Member Info for stokey12

Loosegoose In relation to your10.02 post at first I thought this could explain the interest expense https://www.lse.co.uk/rns/INFA/new-asset-backed-debt-facility-fp7dky3scxr2zog.html. However I noted that the interest expense was higher than in previous years. Is there a second facility?

Avyererdowt Thanks for your 08.50 post and the link. A comforting note I especially note what is said about UK Export Finance and the mention of a National Shipbuilding Office to provide finance for UK Shipbuilding. The building blocks for the future are in place all it needs is for the sales team to deliver.

oldtramp In relation to your 17.45 post I know I got a F- in maths but I think you are wrong and the build start date would be closer to May 2022.

oldtramp In relation to your 17.29 post yes I saw it these things cannot be rushed we need to allow time for a general election to intervene.

The PIN for this has now been published and can be found here https://bidstats.uk/tenders/2021/W26/753992185 JW has already said that he will be bidding on this. There will definitely be competition from Cammell Laird.

Avyererdowt In relation to your 17.03 post do a copy and paste into your address bar that will work.

oldtramp In relation to your 15.49 post that parking looks a bit off. I would have thought you would be a lot better at parking than that or was it PC after his TPG gig.

Iamsailing In relation to your 10.26 post I would not anticipate H&W doing any shipbuilding until next year and I believe that in most cases it would use a mix of contractors and its own staff. The one case where it would partner with another company would be with the FSS contract if it was to be successful with that.

In my 07.20 post the second sentence should have read 'My concern is that Tim Yeo was part of the concert party at the time of the takeover of W2T he is therefore NOT independent.'

I have reservations on resolution 5 and am currently minded to abstain on this resolution. My concern is that Tim Yeo was party of the concert party at the time of the takeover of W2T he is therefore independent. The Q&A from the last AGM is on youtube and should in my view be listened to before making a decision on resolution. The comments by Mr Yeo there casts doubt as to his independence which while possibly justifiable in a non executive chairman I do not feel is justified in an executive chairan.

Just seen this from JW on LinkedIn https://www.linkedin.com/posts/activity-6818274370637598720-iVxx promoting a new report showing the importance of IM to Northern Ireland. We seem to be having an uptick of pressure for a decision. I think any decision is a couple of months as the call for evidence is digested.

TheEast Thanks for your 16.01 post.

Just seen this https://www.linkedin.com/posts/activity-6818139121035292672-fjbk looks like collaboration with Navantia is still on.

spudtheplumber In relation to your 19.46 post of yesterday the suggestion was one for consideration rather than immediate execution. The land is there and with climate change being high on the agenda the ability to tout a green shipyard may be an important advantage.

I am of the view that INFA should explore the possibility of using the freehold land or part of it for a onshore windfarm to power the Appledore shipyard with any excess electricity being exported to the grid. This would have the effect of lowering the running costs of Appledore and by extension INFA.

Si_Derman I will have to correct you in relation to your 12.36 post. While you are correct that at the Investor Event JW did not say the LoI had been cancelled they did not fail to mention it at all. In one of my questions in advance of the event I did specifically ask about the position in relation to the Triumph LoI. The answer did flag up issues around funding. From that answer I had the impression that the contract may not go ahead. The answer did go further than I was expecting but it is clear that it was not totally open.

Chrisatrdg In relation to your 11.09 post while the situation with Triumph is not ideal looking forward there are a number of positives. Income for this year is estimated between £20m (my estimate) and £30m (Cenkos estimate). This is achieved within two years of starting the turnaround and while dealing with trading during a pandemic. In addition a check on the Belfast Harbour website shows cruise ships are back visiting Belfast one is currently in dock and another one is due tomorrow. This is encouraging as INFA would offer the opportunity for repairs with a minimum of disruption to sailings so a good chance of picking up this work.

Next year INFA will be trading without the impact of Covid so we will see what can be achieved with normal trading.

TheEast In relation to your 09.44 post the company response is on the website ScottJ has posted the link. The most relevant part of the statement for me is this 'For a shipbuilding project to proceed, there are several key components required such as, inter alia, a credible counterparty with a proven management team, detailed technical specifications with equipment and a detailed design that has classification society approval along with equity and a credible route to debt funding. As part of the Company’s corporate governance process, prior to progressing from a rough order of magnitude price to a fixed price tender, it was established, in our opinion, that Triumph had achieved none of the above milestones.'

TheEast In relation to your 09.03 post as I understand it Triumph are saying that there should be an EGM over this issue. Such an EGM should only be called if there is a motion to vote on otherwise what is the point of having an EGM. As Triumph have stated that they will not do business with INFA I cannot see what an EGM would achieve. If the members were to vote to require the BoD to resume discussions with Triumph Triumph have said they will not do business with INFA.

If the EGM was not a realistic proposition you would have to wonder why Triumph even suggested it. Also it questions Triumph's motivations in making the suggestion.

mcadder In relation to your 08.31 post that would be fine if people would accept any statement from INFA. I suspect that unless the statement basically agrees with what Triumph says people would not accept it so nothing would have been achieved.