The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
WELL, that makes things more complicated. Granted:
"Gupta’s Belgian company Liberty Liege Dudelange on Thursday successfully appealed an April court order which called for the company to be liquidated after a judge rejected a restructuring plan for its Belgian assets. The decision was overturned after Gupta’s Romanian steel subsidiary Liberty Galati provided financial support for its Belgian counterpart in the form of a debt-to-equity swap worth €52.5mn as well as €3mn in cash, according to court records."
Perhaps Gupta will throw us a bone to get us passed the abundance issue. I mean, he's already lost a lot of money here so far. Assuming we get a contract, he'd make more in the long term and a dte swap for us would be less than his other company.
I've found a variety of deadlines for notification which may be of intrest to some.
23 – 24 May 2022 30 -
31 May 2022 7 -
8 July 2022 (latest notification).
My gut is telling me it is more likely to be the 31st of May or 8th of July rather than Monday and Tuesday. July isn't however "early summer", although that was only hearsay from some guy on here who apparently emailed those in charge of the CfD process (if memory serves me correct). Granted, if the "early summer" notification is correct it would be the 31st of may.
Source: https://www.cfdallocationround.uk/sites/default/files/2022-02/Allocation%20Round%204%20-%20Potential%20timeline%20scenarios_0.pdf
I am under the impression that we will recieve confirmation regarding the CFD after the final dealine from abundance, unless it is postponed for a month or so. The CfD process gave the impression that they would give confirmation of succeful applications for some applicants either during april late or early july. However, last time I checked it would be early summer which is the start of june. It may not be as bad as I thought it was then, as (assuming we get a contract) it would be well before the 30th deadline. The longest period for notification was early July (the 8th I think), so it might be still doable. We are however, cutting things very close.
Yep, something is definetly wrong at this point on the turbine side. It's just too silent. Just need to wait for an RNS for confirmation. I assume it has probably got installed given second hand accounts/shipping data here, but there might be some technical issues (hopefully small) given the deafening silence. I really want to be wrong about this, but it just seems the best explination at the moment until further infromation is given. Any alternative views?
I can't remeber exactly, but I'll take your word for it. At the moment, I won't be buying more as I have all I am willing to put in for now. In hindsight, if I had weighted a bit I could have bought some at this price but alas, here I am.
I hope so. Also, nice find.
" Last week Newport City Council’s planning department determined that plans to build a major battery energy storage facility at the dormant power plant site would not need an Environmental Impact Assessment (EIA).
This paves the way for a full planning application to be carried out, which would see a major renewable energy project rolled out at the coal-fired station site. "
This takes some of the pressure away. There is still the issue of the abundance debt. We've got a while yet before it becomes an issue and something could get sorted. In theory, it should be more than likely to get sorted out but clarity on the issue sooner is preffered over later. Given goverment support previously, I am wondering if they could be incentivised to help us again if worst came to the worst. Gupta could throw the company a bone, or we could sell a stake in the MeyGen project potentially.
Given past history of them not making clear for a while if there has been a problem with installation. The crane episode took a long time to come out. I would not think about this too much normally, but given people saying the RNS would be out any day now and it has not come to pass it hangs on my mind more.
There is also the issue with abundance and the CfD. I originally made the classic mistake of confusing june and july, so assumed the debt would have had to be payed back later. This is not the case now, and we would have to deal with it first before we got confirmation on the CfD.
Suppouse abundance does not make an extension. What are our options?
Considering that they have not given a RNS, I suppouse there is a problem with the turbine (again).
There is also the issue that given the abundance deadline is the 30th of June, yet the CfD will be given at the 7–8 July we will be well past the deadline for abundance (unless I hope, I am missing something). People's thoughts?
"SAE has entered into discussions with Abundance Investment Limited regarding extending the timing of the repayment of the Atlantis Ocean Energy PLC debentures. As previously disclosed, the Atlantis Ocean Energy PLC debentures were issued in 2017 and the principal of £4.95m is currently due for repayment on 30 June 2022."
Assuming we get a contract, could we pay it off if the share price rises substantially? £4.95m doesn't seem too much in the grand scheme of things.
The FT is not impressed:
The Labour party and independent experts have warned that the energy security strategy will fail to reduce the UK’s reliance on expensive imports this decade and do little to alleviate the pressure on households from soaring fuel bills.
Energy groups and specialists also attacked the lack of fresh funding to improve the energy efficiency of the UK’s housing stock, which is among the leakiest in Europe. Reducing waste would be one of the quickest ways of tackling the current energy crisis, they said.
Ed Miliband, Labour’s energy spokesperson, called the strategy “hopeless” and said the government was in “disarray” over the current cost of living crisis.
“The gaping hole at the centre of it is it will do nothing?.?.?.?this decade to help people with energy bills or with the energy security situation that we face,” he told BBC Radio 4’s Today programme.
Danny Newport, head of net zero at the non-profit Tony Blair Institute, said the strategy felt “perilously insecure”.
“It was supposed to be a plan for rapidly overcoming three interlocking tests: how to reduce bills, improve energy security and stop funding Putin’s Russia. On any reasonable timeframe it fails all three,” Newport added.
Simon Virley, head of energy and natural resources at advisory firm KPMG, called the plan a “missed opportunity” and cautioned about the potential costs to consumers.
“The best way to reduce energy bills permanently, cut emissions and reduce our dependence on imported gas is a step change in energy efficiency,” said Virley.
“Other European countries, like Holland, France and Germany, are doing this as a matter of urgency as part of their response to the Russia/Ukraine crisis. Yet the UK strategy is almost silent on measures to improve energy efficiency.”
Robert Gross, professor of energy policy at Imperial College in London, said “very little” of what had been announced will bring short term relief to households.
“Even the quickest of the new technologies?.?.?.?won’t be operational for years, irrespective of streamlining of planning,” Gross added.
We would have been in a better position regarding tidal under a corbyn goverment.
Cheers Mehmet for the clarity. I agree there is no point being out of this share yet. It's difficult to gauge what is happening at the moment as a layperson. Wenglish is right, and I remeber watching a video a few years back talking about this exact issue so it makes sense. I'm just trying to figure out where we are, and if not putting all the turbines in had some benifit.
I would not be surprised if this were the case, but who knows at this stage. I don't think them not installing the turbine is incompetence, but hopefully either a short-term Machiavellian mauver to keep the share price suppressed long enough for potential institutional investors to buy share cheap, or perhaps upgrading the turbines. I don't think they will be out of the water 12 months, but they are just trying to give the most conservative estimate to cover their backs in case something goes wrong.
The picture is very murky, but we have not got long until the results of the CFD are due. Either it will occur in late April of early June. How much do we need from a CFD anyway to keep afloat? I can see it being split between us, Nova and Orbital but do people think there is any chance of us not getting anything?