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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 Wolf’s 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."
How embarrassing...
Consuela, 11:01. How so?..
Si Dermain, thanks for posting what JW stated puts a few things into perspective 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
How so?
His assertion that Scilly is totally separate - he might want to check the incorporation docs..
Has anyone thought that Consuela is or linked to Kevan Jones by any chance 🤔
Oh yeah, that's right, damn you're so smart......
I feel the bod were well aware that this may well happen. If you recall back to the Scrutiny Comm. and JW comments on having to keep cards close to chest, as there were underhand things being done by IOSSC but he couldn't elaborate. I would also "second" others comments about having quite a few excellent and diligent posters on board, and only for their guidance and knowledge would leave a lot of us up the creek without a paddle; and struggling to get through these final hurdles. Feeling more confident for the weeks ahead no matter what turns the SP takes.
Consuela ref 14.16 post I remember having a discussion with Hebridean9 and broomtree on a similar point. The fact that Scilly Ferries is a wholly owned subsidiary of Harland and Wolff Holdings Limited and they have common directors does not preclude them from being separate companies. In fact as a matter of company law they are distinct companies. In this regard see this article https://www.british-business-bank.co.uk/business-guidance/guidance-articles/business-essentials/pros-and-cons-of-starting-a-subsidiary-business
Stokey, "Similar" isn't the same.
Not only is it not a lady ,its not a lawyer either. Anyone with the most basic law training, understands that each company is a separate entity, from both owners and other related companies. Its the basis of Limited liability.
Consuela ref 14.53 post I know you have an issue with admitting an error but your post is totally confusing. My 14.45 post was giving a reasoned explanation why scilly ferries funds could be kept separate from the rest of the businesses. The rationale is the same as why I stated on the previous ocassion that Harland and Wolff (Belfast) Limited is a separate company to Harland and Wolff Group Holdings PLC.
Stokey - You have me confused here - I have just read the RNS of 21st December 2023 regarding HARL not pursuing the takeover of IOSSG - it specifically states "Harland & Wolff or "The Company" 'continues with its plans to offer a fast ferry service on the Penzance - Isles of Scilly route'. There is no inference that it is a separate company.
Stokey, have you read the document?
Consuela ref 15.27 post I read a lot of documents which document were you referring to?
Hebridean9 ref 15.26 post the reason for that is because Harland and Wolff (Scilly Ferries) Limited was not incorporated until January this year so at the time of that RNS did not exist.
The incorporation docs?... there is 0 reference to a separate company. It's H&W. Read them all and point out where a separate company has been set up, I can't see it and there is nothing on CH either.
Consuela ref 15.36 post I assume you read the document I linked to in my 14.45 post. The whole purpose of the incorporation documents is to create another company. One clear give away that it is a separate company is that it has its own company number.
Where is the new company then?
Consuela ref 15.45 post you are clearly having problems grasping a simple point of company law when Harland and Wolff (Scilly Ferries) Limited was incorporated in January of this year it became as a matter of law a separate company distinct from its parent company and its ultimate holding company.
Would that be the one dealing with Sea and coastal transport Stokey :)
JW stated on fb it was part of Marine Services and the website states that.
It is indeed a separate company however so that is confusing.
It matters not because both have the same charge against them
It’s the refinancing document for Riverstone for $115 million, the same applied to H&W Holdings so I’m not seeing how the ring fence works?
Glad you asked that Broomtree as I’ve been reading what people have to say (with much interest) thinking the same. Are there any corporate lawyers in the group who can help? Surely without H&W Group Holdings, there is no H&W (Scilly Ferries) Ltd, much in the same way that without refinancing there is no H&W? So from a purely practical point of view, whether money is ring fenced or not, U.K. Government aid will allow them to continue their Scilly Ferries venture? All above my pay grade, I’m afraid. As ever DYOR.
I am now totally confused because having checked the Companies House records it would seem that on 8th January 2024 Harland and Wolff (Marine Services) and Harland and Wolff (Scilly Ferries) were both incorporated. However it would appear that legally they are both wholly owned subsidiaries of Harland and Wolff Holdings Limited. This would seem to contradict what is on Facebook. It may be that operationally that Scilly Ferries is part of Marine Services.