Member Info for stokey12

Next Tuesday in the House of Commons there will be a general debate on the publication of the Integrated Review.

Just seen this https://twitter.com/Harland_Wolff1/status/1357333603508715521

Chrisatrdg Thanks for your 12.18 post my only concern is with ITTs that are mentioned. That would mean that the contracts on any successful tenders would not be before Q3/Q4 so this would give work for next year. I note that we have the compensation of work coming into Appledore soon.

spudtheplumber In relation to your 12.05 on checking there have been four brokers note and two fundraises so your statement would appear to be inaccurate. The 10 June note was on initiation the July note was subsequent to the placing. I cannot see any note in relation to the last placing.

I have noticed that to date we have not had a brokers note from Cenkos. Have I been looking in the wrong place.

I must express some confusion here. There are some posters here who appear to have always been critical of the purchase of the shipyards. As I understand it they are of the view that the BoD should have remained focussed on the Islandmagee Project. I understand that point of view. However, I do not agree with it. The purchase of H&W has the stated advantage of taking some of the capital costs out of the project.

More importantly there is the question of how the project would be funded. If the BoD had not done the share consolidation then any equity fundraise would have decimated the value of the shares at the price the shares were trading at. Also it has to be noted that a significant part of the delay has been out of the control of the BoD. While it may be possible to bring in foreign investment the provisions of the National Security and Investment Bill currently going through Parliament makes that problematical and might make problems. Assistance from the government would only be forthcoming if there is a financially viable company with a clear business plan. If INFA did not have the two shipyards which would be generating revenue I doubt that the government would be willing to give assistance.

Chrisatrdg I wonder how much scope there will be for subcontracting on this?

I have just checked the Belfast Harbour website and Stena Edda will now be staying in port for another week.

Tango1 In relation to your 07.08 post I noted the absence of the RNS as well. In any event as there was very likely to have been some impact on the company finances I am not sure that it could not be said that but for the outbreak of coronavirus INFA would have made a profit. Like you I would expect to see some evidence of contracts during this half of the year to solidify the progress shown in H1.

A number of recent posts have been critical of the bonuses paid to the CEO and CFO I am not going to say if I think the bonuses were appropriate. However, I would like to make sone contextual observations.

Firstly, for a third of the period covered by the annual report there was, and continues to be, a pandemic raging which had an impact on INFA. So the accounts may not reflect a period of normal trading.
Secondly, In its June 2020 report Cenkos stated 'InfraStrata are pursuing a number of ship conversion projects, and before the COVID-19 outbreak, had secured a c£60m+ conversion project with a major cruise conglomerate. However, as a result of COVID-19, many ship operators (including the aforementioned) have paused planned upgrade projects until the outlook becomes clearer.' The cancellation of the contract mentioned is responsible for the loss in this period.

Just seen this tweet about a charity walk by one of the execs. For personal reasons I will be making a donation.

BlairPeach In relation to your 17.40 while not necessarily defending the bonuses at this stage I would observe that if when the interim results are published in April they are in line with what I suggested in a previous post then bonuses could be justified. The basis for saying that is in a year INFA would have gone from having revenues of around 500K to revenues of circa 15x that figure. Against a backdrop of a pandemic that is a good performance. Also if the LoI is converted into a contract that would further indicate that we have the right team in place to deliver on the 2021 objectives on page 15 of the annual report.

jfk9 In relation to your 09.06 post if you look at page 15 of the annual report it states

'2021 Key Objectives
1. Obtain the marine license and take FID on the Islandmagee gas storage project'

For those who wish to see it an audio copy of part of today's Defence Questions can be found here https://jmp.sh/NkYGlox. Please note that the copyright in this recording lies with the commons and you cannot edit.

Chrisatrdg In relation to your 13.12 post may I ask what is your reasoning for thinking that we may have a positive RNS this week? My view is that with all the pressure from MPs about defence contracts you may be right. There is a backbench debate next week Thursday on the Integrated Review so the government might want to pre empt it. BAe and BAB will also have to share the work around or when the FSS tender comes around it may count against them.

I note that the Stena Edda will now not be departing until 5pm today.

The full list of Defence questions can be found here https://commonsbusiness.parliament.uk/document/44920/html#anchor-0. There are some interesting ones.

mcadder In relation to your 14.18 post you may wish to check the date of that article as Sir Michael Fallon is no longer the Defence Secretary. The current Defence Secretary is Ben Wallace. This does show the length of time HMG has been talking about shipbuilding you never know they might translate words to action at some stage.

Speedy_Gonzalez In relation to your 11.20 I have just gone on to reddit and tried to post to r/wallstreetbetsnew but was not successful. If you have a reddit account perhaps you can post on it.

I think that the SNP in their push for independence may have forgotten something. A large part of the Scottish Shipbuilding industry relies on MOD contracts. If Scotland becomes an independent then can they still build warships for England which would be a separate country? If they can no longer build warships would the Scottish Shipbuilding industry be able to survive? I know of one company that would be able to take over the work.