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The amount of speculation on here is unbelievable, nothing is a certain in this game. But, the planning permission was likely to proceed based on committee recommendations. The NRW as I said before have a duty under the industrial emissions directive to ensure installations do not exceed associated emission limits and therefore do not damage the environment. As long as the social impact isn't significant, which I believe Simec will have battened down, and the abatement technology is in place there will be no concern about obtaining a Environmental Permit.
Financing isn't something I am particularly well versed in at this scale however, it seems the Hana Financing that is provisionally agreed is mutually exclusive from the other noise.
IMO, I think that this is a good entry price to any interested investor, and existing PI's should not be scared by this transient change in SP. Things will improve from here. Trust in this technology and the uniqueness of this organisation. DYOR. All the best.
Ditto
1) You said you are blocking me
2) You wrote a post that named me and made a deliberately mendacious accusation.
Unusual behaviour.
I am gobsmacked Eric that for a person investing that you did not know the link with SAE and the main group GFG.
I am in here Chaseable.
Not negative, no. Realistic about the Uskmouth power station. I haven’t said anything about the subsea water turbines which I think are great. I love ‘em and want a lot more. Big fingers crossed about government support, through whatever means is available, in the future.
I hope the Uskmouth station doesn’t kill off the Meygen and other turbine projects.
SIMEC is part of GFAlliance. https://www.gfgalliance.com/about-us/
GFAlliance are having trouble repaying loans https://www.bbc.co.uk/news/business-56250732 and also having trouble renegotiating loans with other lenders who are now cutting talks short “Brookfield walks away from Sanjeev Gupta loan talks” https://www.ft.com/content/33bf4c21-5cda-46a3-ac20-9c408d429456
SIMEC made a framework deal with Hana, S Korea in the RNS 2020 August. The Uskmouth station conversion is projected to cost something around £ 200m. The framework deal was, and this is important, for a proposed loan facility to SIMEC of up to £ 170m. We have no idea how much progress was made but must assume that nothing has yet been drawn down (should Hana have actually agreed to the deal after their DD). We know that the exclusivity of the deal lapsed last month in February (six months from August).
The questions are pretty straightforward and obvious – not negative, just obvious.
What happened to the loan facility beyond the framework?
Will any lender lend anything to Gupta / GFAlliance given that their default on the Greensill loan?
Greensill may have to declare bankruptcy over this, so the answer may be obvious. Any future loans will attract risk-premiums on interest and the putting of collateral which we don’t have, with the exception of Meygen. Brookfield has already shown the level of interest it has in dealing with Gupta.
What happens if other creditors pull the plug on GFAlliance?
What happens if the Welsh govt. say no to planning permission? What happens is they boing it back to the Council?
Will it be a blessing in disguise if it goes no further?
Why is the ‘exhibition’ of the proposed Uskmouth station still headed by a director who is on the way out? Why haven’t SAE promoted the new man at the helm, Reid/Bell?
Why do the pictures look like those of a birdwatcher on a walk in South Wales?
Sell Eric before it’s to late
Bye
Eric,
Your points about Gupta are concerning. I share you scepticism about SUP but still hope it comes good.
Please can you answer this.
Are you a shareholder? if so, why are you so negative about SAE's outlook ? If not, why do you inhabit the board?
Chasable
Correct. Hana Financial Investment Co., Ltd ("HFI"). I called it Hana in my posts today for those who do not what is going on.
The RNS August 2020 says that the there was only a framework agreement and that hurdles needed to be overcome that are Uskmouth dependent. Nothing since.
SAE are owned by a person who has other operations that cannot repay loans.
SAE has been bounced upstairs on planning permission becasue of complaints from environmental lobbies.
If SAE can borrow the money (less likely than before) and get planning permission and go through the not inconsiderable hoops of gaining an environmental permit, then they might start construction. How many years down the road if ever?
This is looking bad. Owner is a bad creditor; no indication that Hana will come forward with full amount; interest rates on upward trajectory; planning permission may well refused; environmental permit may well be refused.
Wrong bank guys
HFI Korea are the lenders
Arschlocks
Isn't the Uskmouth financing from HFI?
Thanks for replying. I don't think I properly looked into GFG financials when I first invested. I should probably take a look.
Lack of revenues to service the debts, let alone profits to repay them is probably a fair starting point.
It seems to me like Greensill is in more trouble than GFG. I can't find anything concrete to suggest GFG might collapse - just rumours of shady dealings. As I understand it, the problem at Greensill is that they are overexposed to GFG and have lent money that isn't secured by anything? It's not clear (to me) that GFG can't keep up with payments, only that Credit Suisse aren't willing to take the risk that they can't.
Is there anything specific that makes you think GFG is close to collapse, GreenFuture?
The collapse of GFG Alliance funder Greensill Capital must leave SAE, with its massive Uskmouth financing requirement, looking very shaky indeed.