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https://www.investegate.co.uk/infrastrata-plc--infa-/rns/strategy-update/201907040700054349E/
Intend to add a few today.
Dawski increase holding.
JW Trying to rescue yesterday's written diaster With another rns .
Only one thing the market wants jw . Positive news.
Forget threading water , it's damaging ask ritson the old lgo.
Dawski increase holding.
JW Trying to rescue yesterday's written diaster With another rns .
Only on thing the market wants jw . Positive news.
Forget threading water , it's damaging ask ritson the old lgo.
Brace yourselves, another update.
GLA
Evening Snowy,
You copied the following para earlier tonight:
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?
It can't be the same 1.6 as it clearly states in that RNS that the first 1.6M has been received, holding in Escrow? and it also states UP TO 4,024,000 could be received! Therefore the 1.6M outstanding is a different chunk of funding still outstanding. The EU commission has been on holiday for the past few weeks, therefore work will be slow especially related to releasing funds. I agree we should have received this money now and JW needs to be clearer as why we are being kept waiting? hopefully he is also on the case daily to see where these funds are?
You make some good points Snowy and I think we can sense your frustrations, I think we all feel the same as this year has been very disappointing, so far, and that is the key point. The second half of 2019 could and should be transformational for Infa, remember there is so much good news to come, and it should in time.
Agree wholeheartedly with you last comment,
Rule Britannia......sooner we're out, the better.
3 years on and we are still in!! the country voted to leave with a democratic vote under the UK voting rules as they stand, never mind we have to consider the remainers views, did they ever take on board the leaver's views once in over 40 years of membership, not once, never, therefore lets hope we are out by 1 November this year, no more bottling, no more provaricating, just out, end of! Then perhaps the politicians can sort out the rest of the mess the Country is currently in, and maybe get something, anything right!!!!
Oh but wait a minute, we won't be able to get any food the day after we leave lmfao!!!!
Mr T
T-R-A-N-S-F-O-R-M-A-T-I-O-N-A-L
Lol
are quite simply being a royal pain in the ass here! They obviously keep shifting the goalposts (FEED is long gone) as they have done all through the Brexit negotiations. I'm beginning to think that as things stand they have absolutely no intention of letting a red cent out of their hands to a UK company....end of story. They would rather cut their own bloody nose off to spite their face as the saying goes.
That's my measured, reserved and well balanced opinion.
Rule Britannia......sooner we're out, the better.
Great post Speedy !
Noodles. It seems you've been unnecessarily influenced by all the repetitive claptrap those locals have been spouting. I've seen their FB pages and the amount of bias and exaggeration used to influence the unknowing locals beggars belief. They seem to think us shareholders will get scared and run for the hills with our money, leaving INFA to drown in Larne Lough! Obviously a large project with so many work streams open JW is being strategic in his RNS's. I suspect he could have followed through earlier with promises which could have yielded a higher SP in the short term. But he's seen and is now targeting the larger reward of project 1 and 2 together, and this has changed the timelines, even though FID will be sooner than predicted for all 7 caverns. The RNS Marine license section is quite clear regarding the deliverability. Even a recent Twitter post, i think, alludes to Daera needing to balance their approach towards energy security infrastructure. It's common sense that national infrastructure / PCI projects will command considerable weight compared to relatively minor and temporary environmental effects. I certainly would not be surprised if high ranking government officials "have a word" in the decision making process. Positive news will follow and, with patience, and the backing of JW's 42million shares we'll all be smiling in the end......Patience!
'Infrastrata
The Infrastrata RNS this morning wins the competition for verbosity at least, just wait until Ben van Bilderbeek gets to know that someone is challenging his supremacy. Anyway boiled down the announcement says that the company is is equity and debt discussions for funding the construction and pre-construction of the project. Indeed they say that this is a ‘key priority’, no joke Batman…The company expects FID by the end of 2019, first injection of gas in 2022 and first commercial gas storage operations in 2023.'
Hi Snowman, i share all your frustrations unfortunately this is one of several bad investments i have made on AIM irs a learning game. JW comes across as being a decent bloke. But information given to shareholders has been very misleading. Very difficult to make any sort of investment decisions buy or sell regarding shareholding when we are being kept in the dark so much. I like you think Marine license will face many hurdles and problems and Brexit not helping. Locals are strongly against project and seem to have Councillors on there side. I suspect INFA have not allowed for changes to laws and protection zones since draft otherwise i think this would be lot easier. If these drag on for extended period project will be delayed substantially will offtakers and equity investors wait. Its a pity there is no other economic way of disposing of brine then protestors have little to complain about. I not selling anymore but unless we have more positive news or JW invests 6 figures with his own money then i will not be averaging down until Marine license all resolved.
New projects? From IG interview, a couple of deals are on the books; fsru and mainland gas storage (potential trading between 2 sites). Also mentioned revenue this year from IMEL management contract and managing other storage facilities on owner's behalf (been approached to do this). Now all underpinned by Vitol, time to push on. Hold n hope.
Also hoping we will hear soon about new projects and these will be benefit share price. A show of faith from JW buying more shares would be welcome if he is allowed to do so.
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.
Dear Noodles.
Sorry you're so late to the party. Are you from Northern Ireland by chance? You say, "Lots of over promising and under delivering and future very unclear." That can probably apply to most of the stock market, especially AIM!
I suggest doing some research before posting........you'll find all your answers soon enough! JW has consistently said Brexit will not affect the funding nor the project - either way has benefits.
Share price wise, a disappointing day but all the fundamentals remain unchanged. I've been here for several years now and never seen this project so advanced, though I do regret not selling around January's high of 2p - silly me!
My glass, like most other LTH's here, remains half full!
I've no doubt JW and the team are working flat out towards reaching all objectives that lie between today and FID later this year. Patience will win in the end......if you have it!
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.