Member Info for droderick

Dear BillB,

The 200k is at the end of 31 Jan 2020. Since then there base been a debt raise of £2MM and a further EU grant receipt of £1MM in March.

So you are looking at a cash balance that is now 3 months old!

A detailed and transparent interim statement from the company. The acquisition has been validated with over half a million of revenues generated in the 30 days since the acquisition in December 2019. That is an excellent start.

The fact that the assets have been revalued to over $11MM with a purchase price of £5.25MM is hugely important from a balance sheet perspective. When JW does refinance the debt facility, this asset valuation coupled with greater cashflows will most certainly attract a much better deal.

A total comprehensive income of £3MM - never seen it on an Infa PnL before!

Given the future outlook and the focus to really work this multi-purpose fabrication facility across 5 sectors is an excellent strategy. I think the strategy really creates a natural hedge against one or two sectors going down while the other sectors keep revenues propped up.

I love the narrative and the future potential. This has all the makings of a large mcap company.

Cenkos has been appointed as new Nomad and sole broker. This is fantastic news. To have one of the biggest brokers on AIM as our sole broker especially in these circumstances is brilliant news. Their reach into institutions is excellent and their appointment bodes very well for the company.

Well done JW to pull this off.

Whilst we are in the grips of COVID-19, our first thoughts turn towards our employees, clients and their respective families. Their safety and welfare is of paramount importance to us. The healthcare professionals in the UK and around the world are doing an amazing job and we stand shoulder-to-shoulder with them ready to assist them in whatever way we possibly can. The effects of this pandemic on the global economy will, undoubtedly, be devastating and has set the scene for a vastly different business and trading environment.

However, looking into the future, we are very optimistic. We see the focus of our government on creation of employment and security of energy supply. Business opportunities continue to build up for Harland and Wolff across all the sectors. Since the acquisition, the Harland and Wolff team continue to put down strong foundations in order to capitalise on growth opportunities. These opportunities that were in the distant horizon till recently are now gradually being converted into real and substantial commercial contracts. We will continue to pursue them on a business-as-usual basis. In the short term, we have multiple ships that are planned to dock over the next six weeks in order to ensure that critical transportation vessels remain in service.

A very mature, sensible and upbeat post from JW in this time of crisis. They are doing the right thing. I am very happy remaining invested in Infa.

I stand corrected.

I would disagree that this was fait accompli. The new investors would not have been able to fund the acquisition without existing shareholder approval. They had no rights to vote and we were given adequate notice and information to make our decision.

Blair,

You live in a different universe. The H&W acquisition was put through a shareholder vote on 30 November. It was a special resolution as well that required a minimum 75% approval, which the Board received.

So let's not forget that due shareholder approval was sought and received.

Get your facts in order please.

Quite right,

That choice rightfully belongs to you.

Your answers are all there in the Chairman's and CEO's reports in the latest annual report if you have cared to read it.

It's given there in black and white and crystal clear.

Tango,

Just for the record, I am sitting on a loss as well. Speaking of positive RNSes, here is what has been announced over the last 44 days

1. H&W acquisition
2. First ever revenues
3. Buy out of the Riverfort convertibles
4. Judith Tweed buying shares
5. AGM presentation
6. Debt facility with zero warrants or convertibles with a 2 year runway to pay off the principal
7. Restructuring of the Riverfort mezz debt over 10 months
8. New Chairman and non-exec appointments
9. Numerous tweets - directors in the yard over Xmas and at Navantia

So it's literally one RNS every 6 days interspersed with the AGM and other informal modes of communication.

Come on, if this is not open and transparent communication then what is? ?!!

2.

I think you have hit the nail on its head Mr T.

Its all well and good to criticise JW and the team. The interest rate is not great, that's for sure. But where is the track record and the three year cashflow history to negotiate a better deal? Let us not also forget that H&W was acquired formally on 05 December. That makes it 44 working days since the acquisition (yes I counted).

