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Appreciate your optimism Dawski....but must admit that I am sorely disappointed with delay after delay after delay and fob offs.....lambing season is over.....and they could have transferred the land title anyway without delay by entering a clause that landowner could still use land until June for any late lambing.....might have injected a bit of confidence.....just sounds like landowner pressurising for better deal.
I fully realise the fantastic potential of the project and not for one second doubting that the three man band are doing their utmost but I will feel a lot more secure once a much needed chairman and strengthened team are actually in post and performing.
Good one,Jfk9,dear buddy and great to catch up with you again at the meeting ..you raised some good issues by your questions--You and I together are significant long term investors here and I do respect that you have invested family money over a long period with serious intent..just wish that there more of us.The Warrants were stated not to be a problem --could bring in much needed cash in the summer.Your idea about going to Leeds for comfort is sound !!
Couldn’t resist adding a few more today following my attendance at yesterday’s event. I would very much like to echo Dawski’s and others perspectives on the evening and add that the FID delay provides the opportunity to progress detailed design and enabling works which will significantly de-risk the implementation phase. Overall timescales are not impacted and we get 7 caverns. Finance is looking good and as I recall there are still £400k warrants to be exercised at .48p and the belief is that once exercised the resulting shares won’t be sold in the short term. Suggest the doubting skeptics ought to attend the next event up in Leeds and they will undoubtedly come away feeling suitably reassured as those of us who attended yesterday did.
took a punt here as everyone seems to be adding and I was not in, seemed clued up to buy. WDK
Great update Dawski many thanks. As expected, storm in a teacup - make the most of the ISA allowance.
Thanks Dawski and nice to meet you. I can feel the frustration from some and I guess if you were looking to cash in fairly soon then not great news, however for Long Term Holders I genuinely feel this remains positive. Hopefully nerves will be settled when Offtake agreement settled.
Nearly 35M supposed "Buys" this morning and rising .that IMHO shows great confidence in the BOD after the MM's have dropped the price at start --personally I do not understand the market ---but I very much do understand this amazing project and like many on this platform I have the utmost confidence and faith in our team and BOD ...so there you have it !
despite this, have you seen the mcap? VS the project in hand?
i think i can wait 4/6 months and buy at every opportunity.
Good one,Bradders + Aunty and great to chat at the meeting last night .Like you I was a bit apprehensive before the meeting with the prior announcement of "there being no material news to be made " etc. I came out refreshed despite the slippage in FID dates.
Yes FID is delayed but for 7 caverns this was 2020 ...now it is H2 2019 or probably end of H2 2019 --so in global terms no slippage. Great news also regarding new arrangements with Mutual Energy over the dualling of SNIP .
I specifically asked that all the land deals had been completed and (apart from one where the lambing season was relevant ) all have been concluded.
There is cash in the bank and the cash burn is max at 20-30 Grand per month --we have to repay the Loan to Costain by the earlier of FID or end of year but we have E.U. repayment due and no issues are shown on that.
The Marine Licence issue is NOT a barrier to progress...more dialogue needed with all parties including those that may be disaffected but ALL our tests and models are well within all limits and should satisfy Daera 110%
JW is working hard on the final details of the Offtake Agreement --The delay is due essentially to negotiations now being centered around all 7 caverns which is good news for the share price in the summer but negative for now as today's Aim price shows .
We are a very small operation with the tightest of cost controls and outgoings paired to the minimum -we make much cost effective use of external experts and highly regarded consultants.Decision making is immediate with no committee like structures in place.
JW is doing a fantastic job piecing the jigsaw together and looking at the bigger picture. Arun also has sophisticated technical expertise and is sorting the E.U.mandarins.Judith is hugely proactive with the Island Community -all working their little socks off. Remember folks that we are just a small teeny weeny Company basically with minimal office overheads but with a giant project which has already had millions invested.
Like Bradders and Aunty and others I came out of the meeting positively assured despite the delays to the Offtake deal announcement and to FID but invigorated at the prospect of all 7 caverns now potentially on the role.!!
The market has very little patience -some choppy seas still ahead sadly.But then .................
Of cash to actually deliver anything
For me, alarm bells started ringing when a few main posters, substantial investors who were in frequent contact with the BOD, all but disappeared from posting. Their posts down from multiples every single day, singing the praises of INFA, to practically no posts. IMO....on their timely return, SP will again rise.
Nothing personal intended to any person, just an unsettling observation.
Great reaction. Can't wait for the next investor evening.
Jeeze.
