Member Info for Setanta1

Radders,(and a good question it is), is that I do not know whether INFA is a better company now. A great deal has changed and we are waiting to see whether it will turn out well.
What I do know is that the value of my investment has been reduced radically. I bought into INFA because I felt I could make a decent return on my investment. No other reason! And that is not happening just now. Go well.

Kibuc to your question about the Sp when JW took over as CEO (Sept 2018 ) is that it was .615p.
So a 50% plus fall. You didn't expect that, did you?

spud , you left out the most important keywords : " discussions with lenders." Go well.

to JW, Arun and the team at INFA for their acquisition of H&W. May it go well .

I want to think that I'm misunderstanding your post. Are you really so ill ? If you are take it easy now and please be well again very soon. Kindest thoughts.

I hadn't seen your excellent and optimistic post before I sent mine. I certainly hope everything turns out as you predict. Go well.

are at a loss here. Some are at a very significat loss. And with the mega dilution we've just begun to experience on the back of H&W the situation it could get worse. I'd like to respond to some very good posts of the past few days.
1. spud it would have been impossible for me to attend the GM but given my experience of similar meetings matters are rarely resolved to the satisfaction of disgruntled shareholders in an case. I think a GM to have gained approval for the H&W approach would have been opportune but I know you'll tell me that would have been impossible.

2. crl hi . I'm good. Like you I'm at a stonking loss here and much as I resent that I also resent the opportunity cost involved in keeping the shares while their value diminished. In May JW was voicing his incredulity that the SP was in the .5p region. Since then our BOD hasn't made a single announcement which has impressed the market. I share your concern about Islandmagee but in this coming month the tale will unravel.I don't believe H&W was a brilliant idea. Like you I believe it will eat cash. Already JW has warned that if the OO and the cheeky so called Premium Bid are nt well supported H&W will necessitate another raise in the early New Year.Go well crl. Glad to see the other one is showing signs of significant life!

3. Blair Peach, my thinking is very much in line with yours.I also think the shareholders have been"blindsided" and left with very little positive and encouraging information. The BOD seem to me like people who realised that when the Islandmagee project is underway they would have little occupation so they began to look for other projects. Nothing at all wrong with that but they simply hadn't got funds or easy access to funds to follow their inclinations. So the "fall guy " was INFA which is paying for everthing through it's shareholders.

There is hardly any reasonably large,(or even medium),shareholder here who is not at a loss. Not an encouraging scenario!
When JW became CEO the SP was .65p. Since then it has dropped almost 55%. I don't think anyone expected that!!

Blair Peach. You're quite right in both of your assumptions, I think.I do not believe many would have invested in H&W and I also belive that, what with the massive dilution ,the road back to 2p may well be tortuous. Obviously I hope I am wrong on both counts. Thanks for your input.

Blair Peach, A share price of 1.8p in January has now fallen to .3p. Just an 85% fall. That really took some doing!

droderick your latest post is miles away from anything I said. I don't get involved in trying to gainsay someone elses interpretation of what I posted. So there I'll leave it.

Amazing droderick that you managed to reply to a post I never wrote.
You made five points and added two paragraphs none of which addresses my post or my feelings.
I made just three points as follows : 1. That I consider the primary bid a dilutive wheeze. 2.That when they were in the recent open period the directors buys were not impressive. 3 That what we investors need is some positive good news about IM.
Isaid nothing about pessimism, or the directors paying for anything out of their own pockets, or anything else contained in your five points.

I would certainly discourage investors from participating in the primary bid. It's dilutive and god knows we've had enough of that. As to the Directors buying, well when they were not in a closed period,(quite recently), their purchases were hardly impressive. Primary bid is just another wheeze. What investor need is some positive good news on the IM front not more confetti.

Hi drodders, reference the appointment of Chairman. If it has nothing to do with Debt or Vitol why has INFA gone more than 6 months without making an appointment ? A blue chip company could make such an appointment in much less time.
As an aside I still don't agree that the H&W acquisition will prove to be necessary or worthwhile. But we'll see!
I also feel that there is still far to much obfuscation relating to INFA. Mention of institutional investors and speed of placing seems to have led everyone to believe that it all happened in a flash yesterday morning. Hardly! also one would like to know what proportion of the placing was taken by institutional investors and,indeed, who they are. That should be apparent soon.
Never mind just 500% SP increase to get back to where we were just nine months ago!

Thanks, both, for your posts.
I understood that the second tranche of the Riverfort finance was non convertible but it is still more debt and,spud, I was being a little mischievous in omitting the "maybe equity" bit to the funding declaration.
Droderick, well spotted the reduced consideration. Neither had I noticed that. Reference the delay in appointing a Chairman,I think most investors here believe that that person will, effectively, be nominated by the Islandmagee debt or equity provider, or by Vitol, and the appointment will be seen as presage of their uniquivocal commitment to the project. So far nobody has an unrevocable commitment to the project which, in my view, has made the SP vulnerable. And how!
Thanks again for your excellent inputs. Go well.

