Member Info for stokey12

Hmmiwonder ref 11.15 post My view is that for
2023 50p
2024 80p
2025 Insifficient information at this time to say.

ref my 11.04 post the site is vox markets but it is one word.

I have just seen this article https://www.express.co.uk/news/politics/1724423/labour-royal-navy-ships-pledge-ministry-of-defence. It is not advised that it is read by any person who can be easily upset by politicians. The amendment referred to in the article is.

To move the following Clause—
“Review of procurement of Fleet Solid Support Ships
(1) By the end of 2023, the Secretary of State for Defence must conduct a
review of the procurement of Fleet Solid Support Ships.
(2) The review must consider and report on—
(a) the total amount of expected UK build work for each Fleet Solid
Support ship,
(b) the number of UK jobs and Spanish jobs that have been created
so far as a result of awarding the contract for Fleet Solid Support
ships to “Team Resolute”,
(c) the number of UK SMEs and Spanish SMEs that have been
contracted to work on Fleet Solid Support ships so far by
Navantia UK,
(d) whether Navantia UK are on track to fulfil guarantees on the UK
content, UK steel targets and social value,
(e) whether Navantia UK are on track to meet timelines to complete
the project, and
(f) any other matter which the reviewer considers appropriate.
(3) The Secretary of State must report to Parliament on this review and
publish a report on the review’s findings by the end of 2023.“

Member’s explanatory statement
This new clause would mandate a review of the procurement of Fleet Solid Support Ships.

The good news is that it is unlikely for this amendment to be approved. Another amendment is this one

Clause 23, page 18, line 4, at end insert—
“(3A) Where—
(a) the contracting authority is the Ministry of Defence, and
(b) the contract concerns defence or security,
the award criteria must be weighted so as to advantage United Kingdom
suppliers.”

A full list of amendments can be found here. https://publications.parliament.uk/pa/bills/cbill/58-03/0218/amend/procurement_rm_pbc_0120.pdf

LSE03 ref 08.03 the report was from **********. The bit on HHARL was brief only a couple of sentences. It said 'Alkemy / Harland & Wolff

'A few of the tiddlers have made the grade in the recent past. Alkemy (ALK) made the BBC and others in the autumn when it got permission to build Europe's largest lithium hydroxide refinery in Teeside. More recently Harland & Wolff (HARL) hit the headlines as naval shipbuilding returned to Belfast. Nevertheless, unless you blow the lights out, it is still very much the case that smaller companies are “shadow banned” by the papers. '

While I was looking for something else I came across the RNS dated 12 February 2021 which covered the purchas of both Arnish and Methil. This is interesting

'The Company has agreed with the administrators a total consideration of £850,000 split into two tranches:



· The first tranche is for the sum of £650,000 to be paid upon completion

· The second tranche will be for the sum of £200,000 upon the occurrence of either of the following events, whichever occurs earlier:

o Consolidated Group turnover is or exceeds £75 million in the next 24 months

o Consolidated turnover of Methil and Arnish is or exceeds £40 million in the next 24 months.'

It would seem that for various reasons HARL has managed to save £200k on the purchase price as far as I am aware neither of the two events has occurred.

JamesH85 ref 08.10 post realistically I do not see HARL being part of this deal the main reason being that HARL does not currently have any ship to sell. Next year they may be able to start taking export orders for the FSS. However, at this time I do not see HARL having anything to offer Turkey.

What questions is everyone going to ask. My two are on HMS Atherstone and the increase in the debt facility with Riverfort.

I do not know or particularly care how many people have a shareholding in the mid 6 figures. However, anyone who does and they have the holding in a SIPP should be careful so as to avoid a tax bill. Assuming that the share price rerates to £2 a share then as I understand it you would reach the lifetime allowance and any excess would be liable to a hefty charge. This is the simple version so if it might affect you get advice early.

Avyererdowt ref 09.28 post I think the problem is that rampers are not too concerned about accuracy. I suspect you will find that they are confusing investment by Team Resolute from the contract with investment by MoD. There is no investment by MoD. From the contractual payments under the FSS contract Team Resolute will be making investments into the shipyards.

