Member Info for Chrisatrdg

If not here goes.

How many here, subject to what is revealed on Monday, would agree to a 1 for 4 shares capital reduction which would amount to £54m the opposite entry in the books is credit Retained Earnings.This would mean a revised negative Retained Earnings from £92m to a revised figure of £38m.In my case my 154,000 shares become 38,000 but with the opportunity of enhanced value in future years.At least this way we have a chance of eventually recovering our current losses.

In addition there could also be a revaluation of the companies assets & hopefully the sale of IM by which time a further dent would have been made in the current negative reserves.

I promise you I have not totally lost the plot as my wife sleeps & I tap away but on the basis that worse case scenario is our investments have a zero value then the above should be considered.

Commons starting at 2.30

STaTEMEnTS To BE MadE Today

Secretary of State for Business and Trade 1. Update on Harland and Wolff

Secretary of State for Education 2. Skills reform update

Secretary of State for Transport 3. Sustainable Aviation Update

notes:

Texts of Written Statements are available from the Vote Office and on the internet at https://questions- statements.parliament.uk/ .

We await further details per stokey

Thanks to the person alerting us to the the Riverstone RNS.

Looking at the RNS there is some positivity & clearly what was announced by both parties on Friday did not happen overnight.Things were clearly working in the background as a plan B.

I believe that next Monday will likely be make or break for us all.

Furthermore, given that a significant portion of the Company's previously expected earnings for the second quarter was expected to come from a possible H&W refinancing, the Board is evaluating the appropriate level of dividend to pay for the second quarter and will provide further information in due course.

Harland & Wolff Update

The most significant move in the Company's NAV in the second quarter came from a reduction in the value of its position in a loan made to Harland & Wolff ("H&W"). The Company and other funds managed by RCOI's investment manager, Riverstone Investment Group LLC, (together with its affiliates "Riverstone") are co-invested in a $115m loan to H&W of which RCOI's contribution is $14.6m. The reduction in value of this loan in the second quarter was taken in consultation with the Company's external valuation provider and reflects the best estimate of the investment manager as to the fair market value of the position. The principal reason for the reduction in value is that, as announced today by H&W, the UK Department for Business and Trade has notified H&W that HM Government will not be proceeding with the provision of export development guarantee or loan facilities that they had long been considering for H&W.

In connection with the notification from the UK Department for Business and Trade that no loan or guarantee facilities will be provided to H&W, the company has quickly expedited discussions with Riverstone, as manager of its sole financial creditors, in order to secure additional debt facilities to support the near-term working capital needs of H&W's business following its recent significant revenue growth. In addition, the Company is engaging Rothschild & Co to explore strategic options for H&W.

The additional funding is expected to be provided solely by credit funds managed by Riverstone and to close in the next few days. The new capital provided is expected to be classified as a super priority position to the existing facility under of which the Company is a lender. As a condition to the financing, the most recent $15 million upsize of the facility completed in February 2024 (in which RCOI did not participate), is also expected to be recharacterised as part of the new super priority facility. As announced by H&W, the increase in debt facilities will be accompanied by a change in personnel of H&W's senior management and the insertion of new non-executive directors.

RCOI will not participate in the new super priority facility as it has now entered into managed wind-down (and had previously already reached its concentration limit in H&W). The Q2 NAV does not reflect the impact of this new financing as it had not closed as of 30 June 2024.

The Board will continue closely to monitor developments regarding the Company's investment in Harland & Wolff, in particular when considering the appropriate timing for cash returns to Shareholders pursuant to its wind-down strategy. In the meantime, the Company's cash balances are invested in a money market and are yielding a healthy risk-free return.

Hi All - Yes I did post a gloomy message yesterday as that is what I believe in a worse case scenario.

Riverstone are only interested in retrieving their original loan plus any new advances plus interest.Clearly there will be a restructure of the business to put 'a book' together in order to sell the business as a Going Concern.

In engaging Rothschild & Co to assess strategic options for the Group it is likely their brief is to put a package together to attract an investor to take the business forward.

I cannot see how a 'book' can be put together without more than the sum of money put out in the media so the Government must play its part somehow.

It is in the interest of the company to keep shareholders on board to support the current SP a 100% rights issue would raise gross £13.8m this may seem like being in cloud cuckoo land but it is an option.In addition IM is not yet dead as I believe the Court of Appeal will allow an appeal to the Supreme Court & if the findings of the appeal court are reversed it will create some value.IM will I am sure be of interest to someone wishing to take over the project not for gas but for Hydrogen a value at a guess circa £30m if found that the Supreme Court finds in our favour.

What must not happen is a fire sale but a business plan supporting the view it is a Going Concern so preserving the current trading assets.

The above is a start to the thinking.

I am still hurting from Friday's news but we have to live in hope even though I may have posted earlier a gloomy picture.

Take care all & regards to all.

Hi Folks after posting a gloomy message earlier this evening the question is what is next?

