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I really hope that my fears over Islandmagee are unfounded...
I cannot understand what has been happening at INFA this year.
that this ,( the placing and the rescue of H&W ), may fail or be rejected by the shareholders.
There was no reason to rush ahead at this point. Infa has a backstop date until the beginning of January 2020. By that time the Islandmagee FID is scheduled to be completed.
The proposed contribution of the executive directors to this nonsense is ludicrous and probably represents less tha a couple of weeeks salary.
Bear in mind that INFA is going to fund the ongoing costs of H &W which will eat up at least £1M of the monies being raised.
Note too that the mention of the 10-15% saving on "projects" has been dropped in favour of something unspecified.
WE DO NOT NEED H&W NOW. Lets get on with the Islandmagee project and when the FID for that is completed the BOD can turn their attention elsewhere.
Dawski,
I assume the board cannot announce any contract etc re H & W until they own it!!
Then and only then can they issue any contract news.
Mr T
Will bring this together. That’s all. I also have a lack of patience. Normal. Large 5 figure loss. It’s not gonna be any clearer for at least 4 weeks. Then longer.
That the Directors have not been taking out anything like a fair reward for 6 months ..accepted that today is NOT a god news day and maybe they should not be rewarded for the huge drop in SP this year at all... but hang in as H&W is full of promise ...if only the BOD will announce some detail on it's actual prospects in the development of naval and other contracts and enterprises.As you all are saying some meat on the bones needed .£20K contribution is a token considering that we are NOT employing "Fat Cats" here ! ...IMHO of course.
Got one aspect correct here the sp is hanging around the. 030 mark which is what I expected, otherwise a bookbuild will be a pointless exercise.
Let's see what the outcome is at the end of play.
Mr T
Very well put Loosegoose....I'm a LTH with a small amount of AIM experience and a paper loss greater than JW's total investment in the project(s) he's responsible for; loss of focus or is he diversifying to try and find an escape route?
that if the present directors can only be bothered come up with £ 20,000 then they too are somewhat skeptical of the future.
Not much news from the original "core" project of salt cavern gas storage. No specific details on the marine license progress. Much news on H&W, FSRU, Eu "non-refund" for FEED etc. No news on the "core" project. I invested in a gas storage company. FSRU, ok. H&W might be an enabler to reduce construction costs so , ok. I didnt really want to be in a shipbuilding stock so unless something moves in the coming weeks on the marine license and the gas storage business I invested in, I might have to re-think whether there is a "super-plan" or whether we are grasping at straws.
To be honest- the way government are speaking (UK Ships built in UK Yards) the demand for the business will be far higher so resale will be multiples of the price we are paying and JW is probably fully aware of that.
Agreed Tango no point in selling at this juncture in any case. This in my opinion is the float of a new company ie H & W which is much larger than the old Infa so it depends on how the markets view it. I'm surprised there isn't a trading halt but I belive the sp will stay around the. 3 mark today otherwise the book build will be pointless when you buy in the market cheaper.
So a bold move by JW if it comes off we could be looking at a multi million pound company one day if as you say all the ducks line up.
Crucially though once the placing is done I will be looking for multi million pound contracts rolling in at H &,W that could be the only reason for taking this on and indicating that a ramp up in workers is coming.
Mr T
Also a lot of Business if they can pull it off!
Will it work? . Markt cap 5.0m, trying to raise 6m! Eye watering dilution. Glad I bailed on Friday after placing rumours albeit at a 500 quid loss. But lets hope they do get it, as H & W now seem crucial to the future plans.
Morning Mr T, I will ride the last wave to see where it takes me, I will await the letter and depending on the days inbetween as to wether I build on my holding or not, Still potentially a lot of news to come in other areas not H&W, But the ducks need to line up pretty quickly. IMO
Surely a good move...linked to IM project maybe permits are a done thing...relationship with Vitol and there Companies who use fabrications, future works guaranteed by government? Something that will save money in the future and bring money in...Future chairman could be the key to all...
If the twitter lot know about the rns first leaky ...
Morning Tango
This is a huge move from such a tiddler and will either be a company changing one for the better or a huge mistake. The clue will be in the book build result if they get the cash then a very good sign if not what then. I think we have to see it through now because if everything does come together then as I say we will have a very different beast here.
Poor fayre though that everyone knew about this before the shareholders!
Mr T
I think most people are taking Mothers advice- Nothing good to say-"say Nothing". Atleast the BOD are putting £20k in doesnt cover my losses but hey ho only £5.98M to go. Lets hope we look back in a couple of months time and say it was a strategically good move!!
0.62 WHY NOT RAISE at 0.50 then poor show as i said im not investing no more let it roll what i have .Good lucks longs , We will get a few traders now so for a few weeks be difficult if im honest i cant see fid by year end
vitol back us ? Says a lot if they wont . Im in now to the end . Yes they have to raise money but not so long ago i sold a batch of these at i think 0.62
What a joke buying a yard with no funds no trying to raise 6 million now . Poor show wont affect my life . INFA IS LEAKY the sell of began couple of weeks ago . They raise 6 million how do they run it as i said poor show
Difficult to find anything good in their, not a sniff- turning the PC off! Riverfort....
Will be looking for JW to confirm H&W has been incorporated to provide synergies and not a pivot, that would be a kick in the nuts if not.
For anyone not have had the pleasure of dilution before, IMO expect a massive drop tomorrow, I saw 10% mentioned earlier (good luck with that!), But day traders usually arrive trying to sniff a trade from the carcass so that might be an exit opportunity as opposed to 7am when every man and their dog is calling for JW's head and hitting the bid.
Think I'll sit it out, the press ran the story last time do perhaps some momentum can be built.
What a year.