Harland & Wolff Share Discussion Threads

[garbetklb] 08/12/2024 23:21

Porky9
I think it would be worth you looking back at some of the company's previous RNS announcements; 2 will suffice :

08/11/21 RNLI - see my post 166 on here. Unfortunately the RNLI link no longer works. But, effectively, RNLI said that the announcement was a wild exaggeration.

10/12/20 Triumph Subsea. LOI re 2 vessels of £350m each. Triumph Subsea Services Ltd Scottish company SC676930 was registered 07/10/20, capital £100. It never filed accounts and was compulsorily struck off 07/03/23. However its website had, surprisingly, sprung to life 11/06/20 with a series of announcements of news including contracts, collaborations, LOIs etc before it was established...... Odd for a company not yet in existence..... To a casual observer, it might appear that H&W had entered into a LOI with a pukka company..... In their Trading RNS 30/06/21, H&W, mentioned that the LOI had been "set aside" - to which there was a bit of theatrical mutual recrimination with Triumph; after this Triumph's website went silent. There are several interpretations that could be put on this sequence of events ranging from H&W being startlingly naive to speculation as to why Triumph & its website was set up....

Worth pointing out that both announcements were followed by fund raises.

[jaknife] 08/12/2024 22:21

porky9,

"No - What HARL actually wanted was a guarantee from the government so they could refinance the debt, HMG could have agreed an 80% guarantee."

What HARL wanted was hopelessly unrealistic, it always was and should have been plainly obvious to anyone with just some basic financial acumen. The balance sheet had a massive blackhole, the business was massively loss-making and it was forecast to continue making losses for at least the next three years.

If the Government had agreed to the guarantee then all that it would have done is kick the can down the road with administration happening two or three years later instead of when it did happen and leaving the taxpayer having to pick up a much larger bill than they are otherwise going to. And, in the meantime, Riverstone would have walked away with $100m+ of taxpayer money that they didn't deserve.

The real travesty here is that the CEO was permitted to lead shareholders and Riverstone on a merry dance for such a long time. There were numerous times when he was obviously lying, including what he told everyone about the likelihood of a government guarantee and the progress that was claimed.

JakNife

[supearich] 07/12/2024 13:01

Seems overall as though British Tax Payers thought they'd be getting British Vessels made by Brits in Britain... for as long as H&W pretended to be a viable Business, which it never was... BUT only in association with a Foreign Business, which now seems to be getting all that lovely UK Tax-Payer money !!!

[jaknife] 07/12/2024 11:40

htrocka,

"Every one wins.....except the share holders.....what a racket."

It's also expected that Riverstone will have to write a significant chunk off of their debt (more than 50%).

In the circumstances where the debt providers are getting hit so badly it's entirely reasonable that shareholders get wiped out.

JakNife

[htrocka2] 07/12/2024 09:43

Every one wins.....except the share holders.....what a racket.

[skinny] 09/11/2024 13:55

Sadly very true.

Pandora's box well and truly opened :-

[owenski] 09/11/2024 13:51

There's a reason why HW failed in the first place and currently again, economic viability. What's ironic is that, even though it's loss making, the greedy unions were holding out their hands for more pay.
300m isn't small change either, it's yet another outgoing on top of the ship build contract.
UK government seems clueless in awarding and selecting contracts, this was a failure right from the off and would've been more cost effective to just hand the whole contract to an established proven entity - Navantia - in the first place.
Rescuing and bolting together four under utilised yards was a flawed concept in the first place, there seems to be no business experienced people involved in setting up these Gov. awarded contracts.

[skinny] 09/11/2024 12:16

From the 5th :-

[bobaxe1] 28/10/2024 11:52

The Armada has last laugh

[ozzywalker] 28/10/2024 09:49

Goodbye my lover

[htrocka2] 13/10/2024 15:11

No luck for shareholders...but nice to see Harland and Wolfe and it's workforce survive.

[casholaa] 03/10/2024 20:10

Labour & Starmer? What about workin conditions? Can't have workin conditions without work! H&W should be subsidised.

[seagreen] 03/10/2024 19:03

JK
Thanks
SG

(I did listen eventually and in time (ish in all 4 stocks)

Mucho Gracias with tugging on the forelocks

[htrocka2] 26/9/2024 13:11

The story continues....




....End of thread...

[htrocka2] 17/9/2024 15:04

The life boats have been launched..

[sonofapeach] 16/9/2024 23:27

Oh, hello, Xenor and chums. Who is making a "teary" post now?

[iceagefarmer] 16/9/2024 18:21

alot of jobs at stake..surely government will step in