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Hi Speedy no i am not one of those nasty protesters - just read what they saying on facebook. Been shareholder since late last year. Unfortunately loaded up alot early in year on spike sold half and still have half, down 6k 3k of which realised. Want to believe JW will deliver but it is a difficult hold when deadlines keep getting missed and information is sometimes misleading. Hopefully my overweight Rockrose holding will help offset losses. Dont know ins and outs of whats going on with marine license protesters claim new protection zone and stricter laws since draft issued hope costain and JW have taken this all into consideration and that clarification re Marine License will be resolved soon then i think it will be full steam ahead. Good that we should be ok for refund of grants. I was hoping we would have had more news on equity investment i guess offtake needs to be finalized first.
https://www.parliament.uk/business/publications/written-questions-answers-statements/written-statement/Commons/2018-07-24/HCWS926/
In 2016, the government guaranteed funding for UK organisations in receipts of EU funds where projects are agreed before the day the UK leaves the EU. The guarantee is designed to apply in the event that the EU does not meet its financial obligations after EU Exit and provide assurance to current UK participants in EU programmes or those considering bids for EU funds prior to exit.
The government is continuing to work towards a deal with the EU and under the terms of the implementation period the UK will continue to participate in the programmes financed by the current EU Budget until their closure. As a consequence, the Treasury is extending the government’s guarantee of EU funding to underwrite the UK’s allocation for structural and investment fund projects under this EU Budget period to 2020. The Treasury is also guaranteeing funding in event of a no deal for UK organisations which bid directly to the European Commission so that they can continue competing for, and securing, funding until the end of 2020. This ensures that UK organisations, such as charities, businesses and universities, will continue to receive funding over a project’s lifetime if they successfully bid into EU-funded programmes before December 2020.
Noodlesoup.....I can see why you are disappointed with the level of information on the Marine Licence.............we were led to believe that was a done deal over 10 months ago and yet the statutory public notice of the marine licence application has not yet even been published in the appropriate newspapers......and that is only the BEGINNING of the legal wrangling process.....as far as I am aware there then follows (possibly very lengthy) objection/representation/appeal/decision process(es) !.....which are sure to involve local activists and even members of parliamentary bodies.
Also, again as far as I am aware, as well as no Chairman, there is not yet even the promised 'environmental specialist' in post (.......or even advertised for)....surely the main reason for having that person (as well as monitoring during construction works and ongoing operational monitoring) is a smooth transition of the granting of the marine licence.
Am I selling any shares?..............No !..........but lets have a bit of realistic expectation management and less fobbing off !!
Why tell shareholders we will get the 1.6m from EU within 8 weeks and then provide no explanation for sometime later this year. JW seems nice bloke but think he has been misleading shareholders. What concerns me is if leave EU on 30 October will the project still be EU project of common interest PCI. If not are the EU under any obligation to pay INFA anything including 1.6m and SNIP grant. Surely EU just stall until uk no longer a member then not pay. Cant see UK government contributing. JW also has not made clear current funding situation must be running out of cash soon. All very disappointing.re Marine license RNS implies all proceeding ok but protesters saying Daera spoksman told them all submissions have been returned to INFA as they require further updating . Not sure who is right re risks concerning getting Marine license which i feel is biggest issue holding back shares. No marine license may also be holding up offtake/equity discussions. Lots of over promising and under delivering and future very unclear.
No pain ---good points .they all need clarifying ..soonest ...as stated earlier am sure that JW and Co are beavering away trying their level best to tie all pieces of this interminable Jigsaw together with one mega deal for all 7 caverns but everything to date has conditions ,if's and but's ......confused .com indeed ..BUT still consider the team very capable of sorting as do many other Buyers in the market today !!
Snowman100,
It pains me to say it....
best summary of the day.
Although I desperately want to, I can't find much to be happy about in the RNS.....looks like the market isn't too enthused about it either.
Wed July 3rd 2019…‘(Alliance News) - Infrastrata PLC said Wednesday it has started the next stage of progressing the Islandmagee gas storage facility in Northern Ireland, with funding discussions and a refined construction strategy.’ have I missed something here?.........sounds great but wasn't the funding ALREADY in ADVANCED discussions months ago?
