Member Info for Chrisatrdg

Hi SG None.

Hi SYN00GOLD - Thanks for the post. My earlier post yesterday in my e-mailing Russel Downs in which I copied in Hilary Benn MP & my MP Matt Rodda ( PPS to Hilary Benn) I did have a reply from Russell yesterday & also he copied in the other recipients.I have been told that he will reply to me on his H&W e-mail account which will make the matter more formal.

This morning I replied to Russell & copied in Hilary Benn etc setting out how I think plc can be saved & I await his reply however there will be all the talk in Parliament about saving this & that for the political optics but you can be rest assured that plc will be last on the list.

I can only hope I can at least get some traction because as of yet the WhatsApp group are as I understand it is being batted back by Russell.

Obviously as I surmised yesterday a 'Book' will now have been issued & all parts of Harland & Wolff will be up for Sale to the highest bidder & unless it is within plc our monies are gone unless there is a surplus which is highly unlikely.

The political class will ensure that 'jobs will be saved' but they are not looking to save us.

Our only hope is that my suggestions I made this morning is taken up otherwise it is 'Good Night Viena'.

Correct drango spot on.

Letter continued (Without Prejudice) -

My MP is Matt Rodda who is the PPS to Hilary Benn & I have explained to him there is another side to the Harland & Wolff story and he is taking my case up with their team in London.

I know you have had an initial meeting with Philip Hyde and that you have been blocking the Whats App group request for a representative on the Board through holding an EGM on the basis that those who requested the EGM were not on the share register even though they would have voted at AGM's as I have done even though I have also attended AGM's but my shares are with ii (Interactive Investors).Your rejections have been challenged & in my opinion you do not wish to have representations on the board representing some 30% of current shareholders by definition minority shareholders.

It would be appreciated if you could give us minority shareholders an update & assurances that we are not being dealt with in a way 'that is unfairly prejudicial to their interests'.

I have also copied Hilary Benn & Matt Rodda with this e-mail.

I would note I am having to e-mail you through LinkedIn because it has not been possible to obtain you company e-mail address even though I know one exists.

Thanking you in anticipation for your reply.

Regards

This e-mail is written on the basis that is 'Without Prejudice'.

Dear Mr Downs,

I messaged you earlier on LinkedIn about offering my services to Harland & Wolff which I can understand if you do not wish to take that offer up.

I am an investor in Harland & Wolff & have been for over 10 years currently holding 152,000 shares and my son has 53,629 which I have underwritten.

I attended the last two AGM's & the last investors meeting held in London last year & as a consequence I have had a number of discussions with members of the previous board including John Wood & Arun.

I appreciate that you are limited in what you can say but I am concerned that you are likely concentrating on liquidating assets but at risk of not giving a chance of maintaining Harland & Wolff Group Holdings plc putting at risk shareholders value and the substantial tax losses held by the Group & in turn Islandmagee County Antrim gas storage project which has a potential value of between £25m to £30m.I understand that the minister for DAERA is appealing the Court of Appeal judgement to the Supreme Court & having followed the case through the High Court & Court of Appeal believe that DAERA have a strong case as the judgement by the Court of Appeal have effectively cut across DAERA's powers to make decisions at a ministerial level.Following on I understand that you are not prepared to pay for the legal fees relating to a case to be brought up in the courts relating to the granting of a construction license for Islandmagge listed this October I apologise if that information is incorrect..

I have myself been involved in putting a 'book' together when involved in disposing of a subsidiary of an AIM listed company & can only guess that with your time restraints you will now have issued a book for companies to tender for parts or all of Harland & Wolff.However were any of these companies of a size to consider buying all of the assets of Harland & Wolff Group such as BAE or is it a form of fire sale rather than trying to preserve the plc for its shareholders.

You will be aware that under the Companies Act 2006 in the UK it provides several protections for minority shareholders, aiming to safeguard their interests within a company.

Key provisions include: Unfair Prejudice (Section 994):

Minority shareholders can petition the court if they believe the company's affairs are being conducted in a manner that is unfairly prejudicial to their interests.'

Derivative Claims (Sections 260 - 264)

'Shareholders can bring a claim on behalf of the company if directors breach their duties or commit wrongdoing, this requires court approval.'

