Skil Ports & Lg Share Discussion Threads

[marvelman] 16/9/2016 17:25

They should have known months before now they would need additional finance. The fact that they have left it to an share price of circa 21p and market cap of £9 million was surely not an accident of planning and I suspect it was planned all along. Directors and friends will be patting themselves on the back for a job well done.

[pj 1] 16/9/2016 17:15

PJ 12 Aug '16 - 10:21 - 8159 of 8331 0 0 Edit

Maybe the NEDS should pressure the NOMAD to suspend the shares until the full financial position is made much clearer to all, so we are all on a level playing field? (edit-im not implying any misappropriation of funds, yet anyway, but I wonder if the Company are in control of the finances and are actually masters of their own destiny, or is the Contractor calling the shots and a risk of contract disputes to further delay things?)
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Another glaring embarrassment for the NOMAD, NEDS too.

[waterloo01] 16/9/2016 17:15

How much did they raise in the IPO? Added to bank debt (£48m) what have they done with the money? How can you spend £90m with ITD and still need £36m!

Will shareholders be left with any equity?

[someuwin] 16/9/2016 17:11

The absolute worse thing any company can do is announce to the market that they are trying to get a placing away!

[pj 1] 16/9/2016 17:06

Its also now damn obvious the 'ship repair facility' was a bluff and attempted cover for the situation they are truly in. Surely no-one can trust this BoD?

[hatey] 16/9/2016 17:00

And I was annoyed at taking a £1500 hit today.

Guess you learn more from losses than profits

[my retirement fund] 16/9/2016 16:57

lol, Lol LOL LMAO !!!!

[pj 1] 16/9/2016 16:56

They need to stop this BoD in their tracks, vote of no confidence imo

[saucepan] 16/9/2016 16:55

Total price crash or suspension on Monday?

[pj 1] 16/9/2016 16:54

Its being lined up to flip,

[pj 1] 16/9/2016 16:53

Does the additional £36m include working capital for operation? Its nothing short of a disgrace

[waterloo01] 16/9/2016 16:53

I'd like to see the presentation to II's. What sort of mix of debt/partner/dilution? Having spent £100m plus to date......

[saucepan] 16/9/2016 16:52

The current market capital is £9m. As SPL needs a further £36 million, there would have to be four times as many shares issued: 75 to 80% dilution and even worse if the share price drops further and the placing price is substantially below the current price?

Or have I got my maths wrong?

Classic AIM, too: issue bad news just after market close on a Friday!

[pj 1] 16/9/2016 16:52

Looks like talks to find an operating partner have failed, opens up more questions.....

[pj 1] 16/9/2016 16:51

they never come clean. What the hell does 'preferred specification mean. Is that half the bloody thing, to the original spec, or a revised spec?

[waterloo01] 16/9/2016 16:49

£36m!

[saucepan] 16/9/2016 16:48

After hours RNS:

The Board currently estimates that to complete the Karanja Terminal in line with its preferred specification GBP36 million of additional funding is required. The Company can confirm that it has instructed advisers to commence work on a proposed placing and open offer (the "Fundraising") to assist with meeting this funding requirement. There can be no certainty that the Fundraising will proceed, nor as to the quantum, pricing, or timing of any such Fundraising.

Discuss . . .

[saucepan] 16/9/2016 16:17

The largest trade of the day so far reported was at 12.52: a 100,000, OK trade - printed as a buy. Seeing as it is delayed, I suspect it was a sell.

[waterloo01] 16/9/2016 15:58

Any eyes on the ground? Someone seems happy to load up while another exits?

[elsa7878] 16/9/2016 15:11

If present cash burn is on course to meet forecasts then they should have drawn approx £40 million by the end of Sept 2016. Include some interest and the enterprise value now is around £50 million. (Don't just look at the equity element).
Impossible to value unless you know how much more cash / credit they need to get the port finished and whether the banks will fund the rest. If not think they will need to partner the project. If it's a share raise then existing shareholders will be diluted to oblivion.

[waterloo01] 16/9/2016 14:44

Can't see them raising at this share price The contractor (and it's been stated many times in writing that this is a fixed priced contract) needs better management. If they wanted to they could complete this quick time, but suspect they have little pressure being applied from SPL side (isn't that supposed to be Jay's strength?).

IMV the banks will either extend a further loan to get it finished to spec or they will sell a % to an operator in exchange for the final funding.

[tevita] 16/9/2016 14:27

Does anybody know what a "no nonesense trader" is ?

hatetrader
@hatetrader1

No nonsense trader and investor of small-caps I post as trader-mick on the LSE forums.