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I read your posts back then with interest and considered leaving at the same time.
I didn't and here I am. An absolute dog of a share.
stokey12,
Perhaps I am arrogant, but marking to model, as opposed to marking to market, is what got the world into its current financial mess.
If there are no buyers, what is the value?
BlairPeach Ref 21.37 post I must say it takes a certain amount of arrogance to think that your view of the value of H&W should be preferred to that of a professional valuers. For any lender to accept the assets of H&W as collateral for a debt facility they must have been satisfied that the total assets were worth more than the amount being loaned.
Respect your opinion but disagree.There are things going on behind the scenes in my view that we have little information about.Obviously the sp is dismal but share prices don't always reflect the reality and there are other pressures on share prices other than market sentiment.Let's see what unfolds over the next couple of months and revisit the conversation.
The PM’s big speech on levelling up yesterday was very thin. The only spending commitment was £50mln on new football pitches. A government supported national shipbuilding revival seems a very distant prospect indeed….
“ Boris Johnson’s flagship “levelling up” speech has been criticised by experts for containing scant new policy as concern grows among Conservative MPs that the guiding principle of his premiership risks becoming little more than a soundbite.
Two years after first committing to levelling up, the prime minister travelled to Coventry to deliver a freewheeling speech heavy on rhetorical flourishes but light on detail, and urged local leaders to send in their own suggestions…… some MPs are beginning to worry about whether the plans have any substance.”
though i can see many are waiting to jump back in. well well below placing price
We need to know why po**** and beardmore initiated the change of board and at that time there would have been a plan in place hopefully that plan is about to be revealed.
Stokey12,
You are rather missing the point - and not for the first time. You seem to have implicit faith in the "revaluation" of H&W Belfast; if/when it fails again, for the umpteenth time, do you really see anyone paying anything like £6m for a junk-yard? I stated at the time of the "acquisition" that the value of the yard was as scrap; having seen the size of the big cranes up close, I shouldn't wonder if the cost of dismantling them exceeded their scrap value - they may never move again! Doubtless the leg-breakers did their due diligence prior to offering that usurious debt facility, but I wouldn't be writing that yard as £2m of collateral.
Have you seen the state of the place? It is full of rubble and junk and appears derelict. There are big plans to re-develop Belfast's so-called Titanic Quarter and maybe, just maybe, something is afoot in that regard.
As a shipyard, it is as dead in the water as it has been for much of the last 50 years. No-one has yet been able to give me even an inkling of the special sauce that our genius BoD is bringing to the table, to succeed where so many previous, more capable and experienced, figures have failed.
Mcadder,double your money from here
Hi - I am not a shorter. I was a big long, now I’m a much smaller long, I resent selling my remaining position here and would now rather see some kind of shareholder action. I hear people talking about shorters. I think it’s very hard to do any meaningful short selling in a micro cap stock like this, where there is no liquid market in borrowable shares to short sell. You can sell a few on CFDs but it would likely be quite small fry. I’d be surprised if short-selling was the issue with the share price. More likely there’s just a big unwind of old buyers like me and those who participated in one of the earlier new issues (guilty) who have woken up and smelt the coffee or done more research. That and a total lack of any positive momentum in the business or price. I am posting here to exchange points of view for Infa and registered on LSE to do so. I may well be wrong in my assessment. In some ways I hope I am. I’m always listening to other viewpoints. Final point: I see a lot of people questioning motives of posts on here. Maybe that’s what some people do, but I think they’re wasting their time: in my experience these message boards have a much more limited influence on the share price than people realise. When someone posts a genuinely new piece of material information here (rare) that is picked up by large investors then maybe it could move the dial. But punters like me screaming “this is rubbish / brilliant” is just noise.
If a Killick decides to sell a few million shares it will move things, but message boards won’t hardly ever feature in their decision making. If I thought my posts could change the SP, then I’d start talking bullish as I have several grand at stake!
That is BC,(Before Consolidation), todays price would have been .18p. And I was derided when I posted that it would never reach .53p again. I didn't mind the derision. I had just lost all faith in the BOD. Never agreed with the HW buyout. I felt they ought to have stuck to the storage project. Sad to see what's happening. From the beginning of the HW era INFA was always dependent on a government handout. That all probably changed when the government ceased to need Unionist Party support.Double sad to see!
"He definitely wasn't here for the shipbuilding."
How could he have been, as he left seven months before H&W came into the picture.
The second installment for the Appledore acquisition is due next month.
