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Oh yeah, that's right, damn you're so smart......
Has anyone thought that Consuela is or linked to Kevan Jones by any chance š¤
How so?
His assertion that Scilly is totally separate - he might want to check the incorporation docs..
I disagree L . Without doubt it is the responsibilty of the CFO to have contingency plans in place for every possoble scenario. Inclusive of, but not limited to, alternative finance options , possible objections and from what quarter and why.
The IOSSG would perhaps have been high on any such contingency list.
Just because they were aware it might happen , is not the same as being offically informed.
The Steamship group conversing with the papers is the first time this has reared its head , very late in the day. The questions asked by Kevan were a precursor to the news yesterday and it was pretty clear what was coming next imo.
The fact that Harl again outpaced them , took legal advice and ringfenced any spend is super.
As the UKEF loan is not yet granted, they have plenty of time to ensure no comingling of funds.
With regards to informing us more about the financial loan , we can clearly see that all responses to questions asked in Parliament basically say , can't answer commercially sensitive. Harl cannot comment on it.
In light of yesterdays news , i'm pleased they have said nothing pertaining to their business plans for Scilly , less said the better.
Bottom line, Harl don't need the Scilly route to survive, Scilly group need Harl to fail for them to survive longterm. 'Much ado about nothing'
Stokey get your pen out , next one has to be about Shipbuilding , main protagonists very colourful charachters , you have the enemies within and the rowdy bunch at the back.
I hope to have official news soon, current state of play is farcical .
Fab post Lottie !
This question was asked by Maria Eagle
To ask the Secretary of State for Defence, when he plans to answer Question 22879 tabled by the Rt hon. Member for Garston and Halewood.
Answer
James Cartlidge
Commons
Answered on
17 May 2024
Meetings with Harland and Wolff take place regularly at an Official level. I last met with them on 13 March 2024.
Details of Ministers' meetings with external individuals and organisations are published quarterly in arrears on GOV.UK.
Some good sensible and valued posts this morning many thanks for posting everyone
JW said in the rns , update on finance next couple of weeks I believe this will be the case so maybe itās as much as he can say atm imho
And yes am replying to your post , interested in sensabile and valued posts about what JW says and the fundamentals thanks for posting what JW said
Glad Iām not the only one who has been pondering overnight about all of this. Somethings just not adding up though.
HARL comment to Telegraph yesterday was (exact quote): āA spokesman said: "These issues have not been identified to us as a barrier to securing
the loan guarantee.āā
JW on social media today (exact quote) āEverything we are doing in relation to Isles of Scilly is ring fenced as we suspected this may happen.ā
Either you expected it or you didnāt. The statements donāt reconcile to me. Whether the legal issue is valid or not, Harland and Wolff should have been all over this from the start. To say āitās not been identified as an issueā is just negligent.
If JW spent as much time thinking about updating shareholders as he did about engaging with Scilly islanders over his cornflakes on Facebook, maybe weād all know what the grand plan is and why operating a ferry service is so important to the potential detriment of a Ā£1.6billion contract.
Si Dermain, thanks for posting what JW stated puts a few things into perspective imho .
Consuela, 11:01. How so?..
How embarrassing...
Thanks X, Dawski (+K) and a few others, for making things a bit clearer.
SeaRose in the way. Maybe they are stockpiling them until July.
John Wood
"We have a corporate debt facility, yes we are trying to refinance that using a government guarantee facility to reduce our cost of borrowing. If our competitors spent more time worrying about their business rather than ours they would maybe be in a much stronger position.
Everything we are doing in relation to Isles of Scilly is ring fenced as we suspected this may happen.
Atlantic Wolfās refit is progressing well and we expect her to enter service in June as planned. The exact date will be confirmed after we have final regulatory approval when she is back in the water.
Thanks for all your support, we look forward to welcoming you aboard in the very near future."
Xenor, 08:39. Very droll:)))
Have I missed something or have we stopped having barges coming out from Belfast? I cannot recall when number 9 left but it was over a month I believe so must be due one soon.
I think Lotties brilliant synopsise deserved a better title.
The weekend will allow the situation to calm and help us all assess exactly what is happening.
