Member Info for Tapp

Riverstone were out c£157m. They have realised £70m from deal with Navantia. IM still apparently in a sale process. JW is at least consistent rinsing not only investors but the Lender too. Shameful. I sincerely hope malfeasance is proven against him but I very much doubt it. I’m sure in his deluded world he’s the victim…

I note Cenkos are on creditors list owed c£37k.

Looks like their works of fiction truly were worthless even for them - small bit of justice served.

I suspect they are expecting a lower valuation than originally ascribed given the impairment already made on one of their funds invested in Harl the Govt backed facility being primary source of repayment.

Pokerchips,

Thank you for the thoughts on market value, equity and shareholder ranking - a bit random but whatever.

Your posts are very JW like, as Broomtree has already picked up on, patronising, pompous and deluded.

Pokerchips

Words fail me….

Can’t possibly imagine how you can consider JW tenure as CEO and end up with that opinion and your knowledge of how finance works is naive in the extreme.

Best stick to gambling rather than investing.

Can’t answer your question but whatever you’re taking I need some.

Nah mate forget Riverstone, a glut of creditors and probable pre-pack….an EGM is the way to go from those in the know. Interesting to see how that goes.

Not really.

One is a profitable, liquid and professionally run subsidiary of an investment grade group the other is unfortunately a zombie.

I) the Govt agenda is preserving jobs and a business in some shape that can deliver contracts awarded.

ii) additional funds gives Riverstone time to assess options otherwise it would be a firesale.

My point was protecting shareholder value is not on any key stakeholders agenda.

Riverstone have put Rothschild in to do an IBR and assess options to minimise taking a haircut.

Corporate vultures will be circling to see what they can get for square root of not very much.

This is the main agenda now not preservation of shareholder value although to be fair this was never a concern for JW so BAU in that respect.

JW was a liar, fantasist/imposter and gambler (with others money obvs) eventually found out but the mess he’s left is considerable the new broom has received the definition of a hospital pass.

His post on LinkedIn sums him up – ignorant and a hypocrite – grammatical errors and worse expressing concern over shareholder value…. what an utter cretin.

Stokey what accounts are you looking at?

The unaudited P&L FYE Dec 23 shows all income and costs over the financial year, which totalled £86,914,499 and £130,001,923 respectively confirming a loss pre translation differences of -£43,087,424.

The balance sheet as at 31 Dec 23 which shows the company’s assets and liabilities at a point in time did confirm they were sat on £25,414,588 of cash, £1,039,815 of stock and £23,032,256 of trade and other receivables but this needed to cover £93,667,630 of trade and other payables (potentially including payments upfront) so were massively illiquid i.e. unable to pay suppliers/fulfil orders from what cash they have and are due!

Against this financial backdrop increasing loan facilities even with significant Govt. support is a punt at best by any syndicate of lenders.

I know what eligibility criteria is I was asking you how you confirmed it was met but clearly you haven’t done this and just assumed it is which I now understand. Good luck.

Stokey,

If you are saying £200m facility is an “export facility” how have you confirmed eligibility criteria is met?

Thanks

Sounds like the accounting debacle is resolved but poor management is not exactly unusual with Harl.

Insolvent £92m as at Dec 23 versus broker estimate 8 Sep 23 of c£54m – absolutely smashed that!

Is break even achieved without covering finance costs – nope. Adding this to loan (although not possible unless*) or getting trade creditors/advance payments to cover is not a long-term solution either.

Riverstone and Harl are “all in” on the *Shipbuilding Credit Guarantee Scheme being agreed – plan b doesn’t sound too good.

Wonder what the CEO and CFO remuneration packages will be this year - should be stellar…..well done lads.

The words and figures still don’t match after H1. Think someone mentioned earlier that they, I assume meaning directors, were under promising – I hope that was a joke. Debt is funding losses with no realistic sign of them covering interest costs even using Cenkos’ latest work of fiction and oh yeah looks like US$100m facility is in excess (£95m debt as at Jun 23?). Well at least JW is consistent I’ll give him that – these latest financials flag many more questions than answers. As ever good luck.

Anyone else noticed an obnoxious dog chuff odour outstaying its welcome.

Wood could have shared interims evidencing they are ahead of plan and as a business are delivering which would have supercharged the SP - don’t get Wood’s MO as a leader. Good luck.

Just watched video. Shipbuilding rather than Export CGS announcement by Government is a positive to the sector in general - though not something Wood has delivered. Wood doesn’t mind taking flak, for the good of the company apparently, though took a swipe at a LTH, I assume, for being negative although failed to deliver any financials to support his answer of increased productivity. Talking of which Wood again advised they are ahead of plan but no half year results to evidence delivery of revenue growth, GM% margin or overhead reductions - something within his control but chose not to. Interesting Wood’s key view on debt is the rate charged not how they are actually going to repay it. Contrary to interviewer’s summary I learned nothing new of any note.

Xenor, maybe it’s linked to Cenkos’ report in Sep 22 projecting an outturn of T/O £70m and LBITDA £12.3m versus JW and co delivering a truly staggering T/O £28m and LBITDA £55m so massively more cash consumptive and breakeven (whatever this is) being pushed out another year. Maybe I’m being too picky and expect too much but if all going great now why not just release some Interims - good luck.