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But I’m not sure it’s large sums of money that HAYT need now, is it, having finished and brought the Luton COE on stream, and bought PB? Their problem is contract constipation, which is easing by itself, with the laxative of long term bank debt funding coming too, to complete the cure. And that's the right cure too imo.

...or any other bank. The 12 April contracts RNS was a cracker, and those were wins just for late March. On first reading I was disappointed with the statement about RBS and long term funding, because it seemed to be lining us up for yet another delay in resolving it. Expect another RNS this week kicking the can down the road again. But actually, with all these wins being booked, the business and ELB's hand are being significantly strengthened in double quick time. I still think resolving funding sooner rather than later should be the goal, but ELB should take more time if he needs it, now that he's negotiating from an increasingly strong position. The other thing I'd be doing if I were him, is thinking about re-financing with another bank, if he feels the limbo situation with RBS is more their fault than HAYT's. He can be confident.

I imagine under the open offer, we will get most shares (all basic entitlements, plus up to the max of excess applications) if IRG (1) abandon raising “approximately £1.45m” in favour of raising as much as they can at this stage, and (2) people have not all subscribed, and not all made large excess applications eg because of having to part with the cash up front, and fear they might get all the shares applied for. ...And fewest shares (down to zero under excess applications, and maybe even scale back of basic entitlement too if that’s possible) if IRG stick to raising “approximately £1.45m”, and the OO is heavily oversubscribed. Somewhere in between is perhaps most likely. The ideal for me at this stage is a 50% scale back of excess applications. I’ve no idea, but most posters here think there’ll be a much greater scale back.

...for the full 10m shares application ie basic entitlement plus excess

HL have taken my dosh this morning and opened an "Assured open offer shares" entry

My hunch is that long term debt financing has now been sorted by HAYT and RBS. They'll both "sleep on it" over the long Easter weekend, then give the arrangement any final tweaks prior to announcing it on Thursday 20th. The SP will take a leap forward then work its way steadily back to 80pps as confidence in HAYT (now on a stable platform) returns. An AVG bid will of course change things. Contracts news will continue.

"We look forward to updating the market with further detail of our continued good progress on Thursday 20 April." Now WHAT does that mean????!!!!!

Looks very interesting. CPR off-take and funding to look out for. The only mention of Engie in today’s RNS is as the operator of the relevant Northern Area licences, but presumably this is the awaited “Engie deal” and the MOU applies here such that.... ....ENGIE will contribute its substantial footprint in European gas markets and its expertise in energy management to offer an innovatively structured gas off-take, designed to help HALO secure the funding of such assets whilst minimising the dilution to HALO's shareholders. (Aug 2016 RNS). If Cochran’s judged the timing and upside potential well, and gets good off-take and funding terms too, this could be very nice.

Maybe I’m in cloud cuckoo land, but all these t/o sp predictions look very pessimistic guys. In fact I’m proud to be topping the competition list at 125pps! Up until the 14/11/16 RNS the SP had been stable for months around 80p. Even then the finncap target of 113p looked unchallenging, and would have equated to a PE ratio of about 13. The industry peer group was much higher, eg Rotork on 17, with little obvious reason for HAYT to be lagging behind. Little has actually changed since then. It seems to be perceived (rather than real) concerns causing the current SP weakness. The business concerns seem to stem primarily from an accounting policy point, ie the orders thought to have been bookable to H2 2017, weren’t. So yes 2017 results are affected but it’s only a timing point. It seems to have become an issue because HAYT and RBS between them relaxed the financial covenants prematurely, and agreed overoptimistic debt repayment schedules. In trying to unpick that, it’s degenerated into a bit of a chimps tea party. But the orders are still there, and have just “shifted to the right”, and are flowing nicely now. Long term funding is connected and taking an age to sort out, but the most likely outcome is that it’ll be sorted this month, by revised debt facilities (ie term loans RCFs and overdraft). I say that because after a few short term extensions, the 6 weeks period HAYT and RBS gave themselves on the 16 March, coupled with putting back the financial covenants measurement, has the air of RBS and HAYT both believing it’s a long enough timeframe to sort long term financing once and for all. These are certainly challenging times, but the dividend is still there, the people and business and partnerships are still there, the re-fitted state-of-the-art premises are still there, the pipeline and orders are still there. The “bad news” for YE 2017 should all now be out in the open now. Speculation about wider financial problems and re-capitalisation through rights issues etc looks premature and without foundation. They’re the sorts of conclusions you might reach if you’re worrying and fearful about delays and think this means more bad news to come, but what actual evidence is there for that? HAYT and RBS between them have certainly made a dogs dinner of orders timing predictions and financing since November, but have given plausible reasons and timeframes now to sort it all out. I expect we’ll be sorted out and should be back up towards 80pps again by end April, assuming the AVG move comes to nothing. If there’s a t/o, then there’s no way HAYT should be valued less than 125pps if there’s no more specific bad news to emerge. All IMHO and WTFDIK etc

125p. All in AVG shares

No skulduggery for me atm, but we'll see. Not a boring share this one!

