Skil Ports & Lg Share Discussion Threads

[azalea] 31/10/2016 11:12

Assuming the fund raising will be completed as planned, then this time next year, the port will face the acid test -fully operational. However, the key indicator of it being ready, will be news of shipping companies being signed up.

[cottoner] 31/10/2016 11:12

The round peg?

[piedro] 31/10/2016 11:11

Does anyone have any idea what the square hole is for or
could it be where the soft sand is?



TIA.

[pj 1] 31/10/2016 10:31

I do not have a clue or not if there has been anymore settlement. The point I am trying to raise is that assuming the 'additional' landfill required is £30m, then the original cost of landfill at IPO (pro-rata_ would have been 30/.15 = £200m alone

So are they saying the cost of landfill and transport has >quadrupled in 6 years?

I could be wrong on the 15%, but its hard to imagine any more settlement, unless off course vast quantities were washed away in the x2 Monsoons, to reappear,maybe as grabster hints at, ALL IMO and allegedly.

Why didnt they just reduce the size of the port by 20% to offset any settlement?, they could always easily expand it once cash is flowing.

For clarity I have no doubt the Port will be completed.

[azalea] 31/10/2016 10:27

Missing of targets set by BoD is a common event and not a criminal event in itself. Investors in L&G can always withdraw their monies if dissatisfied with the performance over the long term. I would be far more concerned for investors who have lost notable amounts of money invested in Tesco,where 3 ex directors are facing trial in the New Year for overstating company profits by £200m.

[grabster] 31/10/2016 10:16

In the 1970s I was Chief Buyer for a construction company. I reported to my MD my suspicions than our site agent on one major project was on the fiddle regarding deliveries of crushed stone, vast amounts of which were involved. Some of the truck drivers were presenting tickets for the loads delivered, and presenting additional tickets for loads purporting to have reached our site but which had been offloaded on someone else's site. Our agent was knowingly signing them.

Our agent had been with the company for nearly 20 years. His vehement denial was believed, and under the threat of being sued for defamation, I was forced to back down and apologise. I didn't have sufficient detail to prove the accusation.

A few months later however, one of the delivery drivers involved, who had been arrested for similar offences elsewhere, gave details to the police about our agent and the scale of the fiddle.


I am not suggesting that anything similar has happened at Karanja - it may be that the 15% extra fill needed is genuinely because of unexpected settlement. Calculation of fill requirements on a project of this type can never be precise. But scams of the type I reported are quite common everywhere, so it always crosses my mind whenever I hear of material shortfalls.

[sphere25] 31/10/2016 09:52

Absolutely disgraceful behaviour by the institutional fund manglers here for throwing away more of other peoples money at this dodgy Indian AIM outfit. Wasn't it enough that they have already lied out of their teeth in missing target after target and blowing millions?

How much more of this money is going to disappear down back pockets and will the port actually be completed?

Wouldn't surprise me if another cash call is required.

Put the dog and dodgy AIM Indians down.

All imo

[pj 1] 31/10/2016 08:35

Note ''interim'' = 6 years. You could not make this up.

[pj 1] 31/10/2016 08:34

"Jigar Shah was appointed interim finance director at the time of the Company's admission on the AIM market of the London Stock Exchange on 7 October 2010. Since that time the Company's finance function has been enhanced and Mr Shah's role has diminished. Andrew Henderson was appointed as Head of Finance, a non-board role, on 12 September 2016. Mr Shah currently has no day to day involvement in the Company and has resigned with immediate effect''

=

Sadly someone picked up that we have been paying Mr Shah for nothing. In fact we need to confirm if he has ever actually come into the office at all. At the request of a major shareholder and as a pre-emeptive action to the placing today we have dismissed Mr Shah immediately (pay off unknown)IMO

[pj 1] 31/10/2016 08:29

''However, as referred to in the Company's announcement of its 2015 preliminary results on 16 June 2016, discussions with the EPC Contractor were taking place at that time with a view to completing the Facility with the resources available to the Company and, in the context of the delays that had taken place, it was the Directors' view that the discussions with the Company's EPC Contractor were likely to conclude that additional funds would be required to complete the Facility to the desired specification. Discussions have since continued, during which time it has also become apparent that the land that has been reclaimed has settled more than expected. As a result, an additional quantity of infill material will be required which was not originally budgeted for and this issue has been further exacerbated by price inflation of quarried infill material since the development of the Facility commenced.''

I fail to see how the land could have settled more than 15%I.E. 15% dirt required. Its hard to imagine this 15% has , as an estimate, doubled the cost of dirt? (say £30m for dirt and transport extra to budget?)

[jailbird] 31/10/2016 08:20

Someulose,

"looks ok to me "

what looks looks ok, having watched your money dwindle from 80p
You are in the same category as Azaliar.


You should join him on the OPG thread, just for entertainment...the chap has a rhino skin...getting slaughtered by the BB

[tyranosaurus] 31/10/2016 08:19

And why am I hearing this now ?
Always the last to know.
Pathetically small amount for the small shareholders - only 16 million shares out of 376 million.

[piedro] 31/10/2016 08:15

Looks like those other port projects will stay with SKIL

[someuwin] 31/10/2016 08:02

Looks ok to me.

[jailbird] 31/10/2016 07:56

L&G are averaging done...bad strategy for a professional investor.
But like you said support it or lose the lot

[kev0856153] 31/10/2016 07:54

Well those who called this to zero were wrong but I see little upside from here, t least not until there is firm indication the port will be completed on time. Even then it will take years to be profitable and will in the meantime have to service a heavy debt load.
Question. If Ghandi is a billionaire why did he not take all the placing shares?

[lefrene] 31/10/2016 07:54

Over an 8 times dilution, this will be lucky if it ever gets back to 50p several years down the road when it is finally trading. I don't know why they bother to post the schedule of works, all the other schedules have been lies, why would it be different now?

[pj 1] 31/10/2016 07:51

Looks like they paid a Finance guy for years who did nothing. I wonder what connection there is there? Would he have been paid travelling expenses as well?

Sorry Im still as sceptical as before, however I have to admit the placing is at far better terms than I ever imagined. Supsect L&G had no other option but to support it?

[phowdo] 31/10/2016 07:37

Institutions got what they wanted -> Gandhi diluted.

[smarm] 31/10/2016 07:35

"Where is the IPO money?

S

[family values] 31/10/2016 07:20

Very painful for existing shareholders
But a bargain if you can buy in below say 12p
Expect it may open too high though?

[runwaypaul] 31/10/2016 07:18

its just dropped from 80-10p! that's some discount

[jojaken] 31/10/2016 07:16

Huge dilution, but not at the discount some feared! Pity so many of the new shares are out of small share holders grasp.

[family values] 31/10/2016 07:14

This will rise today.
Placing at 10p

Bargain

[runwaypaul] 31/10/2016 07:12

insider trading alive and well!