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Regarding funding, We are aware it was one of the potential equity partners that requested we look into FSRU, could the reason for the head of terms not being released yet be because they are doing the two deals under one umberella? I know if I were buying a car and my partner needed a car I would negociate both deals at once? I know we are talking a deal with circa £500mill but if I were the equity partner I am sure I could save a few Mill that way. Just my thoughts but very possible IMHO
Good morning all we all been talking of brexit -wexit -well im having weetaxit for breakfeast
Only part I don't agree with there is the H & W being a vanity project purely because he's been involved in a turnaround of a shipyard before and done it successfully
MT T, thank you for your collaborative and very cogent post at 14.32. I think you and I have, more or less the same opinion about the events that led to the collapse of the SP in Feb March, and the defenestration of broker and Chairman. In any case what is clear is that the Marine Licence was allowed to fall into abeyance and we are still paying for that in SP terms.
I am concerned that the H&W rescue may be an unnecessary vanity project and I am even more concerned about the possible acceptanc of the Meridian FSRU project before we have commenced building at IM.
The market has given it's response to the way in which matters have been handled and it will need some really sustained and very positive good new to change that.
Tango 1, thank you for posting the latest Daera situation in relation to the Marine Licence. However I have some doubt that the remaining activity can be concluded before the year end. I hope I'm wrong about that. As to your analogy about INFA being like a safe with multiple possible keys : I don't quite see it that way. There is only one key, the grant of the Marine Licence. That will unlock the safe and all the other outstanding issues too. Gentlemen, go well,
If we hit 5p it will be Wexit for me (Work Exit)
Every one of us has different political views . Some want to remain some want out main thing is we all adults and we choose our path we think is right for us . I have friends who voted out but its up to them . Im balanced when it comes to politics because truthfully most partys will tell you anythink to get your vote . ANY WAY ENOUGHT said i still want to talk to all the nice people i have spoken to on here . All the best what ever you do
so you're not a remainer then snowman ?
Hi tango so undervalued for where we are lets hope jw can pull a rabbit out the bag . Goodnight all speak tmw
Some topics shouldn't be discussed on here e.g. Brexit........but idf some posters insist then those posts must be answered.....call me childish but I'm so ****ed off that I have to give vent.
Re....'...Boris for all his tough man talk will have to ask for an extension which of course will be granted. In fact it is not absurd to imagine the whole thing revoked'
I'm so ****ed off and must answer.......sorry in advance.......but we're out of that sycophantic club despite the undemocratic arrogance of remainer politicians disregarding the sovereign wish of the people who they SERVE and instead following their own bloody personal wishes and agendas.
WE ARE COMING OUT !
Score- Totally agree but the SP/MC is priced to be at pre FID ealry stages not near completion as we are now and with another £11m company under our wing and 2 more potential projects after IM. Beggars Belief sometimes, But the market DOES catch up!
We will know our fate by dec . I can never understand why projects take years to get of the ground . Not meaning this one but other shares i held and projects take years . Nowdays i like to leave it near the end to buy instead of losing years and going bald
Good timing Si, it was updated again yesterday:- https://www.daera-ni.gov.uk/publications/islandmagee-gas-storage-questions-and-answers
Tango, put that DAERA link up again. That showed how things stand.
The DAERA website shows you exactly what is outstanding regarding the permit and it ties with what JW has already released and his milestones. JW has constantly reiterated everything is within technical requirements. Cant see exactly what one would expect JW to say different to what is already in the public domain. Some people have been here years and are getting restless imo.
MR T i agree jw is trying to do to much i said that before . Dont any one of you ever drop them a email arout the marine licence ?
INFA shares at the minute is like having a safe with £20m in your study with a thousand keys on the floor, you know one of the keys will unlock it, but when you get that key could be at any point so continue with faith checking one at a time.
once:- Final Marine Baseline Report & Environmental Impact Assessment Issued to DAERA (October); has been issued it is over to DAERA. so the sooner that is completed the sooner the marine licience will be considered. If I was JW the H&W completion would be dependant on the marine licience issue.
Setanta,
A very good overview and I too am interested in the sp and where it is or where it should have been!