My first thought was that this is an opportunistic approach by AVG to take advantage of temporary sp weakness arising from the HAYT funding machinations. Looks like mere bottom sniffing atm, with a leak from somewhere today.

finncap had a sp target of 113p for HAYT for ages up to the recent issues around long term funding. Assuming those issues are sortable (I'm sure they are readily imo) maybe any t/o offer would be north of £1. Avingtrans are another listed small cap (m cap c £45m), and I wonder how they'd fund a t/o. Paper maybe? Hope ELB didn't have any plans for Easter. April's going to be busy - sorting long term funding and quite possibly dealing with t/o bids on top.

Maybe HAYT and RBS are just giving themselves another week (ie the first week of April) to dot Is and cross Ts. Then there's the 2 week Easter hols to stand back and take a deep breath, before it's back to work Mon 24th April for any final tweaks and the big announcement.

Curate's egg imo. Great re all the contract wins, and that the focus remains on resolving long term funding with RBS. But come on guys, get on with it and sort it out!!

Yes! In fact I was picturing Kiran dressed as a turkey voting for Christmas whilst typing that! I just think the Board get good fees and generous no strings attached incentives - not a problem per se, but it is a problem when the shareholders suffer. And leads to accusations of the board just being here for the lifestyle, deepening negative sentiment. All stakeholders need to see a return here, and I'm not seeing one when I should be. An annual continuation vote struck me as a good incentive for board performance. Threaten to take away the goose laying their golden eggs, and they might start to love it and the shareholders a bit more. Liquidation would cure the discount at a stroke, and we could all go off and invest direct in EMH etc. AIM:GCL do this in the uranium investment space.

Mr C REM should perhaps take some NAV discount control measures. I don’t think they have any atm? One example would be a share buy back programme to be triggered when the discount widens to certain levels. That should encourage buyers if the discount widens too far (like now). Another is to liquidate the company! The market would have to be convinced by the credibility of any such commitment to defend the discount though. IMO part of REM’s problem and the reason for the discount is that the management and governance isn’t seen as great by many.

There’s not much not to like about TOT. Strong growth AND divi up 10%! I bought this in Nov ‘13 at 72p after an IC tip. Just seems to go up and up. Why is there not more interest amongst PIs I wonder? Wexboy - hopefully you're still around and it would be good to see your updated take on this.

My hunch is that all will look rosy come early April. This current financial angst seems to stem from both HAYT and RBS taking an over-optimistic view of H2 performance, which led to a premature relaxation of banking terms, and too tight repayment schedules. As this now suits neither, both HAYT and RBS have had to pull back since November, maybe raising questions of management competence, and the shock waves have seemingly spooked the market. In time, I’d expect this to be seen retrospectively as a “blip”. I’m a HAYT and ELB fan, and think what they’ve done with the PB acquisition, Luton centre of excellence upgrade, strategic partnerships etc has been very astute, and will pay dividends going forward. The relatively small current issue of delayed booking of the expected H2 contracts shouldn’t detract from these achievements in difficult times and the excellent prospects. ELB might feel a bit like Ranieri atm, but thankfully without having been fired.

ELB sounded frustrated more than anything in the last interview I saw, referring to the contracts/orders he’d hoped would be booked in the second half of the FY, being “shifted to the right” into next year. Those orders hadn’t gone away. Where he has goofed perhaps is being overly optimistic in the first half of the year that they’d come in sooner, and agreed too tight a repayment schedule of RBS borrowings on the back of that. It seems the knock on effect of the delayed orders on receiving cash has been a major cause of the funding issues. I imagine the meetings with RBS are entirely friendly and mature. And wrapping up the outstanding repayments within revised long term funding arrangements is very sensible from everyone’s point of view. HAYT may well have the ready cash to make the repayments, and even if they don’t there’s no point using other inappropriate funds or putting effort into finding the cash from elsewhere, just to repay what are now probably repayments everyone’s happy to re-negotiate. I suspect they’re all knee deep in meetings about overdraft sizes, term loans and RCFs etc, for HAYT’s needs going forward, which will include re-financing or repaying the March repayments. It’ll all be about taking this excellent business forward I’m sure, not threats to withhold repayments or withdrawing support. A rights issue? Not in connection with the current funding issues imo. Or at all at this stage.