Thanks to the several of you who responded to my previous post. I repeat that I think the H& W acquisition was unnecessary and foolish, although I hope I am wrong on the latter point.INFA doesn't need a shipyard. We had perfectly good ,experienced, and reliable contractors available for the construction of the gas caverns.
Mr. T I understand and respect your point of view. I was not at all surprised at the speed of the bookbuild. The placing had clearly been agreed at least a week ago and that after JW had told us that the balance of the (H&W) purchase price would be funded by "a long term debt facility." Where did that aspiration go? The Riverfort loan was derided by shareholders as something akin to banditry. Yet we are taking more of that too.
As we can already see from the non working cost of £.5m a month to finance the running of the shipyard it will be both expensive and time consuming and, INFA did not need it. Vanity thy name is JW!
I will be amazed if there is no slippage in the FID. Such an eventuality wouldn't sit well with investors.
And Snowman, much as I enjoy your posts I was sorry to see you castigate,(or try to), crl123. He wears his heart on his sleeve. Appreciate that. And by the way" the bloke" ,(JW), hasn't just made him into a millionaire, and he probably never will.
Just one final item. I was decidedly underwhelmed by the participation of Arun in the placing. A few million shares. And He's the Finance Director. Speaks volumes for his confidence!
Go well all.

but i do. There's a lot of excitement because INFA has raied £6m,(before expenses. How much?), but inter alia our BOD has agreed to pay the maintenance costs of Harland and Wolff up to 5 December ,(£500k), although we are not yet the owners. And if the deal is not completed before the beginning of January we will pay another £500K. So taking all those costs into account we will be lucky to have £4.5m available from the placing. 25% spent for nothing!
We should be excited. We now have Institutional shareholders. But we haven't been told who they are!
Contracts for our soon to be shipyard? Well let's wait and see! Shipbuilding as has been suggested by some here? I double doubt it! Savings on our other upcoming projects? Well we'll see in due time and that's assuming that those projects come to fruition
Look, I know that there are positives being suggested by this acquisition but there are enormous risks and cost attached. Still it's not so bad. The SP only has to rise 500% to be where it was in January. Now that IS a verifiable fact!

that this ,( the placing and the rescue of H&W ), may fail or be rejected by the shareholders.
There was no reason to rush ahead at this point. Infa has a backstop date until the beginning of January 2020. By that time the Islandmagee FID is scheduled to be completed.
The proposed contribution of the executive directors to this nonsense is ludicrous and probably represents less tha a couple of weeeks salary.
Bear in mind that INFA is going to fund the ongoing costs of H &W which will eat up at least £1M of the monies being raised.
Note too that the mention of the 10-15% saving on "projects" has been dropped in favour of something unspecified.
WE DO NOT NEED H&W NOW. Lets get on with the Islandmagee project and when the FID for that is completed the BOD can turn their attention elsewhere.

lootgaloot, reference the market activity on AIM. The penultimate paragraph of your early morning post reveals a misinterpretation of what has been suggested. I didn't say that the INFA sp may have been "walked down to a fraction of its true value over an extended period" just that it had been manipulated from time to time. And that manipulation was not the sole activity of MMs.
But to comment upon the activity of MMs on AIM, (which was a more specific part of the dialogue), they are obliged to attempt to make a market in the shares they deal in. But the risk they undertake is negligible. Firstly the number of shares they hold in any AIM company at any given time is very low indeed. They buy in shares for which they already have a purchaser and they profit from both sides of the transaction. Not much risk there! Part of their undoubted skill is to hold the minimum quantity of shares. Have a look at Level 2.
Of course there are rules on AIM but they are poorly observed and hardly implemented. It would be akin to the referee in your football analogy knowing the rules but not bothering to enforce them. And so it goes!
Thanks for your input and that's mine. I'm not a tutorial poster.

There was a major manipulation in Feb/Mar but I am referring to the latest fall in the SP. I believe that that is mainly due to manipulation and MM activity.The pattern of the selling alone tells a story.
INFA is at a crucial and very delicate stage and remember that it is a tiny company proposing to raise £.5B in investment. A staggering ask for an AIM minnow. Your investment here will either collapse or make you multiples of what you have invested.

Thanks for your response MR. Triumph. Yes I do remember those halcyon days earlier this year when the INFA SP was rising, but the most spectacular part of the rise was as the Twitterati and their pals got involved. I also remember Dawski buying at 1.2p, ( hope I may mention that Dawski), after the 1.2p placing because he couldn't believe it could fall any lower. Hard to believe at .34p today ! One has to ask where did it all go wrong ! Our BOD must be as astonished as I am because JW is at a loss on his investment too, and months ago he was voicing his amazement at how low the SP had fallen.
I've already said that I think the latest fall is being manipulated so one doesn't know where it will end. My opinion is that it will only be halted by unequivocal good news, ( we all know what the plus points will be and you have named them frequently enough MR.T so I have no need to repeat them).
I am certainly brassed off at seeing my investment here falling by £10'sK every week but I feel just as disappointed for Nobby who apparently has his Pension Pot lodged here. At least I haven't got that kind of problem.
Lastly, Speedy the MM's have no problem whatsoever in accurately designating buys and sells. They just don't choose to do so as it makes their money making task that much easier. AIM is very poorly regulated and it takes years to begin to understand the range of shady methods for dealing by BOD's ( mind I don't include INFA's in that ),and market makers. But that's what one lets oneself in for by deciding to invest on AIM. And that is why it's so important that companies' BOD's understand just what they are dealing with too.