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“UNSUITABLE”, “SERIOUSLY FLAWED” and “entirely unrealistic”
Is article about this business?

Recent contract wins are good news but to be able deliver these the probability of a further equity raise has increased with dilution of share price the likely result hence the SP movement.
The transcript of an interview posted by @mcadder, was unfortunately, one of the funniest things I've read in ages.
Could do with some interims too although these were followed by a raise last year. Good luck all.

Thanks for your observation Stokey which is along the lines of I'd be rich if I didn't have expenditure and then you go on to contradict yourself in two sentences - good luck.
You miss my point, I think, which is directors have taken a high risk strategy that will erode shareholder value quickly if cash burn continues.

As at Dec 21 Market Capital was £30m plus Net Debt so Enterprise Value was £33m.
Since then a $70m debt deal with RCP but required Islandmagee Gas Storage Project to be pledged as security.
If cash burn continues (average £1m p/m) and is financed by debt this will increase net debt and erode market capital so may explain current share price drop.
Feels like directors have chosen to increase shareholders risk if they do not deliver cash generation very soon.

Hebridean9 - it is clear your initial investment intentions were to do the right thing which unfortunately was not matched by directors. A tough call but fully understand your rationale. Better luck next time with your investments. I for one have always enjoyed reading your posts, although I do feel your pain too. I do not think that posting only positive news on these boards is they way forward either..... where is Wiseinvestor (who called the low at 18p). This share is pure speculation now not an investment. GLA.

For the 17 month period ending Dec 21 I’ll raise this to a cool £3m :)

Understanding what directors say remains the key concern here reading posts following the shareholder meeting yesterday - they definitely have their own agenda.
Cash breakeven, after net c£7.7m of equity raised, in months of Nov & Dec 21 is a given and means nothing.
Not sure anything else of any note was shared.

Does any poster here know if a complaint of market abuse has been filed with FCA yet?

Just read original post doh!

Grammar highlights HARL's shareholders views:
OPPORTUNITY IS NOW HERE
or
OPPORTUNITY IS NOWHERE.

Lottie123 I think directors have already done that with £28.7m of equity raised this year given market cap was £30.5m at 31/12/20 and market cap is now £30.4m,

Naughty.
Stokey, fair play, spotted the omission of the RNLI contract from Cenkos’ latest report so are they complicit. I’ve not seen Cenkos report to verify but seems odd.

Turnover is vanity, profit is sanity and cash is reality.

RazorShultz fair enough you know best but naïve doesn’t come close??. Good luck you above most may need it. Shame you won’t see it.
RE: RNS01 Nov 2021 08:22
Juicy contracts in the pipeline across all sectors! I don't see anything negative in the cash flow aspect, it explains perfectly well that upfront investment was required which is basically what building a business is, not that I expect blairpeach to understand that. Here's to more excitement to come!

BlairPeach you appear to be using facts, logic and common sense in formulating a robust opinion, the directors will be out of their depth with that. I hope they don’t mess up the Islandmagee Project but feels like they are doing their best. Good luck all.

Relatively Cheap compared to debt funding mentioned.

Until non gas storage business becomes viable the cycle of equity raises is likely to continue.
Raise has helped preserve market capital but are prospects worth risk.

Can't say I'm surprised by cash being raised.
I am surprised though by latest valuation of Islandmagee Project at only £35 -£50 million.

My last post on subject.
The point of the post to Hazbeen was to not take what directors say at face value.
Picking up on your comment in 6 months to Jul 21 EBITDA was -£7.1m so cash breakeven on a 2021 calendar really?
Razorshultz - I can't argue with such well informed and considered response.

Hazbeen,
From CEO report in Annual Accounts Jul 20 " We expect to execute sales contracts in 2021 that have longer project
lifecycles when compared to what we have today. This means that we expect to achieve cash breakeven across the business during the current calendar year". The actual result was EBITDA -£12.3m pre operating leases.
DYOR.