Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
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Link taken from twitter:
https://x.com/navylookout/status/1790673836658082127?s=61
ONLYMEE Thanks for this. The problem is that there appears to be at least three different government departments involved. Export Finance is a Minsterial Department of the Department of Business and Trade then you have HM Treasury who will be providing the money and then there is the Ministry of Defence who let the FSS Contract. There is also the fsct that it is not entirely clear what the £200m loan is for. We know that around half will be used to pay off Riverfort but we do not know what the rest is for. I would observe that the Times has not always been supportive of HARL especially around FSS. Also we do not know what other contracts HARL is working on so it may be that HARL can still survive without the loan but continuing with funding from Riverfort which would not be ideal.
Stokey12 - 10:44
Given the content of the piece, I posted intentionally without comment.
The Times have never said a positive word about HARL. The government aren't going to leak communications with HARL to the press before informing the company.
The article is factually correct in so much as any major company devoid of sufficient funding will likely fail. As to the reality of the situation, it is on circumspect.
The problem is, the article opens a gaping wound of the companies making. The total lack of communication five months on from the original announcement, creates an opportunity for the negativity to prevail. Sadly, we are all invested (own) a company which is run by people who have little or no respect for shareholders. I do not believe the article has one shed of evidence, it is a plant by short speculators...in my opinion.
Queue for the exits, who would have thought. Shocking news imho
Could be a planted story. Murdoch press are çorrupt. Could be real. Certainly taking there time agreeing the Ukef funds. Crossed fingers for you all. I bailed this morning because I suspected the delay was related to lack of certainty on interest rates and I noticed that Abingdon Health have got their pregnancy test in Boots today. Saliva test- should be very disruptive to current products. So saved from this slump by opportunism and pure luck. Don't think you'll have a blockbuster RNS tomorrow. Think you'll just get a denial. Which still won't tell you much.
I will buy back when the court hearing is scheduled. When IM is sold it should get et back on track. Courts are backed up. Useless, useless Tories cutting et to bits. GLA.
Its a bugger thats for sure. Triggered my stops so I have scaled right back. It makes sense in as much that no funding deal has been announced yet from HARL and it is so long overdue.
Still, you never know but Its a very dangerous game for newspapers to publish this type of stuff if they are wrong as it destroys their credibility, plus if it turns out to be right than the Times will have been vindicated for their previous "hostile" stance and then that criticism ceases to be true or relevant.
The news media appears to be knee-deep in the bid to get HARL PIs to sell their shares.
I will never look at the UK Financial System in the same way again if this turns out to be a well orchestrated Tree Shake!
GLA
Well, it could indeed be a planted story; help some people load up on the cheap etc, who knows? We live in times where the level of corruption is growing, IMO.
But the BOD have had long enough and have too many strikes against them now, to my mind.
Especially considering those issues/failures in the past, as others alluded to before. Long before I became a shareholder.
I thought this was going to be an exception, for reasons of strategic importance, more than anything else.
I have changed my mind. I have taken the loss, on all but a token amount of shares now. Might consider it for a future trade, but this one is a long way from being an investment case stock, if it ever will be.
Just a typical AIM basket case. Of a similar quality to our current politicians in fact.
As others have said, there are simply too many better quality outfits offering far better risk/reward prospects, to mess about with this type. More generally, and more importantly, with politicians like JH in positions of influence, our country is screwed. GLA.
read the times article slowly.
it says "defence source" so this is clearly leaked by..... 1) bab**** and co. to curtail h&w's plans....2) the mod to make treasury look like a bunch of unsupporting uk industry ****
FG: If it is indeed an orchestrated tree shake, IMO it could end up like a few other AIM outfits recently, where PI's get shafted and the big players walk off with the cake in a de-listing scenario for example. Or a D4E, which for ordinary shareholders, might as well mean administration, insofar as the value of their position will be worth afterwards.
The final straw for me was not seeing an RNS when the story broke.
I find it hard to believe that the BOD were not made aware of the intentions to publish it too - but even if they only heard of it the same time as some posters here did - they should have formally commented on it by now, not let the SP react in the logical fashion that it has.
Well, not long to find out what is going to happen with the financing, after all this time and all the patter of J and A. The tide is well and truly going out now.
To wait a year and a half to then get this. I'm just shock to see this unfold tbh imho
The Times wouldn’t post without being sure of their source, and the Treasury Civil servants are notoriously leaky, especially if it discredits the government.
H&W has Island Magee to sell if it all goes pear shaped so shouldn’t collapse
LWHL. Why would we waste so many resources on the Isles of Scilly ferry debacle?
Anyways, we can talk until the cows come home. An RNS is needed and it's needed now.
Methinks we'll see one by 1.00pm.
Sell on the rumour?
Porthy why would civil servants know what the chancellor will do? The government wouldn't even answer most of Kevan Jones' (an MP) questions on the UKEF application nevermind tell civil servants.
Porthy - Islandmaghee is 'hocked' too Riverstone to cover the debt facility of $115, this boat is sunk. Anyone seen the RNLI?
Hebridean9. So, if I understand you correctly, you are saying that will have no debt if we were forced to sell IM?
FG - In theory yes, however, IM is probably worth less than $115 - It is just a shovel ready project with currently no marine licence - take a finger in the air guess to its value.
Well, we can only speculate now. I was uneasy about that and plenty of other stuff for a while in truth, but I felt that the strategic importance of FSS...the amount of visiting politicians and other dignitaries, both domestic and international over months...well, it trumped the red flags to be blunt.
And so, in that sense, serves me right for the risk management override, so to speak. That is a few months of gains wiped out entirely in next to no time.
But life goes on and I have had bigger losses. This was my final AIM investment. Quick fire trades in AIM only in future.
Which may include this dog, depending on what transpires. But only ever in the trading account, which is luckily where most of this loss happened, so there is that I guess.
Hope nobody has lost more than they can afford, or at least does not plough more cash in that sits in the same essential category for them, should the bear thesis play out.
Heb. What will IM be worth in about 6 week's time? We don't know. But there's a good chance that it will be worth 10 X what it's worth today!
LWHL. No offence intended, but isn't is a little early for comments like, "Hope nobody has lost more than they can afford,"?
ATB, FG
You understand it’s the civil servants who do all of the work? The ministers just sign the recommendation of the civil servants
Hebridean9 ref 12,49 IM does have a marine license the effect of lodging an appeal is not to invalidate the license or suspend it. The license remains in force until a Court issues an order setting aside the grant of a license.