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Sam seems happy with the ramp up in Belfast
https://www.linkedin.com/feed/update/urn:li:ugcPost:7154014191580823553?commentUrn=urn%3Ali%3Acomment%3A%28ugcPost%3A7154014191580823553%2C7154477916456648704%29&dashCommentUrn=urn%3Ali%3Afsd_comment%3A%287154477916456648704%2Curn%3Ali%3AugcPost%3A7154014191580823553%29
Seems the carriers can’t put to sea at the same time because there aren’t enough support ships
Docked ships and shrinking fleets: just how strong is our Royal Navy?
https://www.thetimes.co.uk/article/c103eda0-a01d-4744-b451-bd6700bb021d?shareToken=598922ab9a06a55608caa0e600a2e403
Could also be this 37 minutes in
https://www.youtube.com/live/TXeL-mvSF4A?si=FyBIBwUuJvVRcFgW
Shake baby shake
Very interesting to see the level of animosity from the Council toward the Steam Ship Company
Also good to be reminded from Shapps that the reason JW bought and expanded HW was the opportunities provided by the 30 year ship building strategy
What’s happening post market, it’s up 8%
Yes if you saw Evil Banksta on Share Prophets I can imagine a lot of MMs received his article after close on Friday
I think what he misses is that the UK government needs H&W. It’s right at the centre of 4 of their key manufacturing strategies . In the great scheme of things, £200m loan protection is nothing in exchange for thousands of jobs in coastal communities and a couple of billion in the UK manufacturing GDP column.
One other thing, his short is based on the fact the loan has to be paid off to Blackstone in Q1 2024, but it’s actually March 9, 2025
The assets of the company are nowhere near £200m, in fact you could assume they are worth somewhere around £110m if you take the current debt of £90m and the share cap of £20m. So the government is effectively making up the difference.
This is important while the company is “starting up” as it is making big losses, £70m last year , estimated £45m in 2023 and £23m in 2024 according to that link that was published yesterday.
The investment is the infrastructure, the good will and Island Magee will transform the valuation, but in the short term it’s important we have the UKEF protection as that gets us a much cheaper commercial rate than the high interest loan which is priced for risk that we have at the moment
The key message yesterday was that 100% of the loan will be underwritten . That means that the combination of assets and future contracts satisfied the auditors that H&W is a safe bet. As all of the assets would be put up to the bank as surety, the bank would prefer the asset as they have a claim on that, the cash would be lost in any liquidation which forced the bank to claim the assets
Broomtree and Stokey
The RNS on 30th November is named Trading Statement. I think that’s probably the clue!
Have I missed where they said they’d give a scheduled update to the shareholders of all of the sites by the end of the year? I think this is something you have talked yourselves into expecting
The statement on 30th November is a trading statement. It updates the market that there may be a £20 million discrepancy due to auditing practices and that 2024 is as previously advised