Marine Licence
Surely this would have been foremost in the minds of the board, they had a draft marine licence to progress feed, therefore by definition they would need a full licence once all of the criteria had been met in respect of the draft licence being issued. That’s common sense. Now whether someone overlooked the fact that the applications should have been advanced further that they were in order to gain the full licence, I don’t know. Did GL leave over this issue?
The financing has been slow, but, in all fairness you have hit the nail on the head, a £7M valued aim company (should be nearer £20M in reality) attempting to negotiate 250M for the project to be able to go ahead. However all the signs were positive late 2018 and early 2019, remember they stated that a late entrant had appeared with an interest in the financing of the project which then pushed everything back.
I think JW is as quick as he can be with the news, I just think that he is juggling too many balls at the minute, that’s why it is imperative we appoint a chairman as soon as. This project is a large undertaking for such a small team and it has shown over the past 6 months.
I’m still confident that we will get there, and I’m expecting good news flow this quarter and a big uplift in the sp. I’m sure the chairman announcement will aid the sp, the 1.6M EU grant definitely will, and then we have the other milestones to achieve this quarter including funding and Fid. So plenty to come, so come on JW let’s get this show firmly back on track.
Also we have the possibility of hearing about H & W contract awards which would go a long way of counteracting the loan arrangements to purchase it.
Mr T
I would have thought like any build project be it house or gas storage it all depends on permission, I have accepted this from initial investment and as the reports have been completed and confirmation of "within or exceeds regulatory requirements" I have added, and again with the recent purchase of H&W.
Thank you for your responseBrews , MR T, and spud.Before I make any comment I'd like to make a few things clear.
My greatest interest in INFA lies in the SP. That SP is more or less the same now as it was 2 years ago. So no progress there!
7 investors hold , more or less, 20% of the shares in INFA. I'm one of them. All seven are now showing a loss from their investment. There is not one institutional investor holding shares.
There was one spike in the SP, in February 2019 and at that point the"stalwarts" ( as someone on this board called them ), sold out. They were aided with some broker information and possibly some from an "insider". The SP collapsed and it has never recovered. A key factor in the sell off may have been related to the Marine Licence. My impression was that JW was not aware of the crucial importance of the licence .
Since February we have had sundry placings and consequent dilutions. That has ensured that the SP remains stagnant at best.
No company or financial institution has any binding commitment to INFA. If Vitol,(for instance), had such a commitment they would have made it possible for INFA to borrow the recent £700K on decent terms.
INFA has recently entered a new and somewhat disquieting phase. The are rescuing H&W which will alter the company completely. I make no comment on the wisdom of the action. They are talking to Meridian about buying a FSRU which will entail raising around £300m and they still havent been able to give assurances about the £250 m they need for the IM project. Remember this is a £7m market cap company which struggled to raise £700k!!!
Lastly, the BOD are very slow to provide any important information. They have never even told us that the Marine Licence was the sine qua non of all progress. Let them be upfront about the Debt and Equity situation. Repeatedly saying "at an advanced stage" answers no questions whatsoever. Let them tell us exactly where we stand with the Marine Licence. Let them tell us why they have been unable to nominate a Chairman in over six months. Let them tell us how secure is the Vitol commitment.
For starters truthful answers will enhance the SHARE PRICE. That's what interests me!!
and also these at some point in q4:
Heads of Terms agreed for project equity funding
Q4'19
Equity funding agreement executed
Q4'19
Well we kind of had an update in terms of it's planned in for December
Setanta,
I'm certainly not osessed with the EU funding, I'm rather dissapointed that our so called partners and allies have not released a piddly amount of funding that is clearly due to Infa?
As for the financing and the recent raise, I suspect that these are two separate issues entirely. The raise for H & W is a rescue package for a failing company that was in liquidation, not a brand new project such as IM that forecasts to be a big money spinner once up and running. Therefore financing packages for rescuing a company and financing a completely new project will be completely different and from different sources.
Just my take.
Mr T
I would assume the 10-15% savings in CAPEX means they need to get the calculator out again....
Setanta once again hits the nail on the head.