Avyererdowt ref 09.11 post I was not at the pub but I still missed it as well. I am not sure where the 60p investment figure comes from either.

RichardMcV ref 22.32 post I would observe that the Ulyssesshas in fact been in dry dock since the 4th January it is currently due to leave dry dock on Wednesday next week.

LSE03 ref 20.16 post I would say more like potential competition. Neither of HARL's two Scottish sites are in the freeport area. With the tax breaks that the freeport will have this is an issue that I hope HARL have under control. As JW has been negotiating on fabrication contracts for awhile he should hopefully get enouh contracts to secure sufficient work for the Scottish sites.

Hmmiwonder ref 18.05 post I hope you are wrong as I do not get paid until 31st and I want to a top up first just in case we do get a spike.

LondonSouthEast ref 16.41 post I have registered for this and being a greedy so and so I have submitted to questions.

HarChris ref 11.09 post looks like I have filterred the person who made the post you were responding to. I would agree with you both RCP and Astra Asset Management are or will be holding share warrants in the millions. The second batch of warrants given to RCP are significantly in profit. By that I mean if they wre to exercise the warrants and sell the shares they would make about 200% profit. Although as far as I know we were not told the interest rates on the debt I would expect it would be competitive taking the warrants into account.

If HARL was in as pecarious a position as the quote suggest Team Resolute would not have been awarded the FSS contract.

Trish63 ref 10.26 post On the basis that it will be within the two weeks as stated in Wednesday's RNS that would bring us to January 31. Also I note that it was previously stated that the pre construction enablement works will take 18 - 24 months. That would give a completion at the earliest of July next year to around January 2025. This raises the question if it is the earliest date would Team Resolute be able to start construction early?

There is this from Belfast Telegraph https://www.belfasttelegraph.co.uk/business/northern-ireland/harland-and-wolff-bring-back-greybeards-to-help-with-new-recruits-after-900-jobs-announced-42297638.html. Looks like ThisTimeNextYeer may have a new job.

Then there is this from the Belfast Newsletter https://www.newsletter.co.uk/news/opinion/editorial-the-large-uk-naval-order-for-harland-and-wolff-will-help-revive-a-fine-old-shipyard-3992562

We have this from Maritime Executive https://maritime-executive.com/corporate/uk-finalizes-1-9b-naval-auxiliary-contract-with-navantia-and-h-w

Finally this from Naval Technology https://www.naval-technology.com/news/uk-team-resolute-fss-contract/ One thing none seem to pick up on as far as I can see is that HARL actually built Fort Victoria which the first FSS ship will replace.

RichardMcV ref 08.35 post For your Friday starter for ten question what is the error in the video to be fair this is something that could have changed after the video was made.

TortoiseHares ref 16.67 post There were two things that were circulating yesterday. One of which was that HARL had entered into an agreement to extend a debt facility. That was not known to the market. It was not gained from inside information. I know that as I was the source and I knew about it because Companies House told me. The second was about the FSS contract. I was responsible for the first hint and that was about five hours before DogFather's source. So he was only confirming what some people already knew. Also if I recall his posts he did not specifically say it was about the FSS contract. The mentioning of other contracts does not mean anything as there are always contracts being entered into at Belfast. So I would think that anyone would be hard pressed to prove insider dealing.

Darlonil ref 13.09 post The previous revenue guidance for 2023 without the benefit of the FSS contract was a range of £100m - £115m of which £40m was contracted revenue that has already been banked. This consisted of £25 of M55 income and £15m from the Cory Barges contract. If you then add in the missed 2022 revenue HARL has expected revenue of more than the £55m you say is needed.

The main issue is whether the blended margin rate that HARL normal achieve will be achieved. There is some question on this as BAB only makes around 6% gross margins but Cammell Laird margins are around 17% if I recall. On the basis of the non shipbuilding work I remain happy with my investment here.