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Before this board goes to the great server in the sky, what is this ‘AMM’ company that John Wood is now advertising himself a director of? And who’s stupid enough to take his ‘advice’ as a consultant? The Con - you’re usually good with these types of things. Had a quick check on Companies House, but he has more entries on there than I’ve had hot dinners.

The only slight consolation is that wood will have lost a bit on his shares too. Massively offset by the gravy train he’s been on of course, but maybe it’ll make him think twice before he buys another personalised number plate.

Of course the other directors never had any shares anyway, which is a lesson on its own right. Shafted by the BoD, but I’m sure they’ll carry on their merry little way, blaming everyone and everything but themselves.

Nub ends.

Some of the take-outs of the Navy Lookout article for me:

“Work on the FPSO SeaRose at Belfast is only able to continue because the ship’s owners are paying for the materials themselves.” - Blimey. The previous BOD really were banking on that UKEF money. If I were the owners I’d be asking questions about mis allocation of funds too.

“H&W has also withdrawn from the Scilly Isles ferry project as ‘non-core business’, despite the forecast that it would make £1-2M profit for the company within two years” - first time I have seen any projections for this project. I’m pretty sure the market and shareholders haven’t seen this figure before? Does Navy Lookout have a direct line to JW / AR? In any case, the figures seem vague / pie in the sky and is meaningless without info on the costs incurred.

“Approximately £150M was put into the company by these shareholders and used to redevelop facilities at Appledore and Belfast which were left in a poor state prior to being bought out.” - had no idea shareholder funding was this high. A poor state of affairs for a company with a share capital of £17m (£0).

“Representatives of this group have now engaged the services of a KC to explore if a class action suit can be brought against either the government or administrators. If government had made genuine assurances the UKEF guarantee would be provided but then backtracked, there could be a legal case to answer.” - good luck with that one. I can see why JW has aligned himself with the group as it will allow him to continue his course of ‘blame everyone without accepting responsibility’. Wouldn’t have expected anything less of the man.

Forest, there’s a very plausible explanation that is also a lot simpler than your theory: JW is a massive petulant child, who when he’s told no, thinks he can act the big bully and get away with it. From his recent rants, he clearly also thought he was in-favour with politicians, when the truth was that two successive Governments didn’t trust him.

This is what Labour thought of him according to the FT: “In some ways, we were lucky that the first big decision we were handed was such an obvious basket case,” said one Labour figure. “There were plenty of red flags around it and it was a clear-cut decision not to go ahead with the loan guarantee.

FWIW, I don’t actually think he lied - he was just stupid and stubborn enough to believe in his self-inflated hype. Typical of the man who’s cost you your investment i’m afraid.

He had a face like a smacked behind on the investor call. I think they just wanted bums on seats as there was no other reason for him being there, as he said naff all. Weird having him there at all if he’s off though.

Not seen the LinkedIn post, but given his only job was to cosying up to government, he miserably failed at that. Twice (as in with two Governments). Either he was just one of JW’s useful idiots or knowingly on the take like the rest of them.

For anyone interested in trying to press the legal issue, the Financial Times has some interesting detail today. Russel Downs has clearly found his voice “insolvent — and not a little bit insolvent, but a lot insolvent”.

I’ve selected a few paras, and linked the article.

https://www.ft.com/content/2593e29d-87cc-4ddb-b55e-eff3d455c911

“In some ways, we were lucky that the first big decision we were handed was such an obvious basket case,” said one Labour figure. “There were plenty of red flags around it and it was a clear-cut decision not to go ahead with the loan guarantee.”

The shipbuilder was by then “insolvent — and not a little bit insolvent, but a lot insolvent”, Downs said. H&W’s failure to clinch the government facility sealed its fate. “It went wrong because [H&W] got turned down and they had no fallback,” he said.

A probe is now under way into allegations of “misallocation” of £25mn and other spending for “little or no corporate benefit”, underlining H&W’s weak financial oversight. No one has been named or wrongdoing established.

Well we learned precisely zilch from that. Surprised to see Ben Murray still in the room, had assumed he’d skulked off to join a think tank or suchlike.

In the midst of what has been a pretty torrid time, the fact that some are embracing the lies of JW has given me a hearty chuckle. Thanks all.

You watch, Arun, Groat etc will be on board next. 😅🤡

I realise this is very much a side-point to today’s news, but on which planet does John Wood believe he’s a part of the future of the business?

This from the FT today:

https://www.ft.com/content/836ce21c-416f-4e4e-9980-ef4112a48d2a

“John Wood, the former chief executive who rescued the company out of administration in 2019 before exiting at the end of July, is in talks with financial backers about putting together a bid, according to people familiar with the situation.”

He’s overseen it go to the wall once. Does he expect to ride back into Belfast to a heroes welcome? And what happens when he’s barred from being a company director after the inevitable process?

Muppet.

Looks like from the RNS that the administrators will be given the task of giving JW and AR the dry-humping they deserve.

