Member Info for Si_Derman

Phillip, nothing to do with John Wood, the now ex CEO of H&W.

DYOR, but do it better. ;)

The UK business secretary is expected to make a parliamentary statement about Harland and Wolff on Monday.

https://www.bbc.co.uk/news/articles/cgl7yr0er0ko

Get real and stop blowing smoke up his r's. "announced his departure in an overnight text" just about sums him up.

Https://www.belfasttelegraph.co.uk/business/northern-ireland/harland-and-wolff-ceo-leaves-as-firm-seeks-emergency-loan-report/a1039678111.html

Heard from someone in Appledore about ten mins ago but wasn't sure. Okay, so now what?

Solar flares! But they said that the chances of anything coming from Mars was a million to one. Going to start rebuilding civilisation, under the shed. I'll make a start.....

Have been thinking that for a while, tbh.

If you watch the past track on the Marine Traffic website you can see that the AF has been what look like docking practice this morning, In and out of the Penzance harbour mooring where the Scillonian usually embarks from.

https://www.marinetraffic.com/en/ais/home/centerx:-5.530/centery:50.117/zoom:18

On Marine Traffic you can see three of H&W's vessels all moored up at Penzance. The Atlantic Wolf, the Tean and just over the harbour wall is the Samson, sat idly by.

On the Penzance webcam you can see the Samson but the camera is point too far to the right to see the AW as well.

In truth, an "acquired" history at that, Wyn.

Because they were only ever awarded the chance to "continue discussions" regarding the guarantee. It would seem that it never got as far as an actual full offer during those constant and ever advanced discussions. IMO

Suggest re-reading the previous RNS's on the subject rather than how the press report it. Thay can be "selective", shall we say. :)

"...it has sought and obtained permission from Ministers to advance negotiations..."

https://www.lse.co.uk/rns/HARL/update-re-new-credit-facility-28cqzydljxslyze.html

"In order to ensure that the proposed loan facility is compliant with the relevant rules where UKEF was to provide a 100% guarantee to UK commercial lending banks ("Banks"), UKEF will now appoint an independent third party to ascertain an appropriate premium over SONIA. This process will commence in January 2024.

Following ministerial approval to progress negotiations, the Company will now firm up the Bank syndicate and appoint a lead arranger. In parallel, the Company will commence necessary documentation in relation to the credit and guarantee agreements as well as the security package that will be offered. It is likely that the security package will entail providing the Banks with a first charge on substantially all the assets of the Company, similar to what has been provided to Riverstone Credit Partners in March 2022. This transaction will be subject to the agreement of Ministers, final approval of the financing terms, and Investment Committee approvals of the Banks."

Has made good time though, has just pulled into Newlyn harbour. ETA on Marine Traffic was down as 7:30pm.

Tbh BT, I'm not quite sure what you are saying there.

Nice to see but definitely has a rearranging deckchairs kind of vibe to it with all that is going on. Hopefully taken by a minion and just posted by JW. As I sure he will be in the office or in Whitehall and not messing about in boats.

From the Long Term Incentive Plan (LTIP) RNS for the BoD, BT. lol :)

In English you would use the word "saw" in that sentence. Or maybe use, "I've seen ...."

Jus sayin' like. ;)

"As to the ‘we never asked for 100%’? Why did everyone think that’s what they were running with? All in our imagination?"

It was not some Mandela Effect phenomenon of mass mis-remembering, BT, it was in a company RNS. 29/12/23

"In order to ensure that the proposed loan facility is compliant with the relevant rules where UKEF was to provide a 100% guarantee to UK commercial lending banks ("Banks"), UKEF will now appoint an independent third party to ascertain an appropriate premium over SONIA. This process will commence in January 2024. "

Now whether the use of the term "100% guarantee" was just another way of saying that they were in full support or whether it was chosen more purposefully to give the wrong impression would be down to the reader. But, let's be honest, it's taken a while to come out and say what they actually meant. Pretty cerain it has been repeated as 100% on other occasions. Might have to check on some of the interviews for the though. But, can I be bovvered? Nah! :)

About time they made a response or clarify a few things. Long overdue, imo.

Fwiw, if I recall correctly, it was JW himself that first spoke of 100%. Maybe it was in an interview or something similar.

Easy to be supportive when in opposition. (Dec23)

https://x.com/HarlandWolffplc/status/1733165813689991412?t=GTGhIwBKwOzZpKUVImLKFA&s=19

@hilarybennmp comment afterwards...

"It was a great pleasure to visit you today. I was so impressed by your vision for the future of the shipyard and the company, and to hear about your plans for the three new Fleet Solid Support ships for the MOD."

The, "we stand ready " bit caught my eye as well, Levs. I though, don't just stand by waiting, get down there, bang on some doors and sort it out. It's a strange strategy in a very odd game they seem to playing, tbh.