Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
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Trying to put all this into some sort of perspective I've had a re-read of the July 4th Strategy Update and find that maybe I was focusing on IM a little bit too much. And if I'd kept in mind JW's stated, "wider strategy", I may not have been as supprised at the direction we have taken. He sets out quite clearly that the company was looking further afield than just IM as a sole project and was already in talks with potential partners and asset owners for new projects meeting certain criteria. Namely:
· UK mainland gas storage projects to complement the Islandmagee Gas Storage Project.
· Floating Storage and Regasification Unit ("FSRU") projects in the UK.
· Existing operational and revenue generating gas storage facilities within the EU.
With projects already having been found for all of the above and were even then, in discussions and doing their due diligence.
Obviously, no mention of buying a bloody ship yard at that point. :) But, that may turn out of be a good move in project savings and further income. Along side the stated objective of receiving income from construction and operational management and a return on retained equity in any of the projects.
Although, at that time, he was expecting to fund initial costs of these projects with a mix of the expected, "cough", EU grant money and back costs on IM being reimbursed on completion of FID. No FID = placings galore, meanwhile.
So, we are here. Stick, Twist or cash in....
Voicing an opinion is one thing and constant criticism with real no justification is another.
Sorry Setanta, you really need to take a hard look at what JW and team have achieved thus far Vs what the company has achieved from 2008 till 2018 when JW joined.
Your criticism is not voicing concern, it is venting of your frustration. I get this completely as a LTH like you. But there is also a huge floodlight at the end of this tunnel which, surely, you can see.
Based on the response to the two RNSes today, this makes me wonder who the adults are in the room.
Let us take it case by case. FID has been delayed by 3-6 months. The fact that JW and team inherited a basket project and have taken it to a bankable stage seems to have been all but forgotten. I am seeing a lot of links to the ML project website that DAERA have set up but I don't see any positive comments on the reports, the detail to which JW has gone into and the immense amount of data collected and presented to get the ML. If we think all this magically happened with zero effort, let us not make fools of ourselves.
FID has been delayed. So what I am reading is that where there is potential to retain a much larger equity stake in the project, certain LTHs would much rather we give up a massive majority and live with a tiny one for the plc. Is this even rational thinking? Would you rather have X% of a project or X minus 20%?
The comment that JW and team are behaving like cowboys is frankly derisory. They have also put money into the company and this is their full time job. They have no other assignment. They are invested in this company as much as we are. JW has lost his TR1 status and has been diluted down consistently. But clearly, he is doing this because he and the team love losing their own money - I haven't seen such an irrational economic argument.
On the issue of 20 million shares to a professional advisor, every company is bound by non-disclosure clauses for sensitive matters. If JW paid cash for services, we would complain, if he pays shares, we are complaining but wait - we still expect work to be done but for free.
Suddenly logic, good sense and belief have been chucked out of the window.
Can I ask all of us to take a breather over the next few days and reflect on the achievements over the past year? Let's not get hung up over one missed deadline when so much good has been achieved and so much good is yet to come.
I didn't say investors didn't have the right, I said I didn't understand it!
I didn't cite the tweet as a nod and a wink, I pointed out in hindsight it makes sense now.
Hi Spud, Just two things. I think investors have a perfect right to voice their opinion abot how a company they are investing is being managed. It isn't just a matter of "if you don't like something take your losses and go somewhere else". This letdown was shabbily and incompetently handled.
Now you cite our man's tweet as a nod and a wink. Very professional of him ! Go well !
Tony, there’s many a slip between predictions and actual election outcomes and I for one am glad that JW and team didn’t do anything in haste and waited for the results, probably weighed their options in broad daylight and took the bold decision.
The polls can be wrong, exit polls have been more accurate.
I'm just pointing out the tweet
But the Tories were predicted to win by circa 30 seats by pretty much all pollsters, so why would a few dozen more make such a difference.
Apologies, the ‘couldn’t agree more’ was in response to the tweet you shared Spud.
Couldn’t agree more. There appears to be a lot going on behind the scenes that we aren’t privy to. I repeat myself, they need this to succeed as much as we do. Let’s hang in there.
I agree loosegoose that not sticking to the planned timetable is unpalatable to all shareholders including me. And yet as professionals we come across roadblocks and obstacles sometimes and at others we change long-standing plans upon seeing new opportunities, as they did when they saw H&W and grabbed it with both hands. Why not offer the same consideration to this board? S*** happens, best-laid plans and all that. Equally, the tone of the RNS gives me confidence that they know what they are doing.
On how long they can hold on to info before releasing RNS - your guess is as good as mine. But I would assume that if we are relying on the professionalism of this team (and I suppose we are since all of us have our hard earned monies invested here) then we must have confidence that they are abiding by the regulations governing news release. They need this to succeed as much as we do. All project related decisions so far have been well calculated - they have managed what few others have. Let’s give them some time.
