Member Info for stokey12

What I found interesting in the LinkedIn from JW today is the reference to the export order at Appledore. I know in April we had a ship come in and at the time I speculated that it might be in for some time. I am not sure if that is the order refered to.

LSE03 ref 14.06 post that sounds like good news for Appledore.

Si_Derman I have just did a quick check and at last years AGM similar resolutions to resolutions 6 and 7 in this year's notice were passed for similar amounts. Also there has been no capital raise between the two AGMs

Si_Derman ref 07.59 post as I said check a random selection of AGM notices to see what they say that will give you an idea. On why they would want the authorisation there could be a number of reasons including share based payments.

Caravan ref 06.47 post JW can say that there willnotbe a placing until he is blue in the face there are some people who for various reasons will not believe him and insist that there will be a placing.

I see some people on the board have read resolutions 6 and 7 and assume that this means that a placing is on the way. If you think that do this little exercise. Take a random selection of AGM notices. When you look at them what you will see what they all have in common is that resolutions similar to resolutions 6 and 7 are in all of them. These are standard resolutions which all companies seek.

The reason that resolution is shown as apecial requirement is that the statutory provision that is being used requires that it is done by a special resolution. I would observe the amunt of the limit on the authorisation under resolution 7 is lower than might otherwise be the case. I have seen cases where that provision is used to seek authorisations for upto a third of the value of the issued shares.

Si_Derman ref 18.09 I see you have forgotten to take your pills again not even I can understand that one. You of course noticed that the resolutions have in my opinion written off any chance of an equity raise in the near future.

My 17.27post should have read Not done by RNS

Not done by AGMbut the notice can be found here. https://www.harland-wolff.com/investors/documents-circulars/

Testingthewater ref 09.31 post Chrisatrdg posted a note from the High Court in Belfast that the summer vacation was July/August. You are right that in England and Wales the summer vacation is August and September.

Testingthewater ref 08.37 I have not seen any indication that the judgement was given before the Court rose for the end of term on Friday. That being the case I would not expect judgement until the Court comes back from its summer holiday in September at the earliest.

Tapp ref 23.18 post I am only going to address your point 4. You state ' Current cash flows – are not fine the business is heavily loss making and burning through so much cash an increased debt facility/equity raise is needed. Revenue is most certainly not covering costs.' Revenues cover the costs of producing the goods sold. As to the costs off running the business in the medium term I anticipate that being covered. If you recall HARL had contracted revenues for this year of £40m consisting of £25m from M55 and £18m from Cory barges. There is slippage on these from last year to be covered this year. There are other contracts particularly from Arnish that we do not have vakues for that have completed, or are near completition. Accordingly, I cannot see from information in the public domain how anyone can say with certainty that there is any immediate need for a placing.

Hebridean9 ref 13.11 post For the sake of argument let us assume that you are correct on the cash burn the one unknown that would affect how long HARL can wait for the refinancing to complete is how much has been coming in during H1. We will not know that until September. Therefore, it is possible for HARL to last until Autumn for the refinancing if the income is there.

Hebridean9 ref 12.54 post I agree the share price will not support a placing. However I disagree that it automatically means that there will be a debt for equity swap. Any debt forequity swap will need shareholder approval which is not guaranteed. As I said in response to one of your posts yesterday I think that probably by year end we will see a syndicated loan guaranteed by Export Finance Guarantee.

Si_Derman ref 12.14 post I think that Astra or Libernium may be brokering the deal with the lending syndicate. Well that was my first thought.

Spudtheplumber ref 08.52 post this report would seem to disagree with you. https://www.bdo.co.uk/en-gb/insights/industries/aim/aim-directors-remuneration-report

As we tend to have complaints about excessive pay for JW and AR I checked and the average pay for all employees is £51k which means that JW is paid just under 8X the average pay. Also this year he was paid less than in the previous period and did not get any bonus so I do not think it can be said that his pay was excessive.

Caravan ref 07.10 post While the timing was not perhaps the best I would not say it was unnecessary. Having said that they would file by the end ofJune only last week it would have caused more problems not to publish them after hours.

Hebridean9 ref 19.20 it is only dillution if it is equity not if it is debt. My reading of the situation is that the finance willbe syndicated debt with upto 80% guaranteed by UKEF which will bring the interest down.

Just seen this on the UK Defence Journal twitter feed https://twitter.com/UKDefJournal/status/1674825049193299976. Possible work for HARL?