So in 44 days we have had vessels come, repaired and go and we have had a debt facility in place that provides for some cashflow in the interim. I would like to see another management team that has been able to achieve all of the above in a span of 44 days, notwithstanding the public consultations for IM in the middle of all this.

Question is: What are other shareholders expecting the management team to create in literally 44 days. The comment that JW should bring in contracts from day one is incredulous. Even with the best contacts in the world, these contracts take time to negotiate and come to fruition.

If the objective is to deramp the share price and get in even cheaper, people are surely succeeding at the cost of genuine long term shareholders.

Because Tango,

People expect Infa to get a £10MM deal at a 5% coupon with zero incremental fees. The expectations are just not in line with the reality of the company.

You would expect to see LIBOR + a few percentage points for a company that is credit rated, not for Infa. The very fact that we have been able to secure a debt deal is a good starting point. Nothing stops Infa from refinancing in 12 months time and getting a better deal.

The more important question is why weren't the previous boards able to raise any corporate debt? It's all very well to slate JW and team and conveniently forget history that he and the team are battling with and trying to take this company forward.

Very easy to pelt stones.

Try getting a bank to offer you a loan when your revenues kicked off only in December. Good luck with that.

The assets might be valued at anything in-situ, for a lender what matters is ex-situ. That's a completely different ballgame.

Let's get real and put things in perspective.

The new debt deal is a good one. Given the size of the company, the interest rate is good. The fact that they managed to get a 2 year runway for a bullet payment of the principal at the end year 2 shows that the lender has confidence in the business and is happy to take a 2 year credit risk on Harland.

Riverfort refinancing without any convertibles is superb. It takes the immediate cash pressure off and staggers payment over 10 instalments - yet again a good deal and vindication of lender's confidence in the overall credit risk of the group.

As far as contracts are concerned, I think it is prudent to announce what's happened at the time of the interims. I don't see why JW should be announcing every single contract and exposing the company's strategy and contracts to competitors. There are some things best left inside his kimono!

You might want to check your maths.

It's 13.20% per annum that's 1.1% per month which equates to £22,000 per month.

Principal repayment is at the end of year 2 with a 4% exit.

Hahaha - why me BlairPeach?

I fundamentally disagree with Setanta and his thoughts are fatally flawed. I could very well factually dissect his narrative (or rant) but the exercise is rather pointless. He is better off frying his catch of fish over the weekend.

Hahaha - why me BlairPeach?

I fundamentally disagree with Setanta and his thoughts are fatally flawed. I could very well factually dissect his narrative (or rant) but the exercise is rather pointless. He is better off frying his catch of fish over the weekend.

Why should we know and we care about Halite and Preesall? We are not shareholders of either.

Instead of asking the question repeatedly, why don't you provide some answers? Have you looked at the geology or the economics or even the capacities and the capex for those defined capacities?

I am also presuming that you don't care that our caverns can be utilised for hydrogen storage, which will, inevitably be the fuel of choice in due course.

You were perfectly fine in a world without Twitter. So why go onto Twitter and post and increase your own carbon footprint? Do you really NEED it?

Come on Leesadee, get real.

These questions have been asked and answered over the course of 6 public consultations last year. Yet more to come during the formal public consultation this month.

So I suggest Nazareme, rather than going on a rant here, gather your thoughts, write them down in a manner that you and the others can understand and ask these questions there.

By the way, you didn't respond to the questions that I raised in my first post - I reckon that is because you don't even know where these crucial bits of infrastructure are across Europe.

You have chosen to remain silent on your opinion about gas storage in mainland UK. Again, you know you will get caught out for not only your lack of knowledge surrounding gas market fundamentals but also for being disingenuous.

I continue to maintain about your posts - FAKE NEWS

1. Not sure how you got a £60MM Capex for SNIP reversal

2. To generate power, your feedstock is natgas and baseload power will continue to be generated by natgas.

You might have all the electricity inter-connectors in the world, but if the sparks are not generated, that infrastructure is useless.

Ditto for LNG regard terminals.

So again, you can quote whatever you wish to, but your knowledge of how commodity markets work is very poor. But full marks for spewing BS.