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Interims showing £4.6m of cash left, while they used £8.0m for admin and exploration in H1. With this level of cash burn they are literally skint by know.
Strike resolved, ehere we go
6 months revenue of only 8k.
Cash down to £1611k while cash burn through the first 6 months was £3450k.
Its a bit comparing apples and pears , to compare Harland with Fincantieri.
Fincantieri
EUR 7.4bn revenue
EUR 34bn backlog
EUR 340m in positive EBITDA
A EUR800m loan is pretty manageable with that level of revenue / EBITDA and backlog.
They should report the FY today, according to the 13th Sep RNS
H2 2023 sales of £351k, this was way below what I had expected. Only 3.3% growth over H2 2022.
I dont really get how Mr O'Hara has been talking about strong sales the past month and sales is not higher, o well.
H1 2022 sales was £118k
H2 2022 sales was £339k
In the 2022 annual report outlook statement, the mgmt. is highlighting increased sales and order already seen during the first 5 months of 2023, compared to H2 2022 sales volume. The company is highlighting further that 2022 sales was held back to high level of inventory at their reseller, a problem which would have been adjusted back to normal in 2023.
Based on the company comment I think its fair to assume H1 2023 sales well over £750k.
Time to secure that funding which they didnt get in the early summer?
I have listened to all Harlands investor calls during 2023 and in all these calls John Wood has answered the question if they are going to raise equity and he always said not right now. In today’s call he avoided answering the question if they are going to raise equity, me and several other people sent in the questions.
I think its obvious that they will raise equity in conjunction with signing the new debt facility, and as we are nearing the new debt facility John Wood avoid taking the critical question.
Todays RNS
"We expect rough diamond demand will continue to be subdued in the short-term on account of increased polished inventory, prolonged weakness in the Chinese market, lab-grown diamond sales in the bridal jewellery segment and higher interest rates impacting the mid-stream in particular. Although demand for lab grown goods increased, this was coupled with further price depreciation that continues to substantially differentiate this market segment from our unique and rare natural diamonds that provide enduring benefit in celebrating life's most significant moments. As a result, the Group expects ongoing price volatility in the short-term, but remains confident that the structural supply deficit will support medium to long-term diamond prices."
James2k66,
"Directors believe"
If they was confident they would never included the word believe.
How can they lose £31m in 6 months when only doing £25m in revenue, they cost base is completely nuts.
And now they have maxed out the Riverstone facility.
With the new conversion price of 4p, the bondholders can convert them down to 3.2p (80% of 4p) and still make money. Wall of new conversion shares coming.
Game plan one, announce the securing of rig crew and then placing in the coming days.
Agree
Move up a bit and then the company will try to raise funds before they present the H1 results (End of Sep deadline). Lots about managing cost in this RNS so the marketing is eating up the cash balance.
I think announcement of crew secured next week, then placing at 6p.
I think its a bit odd that PREM cant get Dorfner Anzaplan GmbH or Geolabs Global Pty Ltd to sign of a new proper report on the recent studies that its 6.5% grade which PREM can produce.
Mr Roach is really just cherry picking in todays RNS, give us firm audited lab reports.
Which block and flow test are they referring to?
In September, according to John Wood in the recent lse interview.