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A matter-of-fact update. The way it should be. With a bit of enthusiasm from JW which is important.EU info re. External audits not bland at all. Anything else would be misleading.It says the truth as it stands. Can’t spice up auditing. Very to-the point RNS which says it how it is with no misleading frills. Disappointing to be on a loss but it is a waiting game now.
Convertible debt is at Project level not P.L.C. - that is a BIG difference and a positive.
While I agree with most posters comments today, as a LTH I can accept the unfortunate delay of EU grant funds. Reasons for would have been helpful! However I still remain fully confident that positive news will follow through to H2 FID announcement and "no doubt" spectacular payday!
Damned if you do, damned if you don't. While what we all wanted to hear was Equity funding partner confirmed, EU Grant in the Bank, these things clearly take time. This is a huge investment and complex deal. I can see why if after a short term gain you may be disappointed and wish to take your cash elsewhere or this may rattle confidence, but I think for LTH's this hopefully shouldn't change a thing other than an opportunity to top up.
.....At least I thought I did ...I was looking forward to confirmation of the lovely jubbly in the bag this week from the E.U. Despite the rather bland announcement in today's RNS about this I still consider JW and colleagues to be the right team for us ..just wish they would find the correct Chairman soon and attain some cost effective personal help to keep all those plates on sticks in the air !!
WHilst being very disappointed indeed today on the premis of "If the fundamentals are right,when all are selling, buy in and take the plunge" I have also added as according to Allenby Capital in March with the current spend so far on the project being in excess of 20m then the Mcap should be twice what it is ! DO check out their report and valuation.A good read for those having sleepless times.
There will be a lot of small investors whose confidence will have been knocked in the last few months and whose holdings will have been bashed (yes, the news re Vitol was indeed transformational for the worse indeed").today's News has not helped sadly and much has to do with the current political malaise IMHO.
Thank you Mr T, everybody has their own entry/exit points and there may well be many 'under water' so to speak here at this point, baearing in mind where the share price was a few months back. I have been in this share for many months now and have entered at various price points. I have been reading yours and many other's comments with great interest, amd watch JW's interviews keenly, although this is the first time I have posted. I understand people's frustrations with the share price falling, but you take the rough with the smooth. Everybody is entitled to their own opinion. I hope to go to one of their investor meetings in the future. DYOR as they say...... DH2
Diesel
Your last comment re the stock market is absolutely bang on. The 8m valuation currently is a joke, it represents the funds already put into the project which wild be considerably more than 8m probably circa 14m the last time I checked. All remember this project is worth 265m in total in which Infa will hold a share, which will certainly be well north of 8m or 14m
As Diesel says patience required and the downs will be followed by the up's and it was vice versa?
Mr T
Have to agree with negative sentiments. Very disappointing RNS which was bound to hammer sp. JW’s unrealistic expectations now coming to haunt him. Very concerned that no Chairman has yet been appointed, sound experience and guidance at this critical time would not go amiss.
Yes, it's unfortunate that the EU grant monies are not here yet. C'est la vie!
I have no reason to believe that they won't be paid in due course. JW has commented on the marine licence and other important issues and updated us. I think the rns has been worded in a professional way. Rome was not built in a day. Only put money into shares if you can afford to lose it etc etc.... I have belief in this project, JW and the team. As the saying goes, " The stock market shifts money from the impatient to the patient". Keep up the hard work JW and team....
Either on asset value, eps or potential. Mirrors are cheap and smoke is indeed free but value is placed on future earnings......look at Tesla and uber as extreme examples. When, and I believe it is when, this project delivers, 8m will be petty cash.
£8m for what exactly?
Mirrors are cheap and smoke is free
But a market cap of £8m..........!
To be honest I think the RNS this morning was disappointing and continues the trend since the turn of the year. Deliverables expected at the end of 2018 were postponed in to Q1 and then H1 2019 and now appear to be hoped for by end of 2019. Trust has been lost on commitments being met and the market is unforgiving, particularly in non revenue/cash flow generating businesses. Why say EU grant monies expected within 6-8 weeks when we're now in a position where we hope to get them by end of 2019, and sounds like there is a risk we may only get some of it or none of it. Delays have been put down to new interested parties and the opportunity to secure better deals to maximise shareholder value. On the contrary, I'm currently sitting on a not insignificant loss at the moment not to mention a lot of missed opportunities for my money elsewhere. I will continue to hold as I just about retain confident that JW can deliver and it will come good, hopefully in H2 2019, but feel expectations have been badly mismanaged so far this year.
