Member Info for mcadder

From what I remember of you Speedy you used to be extremely positive, thanks for clarifying I understand why you are now feeling frustrated.

No shame on me for just quoting what is in last Fri's RNS and spelling out the reality.

It's the company NOT me you should be directing your insults at LMFAO

Speedy you sold out right?

What's the matter istock, the reality of the situation becoming too much for you??

Hopefully they really are on the cusp of transformation in terms of real growth and meaty contracts now. Lots of upside IF they can just get the ball rolling with a few £100M plus contracts.
I know there's potential short term for the Windfarm Development vessels to come to fruition....
"each vessel would be expected to generate revenues for Harland & Wolff of between £340 million and £360 million over the 24-30 month period of fabrication, followed by additional revenues if further through-life support contracts are secured. Whilst both parties intend on executing a contract to build the vessels by the end of June 2021"

The Company is on the cusp of a transformational change following the award of the Saipem contract. We believe that this contract is the first of many that will flow through our yards over the forthcoming months and years.

"HUR BOD got in 'early' with their bombshell"

You could say HUR hinted at the bombshell outcome months ago when they warned there was likely to be little or no value to shareholders.

Perhaps those warning signs were the point at which a plan should have been formulated by them back in Dec or perhaps even March when they said communication had deteriorated to call an EGM?

It's been almost a week since the announcement and nothing from CA, bearing in mind the court hearing is now only 2 week away. Hard to see in the circumstances what if/anything they can do to stop this financial restructuring plan.

Firstly yes spot on RNSTranslator they are 100% water tight as far as the CPR and the disclaimers go.

Secondly given the price action Friday 50% down, Tuesday 30% down and today 6% down after the pump and dumpers moved on I'd say it's doubtful CA have added anymore. Why the hell would they especially as their holding stands to be diluted to oblivion.

Agreed. In terms of the CPR past and present their backs are well and truly covered.

There are only 2 likely outcomes I can see from a mass whinge to the SFO, the takeover panel, FCA, ombudsman etc etc

1. Absolutely sweet f.all happens

2. Shares suspended from trading as a result of
an announcement of an investigation into
alleged fraud ( which could drag on and on )

Fairly recent example of such a case being Patisserie (CAKE)....
"announces that, during the course of 9 October 2018, the board of directors of the Company (the “Board”) has been notified of significant, and potentially fraudulent, accounting irregularities and therefore a potential material misstatement of the Company’s accounts."
"As a result, the Company has requested that its shares be suspended from trading on AIM while it conducts a full investigation"

I know this case is completely different but be prepared for suspension of trading of shares for an indefinite period of time if outcome No 2 happens...

"PS for those seeking legal, remedial action against the BOD, the duty is on you to prove any illicit activity by the BOD."

"Triple Ditto that complaining won't do anything.

Why are shareholders even complaining and whining when the risk was right there in black and white?"
Try funds for less risk.

Apendragon and Swift I was going to say so as well but they'll soon find out it's a complete waste of time. Another down day tomorrow...

Result of Placing

"Further to the announcement made on 4 May 2021 by the Company in connection with the proposed placing to raise a minimum of £9 million (the "Placing Announcement"), Infrastrata, a company focused on strategic infrastructure projects and physical asset lifecycle management, announces that it has conditionally raised total gross proceeds of £10.3 million before expenses under the Placing at an Issue Price of 30 pence per share, following the closing of the accelerated bookbuild"

John Wood, CEO of InfraStrata commented: "I am grateful for the support shown by our shareholders through this process. The Company is on the cusp of a transformational change following the award of the Saipem contract. We believe that this contract is the first of many that will flow through our yards over the forthcoming months and years. Key to winning and delivering on these large contracts is the ability to demonstrate a strong balance sheet and liquidity within the Company's operations. This placing will achieve both these objectives and we look forward to making further announcements on contracts in due course."

"if supported by the Bondholders in the future"

Sounds like they (the bondholders) want their money back on the outstanding debt first plus interest and contractually they are entitled to expect that.
So I reckon they may support further investment once the debt is paid off but not right now, only much further down the line

"If the BOD needs money shouldn’t they raise it from shareholders and the market first"

I honestly don't know why. This was what I thought might happen up till Fri before that announcement. But for months they were warning that there could be little or no value for shareholders, so presumably they have considered and discounted that option a while ago. They could have sounded out the possibility of a placing with lenders but may have got no interest due to the current situation of the company?

No it's the amount of projected cash left as of July 2022 for each scenario at the point that the debt is due to be paid back because guess what.....July 2022 is when the debt is due. This is what is left before it has to be paid. And that is why they have to raise £50M to cover the shortfall.

Scenario 1
Estimated free cash at July 2022: $142 million

Scenario 2
Estimated free cash at July 2022: $78 million

Scenario 3
Estimated free cash at July 2022: $69 million

It maybe boring but it shows the dire situation the company are in and the only one's buying now are chancers

3 potential scenario's neither of which would result in enough cash to pay the bondholders.
Option 2 with the P8 well would result in $64M less cash left over for only an extra 1.6 MMbbls recovery and Option 3 with WI would result in $73M less cash.

No further activity (“NFA”) case
Economic limit: February 2024 (at the forward curve(1)) with potential future recovery of 10.0 MMbbls(2)(4) at 1-Jan-2021
Estimated free cash at July 2022: $142 million

P8 2022
Side-track of the existing 205/21a-7z well into the central area of the field, which could be drilled in 2022 (the “P8 well”)
Economic limit: August 2023 with potential future recovery of 11.6 MMbbls(1)(2)(4) at 1-Jan-2021, or incremental 1.6 MMbbls over the NFA case
Estimated free cash at July 2022: $78 million(3)(4)

P8 2022 + WI 2023
Water injector well to improve sweep and recovery, which could be drilled in 2023 (following P8) Economic limit: May 2025 with potential future recovery of 18.7 MMbbls(1)(2)(4) at 1-Jan-2021, or an incremental 8.7 MMbbls over the NFA case
Estimated free cash at July 2022: $69 million(3)

This is from Hur's presentation on 30th April....

Furthermore, the Company has engaged PwC to support the understanding of a number of wind-down and subsequent insolvency cases
including the “Wind-down” Case, which is further detailed in the appendix
Under an immediate liquidation scenario (uncontrolled liquidation), the Company is estimated to incur liquidation costs of $18.3m

0.5p - Agreed and potentially by Fri

Today is just another pump by certain people who have suddenly jumped on the board trying to push this higher.
The bondholders have spoken. They want their money. They'll get it and at a huge cost to shareholders due to the position they are in and the technical default that will happen as the company can't pay all the debt back without raising the £50M