Member Info for Hebridean9

Probably the realisation the Scottish Whisky Industry is not so buoyant as many think. Earlier in the year the big distilleries had extended 'down-time' and workers on short hours. Isle of Harris distillery a relatively new venture is making workers redundant.

I invested at IPO and sold around 75p, a nice little profit. When I saw they were buying up the 'old boys network' (the people they hire from) I sold out, it appeared they were happy to let them get rich over actual share holders. Typical AIM stock.

I assume things have not gone well with the legal challenge to be soliciting on here. It's over, let Navantia save the FSS contract and HARL jobs and accept your loss.

The blame lies with the investor as well. I have taken some text from a post on a different forum, that was related to HARL, but most applies to a large number of AIM listed companies.

* Do you understand what a balance sheet is? Yes, so why are you investing into HARL which has a massive black hole in its balance sheet?

* Do you understand what a profit & loss is? Yes, So why are you investing in HARL which has made a loss *EVERY* year it has been listed?

* Do you understand that equity is subordinated to debt and, if a company fails to pay its debt the lenders can call default and seize all the assets of the company? Yes, so why are you investing into HARL which hasn't a hope in hell of ever being able to repay its debts?

Unfortunately all the signs were there that this whole episode would end in disaster for the shareholder, and when people loose money they always look for someone else to blame. Maybe members of the 'shareholder action group' could sue themselves for their own stupidity?

33 minutes of hard facts & home truths from Russell Downs, it is a pity the previous CEO & board were unable to be as truthful about the company & finances in the previous 4 or so years.

On a positive note it looks as though my local yard, Arnish has a very bright future, good luck to Albert Allan & all concerned.

Punt - Is it not early in the week to be on the lash? Not by any chance related to TDF are you? He had spelling issues after a few tinnies in the evening. Offer you some free advice, don't dunk your digestive.......

FG - Unsure what correlation a millionaire ex banker has to leading the group. I'm a millionaire ex shift worker, does that make me any less 'up for the job' if I was a leader?

Shed loads of money for legal fees, probably a 10 times multiple of what you quoted.

You could always try to raise £200m to save the company, nah, probably not a good idea. It would be a 'Titanic' achievement though if it happened.

Coops - Unless you have a bucket full of money for a legal challenge against Riverstone it is probably best to do what the other 70% of shareholders have done and accept it was a bad investment. Pretty sure no shareholder action group has ever been successful in recovering funds from a company entering administration, just raising hope in the short term that losses can be avoided. Good luck.

Coops - Phillip Hyde goes under the name Lottie123 on this board. He has a seven figure sum share holding, blocks negative posters, ramps the hell out of the share and now calls for a revolution when it appears he made one hell of a big mistake.

For an ex chartered banker I think you failed to do your due diligence on the board. Get over it Lottie.

MAN Energy Solutions will provide 12 propulsion engines, 6 generator sets & 3 twin screw propellers & plant auxiliaries for the new Royal Navy Fleet Auxiliary vessels. Press release today also confirming the majority of the blocks will be built in Harland & Wolff shipyards with the integration, test & trials and delivery taking place at the iconic Belfast facility.

Re gas storage - It was on the business news a few nights ago UK & European winter gas storage is at 90% of capacity already. It negates any current need for IslandMagee.

Hydrogen storage may happen, but not well into the 2030's. A new application would be needed and you know how long the gas storage one took before it was rejected. Don't hold your breath that HARL will benefit. That well coined phrase 'it's a shovel ready project' is now very generous to say the least.

I do wonder how many investors bought into JW's and the rampers get rich quick scheme. Sadly, it was for the benefit of ONE PERSON ONLY and he has sailed away with the swag. All the warning signs were present you just ventured out into the sea with no life raft. Hardly surprising that two UK governments didn't throw you a life line is it?

My 'strong sell' and much berated opinions were seen to be a de-ramp to get in at a lower price, how far from the truth!!

Have a great weekend.

You were sold down the river when JW purchased the name Harland & Wolff. He knew he would be able to leverage it to the extreme. The shareholders were always on a hiding to nothing.

JW curried favour at party political conferences sponsoring events and brown nosing his way to filling his pockets with money on the back of HARL's shipbuilding history. At the final hurdle he got found out and you realised you had been sold a lie.

Sir Edward James Harland & Gustav Wilhelm Wolff are the true pioneers, not the chancer that recently got shown the door.

I don't think it will take 6 months for HARL to be delisted from AIM, the final nail in the coffin was that work to complete the 2023 accounts had been suspended. It will be much sooner.

LSEO3 - I would be more concerned about Russell Downs intentions to be honest. He was appointed a director of 'No Ordinary Designer Label Limited' on 29th January 2024 to oversee Ted Bakers UK stores. An administrator was appointed on 6th April 2024, the last store closes this week.

IM currently has little value & as Consuela rightly says it is 'just a hole in the ground.

Our old friend Blair Peach has made a telling comment on ADVFN regarding JW & his 'blended margins' and lies that was excused by the naive investors. You were all warned, but sadly you poured scorn on those who spoke out.

If anyone is able to access BBC Alba there is a new 6 part series starting tonight at 8.30pm (in Gaelic with english subtitles) offering a glimpse behind the scenes at Stornoway harbour, starting with the new deep water terminal. Hopefully Arnish will be shown at some point.

I very much doubt the Scottish Gov will want to offer financial support to a company that now has debt of $140m, has not reported any new contracts, is paying interest of over £1.5m a month & has had it's fingers burnt previously with helping out Burntisland Fabrications & Ferguson's Ship Yard.

I hope jobs can be saved, however, JW said in May 2024 without the government guarantee the main focus on jobs would be Belfast & the FSS sub-contract. If no more contracts are forthcoming for later this year & into 2025 the only current work for Arnish & Methil is completion of the barge contract. Appledore has some work for the FSS contract. It looks quite likely the FIPASS contract will be going elsewhere & who can blame the Falklands Gov if they do.

The one & only legacy of the JW reign is the FSS sub-contract, the rest of the business was built on lies and deceiving shareholders with dubious RNS releases to make the business look much better than it was. JW & Arun have done very well thank you nicely in hoodwinking Riverstone & private investors.

The company has lost what little credibility it had in the last few months withholding the 2023 accounts and the debacle of the Scilly Ferry involvement. The 'new' HARL will hopefully come out the other side, slimmed down, focused on working with Navantia to get the FSS contract underway & no more vanity projects.

Arun & Groat will be given gardening leave, the new team will not want deadwood tangling in the seaweed. The shareholders seem resigned to some form of financial restructuring, let's hope they have something to show at the end of this sorry saga.

Consuela - The proposed £20m is apparently from another Riverstone source, RCOI have invested the maximum in HARL and the fund is currently in wind down.

Riverstone Credit Opportunities plunged over 10% today in response to the HARL write down in their portfolio. JW has an awful lot to answer for but appears to have escaped scot free, unlike shareholders who are seeing their investment sinking.

Hate to say I told you so, I have been posting 'strong sell' for ages and taken much abuse for it. Feel sorry for the long term holders. Doubt the RNLI will be along anytime soon to rescue you, that for me was when I felt JW was less than truthful, way back in Nov 2021.

Scattman - It looks like the IOSCC called it right though in refusing the levelling up funding that JW craved. They were way ahead of you in realising HARL was a basket case.