I'm glad I'm not the only one that sees this update as a major negative news, otherwise I'd be really worried about myself - or maybe about other posters!
What I dislike the most is moving the deadlines yet again, sometimes in a very stealthy manner.
EU grant that was supposed to be recovered "in 8 weeks" 8 weeks ago is now scheduled for "later this year", without a sniff of explaination.
Careeres page, initially scheduled for May/June is nowhere to be seen and doesn't get mentioned anymore.
I think everyone had every right to expect new Chariman and the funding deal to have been announced by now.
And don't even get me started on FID "by the end of H1".
Yes, some of those delay could have been for good reason, but only the board truly knows what those reasons were. All the market can see is a worrying pattern of missed dealines and continous delays, sometimes presented in a very stealthy manner.
The project might be good but the execution leaves a lot to be desired and communication is beyond amateurish.
Group,
I agree but others have been requesting an update, now I don't think that posters requesting updates has any influence whatsoever on the company issuing RNS's but you have a update? A neutral balanced update, things are moving along be it at a slow pace as is the norm for these projects.
The only negative was that we have to wait a little longer for the EU grant which is annoying and probably why the sp has taken a dive this am? I am however certain these monies will arrive.
I hope to see a much better and more positive second half to this year as far a sp is concerned providing no unforeseen delays we should see a steady climb in the near future in anticipation of the newsflow to come.
Mr T
Are you in South America?
Using the words ‘convertible debt’, was always going to make investors run for the hills.
It’s a big project and JW does seem capable.
However it’s been a very tough year for shareholders , hopefully John can turn things around before he looses credibility.
Jw message ...nothing soon
This type of rns will get the shorters out again .
Own goal rns imho
Morning all,
Good solid update today everything appears to be moving along nicely. Am I right in thinking this is the first indication the Company has given that funding may come from an EU source? Didn't someone comment that Vito had a finance arm? Or an associated company attached that provides finance! Two and two? If that is the case?
EU grant monies, be nice to actually get these in the coffers as soon as but as always with anything related to dealings with the EU it takes an age, but I'm sure these funds will arrive as from all comments made Inca are owed these funds.
Today's announcement nicely sets up the second half of the year to be a positive period for the Company, all the good news on the horizon? Bring it on I can wait.
Like I say these projects take a very long time to set up and lay all of the groundwork, and Inca do not have the staffing levels to be able to move things along at a faster pace, the appointment of a new chairman would certainly help, however I think this all may now tie in with the final finance arrangement, everything may all happen at once here or in a very small window.
Mr T
Agreed. Happy to hold these the pay off could be great.
I have read the RNS & it is good that we have had an update see my earlier post this week.
There is no bad news in the RNS & clearly many work streams so it is a matter of waiting again - not sure what the market will make of it.
With regards the EU Grant I have been through an EU audit on an EU grant & they are tough.
In summary looks like progress is being made & JW seems upbeat thats good enough for me.Regards to all.
Solid update, this morning. It appears work on all fronts is moving forward in earnest. The significance of the Vitol offtake has been overlooked. I like the quote from JW;
“We are now at a very exciting stage of the Islandmagee Gas Storage Project. Having underpinned our future revenues with an innovative offtake structure, we have been able to fully model the future income streams for the next 12 years. This has assisted in our negotiations with potential project funding partners. As we did with the Term Sheet with Vitol, we will take the required time to negotiate the best long term deal we can so as to ensure our long term interests and those of our shareholders are protected."
Transformational
INFA loan from Costain as per INFA financials is £540k required to be repaid on the earlier of FID being taken; or any sale of IMEL or the Project itself; or 31 December 2019. Not material in relation to Costain’s cash reserves. Given all the moving parts, 6 months is a way away. INFA are also owed a lot of money as committed by the EU on completion of the FEED. EU committed to Eu1.6m and are supposed to pay any day now. This is about 3 times what INFA owes Costain. I would hope the Eu stands by its commitments.? No big deal here given the timeframes we are talking about..
nazreme Don't be a ****!