RNS 17th April 2019.. 'The Company undertook discussions with potential debt providers during Q3/Q4 2018. The Company is pleased to announce that it has now received indicative terms from two banks. ……. The Company believes that is now (i.e. at April 17th..... we are now in July!) in a strong position to negotiate the most optimum financing structure between the potential equity partners and debt providers.'
Also, I don’t like the wording of the following….. ‘Following the entry into a binding term sheet with Vitol SA, INFRASTRATA WILL DRAFT AND SIGN a gas storage agreement, that will be based on the binding pricing and capacity terms agreed in the term sheet signed in June.’……..How about VITOL signing it also ?....... by stating INFA (implying only INFA) are signing it, that infers it is VITOL who wants to lock INFA into the deal not BOTH PARTIES wanting to lock in the other ……it suggests it is a fabulous deal for VITOL and hence, not the best possible for INFA ! …… Hopefully it is merely a poorly written description of what is actually occurring.
Plus....I was under the impression that the 1.6M from the EU was absolutely nailed on.....
RNS 19th April 2018
'Once the Placing completes, the Company will have achieved the milestone of raising sufficient funds for the FEED to match the European Union Connecting Europe grant, enabling up to €4,024,000 of grant funding to be accessed by the Company, of which €1,600,000 has been received in cash by the Company and is currently held in escrow pending release against verified FEED expenditure, with the balance to be paid in instalments after satisfactory completion of each FEED stage;'
That was well over a year ago....forgive me if I'm wrong, but isn't this the same 1.6M that we are still waiting for....and if it is ...how about the rest of the 4,024,000 we were promised?.........are we no longer getting that ?.....surely we have done all we were tasked to do to receive it all?
Confused.com.
I expect I'm not the only one confused by all this.
crl123 - As an accountant who has had to deal with an EU audit & someone who has worked in the offshore oil industry & have been with this share from the days of being in 'the last chance saloon' I totally agree with the sentiments of your post.
said about all there is to say in their 9(ish)am posts this morning. The state of slippage is practically endemic now. Extremely disappointing.
A matter-of-fact update. The way it should be. With a bit of enthusiasm from JW which is important.EU info re. External audits not bland at all. Anything else would be misleading.It says the truth as it stands. Can’t spice up auditing. Very to-the point RNS which says it how it is with no misleading frills. Disappointing to be on a loss but it is a waiting game now.
Convertible debt is at Project level not P.L.C. - that is a BIG difference and a positive.
Damned if you do, damned if you don't. While what we all wanted to hear was Equity funding partner confirmed, EU Grant in the Bank, these things clearly take time. This is a huge investment and complex deal. I can see why if after a short term gain you may be disappointed and wish to take your cash elsewhere or this may rattle confidence, but I think for LTH's this hopefully shouldn't change a thing other than an opportunity to top up.
.....At least I thought I did ...I was looking forward to confirmation of the lovely jubbly in the bag this week from the E.U. Despite the rather bland announcement in today's RNS about this I still consider JW and colleagues to be the right team for us ..just wish they would find the correct Chairman soon and attain some cost effective personal help to keep all those plates on sticks in the air !!
WHilst being very disappointed indeed today on the premis of "If the fundamentals are right,when all are selling, buy in and take the plunge" I have also added as according to Allenby Capital in March with the current spend so far on the project being in excess of 20m then the Mcap should be twice what it is ! DO check out their report and valuation.A good read for those having sleepless times.
There will be a lot of small investors whose confidence will have been knocked in the last few months and whose holdings will have been bashed (yes, the news re Vitol was indeed transformational for the worse indeed").today's News has not helped sadly and much has to do with the current political malaise IMHO.