Independent investigations

Russell Downs, after consulting Alan Fort as the new in post independent director, took steps to appoint PwC LLP and Simmons & Simmons LLP to conduct separate focussed independent investigations responding to concerns raised in the early stages of his appointment by customers over the alleged misapplication of remittances in excess of £25m and certain other lower value matters (such as the disbursement of funds for little or no corporate benefit). The Board will review those findings in due course.

In any event, in view of the anticipated appointment of administrators who are empowered and obliged to carry out an investigation into the Company's affairs and the conduct of its officers who were in post in the previous three years leading up to the insolvency, it is the Board's full intention to transition this matter to the duly appointed officeholder in due course.

Many thanks and condolences, all. Not unexpected, but it has been a hell of a ride. Lesson learned for me with AIM and I’ll certainly be doing more due diligence on board directors for future investments. Hopefully JW and AR are banned from being company directors before they do any more damage and swindle any more money from investors.

Buttoned Up - is this now confirmed? Not seen an RNS.

Relevant parts 👇

In a fresh twist, it can be revealed that its finance chief Arun Raman, who quit abruptly last week, is weighing up suing the company for constructive dismissal and racial discrimination.

Raman is now weighing up a legal claim relating to his resignation on grounds of constructive dismissal and racial discrimination. He and the company declined to comment on the prospect of legal action.

The former finance chief said that he has not been contacted to provide any evidence for the review of funds. Those close to Wood, meanwhile, claim that the review is a distraction to what they say is the mismanagement of the company under its turnaround directors.

AR is considering suing the company for constructive dismissal.

https://www.thetimes.com/business-money/companies/article/the-sinking-of-harland-and-wolff-cb23dbrxj

Posted without comment. 🤐

You couldn’t make it up! 🤡

John Wood, the former chief executive who was forced to step down recently, told The Sunday Times that he was preparing a rescue bid for Harland and Wolff.

FG - I’ve responded 👇

LevsInvest. The term "conspiracy theory" lost all meaning during COVID as the "elite" rubbished the term in a bid to gaslight the TRUTH.

** I’ve thought conspiracy theorists were nut jobs well before covid.**

A few questions for YOU.

Have a French, and a Vietnamese, Shipbuilding firm gained financially from Harland and Wolff's demise?

** I’m assuming you’re talking about the contract to build the isle of Scilly ferry? That contract was lost by HARL over a year ago. They went for it, they lost. That’s what happens in capitalist society. Did JW need to throw his toys out of the pram and put shareholders at risk because of it? No he didn’t. **

Would the company have lost the Falklands Floating Dock contract if either the Tories, or Labour, have supported it?

**companies have a responsibility to be well-run. We were repeatedly told that UKEF wasn’t the only show in town - why should it be up to any Government to bail out a couple of massive egotists who can’t count properly?**

Might HARL NOT have had to go into Administration IF Clive Palmer's financial lifeline had been accepted?

**if you’re relying on eccentric billionaires to save your investment, that says it all. **

enjoyed this from yesterday’s times article. i bet holders on here are ****ahoop that jw is standing up for them and might be getting back into the game… 😈

wood, meanwhile, said that harland & wolff shareholders were planning to launch an injunction to stop the board from placing the parent company into administration.

he said: “the crying shame in all this is that we delivered a business as per the plan with sales that will exceed the forecast this financial year, and had brought shipbuilding back to belfast and [devon shipyard] appledore.

“hopefully a solution is found soon so the work of rebuilding the historic shipyard can start again and protect the 1,500 jobs and 250 apprenticeships we created. i have been working with several interested parties looking at options.”

FG, you keep saying that the demise of Harland and Wolff is a conspiracy theory to support French and Vietnamese shipbuilding.

Question for you, given the below from the Times, why would any company in their right mind go to HARL to fulfil a contract?

**

The accountancy firm PwC and legal experts from Simmons & Simmons have been hired to conduct an internal review over the spending of customer deposits.

The review is also looking into smaller transactions that are alleged to have had “little or no corporate benefit”.

**

Like most conspiracy theorists, you’re shouting into an echo chamber and no one is buying what you’re selling.

Does anyone have access to the Times article? I notice both they and the FT claim to have an exclusive story.

Wall Street lenders charging 15% interest on loans that ‘care’ are rarer than hens teeth. And HARL never owned any ferries. Just like everything those con artists Wood and Raman did, it was hired with someone else’s cash.

I’m inclined to agree the brand will continue to exist, but this useless board have dragged a once great name of British industry through the mud for their own financial gain.

If Government had to rescue every company that was being run like a racket, the country would be in even more dire straights than it already is. The Gov’t decision was right in my opinion and no one to blame but the absolute hubris and ego of the BoD. They’re not fit to be allowed to run a tuck shop. Remember, we were told that UKEF wasn’t the only show in town. Turned out JW was telling a fat old porkie on that one.