Member Info for stokey12

Bubble2021 ref 04.59 post I am not sure his plan for Titanic II has apparently been floating around for a decade or so. I cannot see why he cannot just place the order to build the Titanic II. In response to his post on twitter I have given him the email address for the shareholders group lets see if he gets in touch. In answer to your question the Board are probably waiting to see what options Rothschilds come up with.

CaptainSwag ref 14.30 post While I agree with you can I play devils advocate for a minute. Having engaged Rothschilds to do a strategic review they should be allowed to handle the review to avoid mixed messages or any confusion. Although I note that there does not appear to be any plans for any shareholders event to obtain the views of shareholders to input into the review.

CaptainSwag ref 14.01 post I am not currently a member of the shareholder group so I cannot say whether they are looking at anything in particular. That said as you will see from my earlier posts I am not convinced that Mr Palmer is acting from altruistic motives. I am prepared to wait and see what Rothschild say in their review.

Saoirse12 ref 11.32 post I believe it is but the considerations are different and he would need to take advice from the MoD who may or may not be happy with an Australian have significant holding in HARL. My point is that I do not believe that Mr Palmer is being upfront about his intentions. If he wants HARL to build Titanic II no problem with that it is the investment that is equal to a very significant premium to the current SP. In fact I think the investment would be at about 5x the current MCap.

ForrestGump ref 11.17 post Even with the new National Planning Policy Framework I do not see this happening. HARL Belfast is in the Belfast Harbour estate and while parts are residential the area where the shipyard is is not as fra as I am aware so I do not see housing of any kind being built there.

I have some concerns about this. Firstly, in what currency is the investment going to be in? As I see it it is either AUD or USD. If it is the latter then it would be more than enough to pay off the Riverfort loan and leave some working capital. In the case of the former then it would largely pay off the Riverfort loan. Secondly, is it an investment or a takeover offer? In the news release it is being portrayed as an investment but it is worth noting that the investment is worth around 80p a share. I doubt that Mr Palmer is a charity so what would he be after for his investment? Thirdly, why can he not just place the contract for the Titanic II? I would also note that with the FSS contract any agreement that would see Mr Palmer increase his investment above 15% might trigger the need for a referral under the National Security and Investment Act. This might be behind the reluctance of the board to engage with him as if they need to get clearance from the Secretary of State this might take more time than there is.

This update has just been posted on LinkedIn https://www.linkedin.com/feed/?highlightedUpdateType=SHARED_BY_YOUR_PAGE&highlightedUpdateUrn=urn%3Ali%3Aactivity%3A7226603380427665411 The post says

Harland & Wolff 40,334 followers

49 minutes ago

🚢 Progress at Our Belfast Site 🚢

We are very pleased to share the completion of the 14th Cory barge, named Heron, at our Belfast site 🛠️

Our contract with Cory, one of the UK’s leading waste management and recycling businesses, involves delivering a total of 33 barges. This ongoing project highlights our commitment to supporting UK industries and contributing to environmental sustainability.

Heron, named after the graceful bird, was successfully loaded out and launched in the Belfast sunshine. This barge will play a crucial role in Cory's operations, transporting non-recyclable waste via river and removing around 100,000 truck journeys from London's roads each year.

Director of Shipbuilding Allan Smith notes:

"Another successful load out and launched in the Belfast sunshine. Job well done as we continue to deliver."

A big thank you to our dedicated team at Belfast for their hard work. Stay tuned for more updates as we continue to deliver on this significant project.

The interim results for the six months to 30 June 2024 are due by no later than 30th September. Assuming that they are produced on time will they come out before the now academic FY23 accounts.

This from CityAM https://www.cityam.com/harland-wolff-crisis-deepens-titanic-shipbuilder-loses-120m-falkland-islands-port-contract/

Just seen this from WeLoveStornoway https://www.welovestornoway.com/index.php/articles/34848-harland-wolff-warned-not-to-axe-arnish-methil Seems that the GMB are demanding that the Scottish sites are not sacrificed to keep Belfast and Devon operating.

LSE03 ref 12.28 post I think for technical reasons to do with the handling of nuclear material it would not be possible for Belfast to handle repairs to any nuclear subs. What might be possible is for some otther vessels to be diverted to Belfast to free up drydock space. However having just refused to give HARL financial assistance I am not sure how willing to do anything that would affect non MoD work HARL will be.

Ref my 09.12 post having now read the article in full what I find interesting is the end of the article where it says:-

'A Scottish Government spokesperson said: “Harland & Wolff has secured short term funding with its creditor, which is a positive step forward for the company and its staff. Ministers continue to work directly with the company, GMB and UK ministers to ensure the best interests of the Methil and Arnish sites, and the people who work there, are clearly represented.”

The UK government said Business Secretary Jonathan Reynolds had suggested last week “the market is best placed to resolve the commercial matters faced by Harland & Wolff”.'

