Member Info for Xenor

Someone should send the plot of this finance application to Hollywood, I think they might be interested.

This now explains why Kevan Jones was asking a question about the ferry service. They have likely been in contact and of course IOSSC have reasons to fight HARL.

Makes you also wonder why someone felt the need to post the original Times article on the Isles of Scilly Sea Links Facebook group as soon as they could. 🤔

A couple of of members on Telegram have been in touch with Belfast MP Gavin Robinson and received a positive response. I have their permission to share here as they don't post on the boards.

"Thank you for taking the time to write.

I have engaged with H&W on a regular basis before and after they came out of administration. I was pleased to play a role in ensuring they did. Since then, I have worked to ensure that work comes to the yard on a regular basis including contracts worth millions of pounds.

In regard to the recent headlines, I have said they are wrong, H&W have said they are wrong.

I am currently engaging with Government regarding the Export Finance Deal and am engaged with H&W directly on a daily basis. More than happy to engage further. Despite what you have highlighted, there is great support for the Yard in Westminster."

The accounts say we need to refinance, which is true. They don't say we specifically need a 100% UKEF guarantee.

Ignoring the ramp, people seem to forget that this isn't all or nothing as it is being painted in the media. JW mentioned in an interview with LSE last year that he had already been offered a deal before pursuing this better one. This is why it has all taken so long, as he tried to get the best deal for the company and shareholders. I supported that despite the noise to sign something.

A worse deal is still a deal and gets us to where we need to be, even if it came with some dilution/warrants as the original Astra deal announced 9th November 2022 was going to. We may not even need 200m, we may be able to get to profitability with just 150m, and sell IM.

Point is there are options. We aren't going bust.

Indeed it's not just us who are going through this uncertainty, the workers will also be worrying about their jobs. This needed a resolution yesterday nevermind today. The FT did suggest a decision within days so we must be close to an outcome.

The weekend press will be going into overdrive if nothing is sorted today. Kevan Jones doesn't even need to get involved any more. The headlines are generating enough clicks for these papers to print more.

Certainly needs investigating as it is all getting too blatant. This whole thing stinks of corruption and sabotage. So yes well done Stokey and May Anya.

It's a guarantee for a loan, which only comes into play if the company goes bust - and after selling off the assets. So it's never a 200m risk to the taxpayer as that assumes the assets are worth 0.

It's all bull excrement. The FSS contract is with Navantia, not HARL. Our contract is a sub contract with Navantia.

"execution of the Fleet Solid Support Programme's Manufacture Contract between the Ministry of Defence ("MOD") and Navantia UK Limited ("Navantia"), the Company has now formally executed the Subcontract with Navantia UK Limited (the "Subcontract").

Is this newspaper seriously suggesting that the government would take the contract off Navantia and give it to the rival bidder who submitted a non complient bid? Navantia would sue the government for a fortune.

Expect more articles like this until finance is confirmed, and more questions by Kevan Jones. This consortium are going all out now.

There needs to be an investigation into the actions of Team UK and Kevan Jones over the past couple of years. But no doubt there won't be.

Kevan Jones at it again, probing for more information on the guarantee. Very similar question to his previous one. I had to read it twice to see the differences.

He is clearly trying to find something that may have happened in the process that shouldn't have.

https://members.parliament.uk/member/1438/writtenquestions

That's 9 questions in a row now about HARL and/or UKEF.

If UKEF was state aid and state aid is a big no then UKEF wouldn't be providing EDGs at all to anyone. Kevan Jones asked those questions with intent, and perhaps the government have had to check this just in case.

The FT states the chancellor hasn't made up his mind as he is receiving advice. Given the comments around state aid rules he will be receiving legal advice. Of course he won't make his decision until he's considered the advice. We surely don't break those rules, but he has to follow process.

It's all blown out of proportion, it's so easy to say he hasn't made up his mind until pen is put to paper. Of course there's a possibility he could say no, that has always been the case though?

it's not even taxpayers money tony. the loan is from the banks. the taxpayer only pays out if we default on the loan and our assets don't cover the debt. given the revenue goals here and reduced interest payments a default is very unlikely.

there are people ****ting themselves at the thought that harl might be successful. disgraceful that one of them is a labour mp.

I should have known the share price would tank as I added a small amount at 9am this morning at 11.85p. Usually when I buy a stock the share price drops. The article in the times did spook me as well if I'm honest, but I knew it couldn't be telling the whole story as the Times isn't going to find out the outcome of the UKEF application before the market, and then post inside information on their website.

The various articles appear to be a follow on from the bombardment of questions by Labour MP Kevan Jones throughout April. Since April 19th all 8 of his parliamentary questions have been directly or indirectly about HARL. https://members.parliament.uk/member/1438/writtenquestions#expand-1702397

After exhausting all line of questioning now suddenly these articles appear in newspapers talking about the kind of things he was questioning, like the Subsidy Control Act. I assume the government have had advice regarding those laws. There is nothing illegal about what we're doing here. Any company can apply for a UKEF guarantee and go through the same process, if they meet the application criteria. Which we do.

The articles today feel like those who want to see us fail are going all out with whatever they can as they know the deal is close to completion. It's a bit like when the rumours started in October 2022 prior to the FSS contract being awarded. It was leaked to the press that Team Resolute had won weeks ahead of the announcement because they were hoping to create outrage that Navantia being foreign owned was part of the winning bid. Since then the attacks against HARL from certain newspapers, MPs and well known bear blogs have been endless.

I find it interesting that Kevan Jones is quoted in the FT article. Who would have thought he could be involved?

Terminator on ADVFN yesterday:

"I doubt if they have enough cash to settle the payroll at the end of the month"

And today there's an article in the FT saying exactly that? Seems a bit odd to me. Then again the FT does say the information is from someone with knowledge of the business. They probably read that post and used it.

Interesting quote LevsInvest. That's almost word for word what a certain poster on ADVFN was saying right before this all kicked off. Coincidence? I think not... All a well orchestrated attack in my view.

I still remember how hostile the Times got in the weeks leading up to the FSS contract in October 2022. Same thing playing out here.

LWHL, that isn't going to happen. So you are saying the company needs to raise 40m in cash in order to get a 200m loan? At that point the company only needs a 160m loan, and the guarantee is back to 100%. You don't raise your own cash as part of a loan, that's not how loans work.

I hope you aren't going to fill the board with negativity now that you have sold out on the drop.

It's hardly an excuse. If the directors are in a closed period then they can't buy. Given how far along finance is then they will be in a closed period as they will have information the market doesn't know.

Well said. I hope those who sold in the 8s out of panic after reading that Times article haven't lost too much.

I have said numerous times that there is a campaign against HARL going on in the background that started following the FSS win. It may have come across as wild speculation a year ago but it's clear to see these days. I don't expect it to suddenly stop when finance is signed either, expect more negativity from the usual sources.

Sooner this is all concluded the better. The negativity is easier to dismiss when our finances aren't in the balance. I look forward to the update in a few weeks.

It was also good to get a confirmation that the company is on track to hit 2024 targets with 90% of revenue contracted so far and still aiming for EBITDA break even. That statement alone was newsworthy. This RNS was bigger than I was expecting.

My one complaint is that the share should have been suspended pending an announcement when that article appeared, rather than allowing the share price to collapse 30% until an RNS could be written and approved by the nomad. Even if the article was true, you can't have market sensitive information like that in a tabloid before an RNS.

Certainly a bullish statement AimMaster. With 90% contracted it sounds like the company is on track to achieve those goals.