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Amazing droderick that you managed to reply to a post I never wrote.
You made five points and added two paragraphs none of which addresses my post or my feelings.
I made just three points as follows : 1. That I consider the primary bid a dilutive wheeze. 2.That when they were in the recent open period the directors buys were not impressive. 3 That what we investors need is some positive good news about IM.
Isaid nothing about pessimism, or the directors paying for anything out of their own pockets, or anything else contained in your five points.
Setanta
Exactly the three points you make are very relevant. I would add one further point, why have we not received the 1.6M we are due from the EU.
These funds are overdue, well overdue.
I think all lth should hold on at the minute, I can see a period of good news here on all fronts I,'m just a little impatient now. Remember it's been nearly 12 months since JW told us that a new financial backer had come to the table with a very good offer re the IM project. Since then we have had no further details on this whatsoever, why?
I belive this all has to be wrapped up in the next 5/6 weeks if FID is to be achieved by end quarter 4.
So I for one will be waiting and expecting a rich vein of newsflow over the next few weeks, and I also expect the EU money and a new Chair in position.
JW over to you.
Mr T
Dear Setanta,
1. Primary Bid is just one short run mechanism and I don't see anything wrong especially given that a £5.5MM raise has a more dilutive effect. And may I add, all for good reason.
2. Not sure why the BoD have to show their commitment by constantly being asked to but shares. I was referring to your implication more than anything else. The expectation is for them to work their socks off and also bring personal financial resources to keep us happy - that's unfair.
3. I laid out in earlier posts the milestones that the BoD have achieved on IM. The milestone for the ML was achieved on 31 Oct and confirmed by DAERA. It is now in their court - what more do we expect?
I am certainly not trying to single you out for criticism. That is absolutely not the intent. All I am saying is that there has to be a degree of reasonableness. The trouble I am seeing is that the frustration of the last 10 years is being boiled over onto this BoD, who are doing the best they can and more, in these very difficult and uncertain times.
Hi Droderick
You have been a voice of reason and have prevented many from throwing the towel in with infa
Everyone’s perspective is obviously going to different depending on when/what price they entered.
To comment on some of the points you made;
1. Primary Bid is an easy lever for companies to raise, if its for good reason then perhaps it is justified but what if it’s to satisfy the latest whim of a ceo who can’t concentrate on one thing at a time. There might be a plan to join up the projects and extract synergies but that is granting someone a lot for whom has yet delivered nothing.
2. Current Shareholder alignment, it’s a tick box many shareholders look for. Not Past shareholder alignment !!
3. What the bod have delivered is by far outweighed by what they have failed to deliver.
As I said earlier everybody’s perception will vary on where they entered. I’m down after averaging down considerably on multiple occasions. I shall not sell but I will not buy until JW can proof that he can deliver, back what he says with a financial commitment or show he isn’t another aim muppeteer who has a vision but just needs another primary bid hit to get things started.
Dear Longlad,
Appreciate your views. Given that we don't run the company on a daily basis, we are not privy to the intricacies of the daily grind. We can only, at best, try and join the dots and make sense of it all.
Couple of things come to mind. I don't think JW is adopting a scatter gun approach. He is aligning projects that link up with each other. The current team have experience in energy infrastructure and running operations like H&W. So I think they are playing to their strengths.
I actually agree with the whole strategy of creating a portfolio of assets and not just trying to live off one. A number of fellow LTHs have asked why not complete IM and then venture into something else.
The trouble that I see with that argument is that opportunities don't wait for anyone. If one exists and fits into the overall strategy, we should go for it. To be fair, that's exactly what JW has done. By doing so, he has not jeopardised IM's position, rather, strengthened it by creating a bigger, stronger and more tangible balance sheet.
My view is simple: this is currently a non-revenue generating company. H&W has the capability of generating early revenues and making this company self-sufficient financially. There is no deviation of focus and both IM and H&W are aligned. I therefore think that despite the short term pain, the returns will be very good. For me personally, I would rather have a small stake in a £500 million company than a large stake in a £6 million outfit.