Member Info for stokey12

Iamsailing ref 21.29 post I agree with you that there does not seem to be much synergy between shipbuilding and gas storage. However I disagree with you in relation to the cost burden of keeping IslandMagee as part of the group as opposed to an asset sale. In your post you say 'maybe you’re right, but it will require a huge amount of capital and with that a huge amount of interest, ' In this you seem to miss the point that I was making about the National Infrastructure Bank. A loan from them is effectively a loan from the Treasury. This would mean lower interest rates and therefore payments.

On your point about the price of gas this can be covered either by an offtake agreement with an agreed price. Alternatively, If the JR is resolved in time use CfD Round 5 funding to get an agreed price for the gas. I do not see anything from this week's events at would make this scenario unlikely.

Iamsailing ref 13:57 post Unlike you I believe that it is possible for HARL to obtain a soft loan from the National Infrastructure Bank to fund IslandMagee. Such an outcome would be in my opinion in the long term interest of shareholders. The current DAERA license is for 25 years and can only be ended by a 25 year notice which cannot be given for 25 years from the grant. So your suggestion of a disposal of IslandMagee will mean HARL forgoing 40+ years of income from the facility. Can you explain how this would be in the best interest of shareholders.

In any event a point which you and I suspect BlairPeach have forgotten or choose to ignore is that the four shipyards that HARL own all have significant fabricating facilities. With all the windfarms that are planned round the UK coast both fixed and floating these facilities will in all probability become very important within the next two years. As I see it starting next year fabrication contracts will start to come in and these will support HARL until IslandMagee comes online.

Having read the article again there are reasons to be hopeful on FSS. With the experience of BMT and Navantia Team Resolute matches Team UK on technical ability. The question therefore comes down to cost. In the article it is suggested that Team UK is the most expensive bib in which case Team Resolute might have the edge.

Jabido ref 16.42 post I will wait and see if they deliver on that. I know that H&W was sub contracted for some work on the Queen Elizabeth Class of carriers but they have not been on the Type 26. HMS Glasgow is late on being delivered but no sub contract work has been forthcoming to date.

Chrisatrdg ref 13.38 post A check on the Belfast Harbour website, (www.belfast-harbour.co.uk) shows it is scheduled to be in port until 22 August 2022. So it would have been in port around a month.

LSE03 ref 13.49 post thanks does not read to me as if she is joining to prepare for a sale rather sounds like she wants to help expand the IslandMagee side. I note the reference to helping Europe with energy security. the NIMBYs will love that.

Radders99 ref 13.19 post I am having techical issues with linkedin. Is it possible to cut and paste the post?

Chitta123 ref 08.26 post I have never known a campaign group to lose at first instance and then accept defeat. So if DAERA wins then No Gas Caverns will probably appeal. If No Gas Caverns wins then DAERA may appeal depending on what result they want. I suspect that DAERA did not contest the permission stage because they want a precedent and this was a convenient case. Either way I would not expect the High Court decision to be the last word on the subject.

Iamsailing ref 22.11 post. I do not agree that a private equity sale of the gas caverns is imminent or likely in the near future. The maintio issue is the JR. As I said yesterday we are unlikely to get a decision before Q1 2023. There will in all likelihood then be appeals possibly all the way to the Supreme Court. I would not expect a resolution until 2025.

My view is that JW will try and finance IslandMagee from a mixture of National infrastructure Bank Loan and CfD Round 5 funding. This will allow HARL to retain most if not all of the equity in the project.

Chitta123 ref 17.36 post The only thing you got right in your post is that in a judicial review only looks at the legality of the decision under review. The judge should not impose his own view. In this case if he was to find that the decision was flawed he would/could make a quashing order to quash the order and require it to be remade. Judicial Review is the only way to challenge decisions of this kind.

Nobby31 ref 16.09 post It is a case where a decision cannot wait until the new term. In this case when permission was granted it was determined that it would be listed in Michaelmas.

Nobby31 ref 15.45 post actually the issue is with the judges. It is the long vacation so only emergency hearings will be heard before October when the new legal year starts.

Nobby31 ref 15.19 post the JR is due to be heard in Michaelmas term which would be Q4. I would therefore expect judgement to be given in Q1 2023 as the judgement will be reserved. It is possible for the judgement to be in the same term but where there is a high likelihood of an appeal I would expect a fully reasoned decision.

Iamsailing ref 14.29 post I would not disagree with you on the question of an injection of cash. However I am not sure that we are in agreement on the purpose of the cash injection is. I suspect that projected revenues from windfarm fabrication will be used to raise funds to refurbish and upgrade the shipyards to challenge for newbuild and defence contracts.

LSE03 ref 14.34 post I was being a bit too cryptic. I had seen that and it was the point I was making. The NI LGA seem to be onboard with IslandMagee which is a good thing.

LSE03 ref 13.22 post thanks for this I do not recall seeing this. Did you notice who shared it?

AlbertoZ ref 11.43 post thanks for this. That would be a nice income stream and might persuade the National Infrastructure Bank to fully fund it. Alternatively and JW did raise the possibility is to get funding through CfD round 5 or both.

Assuming that JW is able to get a 100% loan from the National Infrastructure Bank and therefore retain 100% of the equity in IslandMagee can anyone recall how much IslandMagee would make a day?

With this appointment 20% of the Board of HARL are female. It also deals with a governance issue that I flagged at the December general meeting. We now have a majority of NEDs on the board.

Hopefully CapDeVilla11 does not see a photo of her or will have some more of his stupid comments.

Avyererdowt ref 11.09 post any closed period may be referring to the publication of the interim results for the six months to 30 June. These are due by 30 September.