RE: Leading lots of investors up the garden path30 Mar 2021 16:31
WimH,
Your original post appears to have garnered much support. I have been posting the same since the original H&W acquisition, to great derision and abuse. As I stated at the time of the Belfast purchase, if I am building a house, I don't buy Travis Perkins to save a few quid on bricks. I note that the original justification for the acquisition, to save on fabrication costs for IslandMagee, has been dropped for the utter rowlocks that it clearly was.
As far as I can determine, the recent bonuses were in cash. Your term "emotional blackmail" is pretty close to the mark, in my view - buy up defunct assets in economically deprived areas, tell the politicians what they want to hear, because politicians are thick and believe what they want to believe, then use the acquisitions to justify fund raises in order to trouser a shed-load of cash. This is why I raised on here the name DeLorean some time ago. Again as you state, where is the knowledge and experience to win and deliver these massive new-build contracts that so many on this board believe are imminent?
I still maintain that IslandMagee will be the life or death of INFA; if it is to be death, then the acquisitions have merely delayed the process and enabled some additional cunning troughing.
Like you, I invested some time ago, on the basis of the potential of the gas storage caverns, as did all the other long-term shareholders here. No-one at that time invested in the expectation that INFA would be promising to build ships...