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TonyH, that is precisely my fear! As I recall there was always a very short intended time line between ML approval and FID. I doubt JW will ever be prepared to meet us the owners face to face again. I just hope something can be salvaged.
LC Looking at Q4 figures surprised to see that Q4 cash has actually dropped by $1.7m from 20.4 to 18.3. They only spent 4.6 on a combination of acquisition, hedging and Capex payments so net 2.9 after cash reduction, that implies they must have paid a big chunk in PPT given that income for Q4 of $19m. Where otherwise has the cash gone?
PD I agree with you, WTI now over $85 yet SP languishes. When WTI inevitably drops back on Trin SP will fall below 120p. Clearly their strategy is flawed.
Lamsailing, I agree with you, JW has screwed us big-time on his fixation with ship yards, which have never made money and always relied on support from government. Looks like another sell off this morning, which may herald yet more bad news. I doubt we will ever see a return from gas storage as any funds will be used to prop up the ship building fiasco.
PD I agree with what you say, but can’t help but feel that a modest dividend paid regularly would do wonders for the share price, so requiring less dilution should there be a need to raise additional capital, which I certainly would not bet against.
At least you get a decent dividend with Wentworth resources, you don’t even get that with Trinity!
Tomorrow’s good news is likely already ‘baked in’ to the sp
Odd that PrimaryBid appear to have closed the offer early. I would be surprised if they have had an overwhelming response and even if that were the case surely they have would have been expected to close when scheduled and then reduce allocations.
Just have to hold tight and hope for the best, I fear JW is not to be trusted.
I certainly won’t be throwing more money away and pleased I avoided it at 30p last time. Doubt they could find any financial institution prepared to lend to them!
It remains my view that they should have stuck to the gas storage and that alone. Over recent decades shipyards in the west have never made money and always relied on support to keep going, in this case it looks like the shareholders are left to provide.
I doubt I will ever see my investment back, every time the sp picks up they will repeat the cycle until we are diluted out of existence. They don’t even have the decency to provide a detailed breakdown of what they are going to spend the money on. JW will no doubt continue to line his own pockets, at our expense.
Despite the apparent value of the business there is a clear failure to attract investors. Perhaps it’s about time they consider where they are gathering given the current global environment - continue as they are and start rewarding the shareholders
Pullback provided an unexpected and welcome buying opportunity