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The only reason to "purchase" these bankrupt yards was to inject some secret sauce that the new owners possessed and that the previous owners lacked.
Are you feeling lucky, Punk?
Appledore was not a bankrupt shipyard it had just finished serving its purpose by Bab****s who bought it for the carrier project, however as a stand alone yard it has not turned a profit in 50 years !
Being local i am aware there is a pool of skilled if not ageing boatbuilding trades but the technical expertise is not there that was all Bab**** in recent years.
Tango1,
"Brilliant branding" of H&W - this isn't Coca Cola!
Si- I agree with you mostly, JW has done a good job up to Appledore then I think he got a bit delusional (maybe watched field of dreams too many times) Given H&W's brilliant branding they are still a risk due to proven current capability, I believe looking for 25% return is way too high in the current climate and they should be looking at 15% until they are well and truly imbedded in the sector as a major player. then they will be a company of choice not only available. AIMHO
Yes, the assets, as a whole, look very impressive on a website. But, they were cheap for a reason and he's got to stop buying more. They just need to get the ones they have busy with actual pysical contracts. Not waiting on pipedream, projected pipeline stuff.
I think JW sees himself as a one man saviour of shipyards and seems to love the limelight. Loves a bit of hobknobbing with the likes of the PM and royalty. Just needs a cape for his red boilersuit.
For me, I think we have a good foundation to build from, But so far JW has only demonstrated he can project Manage and Raise/spend money, I have yet to see him actually make money, If I raised £27m it would be expected to return £270M.
At the start of JW's appointment there were lots of positivity reported regularly along with a gated project plan that was achieved on time and on budget. Now we seem to get thrown a fish just before a placing, I believe he is now out of his depth and a time served shipbuilding CEO is required that focuses solely on EBITDA. AIMHO
I think we may need to separate two distinct issues. Firstly is the current strategy appropriate. There is a divergence of views on this. My view is that the current strategy needs to remain in place for the next twelve months. This is to see if the number and value of fabrication contracts comes to put INFA on a sustainable footing. The alternative at this stage of just progressing on a single project is unlikely to bring in a greater income. Also is unliely to lead in the short term to an increase in the SP. Secondly, the question is whether the current CEO is the right person to execute the strategy. I am open on this. I note the way he answered some of my questions at the last roadshow. These answers gave me pause for thought as they were defensive and gave the impression that he did not like constructive criticism.
Tango1,
JW wants control so that no-one can rein in his ridiculous emoluments!
Nobby31, the problem is JW wants all the control so he obviously appointed a Chairman he could manipulate, and will probably do it again given the chance. Be surprised if Killick don't start ruffling some feathers though.
For me JW needs to go!
Shifting the focus from gas storage to (defunct) shipyards was a blatant tell that this had become a lifestyle business for the directors.
Work that leverage, boys!
Capdevila11 In relation to your 16.11 post where I have made comments I have made the basis of the comments and where it is based on information I have clearly stated the source and where possible provided a link. This allows anyone to challenge my view. This differs from the derampers on the board who post negative comments without providing the basis.
On the particular question of the Dublin Swift my comment was based on having looked up Irish Ferries and noted that Irish Ferries is part of a group of companies.
" And now the BOD admits they need a new Chairman and NED"
I was surprised to read we had one, let alone need a new one.
Not seen this anywhere, Nobby.
Not in the usual places, that is.
Care to expand?
Apologies if this has been posted before I found it quite an interesting read
https://seanews.co.uk/shipping/exclusive-interview-with-john-wood-ceo-of-infrastrata/
SOS - bring on the new Chairman and NED before this ship sinks!
The biggest mistake of all was them telling Gresham to go away in a very impolite manner. And now the BOD admits they need a new Chairman and NED - exactly what Gresham was telling them
Having no ii on the Board is untenable; hence the justified comments from others this looks like a lifestyle company.
Time is nearly up to convince us otherwise chaps
The Dublin Swift has now departed and is en route to Liverpool. The completion of this repair on time should put INFA in good stead for more work from Irish Ferries and her sister companies.
Capdevila11 In relation to your 13.25 post not necessarily as they would have to remember something from last August. So there is a chance that they would have forgotten about it.
Don't think there is any "has to" about it, to be fair, Stokey. It either will or it won't.
But, I guess a lot can happen in two months. But then, historically speaking, so can bugger all.
Here's what is left to finalise the deal.
Tranche 2 on the first anniversary of Completion of £1.50million:
A total of £1.50million consisting of cash of £1.20million and Ordinary Shares in the Company equivalent to £300,000
Tranche 3 on the second anniversary of Completion:
A total of £2million consisting of cash of £1.60million and Ordinary Shares in the Company equivalent to £400,000
Tranche 4 on the 30th month anniversary of Completion:
A total of £2million consisting of cash of £1.60million and Ordinary Shares in the Company equivalent to £400,000
So after the next payment is done there will be a further 18 months to find £3.2m in cash. Which with a few decent actual paying contracts is doable. I would hope.
And the equivalent of £800k in shares. Jeeze, thats less than a cheeky bonus to some. :)
The share price has to improve within the next two months as the next instalment on the purchase price for Appledore is due in August. This will include I think it is £300,000 payable in shares.
Sounds great Nobby!
Just seen this https://ukdefencejournal.org.uk/why-must-british-warships-be-built-in-the-uk/ the wording of the answer is interesting. It would seem to imply that if Team Resolute was to win the FSS competition all three ships will have to be built in the UK. I think the original idea was for two of them to be built in the UK.
Si_Derman,
No worries, nasturtiums are a very pretty flower, after all...
As for casting aspersions...
But he's a liar and I'm not sure about you.
Sorry BP, couldn't resist. ;)
Not castin' nasturtions.
Lol. Ask your freind if the lady used the term "dreckly" in relation to this "work"., Nobby. :)
Local parlance for an unspecified period of time. Somwhere between tomorrow and never. But soon.
There's a man works down the chip-shop swears he's Elvis.
Malcys next followed by a Presentation followed soon after with an rns 1st July at a guess