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MaryBr190,
It's a bit of a stretch to bracket INFA with RR!
Even I didn't expect the inevitable placing to be as low as 30p. Who will buy this cr@p, even at 30p? As I posted a while back, if they manage to get this one away, it will be the last. INFA has just about run out of road, without the ML pronto and some semblance of a decent, profitable contract for our glorious shipyards.
Doubtless there will be enough in the kitty for the next round of bonuses, though - cheers!
It’s one hell of a discount; losing faith in INFA board now but will ride it out nevertheless.
All be good in the end. SSPG at 184 RR. at 32p and look at them now.
Joe, I sold my holding at that time for 32.
Hi All,
Not great news at all.
Have said many times recently that fully expected this, but to do it at 30p is, as Roly says, a slap in the face.
Have to say am very disappointed with this
TheEast
I have added and will take up the rights. We all expected this from a few weeks back so tuck them away.
IMHO
Not advice.
GLA
11:12:45 32.00 25,000 8,000 .............IS A BUY
Fully Agreed ...am dismayed ..For Once ..Hat well and truly eaten !! I suppose JW s trying to build up the Company to be a significant player in Shipbuilding ad Wind Farms ..but clearly at the expense of the small investor .I never thought that we would see 30p so soon.The earlier II's will be interestingly surprised too IMHO of course .
The Board are a total joke should just resign
Glad the last placing lined the pockets of the directors instead of going towards furthering the business. They've got another thing coming if they expect any investors to take up shares at 30p so soon after the last placing. They'll be lucky to have any shareholders left at this rate.
for shareholders, a placing at 30p !!! Given the boards remuneration it is a real slap in the face.
Placing and OO.
RNS OUT
Stokey,yes good progress there
Morning post from JW on LinkedIn https://www.linkedin.com/feed/update/urn:li:activity:6795242626938351616/ looks like progress at Methil.
While unlike BlairPeach I neither think that the move by the BoD into shipbuilding was a mistake or that the ML and the wider IslandMagee project is needed for the future of INFA I do have a concern that I hope someone on this board can address. The rhetoric from JW about the level of ship repairing contracts that H&W can expect and the timing of this work is not being met by what I am seeing on the Belfast Harbour website. Although there are ships berthing for 2 - 3 weeks worth of repairs the gap between one repair job finishing and another starting is 1+week. This does not seem to match with the statements about the level of enquiries that are being received.
As with others I am confident about the mid - long term future for INFA and that view is not dependent on what happens with the IslandMagee but the BoD needs to be more upfront on work levels as they eroding trust.
Certainly there's a lot going for infra med/long term imho
IF the ML is approved by the NI government, INFA has a host of companies interested in their cavern capacity both from an equity and debt perspective. There are some big names in the mix, Vitol, Fluxys, Shell and others. Its the hydrogen stupid :-)
Back costs will be recovered and I expect some kind of farm-out process where INFA get a carry for eg 20-30% of the project. I also suspect they will have to give up their position as Operator and Developer as this will go to one of the new equity parties with the experience; this is a good thing as despite the appointment of a very experienced project manager in Mark Jessop any major will want control over spend, construction, schedule and regulatory aspects.
The value (NPV) of this project dwarfs anything they have have thus far achieved from the shipbuilding side. This is what will shift the share price from its permafrost.
Chitta123- INFA will be getting revenues from the build and project management, also JW always stated whatever deal, INFA would get back the Circa £15m spent and a % of the equity.
Just seen this from the Belfast Telegraph https://www.belfasttelegraph.co.uk/news/uk/new-flagship-vessel-should-be-built-in-belfast-naval-architect-40380038.html. If this gets the go ahead then it would be a feather in the cap for INFA. The fact that the architect is saying that H&W can build it seems to imply that H&W could build the HMS Prince Philip.
The idea, I thought, was always to farm off equity stakes in the IM project to potential funding partners and Infa would then get income from managing the build and the running of the caverns.
Anyone thought government might fund caverns set up,its in their interest isn't it ,can they fit (by size I meam) the contrustion of the new royal ship into Appledore? ,H&W won't be a problem i know ,more contracts for wind farms for Scotland and Barrow?,plenty of orders around atm I think ,let's see..
The company cannot survive on a few ferries rolling up for maintenance.We have a contract in place starting in july and the hope of an update before the end of H1 on the circa 360 million contract.Grants are available but infa will have to secure capex for any large contracts and selling a plot of land at Appledore doesn't cut it for me.It's my view that government has had an interest in the salt caverns project right from the get go which makes sense as it would be part of energy security for the UK.How much would infa need for big contracts across 4 shipyards? Significant from my understanding and even a money raise might not be sufficient.Raising some capital from the gas project would be the most sensible path forward in my view .The gas cavern project won't bring any revenues for a while and infa has to justify the procurement of the shipbuilding assets..Time will tell and I'm only sharing thoughts.
Avyererdowt In relation to your 20.38 post of yesterday it is not necessary to sell the whole of the IM project to raise the finance for the project. In fact the way INFA is structured I am sure that is not what is intended. If you recall INFA has two operating divisions. One for the shipping companies under the Harland and Wolff brand. The other is the energy division which contains the IM project. With this structure you can create a subsidiary company within the energy division and shares in that company could be sold to raise finance without diluting the shares in INFA.
I note that it has always been said that finance will be at project level and I think what is described above is what is meant or some variation of it. It is also probably what Chitta123 meant in his 13.28 pot when he said 'It's my belief that the gas storage project will be partially sold off'
Avyeredowt In relation to your 13.36 post you could be right the reason I had in my mind is this quote 'Jake Berry, who is chairman of the Northern Research Group of MPs, has called for HMY Prince Philip to be built by Cammell Laird on Merseyside.' which came from the Sky News report on the matter together with the price tag of circa £200m. So there will be some heavy lobbying from MPs on it.
Thinking about any major contracts it's clear we need more than a few million in the coffers .It's my belief that the gas storage project will be partially sold off to give infa the cash cushion to enable them to take on these contracts.The ML as I have suggested before is dependent on something other than government approval and that other matter I suspect is overdue and was expected in the first quarter with a quick announcement following on thereafter.Q2 is definitely my expectation for the marine licence probably more June than May and newsflow coming thick and fast from then onwards.Sp is being kept controlled in my view until the ML positive decision is announced .The contract starting July is doable with what infa has from funding although a money raise is not out of the question.All in my opinion of course.