Results this month, would expect agm in December |
Sp has to go some for Tucker’s options to be worth something significant.
He fully deserves a bumper pay out
04 May 2022
SRT MARINE SYSTEMS PLC
(AIM: SRT)
("SRT" or the "Company")
Grant of share options
SRT Marine Systems plc, a global provider of maritime surveillance, monitoring and management systems, announces that share options have been granted to Simon Tucker, Chief Executive Officer.
On 3 May 2022, options were granted over 2,500,000 ordinary shares of 0.1p each and are exercisable at the nominal value. The options vest between 3 and 10 years in five equal tranches when the average mid-market closing share price exceeds each of 125p, 150p, 200p, 250p, 300p over a twenty day period. The latest closing price of the shares was 33p, the first tranche of options representing an increase of in excess of 3.8x the current share price. |
If what CM says is true, then it’s a shame that SRT will lose its independence soon.
Question is what will we get paid for it?
Given the current state of the markets, then the fancy premiums suggested to the current value seem unlikely
Hope the buy out reflects SRT’s world leading position, anything less than a £1 would seem poor, imo. |
Does anyone know roughly when is the AGM? |
When Kuwait (several vacancies on SRT website)and Indonesia contracts are started, I assume that there will be a brokers note. It will be able to give forecasts, underwritten by contracts. At some stage the market will focus on who will become SRT’s new owner. Obviously Ocean Infinity with its large stake, will have an advantage, especially if they are part of the Kuwait contract. However, O I will not have a clear run. I suspect that Airbus and Leonardo were amongst the disappointed parties for the Kuwait contract. I note that the Californian company Teledyne bought Raymarine for about $8 BILLION in 2021.Teledyne supplies marine sensors, cameras and sensor management systems. I will be very surprised if there is more than one more AGM to enjoy cakes. |
Surely we can’t rely on Lammy! |
hxxps://www.msn.com/en-gb/news/world/uk-deepens-ties-with-indonesia-and-south-korea-as-lammy-tours-indo-pacific/ar-AA1sziV7
Well, they are waiting for a signing photo-op and when the head of UKEF was there recently nothing happened, so who knows? |
I usually go for urine, jad47. |
I don't know what to p |
 December 2023.
The Indonesian government has pushed back the implementation of a new fisheries policy based on catch quotas amid near-universal criticism from stakeholders.
The fisheries ministry said the year-long delay would allow more time to prepare the fundamental infrastructure, but some observers speculated it was likely also linked to political factors.
The quota-based fisheries management policy, introduced in March this year, will have affected industrial, local and non commercial fishers, while small fishers are exempted from the quota.
The fisheries ministry, however, said it would use the extended time to increase efforts for public outreach, education and gaining support for the implementation of the new policy.
JAKARTA — The Indonesian government has postponed the enforcement of a new fisheries policy that drew little support from fishers and widespread criticism from experts and watchdogs.
The quota-based fisheries management policy, introduced in March this year, was initially scheduled for full implementation at the start of the new year, but Indonesia’s fisheries ministry issued a decree dated Nov. 29 that pushed the new start date to 2025.
“Indeed, we had considered postponing the implementation to ensure everything is really well-prepared,”; Trian Yunanda, a senior fisheries ministry official, told reporters in Jakarta on Dec. 6.
Let us hope that the Ombudsman is not controlled by large fishing boat owners.
I wonder what the plan is for fisheries with the new government.? Will they want to replicate the BFAR IMEMS system? |
Prabowo is expected to remain cautious, however, regarding China’s aggressive posture in the South China Sea. China's nine-dash line, which it claims to delineate its ancient fishing grounds, overlaps with Indonesia's exclusive economic zone near Indonesia’s Natuna islands.
“I think, first and foremost, he would also make sure that he attends all the meetings and negotiation forums. This time he is not going to just send the foreign minister,” Dinna added.
“I think this is what's going to be different between him and Joko Widodo. He is going to make sure he can talk in person with [Chinese President] Xi as president. He is also a very confident man in approaching other major countries interested in keeping the South China Sea safe.”
Will he want a fishing system like the Philippines? I wonder if Mr T is in Indonesia this weekend? |
I just thought that it may be the new President wants to get the glory of the investment in maritime security, especially as there has been criticism in the local press of the lack of investment. |
I just thought that it may be the new President wants to get the glory of the investment in maritime security, especially as there has been criticism in the local press of the lack of investment. |
Is this what the Indonesia contract has been waiting for?
I think it's waiting for UKEF to formally sign the loan to the Indonesian Government. It is said to have been approved so it's the signing that's causing the delay. At least that's how I see it. |
A new President on Sunday. Is this what the Indonesia contract has been waiting for? |
Is there a fundraising in progress ? They never asked me. Not once. Never. If no fundraising in progress then I will buy some more shares from the market. |
Announcing the contract award in advance of signing certainly looks like it had a purpose.We have still to see the 24 accounts which will be awful but will carry a lot of hope.
My worry with the loan facility is covenant breaches-happened before as we know.
The sooner they sign something the better |
Kooth raised at a significant premium when they announced a $188m 5yr contract. SRT have a $45m milestone payment due when they sign Malaysia and a £16.7m facility, so near term funding should be fine. If they do need to raise, it could be at a premium (on the back of a signed contract) |
AE
The GEF is pretty much a bank decision - UKEF guarantees 80% of up to £5 million on a no-look basis, anything above that they have to sign off. This is completely different to a UKEF loan to a sovereign or other purchaser.
Re LGB, I think they have headroom of some £16 million but £6 million of that will be required to roll over maturing issues next month and December.
It certainly makes no sense to fund very short-term spikes in working capital with equity, but then again if they hadn't spent their equity buying inventory to sit on the tarmac at MSN? The one good thing about this kamikaze working capital management is that it can ship quickly and convert to cash. |
The price is around 60% higher than two weeks ago so a placing does make sense. Last one was December 2023 for 10mill at 35p? |
If SRT needs medium term funding, they have in the past used LGB Capital where I believe there is headroom for additional capital see:
LaV, I think you also wrote about GEF providing export finance up to £5m if certain criteria met.
I guess Richard Hurd is heavily focussed on the Performance Bond at present but some sources of capital may be easier to access if it is for working capital to enable a contract to be fulfilled. |
fft
It all depends on when the Bakamla project starts. The first milestone is in effect already paid for and ready to ship and should convert to cash quickly - others will have rights to some of that cash inflow. Whether what is left is sufficient to fund the next milestone, which is mainly installation of the first one, I do not know, nor whether it would fund the first one for Kuwait. Saudi is similar to Bakamla, though they are not quick payers, needing to cross-check before kit leaves the UK, after it gets to Saudi etc. |
Potential placing to fund the roll out ? As payments are not up front there will be a working capital increase. Especially if more than 1 contract comes in at once. Could be debt (did i read somewhere that 12% is being offered ?).Btw, given srt previous on releasing a good news RNS followed a few days later by a placing (I was hit badly a few years ago) I have been surprised and curious that they didn't use the bounce to get something away.The current price action does seem to indicate confidence that some sort of funding action will take place soonish. If they get away without it, that will be fantastic |
There seems to be a gap from the latest RNS at ~37, that might be a good target for a pullback. |
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