Skil Ports & Lg Share Discussion Threads

[lefrene] 22/9/2016 12:27

Sphere25, They do indeed seem a dodgy crew with numbers all over the place. With the AGM update there appeared to be only £32 million in the kitty including available drw down, now there appears to be £48 million (at end of August) in total available. They need the Baron Flight to try to establish some credibility, perhaps a change of auditors, and an examination of the books would establish some truths.

[waterloo01] 22/9/2016 12:22

Given that they could give shareholders 50p a share in cash and hand the port back to the bank,I'm surprised this didn't double today.

[azalea] 22/9/2016 10:52

Currently net buying 2.29%.

[someuwin] 22/9/2016 10:46

Good volume...

[sphere25] 22/9/2016 10:44

Oh no!!

"the land most recently reclaimed had settled more than planned"

We need £36million more

Oh nooo!!

There was a puddle!

We need £10million more

Oh nooo!

We ran out of bog roll and weren't invested in ACRL.

We need another £5million

---> Dodgy AIM Indians continuing to be deceitful.

They know they can continue to cream away millions from gullible UK folk without any consequences, so why not keep putting the bill up and asking for more. They'll also be aware that there are plenty of institutional fund manglers happy to blow other peoples money, thus the financing will go through.

Nothing to lose, everything to gain.

Easy money!

All imo.

[jailbird] 22/9/2016 10:19

You did not mention when it was the
Second largest faller in the FTSE Aim all share index...lol

[lefrene] 22/9/2016 10:18

hatey, they do indeed seem to say anything that they think holders will believe. Back in 2010 they claimed to have signed an MOU with an end user!! That hasn't been mentioned again. In 2014 they lost £6 million in "investment activities", I just assumed that to be back handers to official gate keepers. They seem to be muddling along but paying themselves handsomely as they do so. If they get some contracts signed and trade passing through they could issue convertible bonds that would not be too dilutive to existing holders. One hopes Lord Flight will bring some sense to this motely crew.

[azalea] 22/9/2016 10:12

Second largest riser in the FTSE Aim all share index

[waterloo01] 22/9/2016 10:06

This is quite common amongst many companies (especially large ones). The cash keeps the balance sheet looking healthy

[hpcg] 22/9/2016 10:03

Horndean - r.e. having cash yet drawing down expensive debt. I'm taking what you write as accurate, I'm certainly not doing my own research on something I have no interest in either way, but that is exactly what happened at Globo. If a business does something irrational in the circumstances it has to be re-framed as rational but under different circumstances.

[hatey] 22/9/2016 09:56

Fair point someuwin

With this lot it's hard to know what is the truth, they make it up as they go along.

[someuwin] 22/9/2016 09:55

I doubt a placing for the full amount. Plenty of other options...

"As can be seen from these results, the Company is not distressed financially and continues to explore options on how to fund the estimated GBP 36 million that will be required. In this regard, the Company has instructed advisers to consider a proposed placing and open offer, alongside the board pursuing other funding solutions, including increasing the Company's existing banking facilities and securing a strategic partner to invest in the Company's operating subsidiary. The Company looks forward to updating shareholders and to completing what we continue to believe will be a successful project and an integral part of the growth of this remarkable region."

[diku] 22/9/2016 09:52

The pain of needing extra money will be massaged over a longer period..

[waterloo01] 22/9/2016 09:51

"The rupee term loan was sanctioned by 4 Indian public sector banks and the loan agreement was executed on 28(th) February, 2014. The tenure of the loan is for 12 years with repayment beginning at the end of the fifth year."

Not certain if interest on drawn amount is due sooner (ie 2017)

[cockerhoop] 22/9/2016 09:49

It's clear they need at least another additional £36m to see them through to break even, today they're still talking about a equity/debt mix which may mean less dilution for current holders (perhaps why the share price has risen?)

If I was a holder I'd see the current higher than expected cash balance as a negative as it shows how much work still left to complete and a higher probably of further issues arising. There's still over £80m to be spent.

From memory interest on the debt has to start being paid in Feb 2017.

[marvelman] 22/9/2016 09:44

Yes quite telling that they announce they have no money (through innuendo)and a few days later tell us they actualy have a fair bit and that there is no immediate financial stress on the project. You really could not make this up better if you were Roald Dahl.

[investment dave] 22/9/2016 09:41

First target 16p

[hatey] 22/9/2016 09:39

I do not get this, people are piling into SPL today after the company has more or less
said they are going to do a placing. How on earth can a placing this size be done at anything other than a discount ?

[tyranosaurus] 22/9/2016 09:34

If they need £36m to finish the project they can use the £24m they have and draw down £12m from their bank debt.
It will then be fully funded with £12m bank debt available to draw down.
They should generate enough cash with a fully operational facility to repay the bank debt by 2019.

If they need £36m extra money that means that it`s gonna cost £36m + £24m + £24m = £84m to finish, which is a hell of a lot of dosh.

[azalea] 22/9/2016 09:20

DVI
and how is Pavan's chance to explain himself going to arise?

[investment dave] 22/9/2016 09:14

Good news today expect these to have a big recovery

[deepvalueinvestor] 22/9/2016 09:13

I can cope with the despair, it's the hope that hurts the most ! I just want to know why the total cost has suddenly increased and why they didn't raise the funds when the price was 80p? If it is pure incompetence from Pavan then shareholders can push for change at the top but I want to give him the chance to explain himself before calling for his head. Cash is at expected levels, which is encouraging.

[waterloo01] 22/9/2016 09:12

Bank debt not due till 2019.

[azalea] 22/9/2016 09:01

Perhaps a share holder should email them on the issue of drawing down cash at such high rate of interest when they are holding circa £24m in cash.

[pj 1] 22/9/2016 09:01

Not crunched any numbers yet but £30m plus because the soil has settled more than planned? If they had been 10% out how does that equate to such a huge sum, it doesn't look right to me. How come its taken them so long to report this, if indeed more earth was being used than planned this would have been highlighted quite quickly. Another bluff imo, Maybe they need the extra earth for where the ship repair facility was supposed to go (if indeed it ever was).

More like they need extra £m's to pay Bank interest