought it outwright themselves? I think that Vitol are only interested in the gas side of Infa's business, they are not in the business of providing finance for other projects.
Anyway good to discuss, another 6M plus sales printed so far today, get them gone asap. Remarkably the sp is holding up quite well, now are these all sells? or are they buy's?
Mr T
thanks but you misunderstood my reference to Vitol. I opined that Vitol could have "facilitated" the H&W finance. And so they could. Certainly the finance INFA took smacks of desperation. Go well.
vitol and lng, positive long-term.
https://www.petroleum-economist.com/articles/corporate/finance/2019/vitol-warns-on-lng-production-shut-ins
I DID SELL a batch in two lots monday small profit compared to last week if sold . But if sold today well over a thousand down so happy i did .However will buy soon
old news
Vitol and shipyards
https://gcaptain.com/oil-trader-vitol-places-lpg-ship-order-hyundai-heavy/
Why the drop getting hit here .
In the meantime let's re read the RNS from 2 October,
nfraStrata plc (AIM: INFA), the UK quoted company focused on strategic infrastructure projects, is pleased to announce that the remaining milestones scheduled for September 2019 at the Islandmagee Gas Storage Project ("Islandmagee Project" or "the Project") in Northern Ireland have now been completed. The additional 2019 milestones are on track to be completed on time.
https://www.lse.co.uk/rns/INFA/islandmagee-gas-storage-project-update-tbxcewwl3r2abt3.html
Everything on track, JW over to you, please!
Mr T
Setanta,
I hope your correct, why do you specify 15 Nov? that is a specific date to suddenly choose. I still think these funds are being withheld for the purpose of Brexit and a possible no deal, although tonight that has diminished as MP's have voted for more delay!! as if they can't read 100 pages in a couple of day's an inwardly digest, on second thoughts most of them probably couldn't read three little pigs and understand it!!! eejits and undemocratic fools that they are.
As for Vitol financing H & W, why on earth would they want to get involved with a shipyard? Just because they agreed an offtake agreement inn respect of gas storage doesn't mean they would want to get involved in every aspect of Infa's business or it's potential acquisitions. As far as I know that isn't what Vitol do?
Mr T
Good to serially evolve
It is good to serial Speedy. The company just doesn’t have cash and therefore time is not its friend. I hope they don’t do more deals with funders like before that suppress the share price for months. Will they pay for H&w next week?
With an exit, the EU won’t fund. The big question to answer is if Boris will deliver on his promise to step into the funding of EU infrastructure project grants. He is doing well with keeping his promises to Northern Ireland
Does feel Setanta that by year end we could be 2p or 0.2p .. I’m hanging my hat on all stars aligning and have faith .. but a little uncomfortable
I always like the directness and the positiveness of your INFA posts. This time I think you're wrong. Shall we have a friends bet that the EU funds wii be paid before 15 NOV. By the way , (on a serious note), I think Vitol would have facilitated the H&W funding for INFA if they had thought it was a good idea at this time, or if they intended to become their equity partner!! Now then!
Of course everyone is entitled to their opinion.......even snowmen......so....sorry.....but can't resist re-posting my July 3rd post.....even though I also said it months before that....
.'The EU are quite simply being a royal pain in the ass here! They obviously keep shifting the goalposts (FEED is long gone) as they have done all through the Brexit negotiations. I'm beginning to think that as things stand they have absolutely no intention of letting a red cent out of their hands to a UK company....end of story. They would rather cut their own bloody nose off to spite their face as the saying goes.
That's my measured, reserved and well balanced opinion.
Rule Britannia......sooner we're out, the better.' ends.
Just for the record........IMO......there is no way on this planet they will honour the agreement in the face of no deal !
....that's why the SP is where it is. The market is suffering something of a crisis of confidence in INFA. And I'm not surprised. A company talking about raising over £half a billion for two projects and it could hardlly raise the, (relatively speaking), pittance for the H&W deposit. It hasn't been able to appoint a Chairman in more than six months, and it let the Marine Licence slip big time. We haven't had a really positive RNS in six months. You all expect the market to big up the SP on the back of all that!!!Y
Look, the Eueopean finance will come soon. Do you all seriously think that the EU is going to withold 1.6m while they're expecting 39Billion from the UK? Get realistic my fellow investors.
I repeat what I said months ago and it still holds good . No company has any legally binding commitment to INFA and nobody will have one until such times as the BOD com out with positive good new which is sustained. It's been a long time since we saw any such thing. Hardly market encouraging!!