Member Info for 4Corners

Hope so - the chap has been there for a fair bit.
Couldn't help but notice the qatari connection of the incoming cfo though....

Thats because you can't read

Positive for sure, but I think everyone knows that already?

All possible positive news out there. Requires some major positive news for this to take off, and I don't see it happening in next 6mths. Ships mostly leased out for the year, so not much by way of contract wins either. Has to be something on the lines of the $50m raise (that it is not required)

Ok muppet.....take that condom of your head and read properly

They were at $375m net debt at June 2021, the last disclosed figure. From that day till Dec. 2022, there is 18months

In 18months, they will have generated c.$120m in EBITDA and c.$80m in free cash after interest, tax, capital expenditure. That will leave them at c.$300m of net debt by Dec. 2022

18months is from mid 2021 to end 2022. We have the net debt figure as of mid 2021. (guess its too late to go back to school)
Also end of 2022 is the deadline to raise the $50m

1. Net debt was 377m as of mid 2021
2. $40m (already in the bag) in second half of 2021, and midpoint of $75m in full year of 2022 = $115m of EBITDA in 18months
3. $20m interest, $5m tax, $10m capital expenditure over 18months = $35m
4. $115m - $35m = $80m in net cash generated (assuming no working capital needs)
5. Net debt of $377m - $80m = $297m by Dec 2022 (+/- $5m depending on where 2022 EBITDA is)

This is in line with Panmure Gordon's research note. Not the greatest scenario, but much healthier balance sheet which should help them to avoid the $50m capital raise

Where did you get "$75m debt repayment"

The banks wanted them to raise $75m equity, of which they raised $25m or so. Their debt should be around 350 now, so need to get another 50m to drop it to 300 - that leaves them at a good position to not have to raise the remaining $50m....

Unless something goes wrong in the middle.....

Seemed like a watered down release.The expectation was $75m+, so yes, the low end of the range is disappointing.Not sure how these contracts work, but I would think that there is a time lag between bidding and wins.In any case, $75m should help to reduce the debt to c.$300m by year end, and help avoid that $50m raise which Amtech is so worried about.

For them to initiate an equity research report on GMS?

Clearly someone doesn't like it....

Any idea as to when the trading update is released?

1. They have already come out and said in March this year that they need to raise the $50m by end of 2022 - this is where 'reading and comprehension' skills come handy.You write as if this is new information
2. They don't need to say they are assessing alternatives 14 months before the capital raise
3. Since the 2 major shareholders control more than 50% of the equity, they will also have to participate in the raise to avoid dilution.The only reason they want to do another raise is to dilute minority again.But they could have done it in the last raise if they wanted to....
Go sip on you champagne or whatever your poison of choice

Good....precisely how I feel when I see your name at the beginning of any post....

As a reminder, we are in December 2021....just in case you have been indulging in the festivities.

"So you think they’ll sort the $50m the last week of 2022? " -Since your attention span drops beyond the first paragraph,here it is from their 1H update issued in October: " The Group is also currently assessing if secondary alternatives to the equity raise exist to prevent the issuing of warrants if the second tranche of equity is not placed by the end of 2022. This initiative is supported by the opportunity to significantly reduce leverage levels, through improvements in underlying trading results driven by the positive outlook." To answer your shallow question: they are already working on this, and they have a 12month runway to sort it out in an environment of improving operations.Unless you expect them to sort it out right now.

The idea is to hold a small position in your portfolio,not bet the farm on this,as mentioned in the video yesterday. And man I hope you are not doing this exhaustive due diligence to invest £1k!

Oh boy....your monotonous rants have become boring - suggest you to invest in reading and comprehension skills!

Not all planets need to be aligned. However, since you brought the point of all planets being aligned,look back at their 2015 results to get an idea of the potential when all planets are aligned : $140m in EBITDA and $75m in net income - and add some to it because they have 2 more vessels now.If this happens,this will be another Deutsche/ZIM Shipping type story and the stock price would be in the 40-50p range

Moving on,they need to get the utilization right which they are working on if you look at the contract wins (why I feel you can't read or comprehend).The $50m raise is a year away and they have already said they are looking at alternatives to this - banks likely to be supportive when they see that debt has dropped by $100m from 2020 to 2022.The Mazroui family has piled into this stock with almost an equal shareholding as SF.The management has to screw up big time to push this down the drain this time.Or another drop in oil price resulting in demand drop.

Having said that, the risk is the controlling shareholding structure, not the operations. My 2 cents

Did he say something negative, judging by the price drop today....

someone in a rush to exit before christmas.1million plonked @ 5p

thinking he is out for christmas holidays already. Perhaps by 2022 christmas....

Tortoise it is....