Member Info for Chrisatrdg

Hi EP - Thanks for the post I got out at $5 but my son still has 500 shares at a cost of £4,065 & he had written off the shares in his own mind & also wishes he had topped up at $1.

It is a difficult one having been in Summit originally about the same time as yourself & saw the drop in one day when DMD was announced to have failed.

The SP is riding on expectation but if in a few months or so there is a negative RNS the SP will once again fall.

At present he is Holding but when & if the SP rises much more I will be suggesting he Sells.

With Bob Duggan one can become richer & it is only because of his deep pockets the company has survived.

Regards to all.

Hi All - Is it time to Sell or Hold as the SP continues to rise including on todays news update.

Hi LSE03 This is good news for GB UK and has the potential of unlocking contracts for H&W across its four sites.Fingers crossed for the future of H&W & us shareholders.

Further details -

Start date: 01/04/2017

End date: 31/03/2025

Awarded date: 01/04/2017

Awarded value: Not set

Appraisal date: Not provided

Review date: 31/03/2024

Initial contract period: 96 months

Total option to extend:

Total contract period: 96 months

Available extensions: 0 with 0 taken

Central purchasing body: Falkland Islands Government

Framework: N/A

Find a Tender (FTS): No

Process used: RFQ

LSE03 - More details (You could not make it up) -

Buyer: Falkland Islands Government

Department: Development and Commercial Services

Title: Ferry and Coastal Shipping Service

Description: Contract for the provision of a ferry service from New Haven to Port Howard and for deliveries to the outlying islands.

Description of the geographical coverage:

Reference no: DN608344

Estimated total value: £18,000,000.00

Estimated annual value: £2,280,000.00

VAT not recovered: £0.00

Participating organisations: N/A

Keywords: ferry, shipping

Hi DAZBEST1 - With regards your problem with the certificates my son had the same issue but got them exchanged to $ shares which he holds with ii. I am not sure how he did it but if you contact SMMT customer relations I am sure they will advise you.Also try your provider such as ii but joining them will cost you a monthly charge but I have found them very useful.

With regards Buying or Selling I also held shares back in the AIM days & went through a very painful experience with Barclays converting from their platform to the NASDAQ.The shares crashed to $1 & I had lost a serious amount of money but when it rose to $5 I Sold & over the years on average came out at just above breakeven.

Having the certificates will help I believe.

In terms of Sell or Hold I am trying to advise my son to Sell as he is just below break even.The SP is rising based on future expectations but will drop like a stone if there are adverse results as happened with DMD.Regards CM.

I have just spoken to the Courts in Belfast & have established that the appeal to the Court of Appeal for it to be allowed to go to the Supreme Court is with the Court of Appeal but a judgement has not yet been made.The courts are in recess so it may take to September unless a judgement is made during recess.

Count me in Lottie123 but I am limited as to contribution required & remember those being sued may not have such deep pockets.

Hi ForestGump - I have just checked Companies House & find that Arun was not associated with Liberum Capital Limited & on checking Companies House for Arun's directorships Librium Capital Limited is not listed as a company that Arun has now or had an interest in therefore what is the source for your statement,

Hi broomtree - Your reporting from Riverstone's RNS, that I posted in full the other day, covers a few important points in that Riverstone have already absorbed a partial loss on their loan which makes their business decision for their Board of Directors slightly easier to achieve when deciding on their next move.This helps in their future decision making & hopefully may reduce the pain that is about to be inflicted on us.It is now Day 5 since last Friday & no RNS but expect one this week. I just hope current shareholders are included in the future of H&W.I would also add unless they want to loose the £30m + value of tax losses they need to continue with the current legal framework for which we are the legal owners provided they do not go into administration.

I am still gutted & my family have been seriously effected by recent events but I have not given up yet !!!!!!!!!!!!!

Profile • You Accounting Professional

'Work at all the H&W yards is inspiring & as a major investor I just hope our support over the last 5 years is not crushed for no fault of our own.Be happy with a 1 for 4 capital reduction to avoid loosing all of my investment & would support a fund raise.H&W shareholders are resilient we just need a chance to stay with H&W.'

Edit: While I can I will be voicing my opinion on LinkedIn & Twitter I have not given up !!!!!!!!