Let's look at the facts.
a) the company is on target to achieve revenue growth in excess of 100% vs previous year, which in itself was in excess of 100% vs previous year.
b) Ā£200m of revenue brings the company close to eliminating cash burn.
c) the four production facilities have been(being) refurbished with new state of the art machinery...with a value(cost) in excess of Ā£125m
c) Appledore purchase of freehold completed.
d) order book of Ā£1bn
e) defence spending undoubtedly has to rise and the navy, according to numerous knowledgeable opinions, is way below conflict fighting strength
f) other major shipyards have significant order backlogs
h) the government are committed to peace and prosperity in NI
i) the government have championed shipbuilding as part of levelling up as it directly impacts high unemployment communities
j) the company has an existing, if expensive debt facility until end 2024
k) the government cannot be happy with ISSG for awarding a contract to France
l) significant advanced work on the FSS ships build has been made
Sometimes, it good to see the wood for the trees. Clear the air.
Whilst the BoD have not covered themselves in glory on this. Have not updated shareholders on the business model for a ferry business...For the life of me, I cannot see why so called balanced journalism did not paint a full picture about the rebirth of this once great shipbuilder in a once great industry. It suggests to me a specific intent to focus on a particular negative, all be it an important one, ignoring the ramifications for so many young people who have finally found a future...and a damn good one at that.
If you want peace, as the saying goes, prepare for war! On that alone, we need HW and we need these young people to be able to build ships.
The weekend will allow the situation to calm and help us all assess exactly what is happening.
Let's look at the facts.
a) the company is on target to achieve revenue growth in excess of 100% vs previous year, which in itself was in excess of 100% vs previous year.
b) Ā£200m of revenue brings the company close to eliminating cash burn.
c) the four production facilities have been(being) refurbished with new state of the art machinery...with a value(cost) in excess of Ā£125m
c) Appledore purchase of freehold completed.
d) order book of Ā£1bn
e) defence spending undoubtedly has to rise and the navy, according to numerous knowledgeable opinions, is way below conflict fighting strength
f) other major shipyards have significant order backlogs
h) the government are committed to peace and prosperity in NI
i) the government have championed shipbuilding as part of levelling up as it directly impacts high unemployment communities
j) the company has an existing, if expensive debt facility until end 2024
k) the government cannot be happy with ISSG for awarding a contract to France
l) significant advanced work on the FSS ships build has been made
Sometimes, it good to see the wood for the trees. Clear the air.
Whilst the BoD have not covered themselves in glory on this. Have not updated shareholders on the business model for a ferry business...For the life of me, I cannot see why so called balanced journalism did not paint a full picture about the rebirth of this once great shipbuilder in a once great industry. It suggests to me a specific intent to focus on a particular negative, all be it an important one, ignoring the ramifications for so many young people who have finally found a future...and a damn good one at that.
If you want peace, as the saying goes, prepare for war! On that alone, we need HW and we need these young people to be able to build ships.
Consuela.....and risk management is that simple. Talk to any decent risk professional and they will tell you that risk matrices are for dummies.
Onto the next article lol
The article is looking at where the business was 2 years ago. Using financial details from 2022 so backwards looking info. Ignoring the growth achieved in the 2 years where they've won significant contracts. Ignoring Ā£200m revenue to be achieved this year. And then using current situation acknowledging ramp up phase leads to profitability. It also ignored the business has large order book compared to where they were 5 years ago.imho
Might we be long past the days of "impartial" journalism?
The world changed with the political/media class response to COVID.
Our "betters"ride roughshod over market economics and news manage their corruption and ineptitude using the "trusted" news media!
A few days ago I said that we were about to witness the "Mother-of-All" Tree Shakes. Methinks the Axis of Evil overcooked it with multiple news stories, instead of sticking to the "not so trusted" Times. Events then spiralled out of control, and we are where we are.
If the aim was for well-loaded PIs to sell cheap. It worked in a few cases, but the majority of us held firm.
Then again, if the real story behind this is, that the government has decided to ditch our two Aircraft Carriers in an age of drones and hypersonic missiles, we might have genuine problems!
GLA
Xenor thatās a low ball offer imho
Babwang needs to be used....