I am not part of the Whats App group but Philip Hyde was also at the various meetings that I mentioned above so understand where he is coming from however I am writing directly representing myself & my son as a minority shareholder.

To be continued

I am sorry 😢 broomtree but the reality is that it was the last Government & the current one that also must be implicated in where we now stand. Many things can be said about JW but his drive is missed.I think that my posts in the last month or two demonstrates I have my feet firmly on the ground & understand how we got here my fear 😧 is where will this all end up & it is that we need to concentrate on not sniping from the sidelines !!

Replying to Bubble2021 & others it is all well & good but based on the two new appointments & the clearing out of the old Board with the exception of Arun it looks to me, as I said before, of a 'smash & grab' plus the EGM keeps getting batted back.

This all suggests to me with the appointments of Russell Downs and Alan Fort as they strike me as the type of people to be appointed when a company is in pre- administration.

I fear that they are not interested in the shareholders but just to sell the assets to try & satisfy Riverstone's debt.We do not know where we are with the putting together of the book to be used to invite people to bid & if issued to how many & of those invited to tender how many are companies interested in one of the sites but likely not the Group plc for which we are shareholders.

If I am right that brings me onto the next issue are the current directors protecting our interests in anyway for which the following is the legal position I obtained details on at the weekend from former practicing solicitor:

Under the Companies Act 2006 in the UK it provides several protections for minority shareholders, aiming to safeguard their interests within a company .

Key provisions include: Unfair Prejudice (Section 994):

'Minority shareholders can petition the court if they believe the company's affairs are being conducted in a manner that is unfairly prejudicial to their interests.'

Derivative Claims (Sections 260 - 264)

'Shareholders can bring a claim on behalf of the company if directors breach their duties or commit wrongdoing, though this requires court approval.'

All of the above would be very expensive & only people with deep pockets could mount a campaign but is something maybe our Mr Palmer could fund.

If the Group of companies is split up then the tax losses revert back to the individual companies & we as shareholders loose out.

It is food for thought but as things stand I do not believe that the current board are interested in us shareholders & unless there is a bid for all of the group we are sunk.

Previous history but a few years back:

BAE Systems logo

BAE Systems

BAE Systems

11 yrs 4 mos11 yrs 4 mos

Head of Program - Warship Support

Head of Program - Warship Support

Mar 2016 - Oct 2016 · 8 mosMar 2016 to Oct 2016 · 8 mos

Portsmouth, United KingdomPortsmouth, United Kingdom

Technical Authority - Minehunter MCMV

Technical Authority - Minehunter MCMV

Apr 2015 - Mar 2016 · 1 yrApr 2015 to Mar 2016 · 1 yr

Portsmouth, United KingdomPortsmouth, United Kingdom

Engineering Manager - Warship Support

Engineering Manager - Warship Support

Oct 2013 - Apr 2015 · 1 yr 7 mosOct 2013 to Apr 2015 · 1 yr 7 mos

Portsmouth, United Kingdom

hi stokey12 - great find i am not sure it is a 'a hint ?' it might be for the staff at belfast if sold as a separate legal entity to say bab****s & if it is part of a piecemeal deal we loose all the benefits of it being outside of the plc group only riverstone will benefit.however that is a subject for another time.

Come on guys IM has great 👍 potential provided the Supreme Court reverses the decision of the Court of Appeal which I am expecting because the Court of Appeal cut across the powers of the executive.The appeal from the minister was quite powerful.

PS I just hope the ‘ Grim Reapers’ understand that & do not break up the plc for us to lose the future benefits of tax losses which we should benefit from plus the potential value of IM.More on that with a possible post latter today.

This must surely bode well for a future deal which may now be on the horizon.

Great post LSE03 - There is still hope however distant.

Hi broomtree - I believe the matter is in hand may soon hear but I am not in the group others on this board will know.

Broomtree - I do not disagree with you it was a 'red flag' but I & others got taken in by the various updates some of which I believe the company were correct to have issued .I accept I was blinded & got too close to it & I am now paying a very heavy price.However I have not given in as there is one way out of this which I am currently following up but it is a slim chance.

I have also tried to create a back door to the Government to try & put another slant on things & I am yet to see if that might wake them up but once again a slim chance.