In hindsight this tweet was a clue
https://twitter.com/JohnWoo64494325/status/1205258659804176384?s=19
The large working majority must be the potential game changer
I have belief in the projects. What I don’t feel comfortable about is the way the news flow has been handled. I am sure JW knew before this morning that he would delay FID - or was it the vote in parliament that changed his mind - must have been fast typists if that was the case. How long can one hold on to pertinent information before RNSing? It still sticks in my throat that 18 months ago we were told all licenses and permits we in place. 12 months ago we were told there was a better equity deal on the table and he was passing over the first 3. I believe in the projects and it is the handling of information that gets me. It is as pure and simple as that.
From what I see in the project RNS, there is no doom and gloom scenario as reflected in the last many posts. JW has had a game plan in the past and everyone praised him when his H&W acquisition came through. Clearly the board have a game plan now too - how is it that LTHS can’t see this and stick with this board’s commitment to the company?
JW promised first revenues in 2019 and he’s delivered on that. We are likely on track to being a fully functioning company next year. I’m sure there has been a sensible discussion amongst the board members before this major decision of the delay to FID was taken. This may well be to our advantage guys - JW and team have delivered in the past and there is no reason why they shouldn’t now.
A bit of volume and interest on the chat board lol
I don't understand peeps who come on here wearing their heart on their sleeve.
If you're not happy sell, if you're happy hold or buy more.
This decision to delay FID is either a masterstroke that will increase shareholder value significantly or it is (like most seem to think) a delaying tactic ending in the demise of the gas storage project.
Good luck with whatever personal decisions everyone makes
Just an attempt to predict the future course of events. I think :
1. The IM Project will be killed off citing problems with protestors. By June 2020.
2.FSRU will never get off the ground.
3. H& W will be back in administration by mid 2021.
4. The institutional investors will start tojumpship by mid 2020.
5. If they haven't already done so sensible large long term investors should begin to talk to their brokers about how best to proceed.
Crl123. I'm liking your drift and wish to offer a more creative alternative with an engineering twist that JW might be more inclined to adopt.
First, RNS an award of new H&W contract, you know, to pique market interest.
The contract: To break down those huge cranes, which are unlikely to ever see shipbuilding duties again, to recycle into METAL Bitcoins. Issue another RNS: Offering for individually hand crafted, limited edition, time limited, Primary bid supported Bitcoins. No doubt a large percentage of the mugs on AIM will adopt. Result, early retirement for the whole BOD! Job done, shareholders happy.......curtains!
I don’t like to speak like that but he has certainly scarred himself and his reputation and proved untrustworthy.
Hard to regain.
Read this John.
And reply if you have the courage or integrity.
The RNS is a cop-out and excuse. No equity partner will just sit and wait. That is just naive to be believed. Election? Brexit? We knew all anout that. No. The FID deadline was never going to be met and I feel it is all codswollup. Meant to keep the minions quiet. Sorry. The cynic in me woke up again. Shame on you for the skullduggery and shareholder-abuse.
Btw....no it’s not worth going to Parliament re. AIM. Done it. More fob-offs than the Infa RNS’s. FCA toothless. Politicians ?...’ nuff said.
JW is scum. No more, no less.
Ok. Sh** happens. Especially in the hands of the seemingly untrustworthy or mushroom feeders. But Allianz hold 10%. Convertibles exist of course. But the institution would not be here without havong number crunched. Mm’s just love negative BB’s and take full afvantage. Never known it otherwise. We may not get our original shekels back in a hurry or at all....but Allianz are not going to buy up a dud loss-maker at 0.28-0.3p. The s/p depends on both IM and H and W. Daera have been provided with what they need.
Am I being too rosy here? I do miss the analytical uplifters on a day when faith has been shaken. I myself have been miserably critical of tge way John Wood has treated shareholders. He should be-and probably is not-ashamed. As should the BOD. Promises knowingly unfulfillable and secrecy. But I would welcome intelligent uplifters or grounders on a painful day where the red number ( on my part) got enormous and I fell for skullduggery on Wednesday by buying more.
I see a great irony evolving here. To the chagrin of all those ardent protestors we may get over the last technical hurdle, the ML. Then due to lack of funding the project collapses!
The worm has turned and reality has started to bite. The framing of today's RNS is beyond weasel words.
Where exactly does this company stand (assuming it is not dead)?
Tango,the bus and sells as shown bear no relationship whatsoever to reality. The numbers are just a confection by MM's.
QuantumStar, good point you made ref the punters buying the Bid and OO. Shows just how cynical Mr Wee Rascal and his mate are.
Gouplease. Not sure about the last two but for sure you were right about the new 2020 milestones list..........if recent performance is our guide, it's going to be a long one, full of potentially unrecorded missable ones! But don't worry, just when we get close to a deal, after much more placing, dilution and frustration, a new dream target will appear in the near future offering even greater reward. I never did like "big catch fishing"!