From the gallery - |
 Hi CliffPeat,
You're quite right! while checking back, I came across this further description
Brucie bonus : report includes a 7:36 minute interview with frontman Plunkett that describes OI's activities in some detail.
[I was indulging my inner armchair general (or rather admiral?)and went down the 'submarine' rabbit hole thinking of SRT's Philippine/Indonesian coast guard requirements; AUKUS overlap (Western confrontation with China and its 9-dotted-lines South China sea policy; the associated expansion of Australia's nuclear submarine capability; and Kuwait's/the GCC's interest in the Straits of Hormuz chokepoint].
It's worth noting that your link includes a description of OI's capabilities in EEZ mapping (useful for SRT) and also its 'dual use' potential eg in surveying undersea telecomms cables and provision of what it coyly refers to as 'UXO services', to wit 'a full range of identification, clearance and disposal services alongside trusted partners'...
I'm sure OI is very tapped in to the seat(s) of power and will hopefully be a more active lobbyist for SRT than HMG has (apparently) been.
ATB |
Thanks for pointing this out @Extrader.
I had missed the reference - and without knowing the cost and number of USV s one wonders what share of the contract will benefit OI. No doubt it will be a good reference site for them.
btw USV in this context I believe refers to "uncrewed (or unmanned)- surface vessel"
"Smaller uncrewed vessels
We operate our own fleet of smaller uncrewed [surface] vehicles/[vessels] (USVs) capable of operation as standalone units or as force multipliers from Armada ships or conventional ships."
[So possibly "submarine" or "surface"?]
(scroll down)
This may be a small detail - or it may be an important additional string to SRT's bow. And SRT acting as a "channel to market" for OI. |
Hi CliffPeat
The RNS refers to USVs, which I take to be 'unmanned submarine vessels' ie the craft that OI specialise in.
AIUI
HTH |
If you are max’d out on your ISA you can always request that any allocation you are given in an ISA account be made available in a trading account instead, that is if you have a trading account alongside your ISA. I have done this a few times with various shares in the past. It means that you do not necessarily have to sell something in the ISA to fund the purchasee. it does of course mean you don’t get the ISA protection |
I do hope Simon T is reading this. He has always been keen to point out that SRT belongs to its shareholders, at least for the time being. In that case treating each of us fairly and equitably ought to be high on his moral agenda. |
Agreed LaValmy, it's not a retail offer. |
It is not a retail offer but a placing. As I mentioned before I suspect that certain shareholders may well be favoured rather than it being based equitably on the number of shares currently held. The number of shares truly available is likely to be small and the current discount a rather large 20%.
It makes AE's conundrum even worse in that how many shares can you sell to get cash for the placing, certain in the knowledge that you will get them back? Not many is my guess. I also don't think many will get shares in the placing and sell them on the market for a quick profit, so not much chance of getting them back that way either.
Being abroad, I will probably be excluded anyway, though I do actually have some in a SIPP. |
I can site a number of Retail Offers that have raised a fraction of their expected numbers, I'm not saying it will be the same for SRT but definitely a risk so very good that it's only a retail offer of GBP 2.5m
IXICO plc is pleased to announce a retail offer via the Bookbuild platform (the "Retail Offer") of up to 2,631,578 new ordinary shares
IXI - following the closing of the Retail Offer on the BookBuild platform on 14 October 2024, 516,244 New Ordinary Shares will be issued at the Issue Price of 9.5 pence per Retail Offer Share in connection with the Retail Offer, raising an additional £49,043.
CREO £5m Retail Offer, up to 20,833,333 new Ordinary Shares
- closing of the Retail Offer by BookBuild earlier today, 369,109 Retail Offer Shares will be issued at an Issue Price of 24 pence |
@Countryman5 Thank you for link
The Twitter/X translation includes a reference to "develop marine boats"
"Comprehensive development of the maritime security system in the General Administration of Coast Guard
His Excellency Sheikh Fahad Al Yousef signs two contracts with the UAE government and the British company SRT to develop marine boats and the radar system at the General Directorate of Coast Guard"
I suspect that the translation is at fault - but in view of OI activities I wonder if autonomous "marine boats" is actually what they meant. |
A fully subscribed and fully invested ISA isn’t a very good strategy really at any time. |
Mr Tucker, pen in hand.
hxxps://x.com/moi_kuw/status/1851621220673790149?s=46&t=jITv-M5Ey5F_aYnu1Mt0Rg |
This placing creates a dilemma insofar as one will need to have available funds in the same account as one's existing holding. If that happens to be an ISA which has been fully subscribed for in the current tax year, then it isn't possible to add new cash. To take up one's allocation would require the sale of another holding.
In the case of very large holdings, the size of the placing allocation may stretch the ability to make enough free cash available which may result in a lower take up. Conversely, the discount offered may prove too tempting resulting in a fully subscribed take up.
We can only wait and see. |
ftt
I think OI insisted that they get to an effective blocking minority which they will do with their combined shares and warrants at no premium.
As regards other shareholders, placings have always been offered to a select few shareholders, Persey et al, who also get to vote on whether pre-emtion rights can be disapplied. Of course they have always voted in favour of this because they know it will not apply to them (in the next placing). This time, the disapplication will have to be approved before OI's shares are issued as there is insufficient headroom from the last resolution.
Persey et al must have been squared with that. But whether that includes assurances that they will be able to top up as much as they want from the 7.5 million to be available to existing shareholders remains to be seen. |
Definitely a placing, the RNS specifically said so:
" SRT will issue up to 21.5m new ordinary shares at an issue price of 35p per share
by way of a placing which is entirely underwritten by OI, raising gross proceeds of
£7.5m. Existing shareholders will be given the right to acquire up to a maximum of
7.5m shares in aggregate, with OI reserved a minimum of 14m shares. Subject to
shareholder approval, the Company has agreed to complete the fundraising at the
earliest opportunity in November. A further announcement will be made in due
course." |
CM5.. I think that exclusion of holdings less than a certain holding just because of that would be illegal afaik.Is it going to be a rights issue, open offer or a placing ? Different costs. Only issuing 7.5m to current shareholders is either a kick in the teeth or because they don't think current shareholders will really take part - but they could have made the number of shares higher and let OI take any unallocated shares. |
How will company and cavendish allocate 7.5 million shares at discounted 35P? In theory this would be one share for every 29.5 shares held. Would Ocean Infinity, with in excess of 8% qualify? Administration for small numbers will be avoided, which probably means holdings less than 30,000 or 25,000 might not qualify. |
G20 is about 10 days b4 SRT"s just announced 'extended FYE 6/24' results publication date, 2 December.
Some progress on Indonesia would be very welcome, I'm sure.
GLA |
I hope he’s got a pen with him. |
I see Prabowo is due to visit the UK on his way home from the G20 in Brazil, lateish November. Probably no need to remember as I would have thought there will be a fair few protests. |
thanks-direct entitlement a much better solution than PB |
I missed all this in the maelstrom of the Budget! |
It seems that PB do still exist, but have folded their retail operations in the UK: |
If you're seriously interested in the IHT question, there's a good thread here:
Does PB still exist? Haven't seen much trace of it recently, which I tend to think is a good thing. If there's to be a PI offer, it should be focused on existing holders, not short-term traders. |
They used Primary Bid for the offers in April 2020 and again in Aug 2023 but the Dec 2023 offer was direct entitlement which had the advantage that it could be bought in an ISA.
Incidentally, for those that use an ISA as a means of IHT alleviation, it appears that the relief for qualifying ISA shares will no longer be total but at only 50%. |
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