The other option is some form of legal challenge but how & how much I do not know.

If I do not make any progress on the two things I am currently working on it will be soon be 'Good bye from me' but not yet.

Hi broomtree - I am fully aware of the state of the Balance Sheet & that Current Liabilities exceeded Current Assets which I brought up with Arun at last years investors meeting. & other matters on the Balance Sheet but all thy could think of was funding from the Government to finance the FSS contract build up & so anything else did not matter as I saw it.I even suggested at last years AGM revaluing all assets but was told that to do that would would be too expensive.

i am now replying to my own post to add the following & why an institution may be interested in investing in h&w :

1) tax losses circa £25m (back of *** pocket calculation).

2) im circa £25 m to £20m - on the following basis - im will go to the supreme court & we will win based on constitutional issues were crossed by the court of appeals decision.

3) being able to preserve the fss contract.

4) with a solid financial base re enter talks with the falklands.

with 3) & 4) it gives rise to a great base for achieving turnover in 2024 & into 2025.

i may have painted a gloomy picture earlier but i think a plan could be built to save h&w plc & maybe some of our investments.

without a revised approach, all will be lost, so somehow a plan needs to be formed for which i instigated a way forward this morning & will keep you all posted.

Hi broomtree - You are absolutely right & for me when seeing who had been appointed to the board I then realised they are going for a 'smash & grab' with no interest in Harland & Wolff (H&W) plc for its survival nor its shareholders.

Through the Government's failure to support H&W it effectively gave the keys of H&W to Riverstone.

On the basis of it being a 'smash & grab' they will try to sell parts of the Company piecemeal only attracting companies to buy either Appledore, Belfast, Arnish or Methil which would break up the structure of the plc & leave shareholders with a big fat £Zero.

Clearly a 'smash & grab' will not preserve the plc nor therefore attract institutional investors interested in having a shareholder base, tax losses, IM & potential contracts that can be spread across all 4 sites.

On the above premise those now in control have effectively stolen the company from us.

In making my comments I am fully aware of the debt position & how it makes H&W not an attractive proposition but unless they seek an alternative to 'smash & grab' but also seek institutions the only other option is a certain Australian gent but if he were really interested he would have pounced by now.

Unless I sense a change of direction all of our monies are lost & only for some a capital loss to set off capital gains in this tax year.

People can now see why I headed up 'Are we now in the 'Last Chance Saloon'.I think we are even past that.

My question this morning are we now in ‘The Last Chance Saloon’ sold down the river by Riverstone ?

Harland & Wolff Marine Services LtdHarland & Wolff Marine Services Ltd

1,047 followers1,047 followers

1h • Edited • 1 hour ago

𝐇&𝐖 𝐓𝐞𝐚𝐧

This one is a very interesting project, over the last year we have been planning behind the scenes with TMS Maritime to provide support for moving these interesting modules, these are for the new extension for the Isles Of Scilly hospital and care home🏥, last week was a challenge with the weather but made it happen, NHS Cornwall and Isles of Scilly & COMMUNITY 1ST CORNWALL LIMITED.

Each unit weighs between 4-6ton each nearly 5m tall and 3.9m wide, a lot of pre planning went into place on how these are to be delivered and transported around the Island and up to site, firstly it was bringing in the two cranes for lifting them from🏗 SOUTH WEST CRANE HIRE (2010) LIMITED & AGD Equipment Ltd, then tractors🚜 and trailers from Eddie Staines so each module can be moved from the boat to the site with ease🚚.

🏠Each module is pre-built from Premier Modular and was loaded onto the ship🛳 Breb Countess BREB GmbH & Co. KG in Hull Global Shipping Services Ltd, she then transited to the Isles Of Scilly where then at anchor⚓️ she transfers the modules from the ship to Tean using her own cranes, she then runs into the slipway for them to be offloaded.

Quite a interesting project with a hive of activity around the island, there is more to come over in the next few weeks, but last week she has been running over both high waters to make it happen.

Well done to everyone involved.👏

hashtag#landingcraft hashtag#busybusy hashtag#project hashtag#freight hashtag#cargo hashtag#cranespotting hashtag#crane hashtag#hospital hashtag#NHS

I so agree with you stokey12 fingers crossed at this stage.Regards CM