Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
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Maybe there is a large shareholder that doesn't want to be seen.Why else not publish the list.Maybe it was in the presentation and the reason you can't see a repeat.Although whatever upset them in the presentation could surely be omitted.
I believe we have funding on the table for the FID STOKEY12.According to JW.The economics will still be viable so no reason to suspect the Funding is not still there.It also depends on whether one believes that the ML decision isn't a foregone conclusion.NIRELAND needs gas so what is more acceptable ,underground storage caverns or huge tankers rolling up and the uncertainty that tankers bring.
Thanks Stokey12. Maybe Karen01 can help us - given we can’t find any publicly available information to support her assertions about the big name IIs.
Loosegoose In relation to your 09.54 post the list of significant shareholders has not been updated since September 2020 so it is out of date and I believe is in breach of the AIM Rules. Last time I mentioned this to INFA which was in the middle of last month they were in the process of updating it. I have just checked and still not been updated.
Does anyone know which new IIs joined? The significant shareholders section on the website hasn’t really changed and there were few TR1s. Killick @ 12%, Lombard and Allianz each @9.5%, Spreadex and Octopus each just above 3%. That should indicate that no single II took more than 3%. Could this be correct or do they chose not to declare when they go above 3% ? Would be nice to understand who took the >30m shares.
Chitta123 In relation to your 08.31 post in my view IslandMagee is not currently a saleable asset as there is a significant degree of uncertainty over when and if the marine license will be granted. Also I do not believe that future cash will be an issue as the company strategy unfolds and income from contracts come in. From various reports in H1 2022 income work in progress is possibly going to reach £65m. I also note that cruise ships are starting to go to Belfast so there is a good chance of more cruise ship work as the turn around from repairs to resuming sailings will be down to hours.
It would be crazy and inevitable disaster to commit to Appledore etc without knowing that significant finance was on the way or guaranteed.The only saleable asset is the island magee gas storage project .
They have just raised £12m, I think from looking the biggest raise in the companies history - if it’s all so bad why are some big name II’s supporting and new ones joining ? Gives me comfort that they know far more than we do and they are comfortable with the time line and ability of the bod to turn around. Yes I wanted my x5 by now and out but at least we’re still here moaning, if the people won’t give the ML just what can they do ? I am sure the bod are as frustrated as us
Talking of plumbers the last time I had one was £45 an hour, 10 hours a day, 6 days a week for 50 weeks a year not a bad game to be in!
"The game INFA is in now is not like plumbing when someone calls up on a Monday and you get the contract next week, in the world they are working its 18-36 month period for things to work through."
You've obviously not needed a plumber recently. I think they work to the same kind of timelines. ;)
Sorry try this
https://twitter.com/pijoe1212/status/1411412926523711495?s=19
https://twitter.com/*************/status/1411403241233936387?s=19
Alternative link
https://www.*************.com/views/56629/infrastrata-placing-inevitable-and-is-there-anything-to-like
"Given the history of announcing great new opportunities just before a placing, and then all too often dropping the project afterwards, I have to wonder what the next pipedream will be? Perhaps a proposal for the new “royal yacht” powered entirely by hot green tinted air and built in Belfast?"
Pete has done a lot of the maths in this report Chris
Folks - dawski37 is right with only IM we would now all be under water forever.I share other people's frustrations and as a 'retired accountant' I do some times wonder what the hell is happening but I believe that this Qtr we shall see a turnaround if not heaven help us.
Match nearly over .. great result but a bit boring at end
Like many of us small players Spuddy is probably losing a packet full on paper and is rightfully miffed but with no control over the market and N.I. political shenanigans or the big players we would probably have lost all in the hole in the ground at IM well before now had Woody & Co not arrived with Adrian .
IM still has great potential as the reputation of Hydrogen has become enhanced but we have been badly wrong footed by the powers that be and others
Aim is not for the feint hearted.. but as many have said here any announcement of a humdinger of a contract whether an extension of Saipem or a series of Cruisers then we may be out of the J Woods ! Just give ‘em time folks !
And ....... should amazingly IM eventually come good then .. whoosh.. forget about Barrow ,Triumph and Woodburn
PMSL
Where have I claimed to be the font of all knowledge?
Kazza some of your comments may make some people think you are very close to the bod ;0)
I agree , totally different industry! Not many plumbers will be taking 7 figures without actually producing any profit!
Maybe if JW walks it would be a blessing??
Spud this is the bit I don’t understand, you claim to be the font of all knowledge. Look where Malcolm’s other directorships are …… yes for Gresham. Wake up and smell the coffee the other II’s didn’t want Gresham dominating the board. I totally agree we need a shake up but what has the chairman done, not sure any of the execs have resisted new NED’s they just want to do the day job.
We all hate where the share price is, if it’s still where it is in a year they won’t be, but be very careful what you wish for. My biggest fear right now is the amount of grief JW is getting he walks. Clearly well connected and won’t be short of job offers without the grief we are giving him. I am in no doubt clients are backing him not INFA.
