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for shareholders, a placing at 30p !!! Given the boards remuneration it is a real slap in the face.
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.
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 .
It’s one hell of a discount; losing faith in INFA board now but will ride it out nevertheless.
I have been an investor in Infra for the last 5 years and have lived through the highs and low's of this share.
But I have finally lost my patience with it.
Terrible price for the placing and feel sorry for shareholders.
I read the annual report recently and was put off investing here as the company looks very undercapitalised considering overheads and likely contract expenses. Also the CEO and CFO being paid £2million between them was a big red flag.
I'm out, been holding since 2016. No more. Complete **** take.
RNS 16th April :
" The Saipem contract value is circa £26million, is binding and contains contractual conditions and obligations on both parties, which are standard in contracts of this type."
so....they left it to the shareholder to read between the lines to "see" that they would need a cash collateral but didn't see it fit to fully say so at the time...even though they obviously knew it
RNS 04th May :
"As a condition of the Sapiem contract, Infrastrata is required to put in place a £4m performance bond as cash collateral, which is a common condition for contracts of this nature."
Blimey...so that Saipem was an obvious sell out spike to some .... you have really got to be on your toes..jeez...
Glad I waited... it will certainly be a big dilution if anyone does not buy into it.... although..it would probably mean owning a smaller part of a bigger company instead of a larger part of a smaller one , as of now .....
"...the Directors anticipate that the Group will be cash break-even by end of 2021 on an annualised basis. "
well..something to take away ...
inevitable that funding is needed.... but a bit underhanded not giving those full details with the Saipem deal announcement
That takes the cash raise to £26M and we have a single contract worth £26M...!!!Mmm
At least we know the SP for the next month or so.
Once the book build is done, INFA will have the working capital to progress plans for growth. If says in 3 months the price is over 52.6p (my last sale) wil anyone worry.
You are never going to get an accelerated book-build at a decent price....it wont get off the ground unless the price is a of good tempting value....
"We are delighted to have entered into this contract with Saipem and I believe that this contract paves the way for the execution and delivery of future fabrication contracts, a significant number of which are currently in advanced negotiations. "
so..you have to see the investment now in the Saipem contract isn't just for a one off contract but more to come.....
so...bad news now..better news later ...one has to look at it that way .. IMO
This isn't really bad news for long term holders, they expect cash break-even by the end of this year. They're expecting an almost 2 billion pipeline of work in the coming years. I'm more than happy to wait. And the ML is due soon, that should help also. I'm glad they've decided to offer shares to existing holders, and not to some giant stupid company who won't hold on to them for 5 seconds before spending months offloading them, suppressing the SP for a year or 2 (currently experiencing this with BMN).
So it's all going swimmingly from what I can see.
Afternoon Razor and Poker
I see this as a £4 in due course. it won't come overnight so in the bottom drawer for a while. Buy low sell higher average down and repeat until the investment is a free one.
Nice lift all round today with commodities, oil and travel.
Take care all.
Exactly lths rewards load up!!!
" 1 new Ordinary Share for every 6 Existing Ordinary Shares held "..
isn't a great offer ...so best make the most of buying in the open market during the time when the chance is there .... to avoid post placing dilution effect ..IMO
Sold the rest of my shares and gone. Do not trust this board
"Do not trust this board"
You cannot fully trust any board that is dependent on financing....they become mere servants of the City, who decide their destiny...and at what price ...
They do their best to push the expectation of revenues in the hope of keeping the share price higher, but know the inevitable need for funding puts the price firmly in the hands of the City to decide .... and without placing and funding..there is no future and shareholders are doomed anyway...
it is the same anywhere unfortunately
Sold the rest of my shares and gone. Do not trust this board
Sorry not Loud enough...
SOLD THE REST OF MY SHARES AND GONE. DO NOT TRUST THIS BOARD.
This company will be bust within 6 months, IMHO. Do your own research, but taking huge bonuses from a company still reliant on share placings for cash flow, suggests to me that the board have no belief in their strategy.
Pokerchips,
How delightfully naive!
You have 8 posts WimH so no one believes you're a genuine investor, just another fake account (using a celebrity name no less - Wim Hoff is it?) filtered, into the green trash can you go, please no one else reply to this moron. The long term holders here are unconcerned by this. Those of you who have a brain cell and the ability to do basic reading will have realised the latest RNS suggests the company will be CASH BREAK-EVEN THIS YEAR. Don't feed trolls just filter them.
BlairPeach,
I am not the one who has previously bought and held on. and ben severely diluted
...you appear to be very critical of Directors etc and yet you dont appear to have done anything about it....believing somehow that as a "shareholder" you somehow have some place higher up the hierarchy than other stakeholders or indeed the lenders/City who decide to fund the business ..
When you acquire assets "cheap" it is inevitable that you will need to invest in them...
The placing today and the investment going into the Saipem contract "suggests" to me that there will be more contracts coming from them as a result of the investment.....the contract needs working capital....these kinds of contracts always do...
SAGA had its 2 cruise ships built at the Meyer Werft shipyard in Papenburg, Germany....the idea that ships have to be built in Vietnam to be profitable is mis-placed
@razorshultz on the contrary, whilst my name is not real (as per most other people here) I have been a genuine holder, but have just sold off all my holdings, in 6 tranches as HL wouldnt accept large transactions -I neither know why nor do I care that it costs more or why. The important thing is that I invested in a company for one reason and whilst it would have gone to the wall if that had been the only plan, I have no interest in holding shares in a company in shipbuilding (in the UK) which is at best a fragile industry at worst entirely propped up by the government should they wish, given that UK yards are probably some of the most expensive, inefficient, lacking in skills and investment worldwide. It just doesn't seem like a good prospect from my perspective. But when we have 3 or 4 cash calls in a year or so and the Directors take £2m in bonuses I'm afraid my intuition for what its worth leads me to believe that they either are charalatans, or are very bad at communicating their belief in the company.
The bottom line is they do not have one shipping build contract and they don't have the experience or know how to get one. In my opinion. I also think that companies may be shy to use them because they are constantly running out of money (thats not my opinion thats fact).
But I wish you all the luck, there are some genuine investors here (myself included) who deserve some answers but more importantly some returns.
Given that I am out I will cease any further comments.
WimH. Fair enough. However, I'm expecting the government to ensure that INFA becomes a success story that will be used to advertise British ingenuity and efficiency to the world.