Are you doing to do one! SL
Is nuts. I bought around 80 thinking it was a great sp. now slipped below 70, no one has patience these days. Buying a load more and waiting, 4-5p this year. SL
I'm sorry but I simply cannot accept a "delay for good reasons" explaination. My issue isn't about reasons at all, there are always wonderful reasons for every slip-up. It's about misleading communication.
1. You don't go from "We remain committed to FID by the end of H1 2019" to "FID somewhere in Q4" in a span of a month without something newsworthy happening in between.
2. Delaying a key milestone is a news in itself. It deserves to be communicated via proper channels, not mentioned casually at a meeting where no material news were supposed to be delivered.
I'm OK with waiting for things that deserve to be waited for, but I'll never accept the feeling that I'm being deceived. I've seen it way too many times in junior mining sector, it's an ever-growing disease there. My confidence in the board is seriously dented and the alarm bells are ringing.
I wish you guys all the best and I hope it multibags for you, but at the moment I'm not comfortable holding those shares, therefore I'm out. I might come back when I finally see the board walking the walk.
As I’ve said on Twitter the offtake is really the main show. I appreciate it doesn’t mean your funded but it does hugely underpin the economic viability of the project as the terms and conditions of such an agreement provide for the payment (tariff) for the storage bundled units = cavern space. As such this means any equity participant or debt funding facility has line of sight to the revenue stream reducing one major uncertainty to the project and leaving the prime outstanding issues being capex and opex. The fact the single investor is taking all 7 (seven) caverns means scale (and therefore revenues) will be considerably larger than the smaller project. It’s very good news it just means that provided it gets announced soon we are waiting on the administrative aspects of the marine licence which I cannot see will hold up this process and the debt/equity structure. I hope and expect that if the off taker is also providing debt these two areas are decoupled such that BOD can easily find alternatives to this element to ensure a competitive outcome for shareholders. I’m now going away to hide in a cave .... or cavern somewhere. I hope I don’t find any of those ignoramuses that inhabit this bulletin board inside!
Does no-one realise that this is massive. There's a sense of urgency by the board to get this first phase completed in its entirety and construction started, then move onto other projects incl 15 more caverns, SNIP etc. To have one company wanting the 7 not just 2 caverns is a biggie for me
There was a detailed slide on Marine Licence which he addressed fact that this was main target of protestors however was fairly strident in that this is exactly where you would expect to be at this phase of the project with the Marine Licence. I specifically asked if any of the key milestones on the slide which included, Offtake, Equity, FID were dependent on the Marine Licence and JW said No. Final submission with all new findings will be submitted in May and John was also fairly confident that all boxes had been ticked and this was a fairly binary exercise. Have to say I like you Snowman felt fairly negative when it was fairly clear timeline had slipped, however was reasonably convinced that this was all fall the right reason and better long term benefit for the company. I left feeling positive but slightly unsettled, I think if Offtaker is deal is concluded in May that will be sign that this isn't all slideware.
Aunty is entirely correct. FID for caverns 3-7 was Q4 2020, so although FID for 1-2 has slipped the scope has expanded and 3-7 has been brought forward by 12 months
Snowman I think aunty has got the dates wrong, FID still targeted for H1 and anything otherwise would have to be RNSd. I’m sure Dawski can add.
I thoroughly agree Nobby....definitely new news there........also very dissapointed that FID shunted a further 6 months!....I said the FID wouldn't be initiated this Half.....as I have often said (many disagree) there can't possibly be a FID without 'licence absolute'....the hold up with the licence has been common knowledge with shareholders for 4 months now. It was originally submitted in 2011!
The delays and constant changing track are making me very nervous.
I am confused by the prior statement that there would not be any new information released at these two events yet clearly of what I am reading below and on Twitter is accurate then this is new information and material to investors as well?
Yes. Because the offtakers want the 7 caverns in total not just the initial two. So in essence things are being speeded up for the whole project, plans for the other 5 caverns may have extended it to end of 2020. The initial terms are likely to be 12 years so you can understand the due diligence required for the third party to hand over x millions for 7 caverns in total. Someone is keen
I may have mixed up a few of the details, these negotiations are complex, way above me. John is a very clever and astute negotiator and won't take the first offer tabled if it's not in the best interests of the company. The structure of the company looks sound, in fact Arun said the cash burn is only between 20/30 grand a month. I believe millions will be pumped into the company within the next few months. Solid company with a big future, you can't say that too often on Aim!
@aunty Are you sure about that? Personally, I would find that very disappointing and quite suspicious, after they recommitted to FID in H1 just a month ago.