Member Info for mcadder

Great Western Mining on target to prospect gold in Nevada
2021-05-04

The Great Western Mining Corporation PLC (LON:GWMO) tells Proactive London about its successes in targeting gold prospects in Nevada, highlighting ‘positive initial indications’ from holes recently drilled at the Trafalgar Hill prospect area, which is part of the Olympic Gold project in Nevada.

Will be hotting up here soon just like the weather in Nevada ;))

Or George. There's the clue lol ;))

Indeed they could fight to the bitter end and their motivation is that they have millions of pounds worth of shares invested. But regardless of how much they have in here the question mark is what if anything can they do?
The process the bod is following is legal in cases where the company has fallen into financial difficulty and they have a restructuring plan to deal with it. They took professional legal advice before doing so and wouldn't have taken this course of action and allow this to be heard at court only for the court to say, "it's clear to us Hur is not in financial difficulty therefore there is no basis for proposing a restructuring plan" and then just throw it out!
If that were to occur the bod would certainly then be accused of fraud and rightly so!
CA imv will not be able to get an injunction to stop the process. The only thing I can see they could do is to propose a financial solution that deals with the debt at the court hearing.
I simply can't see anyone stepping in to provide the necessary finance given the situation.
And either way CA have done pretty well out of Hur over the years so it wouldn't be too much for them to stomach if this does go tits up.

No

"if we are able to restore shareholder value"

"We are unable to give any guarantees other than that if it is possible to recover value, we will"

They are certainly trying to sound positive but those sentences do not instil much confidence.

Exactly slift - no one would fund that which is precisely what I touched on yesterday.

In Q4 of 2020 they had probably sounded out for potential interest for funding but having received no interest the company in December started warning about a potential for little or no value for shareholders. And for month's the discussions have probably been quite strained especially as the company were negotiating in a very weak position.
But the company did warn in December and we therefore only have ourselves to blame for any financial loss from that point....

If it's any consolation that's why I refer to H&W and Appledore as "acquisitions" as opposed to assets and will refrain from using that word until I see that the yards are generating revenue AND real profit...

(Continued) .....

Having said that I'm looking to buy a few more here next week...

Opinions on both the bull and bear case for Infa are greatly welcome. As an ex Infa TR1 holder myself I have been looking back in here of late after having sold most of my holding just over 2yrs ago, thankfully at a profit.
And the reason for this was simple. The draft marine licence. Back then I could see the long drawn out process playing out with delay after delay, in part because of the local 'protesters' annoying as they were but very organised and focused, the prospect of public consultations and knowing how slow the process in N.I moves.
That being said a decision on a possible granting of a full ML is imo very close. Edwin Poots I would hope is a least partially supportive of the project and the benefits economically and environmentally it will bring.
Let's make no mistake however. With 2yrs having passed IF the bod of Infa had not made the bold move to acquire initially H&W and Appledore to branch out with other sources of income we'd currently be facing 2 scenarios.
1. The company's shares would have still been diluted and diluted just to keep the lights and basing the whole future of the company on a ML that may or may not be granted would have been EXTREMELY risky. I think just before the first acquisition of H&W there were around 3.8B shares in issue? (equivalent to 38M shares today)
2. Potential wind down of the company with little or no return to shareholders ( less likely but still possible )
It is very likely by now if Infa were still a one trick pony as a conservative estimate there would probably be at least 60-70M shares in issue with 100-1 consolidation but nothing else to show for it.
H&W was acquired cheaply while in administration. Appledore acquired on the cheap too. Both strategic acquisitions. BUT this was only the beginning. You can't start to win major contracts for shipbuilding before 1, the sites are both fully refurbished, brought up to date with new machinery and 2, have the personnel in place ready to go. No point at all trying to win a large shipbuilding contract at say the beginning of this year and then saying during discussions "well we will be ready in 6 months to begin construction of a vessel but give us the contract now please".
So frustrating as it is, it's taken time to get the yards into shape to deal with the demands of 21st century shipbuilding and fabrication.
So yes we will now have roughly double the shares in issue than if we had just remained as a one trick pony with the gas storage project but at least we have something to show for it and now huge potential for massive revenue growth and actual profit hopefully in a very short time scale now.
If both the H&W take off AND we get the ML as a bonus then we're onto a winner.
There is ONE thing and ONE thing only I am critical of here and it's those bonuses JW and AR have received. They are far too high at a stage where the company is not yet in profit and does smack in the face of the last 2 raises. Having sai

I'll second that Mary ;))

Anyone's guess but if rejected the company have warned of a wind down of operations and possible insolvency.

You could always just ignore the opposite view we hold? That usually works....

That Q1 profit figure of just $17M over the first 3 months is slightly at odds with the period Jan - Nov......

Seatrade Maritime News
Katherine Si | Dec 22, 2020

The 75 major Chinese shipyards posted a total revenue of RMB260.1bn ($40bn), up marginally by 0.2% year-on-year, while total profit was RMB1.7bn, a drop of 20.2%.

RMB1.7bn translates to $264.3m.
Over the 10months that's $26.43m a MONTH

So pretty good really, definitely money to be made even closer to home if they were to be awarded just one or two good quality high value contracts to construct a WDV or even an MOD vessel.

"£24 billion increase in UK defence spending over the next four years"

"Infrastrata owns one of only two docks licensed for marine waste disposal in the UK and one of three UK shipbuilders suitable for major MOD contract work, presenting opportunities for sovereign contracts"

The reason you refuse to answer is because you don't have answer.

Again what credible plan do you have for a way out of this mess??
We're all waiting....

"Which of course, I will ignore"

That's no problem, ignore that's your perogative.

Another question for someone who says they have 2 PHD's.....

What's your credible plan to address the £50M shortfall?

"By the way, I have 2 PhDs"

Not bad you say senseman? Considering the way you've behaved over the last 48hrs I'd say that's pretty disappointing from someone claiming to be an intellect.

Several people including myself have asked you genuine questions but instead you reply by attacking and name calling.

Unfortunately the legislation the company are using prevents any action from shareholders or dissention from shareholders in stopping this process.
Only 1 scenario exists whereby CA could prevent the restructuring plan from going ahead. And that is raising the finance required from another party. But no one will because the debt is massive and revenue will continue to decline as production declines. I would hazard a guess that they had to go for the option of a debt write down simply because they couldn't get finance from conventional means.
Could CA themselves raise the required finance? Unlikely and what would be the point given that they'd effectively be losing that money straight away to pay off debt and would have to wait until July 2022 before even starting to be able to benefit from any revenue to start paying themselves back. Given the continued decline at Lancaster any revenue from July would then have to go towards paying back that £50M and who knows what the bopd will be then?
And still £100M ish required for further development. This is the problem.
The legislation is geared towards protecting the interests of creditors and shareholders do not even get to vote on it...

That is indeed correct Slift, another point that came to mind from the RNS is this....

"the implementation of the Restructuring is conditional on, inter alia, the Company receiving consent from the OGA to amend the Lancaster Field Development Plan (the "FDP") to permit production with flowing bottom hole pressure up to 300 psi below the bubble point of the fluid (1,605 psia at 1,240 metres TVDSS)."

Assuming they will receive consent from the OGA but if they didn't this would but in jeopardy the proposed restructuring plan.

Dr Dense you are becoming very boring and repetitive. So far you have added nothing to this forum apart from insults, immature and childish incoherent rants. I believe there's a lego set in your bedroom with your name on it.

"I have been perfectly civil. And have neither ranted nor raved"

I think most would disagree there. I'll ask again have you heard back from the SFO regarding the complaint you made to them the other day on HUR? I think the majority of posters would be interested to know?