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SOS - bring on the new Chairman and NED before this ship sinks!
The biggest mistake of all was them telling Gresham to go away in a very impolite manner. And now the BOD admits they need a new Chairman and NED - exactly what Gresham was telling them
Having no ii on the Board is untenable; hence the justified comments from others this looks like a lifestyle company.
Time is nearly up to convince us otherwise chaps
" And now the BOD admits they need a new Chairman and NED"
I was surprised to read we had one, let alone need a new one.
Not seen this anywhere, Nobby.
Not in the usual places, that is.
Care to expand?
Shifting the focus from gas storage to (defunct) shipyards was a blatant tell that this had become a lifestyle business for the directors.
Work that leverage, boys!
Nobby31, the problem is JW wants all the control so he obviously appointed a Chairman he could manipulate, and will probably do it again given the chance. Be surprised if Killick don't start ruffling some feathers though.
For me JW needs to go!
Tango1,
JW wants control so that no-one can rein in his ridiculous emoluments!
I think we may need to separate two distinct issues. Firstly is the current strategy appropriate. There is a divergence of views on this. My view is that the current strategy needs to remain in place for the next twelve months. This is to see if the number and value of fabrication contracts comes to put INFA on a sustainable footing. The alternative at this stage of just progressing on a single project is unlikely to bring in a greater income. Also is unliely to lead in the short term to an increase in the SP. Secondly, the question is whether the current CEO is the right person to execute the strategy. I am open on this. I note the way he answered some of my questions at the last roadshow. These answers gave me pause for thought as they were defensive and gave the impression that he did not like constructive criticism.
For me, I think we have a good foundation to build from, But so far JW has only demonstrated he can project Manage and Raise/spend money, I have yet to see him actually make money, If I raised £27m it would be expected to return £270M.
At the start of JW's appointment there were lots of positivity reported regularly along with a gated project plan that was achieved on time and on budget. Now we seem to get thrown a fish just before a placing, I believe he is now out of his depth and a time served shipbuilding CEO is required that focuses solely on EBITDA. AIMHO
Yes, the assets, as a whole, look very impressive on a website. But, they were cheap for a reason and he's got to stop buying more. They just need to get the ones they have busy with actual pysical contracts. Not waiting on pipedream, projected pipeline stuff.
I think JW sees himself as a one man saviour of shipyards and seems to love the limelight. Loves a bit of hobknobbing with the likes of the PM and royalty. Just needs a cape for his red boilersuit.
Si- I agree with you mostly, JW has done a good job up to Appledore then I think he got a bit delusional (maybe watched field of dreams too many times) Given H&W's brilliant branding they are still a risk due to proven current capability, I believe looking for 25% return is way too high in the current climate and they should be looking at 15% until they are well and truly imbedded in the sector as a major player. then they will be a company of choice not only available. AIMHO
Tango1,
"Brilliant branding" of H&W - this isn't Coca Cola!
Appledore was not a bankrupt shipyard it had just finished serving its purpose by Bab****s who bought it for the carrier project, however as a stand alone yard it has not turned a profit in 50 years !
Being local i am aware there is a pool of skilled if not ageing boatbuilding trades but the technical expertise is not there that was all Bab**** in recent years.
The only reason to "purchase" these bankrupt yards was to inject some secret sauce that the new owners possessed and that the previous owners lacked.
Are you feeling lucky, Punk?
Tango did you forget the part where JW said they expect cash-break even this year? And then what comes after break-even? Profit, usually. If you think JW needs to go after all the deals he's pulled off, I think you're better off selling out. I also see some green boxes so clearly some people I've filtered have crawled out of the woodwork to spread negativity again.
I think most of the posters on this board would benefit from actually reading the RNS and not just talking rubbish as a lot of them appear to do, the info is all there.
RazorShultz, I have no issue what as been done to date (other than the bonuses when the company desperately needed cash), What I am saying is he has reached his usefulness which is not uncommon, 1 CEO takes it through project phase then another revenue orientated CEO takes over, very rarely is there a CEO from start to finish. I take it you are happy with the Chairman's leadership?
Razor- We want to read contract RNS's not projections/Pipelines or expectations, we have had expectations for the last few years. Lockdown is virtually totally lifted and has been gradually for the last few months, so why is the big dry dock always empty? when competitors are full..
I thought the idea was to build the next Titanic, not emulate the last one!
RazorShultz In relation to your 09.40 post I note that the RNS says that they expect breakeven this calendar year. However, I also note that the inhouse broker in their last note is looking at breakeven next year. Having read the brokers note and the calculations on which they base their opinion that breakeven will be next year I am of the view that it is 50/50 whether breakeven this year.
this is fast becoming a pipe dream folks.
now 15% down on the 30p placing price and that was at a disastrous level. The market has no faith in the Board over their performance and we need a knight in shining armour to come to our rescue.
I expect the reason the TR1s never listed is because they are already selling and cutting their losses