Thank you Mr T, everybody has their own entry/exit points and there may well be many 'under water' so to speak here at this point, baearing in mind where the share price was a few months back. I have been in this share for many months now and have entered at various price points. I have been reading yours and many other's comments with great interest, amd watch JW's interviews keenly, although this is the first time I have posted. I understand people's frustrations with the share price falling, but you take the rough with the smooth. Everybody is entitled to their own opinion. I hope to go to one of their investor meetings in the future. DYOR as they say...... DH2
Diesel
Your last comment re the stock market is absolutely bang on. The 8m valuation currently is a joke, it represents the funds already put into the project which wild be considerably more than 8m probably circa 14m the last time I checked. All remember this project is worth 265m in total in which Infa will hold a share, which will certainly be well north of 8m or 14m
As Diesel says patience required and the downs will be followed by the up's and it was vice versa?
Mr T
Have to agree with negative sentiments. Very disappointing RNS which was bound to hammer sp. JW’s unrealistic expectations now coming to haunt him. Very concerned that no Chairman has yet been appointed, sound experience and guidance at this critical time would not go amiss.
Yes, it's unfortunate that the EU grant monies are not here yet. C'est la vie!
I have no reason to believe that they won't be paid in due course. JW has commented on the marine licence and other important issues and updated us. I think the rns has been worded in a professional way. Rome was not built in a day. Only put money into shares if you can afford to lose it etc etc.... I have belief in this project, JW and the team. As the saying goes, " The stock market shifts money from the impatient to the patient". Keep up the hard work JW and team....
Either on asset value, eps or potential. Mirrors are cheap and smoke is indeed free but value is placed on future earnings......look at Tesla and uber as extreme examples. When, and I believe it is when, this project delivers, 8m will be petty cash.
£8m for what exactly?
Mirrors are cheap and smoke is free
But a market cap of £8m..........!
To be honest I think the RNS this morning was disappointing and continues the trend since the turn of the year. Deliverables expected at the end of 2018 were postponed in to Q1 and then H1 2019 and now appear to be hoped for by end of 2019. Trust has been lost on commitments being met and the market is unforgiving, particularly in non revenue/cash flow generating businesses. Why say EU grant monies expected within 6-8 weeks when we're now in a position where we hope to get them by end of 2019, and sounds like there is a risk we may only get some of it or none of it. Delays have been put down to new interested parties and the opportunity to secure better deals to maximise shareholder value. On the contrary, I'm currently sitting on a not insignificant loss at the moment not to mention a lot of missed opportunities for my money elsewhere. I will continue to hold as I just about retain confident that JW can deliver and it will come good, hopefully in H2 2019, but feel expectations have been badly mismanaged so far this year.
I'm glad I'm not the only one that sees this update as a major negative news, otherwise I'd be really worried about myself - or maybe about other posters!
What I dislike the most is moving the deadlines yet again, sometimes in a very stealthy manner.
EU grant that was supposed to be recovered "in 8 weeks" 8 weeks ago is now scheduled for "later this year", without a sniff of explaination.
Careeres page, initially scheduled for May/June is nowhere to be seen and doesn't get mentioned anymore.
I think everyone had every right to expect new Chariman and the funding deal to have been announced by now.
And don't even get me started on FID "by the end of H1".
Yes, some of those delay could have been for good reason, but only the board truly knows what those reasons were. All the market can see is a worrying pattern of missed dealines and continous delays, sometimes presented in a very stealthy manner.
The project might be good but the execution leaves a lot to be desired and communication is beyond amateurish.
Group,
I agree but others have been requesting an update, now I don't think that posters requesting updates has any influence whatsoever on the company issuing RNS's but you have a update? A neutral balanced update, things are moving along be it at a slow pace as is the norm for these projects.
The only negative was that we have to wait a little longer for the EU grant which is annoying and probably why the sp has taken a dive this am? I am however certain these monies will arrive.
I hope to see a much better and more positive second half to this year as far a sp is concerned providing no unforeseen delays we should see a steady climb in the near future in anticipation of the newsflow to come.
Mr T
Using the words ‘convertible debt’, was always going to make investors run for the hills.
It’s a big project and JW does seem capable.
However it’s been a very tough year for shareholders , hopefully John can turn things around before he looses credibility.