RE: Harland and wolff1 Jul 2023 18:45
May I suggest that time is spent focusing on what was said in the accounts, anything else right now is counter productive to all holders.
Without doubt Hebridian is bitter as are many others and in some instances justifiably so , in others imo not the case. Ultimately it boils down to nobody forces anyone to buy or sell and timing is critical.
It is irrelevant to me what JW has or has not done in the past, save for the fact that it certainly highlights to me key areas to watch closely.
Finances being the key area. The numbers are not pretty but what I expected for a company in this industry at this stage in their growth.
Without doubt the auditors were prudent to point out material concerns and again it is what I expected , they would be foolish not to cover their derrières . My aspirins contain pages of warnings , again prudent, I still take them but I'm informed of the risks , same here for those investors who weren't aware. Interesting to note all the posts by shorters claiming JW failed to deliver finance in March and again in June.
Well its clear that UKEF only delivered their report 31/05/2023 and therefore JW can be exonerated of failing to deliver but not of making the school boy error twice of informing the market of dates that proved to be impossible to achieve , perhaps he was led up the garden path, but with such an important issue and the first date being missed , extreme caution should have been paramount before announcing another date.
Lack of information re current ongoing projects , have we forward purchased all that is required for barge completion , M55 completion. Have we met any milestone payments yet , if not then when ?
We now need to focus on new contract wins and need some detail of this oft quoted forward pipeline , too vague .
We need an updated valuation of IM and the companies strategy for monetising the asset , thus far comments like multiple parties sniffing around don't cut the mustard with me. Nor do comments like in high double digits without JR win & treble digits with JR approval. Or the infamous 'shovel ready '
It should be obvious to all that this will at a minimum be partly sold a JV and as far as I'm concerned the sooner the better. I would be uncomfortable to say the least to even consider taking on more debt in relation to this , at this stage, without very detailed information as to how the company intended to balance the books ( phrased simply deliberately)
With regards to raising finance via an equity raise , again very vague but prudent to highlight and can be achieved in numerous ways. Do I think it's imminent , no , do I think it will happen , yes at some stage .
Would I buy into it , depends entirely at what price , what new contracts the company have announced and if at that stage I still see potential.
Will I be impressed if I see the directors awarding themselves juicy bonuses after increasing debt or any raise , most definitely not.
Do I think
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