The game INFA is in now is not like plumbing when someone calls up on a Monday and you get the contract next week, in the world they are working its 18-36 month period for things to work through.
Sit back have a deep breath and forget about this share for three months.
Brilliant post dawski37 - INFA need time hopefully this next Qtr will support that notion.
Edit: At present waiting for the match looking out across the estuary at Salcombe on holiday break all very calming.GLA.
Dawski, I have every right to be critical of the bod who are directly responsible for the dismal sp performance imo.
Gresham were correct to want a seat at the board imo.
We have no independent voice at board level imo.
Malcolm is a serial NED and definitely a yes man as are Arun and the chairman. It's basically the John Wood show.
Whether they are successful in raising the sp or not makes no difference to the 2 execs ,they are paying themselves very well and only need to drag this out another few years and retire into the sunset....
I'm going to shut up now (unless Droders decides to keep posting....)
Spud, dear friend from the past ..my personal understanding about Gresham (not taken from the BOD ) is that Gresham wanted a seat at the table which placed them in conflict with other II’s at the time.Those II’s are still supporting us..
As regards the supposed pitiful pitch at the Saipem placement it was absolutely vital that the funds were raised on the day as to otherwise lose Saipem would have been....... well reference to those items in the lounge which you close at night comes to mind !
Very well said,Stokey. Am not quite understanding dear old Spud and his attitude at present . He has been a driving force with us PI’s for many years with many valued posts over a long period .
He even had a hand in a video of IM some time back and I have valued many past chats with him BUT
Despite high initial finance costs H&W remains a snip at £5m +..We are not there yet but 2 years on progress has been made
Methil and Saipem may well not be our own self generated contracts but with Sturgeons’ lot having invested over £50m in the site and JW being astute enough to pick it and Hebrides up for £800k at the very cusp of UK sourced wind farm work being finally supported, he must be highly praised for that IMHO.
Not so sure about Appledore /Hebrides but Remember please that JW was brought in to sort IM out and when that has gone AWOL outside his commercial and personal control he and AR have done us proud to keep the ship afloat
Do Come back on board,Spud ... some rough weeks ahead (despite Azura now at the quayside) as we have plenty to play for .. honest !!!!
spudtheplumber In relation to your 17.02 post bearing in mind the probable tenders that the BoD are working on and their value my inclination would be to give them about a year by that time we will know if Team Resolute area serious contender for the FSS contract. In addition we should know about the new National Flagship and whether INFA has one that tender. Also coming in the next 12 months is the implementation of the national shipbuilding strategy and I suspect more higher value fabrication contracts.
Give them space?
The sp has never recovered since Gresham sold out!
Any CEO worth his/her salt would try and keep a very significant holder happy imo.
But tbf the share price has never been a priority to someone who dilutes at any cost....
I remember talking to JW at tge December 5th presentation over 2.5 years ago and he was very critical of the previous bod and the SI 0.24p raise. He told me he would be wanting a premium to share price if he ever raised!! Lol lol lol.
2.5 years later and the sp is lower than the raise he criticised, sentiment is zero and overheads are astronomical
How much "space" do you suggest giving them? (Seriousl question)
spudtheplumber In relation to your 16.00 post as I pointed in my last post the projected revenue from this year is £20m+ which is more than enough to cover the salaries. For your information in calculating the £20m I took the revenue booked figure in the trading statement from this week ( £9m ) and added the payments under the Saipem Contract on the basis of monthly payments from August. I did not include any other income including ship repair work so the income from the work on the Azura is not included. So the £20m is a conservative estimate. Cenkos has calculated projected revenues of £30m so the profit margin would seem to be enough to cover the salaries.
As people will note from my social media posts where I believe it is justified I do not hesitate from criticising the company and will continue. That said I think we need to recognise where the BoD has taken us since December 2019 when Harland and Wolff was bought. This acquisition marked the start of a turnaround process. In that time the company has gone from zero income to this year a projected income of £20m+. This was done without any government assistance. Had the company done as some on this board would have preferred and just pursued the IslandMagee project then even if the company was still here it would still not be trading and would have zero income.
I have noted the discussion over the last couple of days about the cancellation of the Triumph Subsea Services Letter of Intent. We do not have any facts that are in the public domain to make an objective assessment on where the truth between the competing explanations for why it has been cancelled lies. I am not, therefore, going to get into the debate as to whether this was ever a viable business proposition.
Going forward there are reasons to be encouraged based on the start made on the Saipem contract there is a good chance that INFA will get the £43m Saipem 2 contract. The most recent note from Cenkos makes reference to a £22.5m three cruise ship contract being negotiated. We have the Azura in dock at the moment we have no information as to the value of the works to that is all we do know is that it is currently scheduled to be in dock for three months. The share price is depressing but we should give John Wood and the Board space to carry on with their work. By my calculations the chance of breakeven this year is evens.
The "profit" on that 9 million quid revenue won't even pay the executive directors exorbitant remuneration lol.
Bring in some totally original contracts with decent margins and it may start to look less like this is one elaborate lifestyle buisness for two fat cats.