Hi stokey12 My reading of the situation is that there will be no funding in the near term from the Government it is all now down to the rescue package & how the market feels about H&W.

We can only hope but clearly this Government has closed the door on H&W & its shareholder for now.

I am guessing that we will know this week if there is any chance of the signing of of the accounts but unless the rescue package preserves shareholders even with a capital reduction plan the likely SP, if we get back for trading, is likely to be of little value.

Today is just another nail in the H&W coffin.

He added that he is not interested in the shipyard in order to build ships, but rather as a well-placed site for repairs in the North Atlantic.

“If you want a quality ship built, Chinese and Asian companies are better, but they can’t help you with repairs,” he said.

“Belfast is the last place to repair a ship between Germany and New York.”

Harland & Wolff future uncertain as government loan guarantee bid ends in failure

Harland & Wolff CEO leaves as firm seeks emergency loan: report

Economy Minister Conor Murphy gives backing to Harland & Wolff workforce over government loan

Flacks Group owns the Hamburg-based Pleuger industries, a company that operates in industries including water, oil and gas, energy, chemical, marine and general industrial markets.

Flacks said that Pleuger does business with former Harland & Wolff owners Fred Olsen.

When asked why he thought the shipyard had run into hard times, he replied that “doing a project building a ship is harder than building a skyscraper”.

Flacks said that he believes the current owners have faced issues with liquidity, and issues with financing connected to the interest rates of loans they secured for their work.

He explained that it is “early days” in any takeover discussions, and that he “has a golden rule not to get involved with any processes”.

Flacks added that potential bankruptcy proceedings would be another longer process, and that there is an amount of “tyre-kicking and knocking on the door” in talks at the moment.

Harland & Wolff is currently reliant on receiving a huge Government contract to build military submarines, and Flacks said he believes whoever buys the company will require state subsidies.

He said he was unaware of how many people were employed at the Belfast site, and did not know how much of the proposed submarine contract was due to be completed in the city.

Harland & Wolff currently employs 1,500 people across the UK, including around 500 in Belfast.

Business Secretary Jonathan Reynolds is to make a statement on Harland & Wolff to Parliament today.

The chief executive of a major investment fund has said he wants to buy the Belfast site of Harland & Wolff and transform the firm that built the Titanic into a strategic North Atlantic ship repair business.

Michael Flacks, founder and director of Flacks Group, added that his company could purchase the shipyard without the need for bank loans.

Flacks was ranked 141st in this year’s Sunday Times Rich List, with an estimated fortune of £1.2bn.

Harland & Wolff has been in turmoil in the last few days after its CEO left over the firm’s failure to secure a Government guarantee on a £200m loan.

John Wood departed on a “leave of absence with immediate effect”, with Russell Downs proposed to join the board as interim executive chairman.

Harland & Wolff is trying to recapitalise and has requested advice on its “strategic options”.

The company had sought an export development guarantee to enable it to fulfil part of a £1.6bn Royal Navy contract for three fleet solid support ships.

However, on Friday, Harland & Wolff confirmed its application had been refused by the Department for Business and Trade and it was now expediting discussions with its existing lender for an emergency loan.

The department is believed to have confidence that a solution can be found that removes the risk of administration.

A person close to the situation said jobs at the company and its four shipyards around the UK were a major concern.

But the Government has insisted it remains committed to shipbuilding and is said to be monitoring the situation very closely.

Flacks was ranked 141st in this year’s Sunday Times Rich List, with an estimated fortune of £1.2bn

Flacks was one of the parties interested in purchasing Harland & Wolff in 2019 when it was being sold by Norwegian company Fred Olsen.

His Miami-based Flacks Group specialises in buying distressed assets and struggling businesses.

He is only interested in purchasing the Belfast portion of the business, and not the other three sites operated by the current ownership.

The Sunday Times reported this week that vulture funds are waiting to “pick apart” Harland & Wolff as it continues to experience financial issues.

Flacks, originally from Manchester, said that the business was a “great iconic brand” that “can’t die” as it is “too strategic”.

He explained that he does not believe the brand has “monetary value” in and of itself, but that he has a personal history with Harland & Wolff and business in Belfast. Flacks spoke of seeing the Samson and Goliath twin cranes while on the ferry going into Belfast harbour.

