focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.
If I remember correctly, about a year ago JW walked away from equity partners for a preferred equity partner. Now we go through the same again but this time with a SP that is about half of what it was then. When this all comes together it best be very good. Patience is usually rewarded and some have been very patient indeed.
I certainly hope the news starts to flow. I still don’t understand how there can be a final investment decision before the marine license is granted. JW has stated this could happen but I don’t understand how anything can be final with a “subject to” clause for the ML. Anyway we have waited long enough so a few more months is nothing in the big scheme of things. The possibilities are huge and a market cap of only 11m is something that surely won’t last long.
Fully agree. I can respect there has been a lot going on but one of the key things must be to respect the deadlines that JW himself set - and keep shareholders informed. 30 November was the due date for some key milestones and that slipped by without a word. I truly hope the pen hit the paper and we do get news in the coming days before 2019 drifts away. Year end is the deadline for a raft of other milestones. We are missing IM milestones that were committed and hitting milestones on H&W that wasn't even on the radar. Fascinating platform from which to ignite the fireworks.
Not to sure about timing and I rather focus on the longer term bigger picture of building a solid business for the longer term. Have arranged my proxy vote via UBS here in Switzerland and taken more shares today in the placement. Good things come to those who wait. There are serious pieces in place for a serious puzzle. Boy oh boy it is going to make a nice picture when all the pieces come together one day.
Wouldn't it be great if; After the General Meeting when all for proposals are approved, then we need the extra 333m share issue to be closed with 1m in the bank. Then a couple of RNSs announcing that the remaining November deadlines are ticked off, then some indication that MOUs and LOIs are actually transformed to something linked to cash generation in the future. One can only dream.
4 days remaining for the November deliverables to be met. Would be great to see them announced at or before the General Meeting on Friday. For projects of this size, things are complex and do take time. Hats off to JW and team for the heavy lifting done in recent months. We have an exciting few days ahead, followed by a few big weeks leading into the end of Q4.
PrimaryBid platform did not work for me either. I am a non-UK resident and it wont accept anything but a UK postal code. Very frustrating and rather amateurish.
Hi Radders
I hear you but it would be nice if the assumptions were clarified as to how this would happen. There have been a few differing views on this board re practicality / possibility of having FID without a marine license. There would surely have to be certain conditions. If there are conditions to a FID then it is not Final right? Anyway, we are where we are and we can only look forward to positive news in the coming 7 weeks.
1. FID: We will need to see some speedy and imminent action i.e. in the coming days. 18 days to go in November and 31 in December with a 42 day consultation period. If the notification of public consultation dates in not announced very shortly then achieving FID by year end will not happen.
2. Further, the shareholder vote on 29 November will surely be a non-event since one or a few institutional investors now hold nearly 2 billion shares and we know which way they will vote. For me the vote is a formality.
3. The cost of idle assets at H&W is high with asset maintenance and fixed overhead eating away at cash so either FID must be achieved or new orders must be secured or cash will drain away fast.
4. Time to regroup and focus on the core business.
5. BoDs to keep taking their vitamins to keep up the heavy workload and productivity.
6. It all comes down to the FID of the (core) gas storage project of which details have been rather scarce recently given the focus on H&W.
Onwards and upwards!
Not much news from the original "core" project of salt cavern gas storage. No specific details on the marine license progress. Much news on H&W, FSRU, Eu "non-refund" for FEED etc. No news on the "core" project. I invested in a gas storage company. FSRU, ok. H&W might be an enabler to reduce construction costs so , ok. I didnt really want to be in a shipbuilding stock so unless something moves in the coming weeks on the marine license and the gas storage business I invested in, I might have to re-think whether there is a "super-plan" or whether we are grasping at straws.
That’s how I read it and at today’s SP and same terms, with potentially another GBP2.1m of the loan and future loan that would make a cool (nearly) 800k profit for Riverfort. For longer term funding requirements a rights issue might be interesting for some of us.
Nice article. Fair and objective.
I got another 1m. Seems like it might be logged as a sell.
Thanks Snowman. Interesting reading and in line with my understanding in terms of overall process, appeal, timing. It is a real pity that we are starting the process now especially when it was previously stated on the website that all licenses were in place. Anyway the past is the past and the future is the future. If we can get the boxes ticked, with appropriate controls in place then it should be great news. The timeline JW has referred to does seem a bit faster than the timelines from 2016 especially when considering the 42 day consultation period. I say “we” since I am a lTH who has now accumulated about 25m. I am only concerned about the future and it makes no difference to me if that is 2 months or 12 months.
Hope that was the bottom - only time will tell. Added more below 0.5. The long term prospects are not reflected in the SP so for us long term holders this should be good.
Still baffles me that they wouldn’t know about an audit if it is standard. Furthermore why not take the time now to explain the audit process normal timelines etc. silence doesn’t work for me when we are talking about reducing risk and therefore reducing uncertainty.
I feel quite comfortable with where the company is. We need to distinguish between where the company is and where the share price is. The only thing that irks me at the moment is that we still dont know why the Eu funding was not received in the 8 weeks timeline. Why committ to an 8 week timeline if it wasnt certain? I would very much appreciate to hear what the rationale for the delay was.
INFA loan from Costain as per INFA financials is £540k required to be repaid on the earlier of FID being taken; or any sale of IMEL or the Project itself; or 31 December 2019. Not material in relation to Costain’s cash reserves. Given all the moving parts, 6 months is a way away. INFA are also owed a lot of money as committed by the EU on completion of the FEED. EU committed to Eu1.6m and are supposed to pay any day now. This is about 3 times what INFA owes Costain. I would hope the Eu stands by its commitments.? No big deal here given the timeframes we are talking about..
It is that same magic 9250000 number that has popped up so regularly. Never meant anything so far.
Trying to help with a blue day with my 200010 top up to get us there. Then the big one helped as well. I am weak and at these levels I just keep topping up. Can’t help myself.