Really nice price action recently, and volumes are creeping up as well.
I was disappointed - though not surprised - to learn about further delays regarding IM funding, but it looks like the market likes the H&W part of the business very much.
As governements and central banks around the world start opening the taps and sloshing money around, with COVID being a very convenient excuse, I wonder what it might mean for Islandmagee funding.
Back in 2019, JW said he's willing to wait a little bit to see what potenatial opportunities the 2020 budget might bring. While it sounded very far-fetched at the time, the reality has changed and it the potential for getting a govt loan or even a grant are significantly higher.
On the other hand, given the ongoing liquidity crisis, it's less likely to me that the "funding partner" - assuming there really is one - will still be around ready to lend money come Summer.
I'm curious what others think.
I guess we'll have to agree to disagree here. For me the the big news will be the ML and/or the funding (signed and sealed, not "expected in the near future"). EU money finally being paid would be news too, not as big as the aforementioned ones, but still a welcome change. Heck, even just getting a firm, non-movable deadline on any of those events would be something new. Re-iterating that "the company is expecting money soon" is no news to me because they've been expecting it "soon" since last July. If it's still newsworthy to you, fair enough.
People lost a lot of money here and are jumpy, I get it, after the recent market rout I'm looking at a 60% loss myself (ouch!) but there's nothin big or brave or clever in spouting abouse over the internet or shooting the messenger.
@MrT - I recommend you read my initial post again. My point was that:
a) The money is not yet here, unlike stated by Si_Derman
b) The RNS does not provide any new information, as JW has said many times already that the money will come.
I have no doubt that the money are due, but I don't think this RNS makes anyone any wiser than they were yesterday.
If someone claims that the money "are here", pointing out that they are not is not creating mischief, is correcting misinformation.
"when in fact they are not according to you" is just a plain lie, so shame on you. I never said the money were not coming.
That's some nice backtracking, @whatemess.
Some people, like Si_Derman, were celebrating the money finally being repaid.
I noted that the RNS doesn't state the money is there, only that it's coming.
To which you reacted with abuse.
You can call me all kind of names for stating facts you don't like, but it won't change them. The money may come tomorrow, next week or in 2050, but they are not here yet, contrary to what some posters claimed.
You made a fool of yourself, it happens to everyone, but by refusing to own up to it you're making it much worse.
@whatamess - If you're not tired with my moronic idiocy already, please allow me some leeway due to English not being my mother tongue and explain how you understand these excerpts from the RNS, which I surely must have misunderstood:
InfraStrata plc (...) is pleased to announce that the EU's Innovation and Networks Agency ("INEA") has confirmed that it WILL PAY a sum of €1.3 million towards the total €1.6 million EU Grant reclaim.
John Wood, CEO of InfraStrata, said: "We are very pleased to have received this formal communication from INEA and LOOK FORWARD to receiving the funds in the NEAR TERM."
Looking forward to your reply, mate!
Am I reading a different RNS than anyone else? No money has been transferred. It's just a confirmation that they will be repaid in the future - which is the same thing that we've all been told last summer. Nothing new here.
This is insane. A loan secured on assets worth many times the principal still carries 13.2% interest rate? For goodness sake, a car loan secured on a fast-depreciating vehicle can be had for under 4% p.a.. Unsecured junk bonds are 8%. It clearly shows the lender doesn't have confidence they'd get anywhere near £2mil for H&W assets AND that they also price INFA for bankruptcy.
"Assuming the Placing completes, the Company's business plan and working capital requirement make certain assumptions as to the short term timing of:
· the EU grant payment of EUR1.6 million;
· an additional grant from InvestNI;
· the Company reaching Final Investment Decision ("FID") on the Islandmagee Gas Storage Project by the end of the year, the payment of back costs associated with FID and revenue generation associated with fabrication of the Islandmagee Gas Storage Project ; and
· ad hoc revenue utilising the Assets on third party projects.
If the timing of any of these is delayed or takes longer than currently expected then it islikely that the Company will require additional finance during the first half of 2020."
Wow. Just wow. This is so, so bad and it's hard not to see a pattern here.
Moved 2018 FID to mid-2019 veeeery late in the day because a "better deal was on the table".
Moved FID again to end-2019 veeery late in the day because "more caverns".
Now moving it again almost at the latest possible time, again by roughly half a year at least, because there'll me even more jam tomorrow.
Shame on me if you fool me thrice?
My friend pointed it out to me that most of the elements for wind turbines are imported from China. If there's to be big infrastructurla spending and a move towards reneweables, it would make sense to manufacture those (and probably forge steel, too - Chinese steel is ****e) at home.
Hi dawski37, I'd like to pick your brains about one thing:
DAERA still hasn't annouced public consultation dates. Assuming they do so in December, it would still require at least 21 or 42 days (depending on where you look, but 42 seems to have more backing) to complete, and if there are any concerns raised that DAERA deems valid, Infa would have to respond to those.
IM Capex will depend on the outcome of the consultation, because DAERA may uphold some of the concerns and order alterations to the project. Regardles of how likely or unlikely it is, you're not 100% sure what your Capex (and timelines) will be until that happens, so you don't know how much money you need to raise, which impact the timelines of equity funding.
And the FID, in order to be truly "final", needs to happen once all this is completed. So, it seems, Feb/March 2020 at the earliest.
Does that sound about right?
I think the sellers are betting on some of the remaining 2019 milestones spilling over to 2020 - which seems very likely TBH - and they are hoping it will create a buying apportunity later. Why hold at .3 if you think you'll be able to repurchase at .25 at the end of year?
I'm not selling but I'm not fully invested either. I'm still keeping some of my powder dry in case people get disillusioned with Licence not being obtained in 2019 (that's basically a given), funding not getting secured in Dec, EU money not comming through, FID not being truly "final" or not being taken at all in 2019 etc, basically any of the major milestones being moved to Q1 2020.