He also told this newspaper that he used to sell leather jackets at the Europa Hotel nearly 40 years ago.

Flacks said that Harland & Wolff “was not a business that was going to change my life”, but it could play a strategic role due to its location and the potential synergy with other firms that he is invested in.

Thank you Islander01 for your post it has been very useful.Appreciate I am continuing with the tag game but we can live in hope & messaging helps but I am sure that we will not get much this afternoon.With the lawyers working over the weekend I was expecting an interim RNS this morning.If Riverstone want to get this show on the road they need to act fast.

Moving forward the balance sheet will need going over & possible a revaluation of all property & plant whether it be Freehold or Leasehold. I did bring up looking at a revaluation with Arun at the last AGM but he said that it would be expensive & that it would need to apply to all operations & is not quick.

Concerning IM I am sure that the Court of Appeal will grant an appeal to the Supreme Court as it has touched on constitutional matters & provided DAERA have the support of members of the Stormont it will be allowed.DAERA defence of its position was quite robust.

Moving on what ever happens next there will be a need to retain the huge tax losses because once they are achieving pre - tax profits it will result in a Deferred Tax Asset & taking 75% ( To allow for disallowed costs) of the retained earnings as at 31.12.24 (Draft) & using the higher rate of Corporation Tax of 25% it amounts to £34m.

I could go on but will stop now but my frustration is waiting powerless to influence any decisions.Regards to all.

Hi stokey12 - You like me today is an early riser & I sincerely hope you are right.What I find annoying is that the matter has been taken out of the hands of shareholders & the control is with Riverstone who are not shareholders but could create a situation that only benefits them.I accept that we are effectively in pre administration something I have experienced as a contractor but that company is now trading on the NASDAQ.

Fingers & toes crossed that is about all I have at the moment.

MaryBr190 - A precise & incisive post thank you for posting.

Hi MaryBr190 - I am totally in agreement with your last & previous post.Some how you seem to have your finger on the H&W pulse & hopefully they will only be in intensive care for a short period of time.Regards.

Hi ilovesushi - I understand your point of view but I strongly believe that in order for Riverstone to have any chance of recovering their debts a business plan needs to be put together in order to sell the business as a Going Concern which is why experts have been brought in.The question is will the £20m be sufficient to support a business going forward which is a Going Concern & therefore can attract a buyer.

If a plan can be put together & the auditors are convinced it has merit then the accounts can be signed off but with last years qualification note.

In preparing a company for sale a 'book' needs to be put together being the selling document & attached to it will be the glossy report & accounts but it cannot have 'it is not a Going concern' in the audit report which is hurdle one.

Once accounts are issued, on the above basis, the shares will then be traded again at which point we will need to know what are the future plans will there be a capital reduction so keeping current shareholders on board etc.

The next stage for us all is whether to Sell out or Buy in at a likely reduced SP when the shares are back in the market.

For me being a Going concern must be the first order & then will it allow us to stay on board or will we be jettisoned off.Time will tell.

I am certain that H&W will be sold & the business will continue with some Government backing once the 'books' have been sorted the question is will we have shares in who it is that will be buying the company.

I was involved in putting figures together for an AIM listed biotech company which had a research subsidiary my figures were then put into the 'book' which was then put out to the market.I found myself having to present my profit & cash flow forecast to the first of companies that was interested. The company was a New Zealand bio company & they finally bought it.The irony was that they then employed me, having moved on as a contractor from the previous owning company, to audit the settlement agreement & all were satisfied with the outcome.

As for next Monday it seems to me to be too early to get anything from it. It is likely it will be only words being an excuse as to why the Government declined the loan.

There have been some interesting posts today some positive some not.

I am now back into the garden to cut what is called grass.

Take care all.

In all fairness a one for two shares offer would be fairer on the basis that Riverstone can make the company a Going Concern. We are where we are & yes even one for four capital reduction would likely be accepted.I would add that those tax losses have a value & a deferred tax asset will be created once H&W have pre tax profits. I accept some people will be thinking dream on but if we are to be serious & believe the new structure will create a Going Concern then they will need current shareholders support.All to play for & yes next Monday we will hopefully have a better idea. Time now for sleep. Regards to all serious posters.