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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Skil Ports & Lg | SPL | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 11.25 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 11.25 |
| Top Posts |
|---|
Posted at 24/11/2016 14:03 by diku I would have thought the new investor in conjunction with other large outside investors...would have a new man/woman working together with Gandhi so latest updates can be more reassuring...so there is no element of dodgy happenings...is the new investor playing with his/her money or other peoples money?.. |
Posted at 07/11/2016 20:27 by mount teide Waterloo - The most profitable by far would be handling fast moving high value finished goods currently shipped on ro-ro and break bulk vessels.Deep sea and coastal ro-ro traffic is expected to increase dramatically over the next 10 years in India, while containers shipped on general cargo vessels is forecast to decline. SPL should be targeting cargo and vessel types that are forecast to grow into Mumbai's Indira terminals not decline. Additionally, with the huge planned expansion in throughput at the JNPT over the next decade, it would be a smart move to plan to allocate at least 50% of the terminal to provide storage, transhipment and distribution services to import and export shippers using JNPT. This business is high value, easy to handle and requires only modest infrastructure and handling equipment investment and, delivers high land utilisation, storage and handling fees. London Gateway has an annual throughput design capacity of 3.5m teu, and management forecast this will generate sufficient storage, transhipment and distribution service demand to fully utilise the near 1500 acre logistics park they are currently building adjacent to it. There is a reason why Karanja has just a rather old and poorly maintained small jetty to service the local fishing fleet: it is because the fishing industry does not generate sufficient revenue to justify much more. frankly, £150m is a serious amount of money for any new port terminal development regardless of draft availability, other than a specialist deep sea container or LNG terminal. At Karanja it will require a significant portion of the annual cargo throughput to be of high value and reasonably fast moving to generate the return necessary for the operation to be a commercial success - whether that cargo arrives via the quay or road is unimportant. This extra £36m of development cost will considerably reduce the level of return potentially achievable for investors over what they could have reasonably expected previously. SPL need to get a executive management team with the operating experience and industry knowledge to target the optimum cargo mix over the quay and via road to maximise the commercial performance of the operation - using large areas of what is a relatively expensive terminal to handle and store low value, slow moving bulk cargoes just will not work. The shipping industry is a highly specialised sector, and although it has grown at an average of 2% globally for the last 20 years is currently littered with investment banks, hedge and pension funds sitting on massive losses(estimated in excess of $200bn), much of which were run up by management with little industry knowledge financing boom time projects that were highly speculative, and often with no guaranteed contractural revenue streams. The publicly traded shipping companies provide a window of information on the crisis, but represent less than 25% of the industry and total fleet capacity, and is the area where most of the new equity has been invested and lost. The publicly traded shipping companies are today mostly insolvent, generating revenues that barely cover vessel operating expenses, do not cover debt service or generate cash reserves for essential maintenance, and are in many cases managed by the investor funds that do not understand how shipping works. SPL's Karanja's terminal, has the potential to make equity investors a decent return but, it also carries a considerable risk of investors seeing all their equity lost should the inexperienced executive management take the wrong decision as to its optimum use and target traffic. AIMHO/DYOR |
Posted at 04/11/2016 11:21 by mount teide Hi DVI - my main concern is that the management has been unable to attract a third party port operator(the smart money) as a partner in a port development project with such high commercial potential. I would have been far happier if SPL had raised any further funds from an experienced port operator, or say 50% of it as a further bank loan, than to raise the entire £36m via equity investors and attempt to go it alone - in light of experience i no longer trust Nikhil Ghandi.I do not believe a new port development in Karanja Creek built to what is a very modest technical specification( it does not need to be any more) should be costing anywhere near what management now suggests is needed circa £145m - a huge amount of money for such a development. The Port of Tilbury is around 1,500 acres and has 50 deepwater berths and was bought by Forth Ports for £130m. London Gateway when complete will have 2,700m of 16m draft deepwater berths, 1500 acres of container storage and light industrial/rail fed warehousing - for a total budget cost of £1.5bn. Also at Karanja most experienced port operators would have built a third of the total design specification(say 350m of berths and 60 acres of hardstanding) as a phase one development - got that fully operational and earning revenue BEFORE attempting to complete phase 2 and 3 of the development. For example,at London Gateway the total development is expected to take 20 years to complete since after phase 1, the next two phases will be built in line with commercial demand. It makes zero financial sense to virtually complete the build out of the entire port terminal before starting any commercial operations. Also, i am not happy with the very vague contractual relationship between SPL and ITD that has been publicly disclosed, considering the size of the contract value. Despite considerable effort i have never been able to get any detailed information as to what exactly is in the contract for 'Marine Facilities at Karanja'. I suspect it is considerably less than shareholders will see and expect before the cash again runs out. I estimate management has spent around £65m to date in cash and debt - an almost unbelievable sum of money for what is currently on show at Karanja - the numbers just don't add up! If i were L&G, i would call in a shipping and ports industry professional and go through the entire project with SPL management in considerable