Adrian Hargrave, CEO of SEEEN, explains how the new funds will accelerate customer growth Watch the video here.
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I would like to think the British Government would not like the 1200 - 1500 staff of Harland and Wolff to go on benefits. It makes good sense to give help when help is needed. Carillon was a costly massive mistake imo. Hopefully a speedy resolve to settle the issue and move forward with prosperity of all involved. After all 200 million is peanuts in grand scheme of things or Putin would be smiling
Corporatejoke 20.52 - No one is suggesting the workforce will be on benefits, they will keep their jobs, albeit under different owners. The shareholders however will loose everything. I'm afraid the AIM market is littered with such companies.
200 million isn't peanuts to the already hocked taxpayers, who will have to foot the bill when it all goes South, which it will..
He Company's five-year plan was to reach forecasted revenues of £200m by the close of FY24, of which circa 90% has already been contracted. The business currently employs in excess of 1,500 people who are all engaged on active projects. The next goal for the Company is to increase contracted revenues for FY25 and beyond as well as to achieve the milestone of annualised EBITDA break-even in FY24.
The company’s latest annual accounts, to the end of 2022, showed revenues of £27mn but losses of £70mn. H&W also had net debt of £82.5mn, in part thanks to high interest payments on a $100mn loan to New York-based Riverstone Credit Partners.
there has been much discussion today around what happened to tank the sp and around the recovery rns.
i was in at the start of the day, albeit with growing concerns, but going with my gut. by 1230 i was all out, largely based on msm and recent non existent harl comms. by 2pm i was in again, but 75k shares down. this is loss is difficult to
swallow today let alone in 12 months time assuming the increase in sp most of us feel that harl can deliver. yes, i wobbled, my decisions alone today
there has been much discussion of corruption, manipulation etc. someone, somewhere caused today's problem whether they be politicians, industrialists, journalists, market makers, civil servants or whoever, they are a disgrace. it is an indictment of today's society that they can get away with it.
equally, jw and the board need to up their game. communicate a strategy, show leadership and focus! chasing every opportunity regardless of fit shows you to be nothing better than kids in a sweetie shop. come on harl, to use an old naval saying, ' get your **** in one sock', before it's too late.
treat your shareholders with respect and communicate. with this, much of today's pain could have been avoided. you're on notice!!
Well said Sachyboo. None of this need happen. The drastic decision by loyal shareholders to take losses was caused by a media article which only had the oxygen to breath due of the vacuum of negativity which grew because the BoD have little or no experience running a quoted company. Private companies can play cards close to their chest and do as they please but quoted, need to be aware of seriousness of the environment they are in. I hope this day is a warning shot to JW and AR. Their behaviour has been amateurish for senior managers of a quoted company. The losses shareholders took today, was because of their lack of judgement. If you want to soar with the seaguls you need to learn how to hoot with the owls. If you can't manage a quoted company of sub £20m market cap, how can you be trusted with a sizeable company you so often tell us HW will become. Remember, we own the company, stop behaving like it's your play thing to do as you please.
I should have known the share price would tank as I added a small amount at 9am this morning at 11.85p. Usually when I buy a stock the share price drops. The article in the times did spook me as well if I'm honest, but I knew it couldn't be telling the whole story as the Times isn't going to find out the outcome of the UKEF application before the market, and then post inside information on their website.
The various articles appear to be a follow on from the bombardment of questions by Labour MP Kevan Jones throughout April. Since April 19th all 8 of his parliamentary questions have been directly or indirectly about HARL. https://members.parliament.uk/member/1438/writtenquestions#expand-1702397
After exhausting all line of questioning now suddenly these articles appear in newspapers talking about the kind of things he was questioning, like the Subsidy Control Act. I assume the government have had advice regarding those laws. There is nothing illegal about what we're doing here. Any company can apply for a UKEF guarantee and go through the same process, if they meet the application criteria. Which we do.
The articles today feel like those who want to see us fail are going all out with whatever they can as they know the deal is close to completion. It's a bit like when the rumours started in October 2022 prior to the FSS contract being awarded. It was leaked to the press that Team Resolute had won weeks ahead of the announcement because they were hoping to create outrage that Navantia being foreign owned was part of the winning bid. Since then the attacks against HARL from certain newspapers, MPs and well known bear blogs have been endless.
Xenor - Having looked at this evenings posts I think that your latest post sums the situation up very well. I look forward to that RNS in the near future advising us that the finance deal has been approved.
There seems to be an increasing level of paranoia on here - not helpful when trying to make wise investment decisions - will watch the open with interest with all the newspaper activity and with people having had time to make sense of the rebuttal - could go either way
The irony of a Labour MP seemingly going out of his way to fk over working class people at H and W sums up the political class we have in this country.
Now i would say fair enough if i thought in any way, shape or form he was asking these questions to protect taxpayers money ... however, we all know he will be asking these questions after receiving some form of bribe from companies who want all shipbuilding for themselves.
If i didnt have a tiny holding in this company, knowing what i know of Arun and JW, i'd also see these as a pair of chancers who shouldn't be getting loaned such vast sums of taxpayers money.
it's not even taxpayers money tony. the loan is from the banks. the taxpayer only pays out if we default on the loan and our assets don't cover the debt. given the revenue goals here and reduced interest payments a default is very unlikely.
there are people ****ting themselves at the thought that harl might be successful. disgraceful that one of them is a labour mp.
I talk Lottie purely about today , not the ongoing saga of missed dates. Those responsible for supplying these supposed leaks , would have done so regardless of whether the entire shareholder community was in awe of JW & Arun or frustrated. The aim is to cause delay, raise anything that may deter the deal from actually completing soon. Those who support the current duopoly are threatened by a new player on the block. We may well be miniscule in comparison, but won't always be. Right now I will be fully supportive of the board until they get this over the line. It's close , very close, according to the FT , within days of a decision being made. I am pretty confident the Bod will be laser focused on achieving this goal , nothing else matters. There is absolutely nothing they could have done to prevent the publication of those articles. Yes they were asked to comment but I'd practically guarentee that they were asked to comment on the finance deal and what stage it was at and that they were not shown that article or its eye-popping designed headline. If they had been shown it , then I'd have expected an earlier RNS. I am not naturally suspicious but it is not just the known detractors of Harl , it could also be companies who perhaps could go out of business if Harl succeeds with obtaining this loan.
In view of the references in the press yesterday and the issue of state aid being an issue with the EDG. One initial point to make is that the EU state aid rules do not apply to the EDG. The current rules on state aid is the Subsidy Control Act. For a summary can be found in this video https://www.lexology.com/library/detail.aspx?g=7eb581a8-9d6b-414c-b63b-97e10347f104&utm_source=Lexology+Daily+Newsfeed&utm_medium=HTML+email+-+Body+-+General+section&utm_campaign=Lexology+subscriber+daily+feed&utm_content=Lexology+Daily+Newsfeed+2024-05-16&utm_term=
I find it hard to believe that after granted H&W the FFS contract with all the investment on the yard and hundreds of apprenticeships that the government would pull the plug on financing this close to the start of the ship build and a general election.
I’ve seen these type of articles happen previously to guage public reaction before making a decision. Im not dismissing it could go either way but maybe a compromise is having to be met to keep all parties happen, possibly not giving them a 100% guarantee so it won’t look like they are being given special treatment and that is why everything is taking so long. If they are not to be granted a 100% loan guarantee the press can take turn that into the application had been rejected where in reality it has been granted but under different terms.