This could put the share price under further pressure assuming the vendors sell the £300,000 worth of shares that will be issued to them
'Tranche 2 on the first anniversary of Completion of £1.50million:
A total of £1.50million consisting of cash of £1.20million and Ordinary Shares in the Company equivalent to £300,000'
" I am still convinced the ML is a done deal "
maybe it is and the SP is reacting to what the implications of that are...in relation to the "pool of investors"
" Subject to the outcome of the determination of the marine licence , we will seek to engage more actively with our identified pool of investors with a view to agreeing project level investment and equity terms with them and proceeding to Final Investment Decision ("FID") in the next few months. " RNS - 19th Apr 2021
So...to finance part/all/first stage of the project are they preparing to issue Equity to the "pool of investors " ??? ...
Iamsailing
Given the various works and projects on the go and working capital needs ...I doubt it is possible to know "exactly" whether they will paying more working cash out than getting in.by that year end date ...but...in the great scheme of things...I dont actually think that matters .... simply because ...a lot of the work being done is necessary ... and ..in many ways..the sooner it gets done...the better in terms of being able to attract client work
I dont think it is actually something to get too bogged down in.... the bottom line is a loss...but .. you have to assess whether that use of funds has been good for the mid-term benefits of the company and its on going objectives ....
Few companies can expect to be getting good strong revenues before they have built up the infrastructure etc necessary .... it always tends to be a slow start on revenue ..until what you have to offer is more fully in place ..which of course takes time and money...
Poker - absolutely right, I misquoted and should not have relied on my memory of why I originally though it was a weak statement. But now I see the actual phrase again, I remember why I was so suspicious: the words are very selective. ‘Annualised’ means they could be breakeven (in cash terms only) for a very short period, perhaps a month and maybe even less and still claim the target was hit. Given the lumpiness of the cash outgoings and incomings that should be easy to fix and wouldn’t necessarily mean anything positive in terms of financial health. It sounds to me like a slippery target from a slippery and desperate management.
Added some more at 18.25 I think we are pretty much looking at the bottom of what has been a fairly severe but justified drop owing to the lack of material progress to date which has been taken full advantage of by shorters.
The ML delays always smelt wrong.in fact I am still convinced the ML is a done deal..I wonder if all this has been set up for the gas caverns for someone else to step in and equally someone to step in for the shipbuilding assets .The sp is being walked down and I wouldn't be shocked if killik are behind who is to take on the gas storage project.This is why I think our previous chairman Mr Lyons was in place to set up the gas storage project sale.He definitely wasn't here for the shipbuilding..Any thoughts on who will be a good fit for the shipbuilding operation and related assets.
" The management saying they ‘expect’ break-even on an ‘ongoing basis’ by year end is empty guff."
Iamsailing
They have actually said : " annualised cash break-even position by the end of the current calendar year"
cash break-even is not, of course meant to mean "bottom line break-even" ..a totally different scenario which they have not alluded to
It is important not to misinterpret what they have actually suggested ....
Looks like it is becoming popular
https://www.reuters.com/business/sustainable-business/sse-equinor-plan-store-hydrogen-uk-gas-storage-site-2021-07-15/
BlairPeach In relation to your 12.48 post I would remind you of the terms of the February 2020 Asset Based Loan Facility as they do not seem to me to suggest that Harland & Wolff are over burdened with debt. I believe that this is what you were trying to imply by the use of the words ' Belfast is hocked.' The terms taken from the RNS are 'Under the terms of the Facility, Harland will drawdown the sum of £2 million immediately and the proceeds will be utilised for working capital purposes. The Facility is for a term of 24 months with the principal amount repayable as a bullet payment at the end of 24 months from the date of first drawdown. The Facility carries a coupon of 13.2% per annum, payable in equal monthly instalments in arrears. The Lender of the Facility has a first charge over all the assets of Harland. At the end of the 24-month tenure of the Facility, there will be an exit fee of 4% payable to the lender. Belfast-based Whiterock Capital Partners LLP advised Harland on the structuring of this Facility.'
You will recall that the assets of Harland & Wolff (Belfast) were revalued after the purchase to circa £6m. In other words three times the amount of the loan facility.
Nobby31,
"I’d happily take 40p right now from someone that can fund the company and get the yards operational".
I cannot imagine anyone would take these yards, even if they were free. They will never turn a profit today. Remember Belfast is hocked, too...
Shane not to add another 10k gla..
TheEast,
There has been radio silence because, every time JW posts something on social media, it gets called out for the obvious BS that it is, usually on here!
Prior to the last placing, I posted in April that the next raise would be the last; as stated by Iamsailing, INFA has simply run out of road. An immediate granting of the marine licence and some very canny funding negotiations are our only hope; having seen first-hand the state of H&W Belfast, I am more incensed than ever at the Turkey Twunt's trousering.
Clearly alot has happened here since I decided I got fed up with the gas storage project and endless capital raises. How did the board decide to buy into ship building/repairs etc?
For listed companies in general, exactly how many years( decades in some cases) of capital raise is considered normal before anyone asks, what about making money in the businesses rather than making it by continued placings etc?