depth - and unless SPL came up with satisfactory answers to the questions i have raised, and many others that i would want clarification on, advise L&G not to put in any further cash. Lord Flight is putting in just £100k of his own considerable fortune at 10p - a 96% discount to the IPO price. I would suggest if he was offered the opportunity to invest in a part completed commercial property development in London at a 96% discount to the original investors, he and his investment funds would take up the entire £36m himself and leave nothing for other investors. Sorry, i am unable to be more positive but the numbers, company statements, progress to date and revised development timetable and cost for the project simply no longer make any sense to me - and presumably the ports Industry too since SPL appears to have been unable to find any interest from any of the major port groups, who are currently cash rich. The Ports Groups are not suffering like much of the shipping industry is today, since the ports industry has increased capacity in line with the growth in world GDP, not many multiples of it as the low cost to entry shipping industry has done. AIMHO/DYOR |
Posted at 01/11/2016 15:30 by saikat Surprised how easily they raised finance - institutional investors probably don't care so much as they are playing with other people's money; but for UK investors, it would have been much better (as some protection) if there was an Indian money raise and an Indian listing. |
Posted at 31/10/2016 10:27 by azalea 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. |
Posted at 29/9/2016 11:56 by hpcg lefrene - I did google Lord Flight. He is a random former politician in retirement. He has no reputation or need of any reputation. Of course he has been bought in to lend credibility. He doesn't have to be in on any scam. My point is that in what practical sense does his appointment make any difference at all? You have chosen to look at his title and assume he is some sort of fiscal superman crushing malfeasance and protecting the private investor. Name any, I mean any, non-exec director who has walked into a company and recovered a situation for investors.This looks like it could be a potential less then zero - in other words an extraction of extra cash from gullible "investors" before ultimately going to zero. |
Posted at 23/9/2016 17:21 by saikat They should have stopped trading shares a few months back.Their reputation is genuinely shot in the UK - the asset will do well over time but market indicates that it will be in somebody else's hands. Macroeconomics and pricing power dictates that (unlike in resource sector) that the asset will do well in time.. Problem is Gandhi is extremely important and powerful in the project. He knows that and he also knows that he can do anything he wants with the UK investors (with an AIM listing) and the the UK investors know that he knows it. That's the danger why no UK investor will come up with 36m - the case is too similar to HIRCO for the market to invest - check that story! It is in your interest that you can get Indian investors and a main Indian listing - AIM can be a secondary listing. Gandhi will not treat the Indian investors the same way as he would do with UK investors - there he cares about his reputation and the protests and the laws. |
Posted at 19/9/2016 23:27 by yasx Dik,Trading these plays can be a profitable exercise - but, it is the deluded who choose to invest in the ghastly end of the AIM spectrum. The investors are the ones who park their cash for long periods and seek value to out - but, that will only be the case if the fundamentals appear to stack up As I repeatedly pointed out for months, the bull case for SPL did not exist, save in the overly creative imaginations of some of the novice 'investors'. A plethora of palpably obvious warning signs in this company were ignored with blithe disregard by many who professed to be value investors with an eye for detail. They simply could not see the wood for the trees. Readers might recall I wrote some months ago that readers on here might think they have spotted the opportunity, but the brains behind SPL will think the opportunity spotted such investors - that is the answer to your question "why are UK punters mugged so easily?..." |
Posted at 18/9/2016 09:47 by saucepan deepvalueinvestor: respect, that you have still put in an appearance here (unlike a couple of other prominent past champions of SPL who may have influenced smaller investors). I was interested in what you would make of the current situation as I know you have been closer to the Company than most.With the benefit of hindsight it is manifest that technical rather than apparent "deep value" considerations have been the better guidepost with SPL in the end. For too long the chart was saying all was not well. Indeed, there is a lot that has proved "strange" about SPL and especially, it might prove, if the word is used as a euphemism! My commiserations to those who have lost money here. It could have been me this time around, too. I was looking either for a placing or for 20p to form a support level with a view to starting to build a position again. I must admit I am very saddened as, for quite a long time, I thought there was a really promising story here (I attended the infamous Mello event) and particularly when the fundamentals and technicals appeared to be in line. Maybe there still is, but I shall be really surprised now if existing investors take any rewards from it. My immediate hunch is that we will see the shares suspended at 7am on Monday. |
Posted at 12/9/2016 16:33 by george short Howard Flight appears to be the only person on the Board who knows the City inside out. He founded Guinness Flight, fund mngt firm, in the 80's from memory and he is still involved in asset management businesses. He will have spotted that at a tiny market cap SKIL needs to accommodate the whole shaeholder base not just institutions. Also how many funds are likely to support a fund raising (IF it comes) when the company's market cap is under £10 million?!I think that he could prove to be a breath of fresh air and I don't agree that he has been brought in principally to drum up City support. IMHO it is likely that he is there because City investors have kicked the bottom of the Broker involved to get someone like Lord Flight to genuinely improve investor relations which, frankly, have been absolutely abysmal for the small investor. Yes I am sure that the biggest fund holders will have been pillorying the broker for ages to try to move things along and this NED appointment is evidence of that and a welcome start at least. |
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