Member Info for Chrisatrdg

Hi All Long Term Investors & a Happy New Year - My first question of the New Year is when can we expect our first visitor into H&W docks in 2023 ?

Consuela -' What specifically in that mail gives you that assumption?' - Just a hunch.

The e-mail below I received last Thursday & suggests to me that it was the challenging party whose papers were not ready as I cannot believe that DAERA were not ready also note the number of days allocated.

DAERA Marine Licensing Team (MarineLicensingTeam@daera-ni.gov.uk)
To:you + 1 more Details
Dear Mr Xxxxxx

Further to your email of 13th December 2022, I am in a position to confirm that the Court has directed administratively, that as this case is not in a position to proceed to hearing on 16th January, it should be relisted for trial on 2nd May 2023 for a 4 day hearing.

I trust this information is of assistance.

Kind regards
Xxxxxx

Good point stokey12 & would help the cash flow.

Hi Ollieh - A pragmatic approach. Regards Chris PS I think my son may well think the same.

I have not read all the messages just no time however the RNS was a bolt out of the blue & tells us all the risks of investing in H&W.I have some shares with a forward SP of 30p which tells you where I was.
Reading the RNS many of the situations H&W have found themselves in are not of their making what is in their making is getting to the 'preferred bidder stage' which I hope has not been shot to pieces by this news in terms of 'due diligence' current being done prior to final contract signing.
The MOD clearly felt that having H&W in Team Resolute gave them a chance to have another 'Ship Builder' capable of carrying out future ship building contracts & it is for that reason I have hope for the next week or so.
Finally I had a recent conversation with H&W with regards my not being able to attend the Appledore visit & the discussion was very positive.

Hi EP - Yes it is a dilemma & it was at this point last year that I sold when just in profit & I am glad I did.The issue is the 'rights' issue & at the current SP they are a bargain but unlikely the SP will then hold.I have a very small holding & currently 191.99% up value £485.19 & I am thinking of taking up the rights issue.My son's shares are currently valued at £2k & current loss £2k so needs a further 100% to break even.
I was in the same dilemma as you & as I said Sold I will suggest to my son to take up the rights issue as a opportunity to get nearer to break even & then Sell.
As I see it the SP is being driven because of the lure of the rights issue all details are per recent RNS's.
I am not sure this helps but is my current thinking.
My final point is that we have all seen Summit going up & down & not long ago it was below a $ on balance I would Sell in your position for me my investment is so small it is worth the risk of Holding.

Hi LSE03 - The article seems pretty convincing fingers crossed for Friday.Regards to all.

London South East video update for November: Harland & Wolff and much more …
https://www.youtube.com/watch?v=HWCwySJJ0ag

Edit: Not sure if this is a repeat.

The four best high risk, high reward (BOIL, HARL, PREM, AVCT) stocks to consider for 2023

https://www.share-talk.com/the-four-best-high-risk-high-reward-boil-harl-prem-avct-stocks-to-consider-for-2023/

Edit: I agree with the sentiment of this article.

SEATRUCK PERFORMANCE Ro-Ro Cargo Ship in dock in Belfast yesterday.

https://www.vesselfinder.com

PS: Fingers crossed for this week.

My reading of the rights issue is that it will be possible to obtain additional shares at $1.05 being the likely lower figure at the time of the rights issue.This must mean taking into account the current SP that an immediate profit will be achieved so offsetting any current losses people will have at the time of the rights issue however many others will be thinking the same & then selling so brining the SP dow.People correct me if I am wrong.So in summary it may be worth taking up the Rights issue next January.

'Announcement of $500 Million Rights Offering

In conjunction with today’s announcement regarding the definitive agreement related to SMT112, the Company has also announced that the Company’s Board of Directors has approved a rights offering available to all holders of record of the Company’s common stock, par value $0.01 (the “Common Stock”) as of the close of the market on the record date which will be no earlier than January 23, 2023 (the “Record Date”). The Company intends to distribute to all holders of Common Stock as of the Record Date non-transferable subscription rights to purchase shares of Common Stock at a price per share equal to the lesser of (i) $1.05, or (ii) the volume weighted-average price of the Common Stock for the five consecutive trading days through and including the expiration date of the offering. Assuming that the rights offering is fully subscribed, the Company will receive gross proceeds of up to $500 million, less expenses related to the rights offering.'

Ticker for H&W is HARL & I post on the HARL LSE board.

Hi EP - It is a miracle what is happening to Summit & I am so glad that you long term investors may get your just rewards.This now means that my son has a chance of recovering his initial investment of £4k now needing 200%.Take care.
For the record I am now with Harland & Wolff which dipped to just over 5p & is now 21.7p (now just break even) following announcement of being part of Team Resolute who are now the preferred bidders for a £1.6 billion MOD contract.At the current SP it is still a bargain & I expect it to double in the next 6 months.This is a risk but one that I am taking & is where I put my Summit money. Season greetings.

Hi stokey12 - I heard exactly the same thing & was going to mention it. Looks like Appledore have something up their sleeve & it looks to me that if performance on the first ship is satisfactory then clearly there could be further awards.

Sp28 - You have got in one it is now a matter of crossing the tees & dotting the eyes as it were but also that Team Resolute can give the assurances that they have the financial back up to ensure completion of the contract.

The current improvement in SP 2 days running is the first for a while & makes me think is there 'News around the corner ??'

It maybe that the FSS contract will be signed before Xmas as previously suggested by a number of posts including one by me.

Hi rhubarmk2 - Thanks for your post & I agree with all you said as I too read between the lines & see great potential.I have today Bought back in having previously Sold & recovered my original investment.My Buy is small but I intend adding over the next few months.

CORYSTES Fishing Support Vessel in Belfast today.

https://www.vesselfinder.com

The link below gives a very good summary of recent discussion in both parliaments concerning the recent award of preferred bidder to Team Resolute also note what is in the first para see below:

'Commons Urgent Question
The following Answer to an Urgent Question was given in the House of Commons on Friday 18 November.
“On 16 November, my right honourable friend the Secretary of State announced that Team Resolute—consisting of Harland & Wolff, BMT and Navantia UK—has been appointed as the preferred bidder in the competition to build the fleet solid support ships. Having appointed Team Resolute as the preferred bidder, THE MINISTRY OF DEFENCE EXPECTS TO AWARD IT A CONTRACT AROUND THE END OF THIS YEAR. That appointment follows on from the award to BAE Systems in Glasgow of the £4 billion contract for five Type 26 frigates earlier this week. Both are excellent news for UK shipyards and the shipbuilding skills base in our country.

https://hansard.parliament.uk/Lords/2022-11-22/debates/60BB988A-90EE-4C60-A72D-9796144493D3/FleetSolidSupportShips

Edit: It may therefore be positive news in the next 3 weeks I am now back to 'Strong Buy'.