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Julian Smith priming us for next Harland and Wolff RNS....just a matter of patience
https://twitter.com/JulianSmithUK/status/1188535260595785729
You can see the angst in some of the comments .. this is great news !! we really want it all to work out and secure jobs, but INFA are bad and we want them to fail
Yep
Thanks spud! So they've been involved with the H&W, not the IM project?
https://twitter.com/JulianSmithUK/status/1178914250783383552?s=19
Yes! Fantastic news. Massive team effort from @InvestNI @GRobinsonDUP and unions - with tx to @BorisJohnson for support much more to come https://t.co/xXKpHHLeXQ
Invest NI have been involved from the beginning
@Tango Sure thing, if it's free - it's for me :) However, such money shouldn't be part of your business plan unless it's been granted and you're legally entitled to it (like the 1.6mil EU grant). In the context of that mysterious InvestNI grant, the RNS states as follows:
"If the timing of any of these is delayed or takes longer than currently expected then it is likely that the Company will require additional finance during the first half of 2020."
So I have to ask: when did that grant (which we have no details of) became an integral part of the business plan, to such extent that any delay in obtaining it may result in another round of financing?
Also, wasn't the financing package (you know, the one still pending) supposed to take care of any money issues?
Kibuc,
I have access to the old H & W accounts for the past 5 years, there are 3 companies involved, one at plc level which is the ultimate holding company. Only one of the company's trade, Harland and Wolff Heavy Industries Limited, this has all of the trade and all of the assets and liabilities. There is talk in the accounts of such grants, I will take a closer look when I have time and see what they relate to.
In it's heyday say 3/4 years back it was turning over 50/80 million and making a profit, latterly turnover fell and losses ensued. Hence administration.
Times have changed again now though and I suspect it can be involved with the green energy sector, wind turbines etc which as you know are all the rage, although I hate them!
Mr T
I would take advantage of any grants available to be honest..
Thanks Tango! I'm still surprised to see that such grant is now listed as a pre-condition to avoiding future round of financing. It looks like we went from "looking to take advantage of these in the future" to being financially dependent on it in 6 short weeks.
This was in the 1st Oct RNS:-
Invest NI has advised the Company of numerous forms of support by way of loans and grants that are available for the Facility post Acquisition and management will look to take advantage of these in the future.
No I think it is new
I found the website, but I wasn't aware that INFA applied - or was even planning to apply - for any such grant. Did I miss a memo?
https://www.investni.com/invest-in-northern-ireland/support-packages.html
A few potential options tbf
The 7am RNS talks about "an additional grant from InvestNI". Does anyone here have any details? It's news to me.