It seems that the Scottish Ministers are still receptive to providing some assistance while the UK Ministers are content to live things to the markets. I wonder if this would or should lead to a lessening of involvement in government policy by HARL as it does not appear to have been much help.

Exile.Trader ref 10.27 post The iniitial loan was taken out in March 2022 when the SOFR rate was at the floor rate as provided for under the agreement of 1% (see https://ycharts.com/indicators/sofr). So the interest payable was 10% of a maximum loan of $75m. Made up of a committed loan of $35m and a accordian facility of $35m. Interest in 2023 was £18m. The interest payable in 2022 would have been less as by the end of 2022 the interst rate payable was 13.30%. So the total interest payable to date would be around £25-27m by my calculations.

LSE03 ref 08.16 post Sorry but I do not see why HARL needs to engage with Ministers as part of the review. They clearly do not want to invest as evidence by the refusal of the guarantee or temporary funding. I do have a concern about the apparent lack of reassurrance about the future of the sites.

LSE03 ref 12.12 post do you have a link to the article that is behind the paywall. The Belfast Harbour website is showing it as departing at the begining of next month.

This post provides the most detail on how things are going for any of the HARL business areas. https://www.linkedin.com/feed/?highlightedUpdateType=SHARED_BY_YOUR_PAGE&highlightedUpdateUrn=urn%3Ali%3Aactivity%3A7225438748115697664 The post says

🛳 𝐇𝐖𝐌𝐒 𝐅𝐥𝐞𝐞𝐭 ⚓ the last couple of months have been very busy indeed with most of the fleet all working away on contracts.

🛥 hashtag#HWTerramare is still working away with Kaymac Marine & Civil Engineering ltd in South Wales and providing essential cover for works during low tide with excavators and sitting aground in position using her spud legs.

🛥 hashtag#HWSamson has headed North to Barrow-In-Furness working with GPS Marine and Civil Services Ltd on a Network Rail project, also she will be utilizing her spud legs and a mooring spread system to provide a stable working platform. 🚆

🛥 hashtag#HWTean the newest in the fleet, was put straight to work since her arrival, with freight to Lundy Island and then onto the Isles Of Scilly, she has been carrying some heavy loads back and forth, from bulk to heavy plant for TEIGNMOUTH MARITIME SERVICES LIMITED TMS Maritime, also doing general freight for the residents to the off islands Bryher and TRESCO ESTATES LIMITED. 🚜

🛥 hashtag#HWValonia is also the project for XOCEAN we are still providing cover for, to provide support with their USV's operating NW off the Isles Of Scilly.

🛥 hashtag#HWPuffin is currently having her 5yr refit at the Appledore shipyard and will be back into service soon.

If we can help with your projects please get in touch at 📧 marine.services@harland-wolff.com

There are some nice photos as well.

LSE03 ref 07.05 post Yes the three normal berths that HARL uses are BBD, BDD and SRQ also they when need arises uses OQ which is a commissioning quay. Si_Derman have I forgotten any?

Si_Derman ref 12.15 post As it happens at 2pm it is due to be move to SRQ.

I have jsut seen this from the Daily Telegraph https://www.telegraph.co.uk/business/2024/08/01/harland-wolff-abandons-ferry-service-in-scramble-to-survive/ I note that they assert that HARL has effectively put itself up for sale. That is not how I see it based on the satement from RCOI which seems to indicate that keeping HARL as a going concern is the current objective. I am going to wait to see what Rothschild say.

I have just seen this on LinkedIn https://www.linkedin.com/feed/?highlightedUpdateType=SHARED_BY_YOUR_PAGE&highlightedUpdateUrn=urn%3Ali%3Aactivity%3A7225032675982536704 The text says:-

SOWEC 2,627 followers 33m •

Thank you to all the 19 'progress' projects that came together on Tuesday for a Strategic Investment Model (SIM) 'progress' workshop to discuss how the SIM can help each of them move forward.

These 19 projects were assessed by developers as being of strategic importance to the delivery of Scotland’s offshore wind pipeline. This event was a key milestone and demonstrated continued support of the collaboration achieved through the SIM.

Projects had an opportunity to update offshore wind developers and partners such as Crown Estate Scotland, Scottish Enterprise, Highlands and Islands Enterprise, South of Scotland Enterprise, The Scottish National Investment Bank, UK Infrastructure Bank and The Scottish Government about their plans.

The UK Government announcement on the budget increase for AR6 further underpins the need for early stage investment in the supply chain. Over the coming months, commercial discussions will continue looking at how these projects could be supported. The SIM aims to support structured collaboration to unlock infrastructure investment.

Both of HARL's Scottish sites are among the 19 progress projects. JW was looking for around £370m investment for the two sites. It would be interesting to see which Offshore Wind projects show interest in using either site and how much investment they are willing to put in. I would expect news of a JV during Q4.