What ever happens shareholder approval is needed I have 152,000 shares which is peanuts for some people but for me very costly.Are people prepared to band together for the shareholders meeting that needs to approve change to at least be able to voice an opinion.

Posted on John Woods LinkedIn account this evening showing a Labour signatory visiting one of the yards pre Election Day.

'So with the RNS today what did all the visiting dignitaries do for H&W shareholders today who are now at risk of loosing all of their investment in a company which has been relying on a Government backed loan going back into 2023.'

Hi All - Well we have all been properly shafted I just wonder why after all these years a process started a year or so a go had not been realised to contravene various laws until this year.Looking at the accumulated negative equity of £92m it will be impossible to recover our position based on any measure.Our shares now have a nil value & we have no chance of ever recovering our money.For many of us it is a great loss & me included.

Following todays news as detailed by the FT (If true) it is sad for John Wood but I guess it is the price that those pulling the strings enforced.I wonder how things would have turned out if a snap General Election had not been called.

My take is that if there is to be a new £20m loan it must be being underwritten by the Government as I do not see any other assets the loan could be secured on.In addition there would be no point in the advance if there was not an end game.The sacrificial lamb is clearly John Wood & likely a condition of the loan by the Government if they are underwriting it not Riverstone.

In addition in order to show that changes are needed & for political optics it is another reason John Wood is going & I suspect that the Scilly Isles ferry service was considered ill judged considering that cash is king & not to be squandered.

There is a lot to consider & hopefully we shareholders are not asked to bear the brunt of any new monies.

All to play for we will all know next Monday.

'As an investor in H&W & having met John at the last two AGM's it is a pity that he had to resign but if falling on his sword means I may have some security on my investment so be it.The important person who must stay is Arun the group CFO.Watch the space.'

IAS 10 — Events After the Reporting Period

Overview

IAS 10 Events After The Reporting Period contains requirements for when events after the end of the reporting period should be adjusted in the financial statements. Adjusting events are those providing evidence of conditions existing at the end of the reporting period, whereas non-adjusting events are indicative of conditions arising after the reporting period (the latter being disclosed where material).

IAS 10 was reissued in December 2003 and applies to annual periods beginning on or after 1 January 2005.

https://www.iasplus.com/en-gb/standards/ias/ias10

Edit: Happy reading.

I have been able to read the article but not allowed to copy it but there is now another twist not sure if it can be believed but it is being suggested that there are talks with Riverstone about a further £20m extension but with at least one change to senior management.Riverstone have declined to comment.

'Economy Minister Conor Murphy gives backing to Harland & Wolff workforce over government loan' - Is this just political posturing or is it for real I believe we will find out soon.

1st para -

'Economy Minister Conor Murphy has said he’s written to Secretary of State Hilary Benn to express support for workers at Harland & Wolff as it awaits a decision on financial support from the government.'

Edit: Fingers & toes crossed.

Government 'committed to NI shipbuilding' - Benn

The link -

https://www.bbc.co.uk/news/articles/cz9dr7yp8vvo

Hi LSE03 - The comments from Benn is as near to it gets that H&W may achieve the £160m finance & suggests the decision is soon hopefully by the end of the week or early next week.

The overdue RNS shows it is still all to play for let's hope so.

Hi All If there was a change of approach then we should have been informed that they were going for 80% by issuing an RNS. It seems to me that H&W have been lead a merry dance by the previous Government which has delayed things. Hopefully the Government will see sense in supporting H&W otherwise I believe we may have a problem as things must be getting stretched cash flow wise.

SYN00GOLD - You clearly are able to talk to JW on a one to one basis & his comments support my own recent posting in summary if talks had fallen apart then an RNS would needed to have been issued.It seems to me from JW's comments talks are progressing in the background.

I am of the opinion that there can be a legal basis found to make a loan to H&W made by banks & backed up by the Government.I would also add this new Labour Government will not want an economic disaster for Northern Ireland in its first month in office.

Still all to play for.

Saoirse12 - If the £200m loan was turned down by the Government there would have been an RNS by now informing the market unless we get one Wednesday morning.It seems to me that some parts of the media are just happy giving H&W a good kicking.

Below is an extract from the December RNS so what has changed ?

'Harland & Wolff Group Holdings plc (AIM: HARL), the UK quoted company focused on strategic infrastructure projects and physical asset lifecycle management, reports that it has sought and obtained permission from Ministers to advance negotiations in relation to the proposed £200 million guaranteed loan facility with UK Export Finance (UKEF) under its Export Development Guarantee Scheme ("EDG Scheme").'

Next the May RNS extract denying media speculation:

Times Article & Recent Speculation Regarding the Export Development Guarantee ("EDG") Application

'Harland & Wolff Group Holdings plc (AIM: HARL), the UK quoted company focused on strategic infrastructure projects and physical asset lifecycle management, seeks to provide clarity on, what it considers to be, a misleading and inaccurate article published in the Times today, and to reassure shareholders.'

We have not had a further update on the £200m finance deal so I can only guess it is still proceeding but possible along a different track.

Still all to play for.