Where has the “tremendous pressure from Kuwait” been disclosed?
Or is someone just adopting some sort of story-telling prose?
Big contracts are scary if you’ve never been involved in them. |
More topically, there's this :
13 Nov 2024
The Philippine coastguard is set for a transformative upgrade with the planned acquisition of 49 new ships from France and Japan, as it seeks to bolster its ability to defend the country’s maritime sovereignty amid escalating tensions in the South China Sea.
“Starting 2027, we will be adding at least 49 ships to our fleet. So that will more than double the capability of the Philippine coastguard,” Philippine coastguard commandant Ronnie Gil Gavan announced at the Manila Dialogue on the South China Sea.
On the sidelines of last week’s conference, which was also attended by coastguard chiefs fromIndonesia, Malaysia and Japan, the admiral confirmed to This Week in Asia that the new vessels would include 40 fast-patrol craft (FPC) from France, measuring 35 metres (115ft) in length, to be acquired through a long-term financing deal with the French government.
Maybe Malaysia is a prospect?
GLA |
Defence secretary (Philippines), Gilberto Teodoro recently gave an interview to the FT. He said 'We need to put in a lot of infrastructure in the eastern seaboard (for) air and naval basing'. Last week China summoned the Philippines' ambassador to protest after Marcos signed two domestic laws to define Manila's sovereign rights in maritime zones and sea lanes. |
Extrader - ref 15197, they've made a strong statement of faith in the company - more shares, and lower priority for their debt. Whether it's misplaced or not we'll find out in due course.
My concern isn't the shareholding shenanigans but execution. As countryman says - 'tremendous pressure from Kuwait' - which is not the best way to deliver a large and complex project. And no doubt there'll be more pressure if they sign more contracts.
One slip in execution and they'll need help from their ever-faithful friend OI, with consequences that aren't hard to imagine. |
It's not helpful to state as conjecture matters of fact...and vice versa !
There's no 'appearance' about the Brierwoods transaction, it's stated in the 1st RNS viz .." the Company has agreed with David Brierwood and Sandra Brierwood (the "Noteholders") that the Company will redeem £1,030,000 in respect of principal and accrued interest owing under the Noteholders' loan notes..."
..I suspect that the brokers note will look to undershoot on numbers..
That's a common approach to 'managing expectations', what would be useful would be to have a baseline, showing historic brokers' predictions vs actual outcomes,which would put things in context - including any further discount that their track record might make prudent.
AFAICS |
 The auditors will need to see the outcome of the fundraising as part of signing off the accounts. Mr and Mrs Brierwood would appear to have loaned money to the company, no doubt at a generous rate of interest. It would appear that they have decided to forego the interest in order to lock into the 35p share price. Who wouldn't?
At some stage O I will declare their shareholding. Within three years they can exercise their warrants but we will be able to work out their eventual % shareholding.
I am anticipating that the eventual broker's note will be released in mid December. The company is under tremendous pressure from Kuwait to start delivering on the contract. By mid December the company will have an accurate picture of when the various milestones on the various system contracts, will be delivered and paid for. SRT is very conscious that its timing record on delivering contracts has been poor and I suspect that the brokers note will look to undershoot on numbers, so that the June numbers will exceed expectations. |
I wonder what Brierwood threatened to do if they wouldn't agree to convert his debt to equity?
Good Q! OTOH, in so doing he's choosing to move (slightly) down the hierarchy of creditors, AIUI....
GLA |
I suppose the question is how significantly different the two are. They are clearly petrified of releasing the actual results and it is small wonder that they have not bothered to attract any new investors, with undisclosed actual results and no forecasts. Both parts of the placing are with existing investors as is the retail offer.
I wonder what Brierwood threatened to do if they wouldn't agree to convert his debt to equity? |
From the first of today's two RNSs:
CURRENT TRADING AND OPERATIONAL UPDATE
The Company continues to invest in the development of its core SRT-MDA System technology, and to complete the NEXUS VHF/DSC/AIS transceiver. Alongside these core development activities, the Company has also invested in the system contract sales opportunities that are now converting, resulting in the expected commencement of multiple system contracts and the launch preparation for NEXUS. This means that the year ending June 2024 was a year of very significant product and implementation preparation investment, resulting in an expected significant loss for the year. However, in the year ending June 2025, due to the confluence of system implementation and new product launches the Company expects to be significantly profitable. |
Just got home from work after 2pm only to find that ii closed at 1:59. Flipping flippers! |
Note for Philburt re HL:
You will have to log into their specific account and not via a link from your own. Each account will have its own log-in details and password but probably your date of birth!
It should work then (I think). |
No messages on investec althought hey are listed as taking part |
I just got a call form IG, they're not taking part and have asked to be removed from the list !!!! |
Not open with IG. I am chasing them. |
AJBell up and running now. Easy. |
Philburt, on HL if you are using a linked account it won't show the option to subscribe. You would need to log in as the account beneficiary if you are able. |
Boadicea, I use HL for my kids ISAs and received the alerts, but on log in I’m not getting the option to buy under this offer. Did you have any issues? |
HL very easy (as usual) and done. |
Baynet
is a list showing the status of participating brokers |
cannot see anything on AJ Bell? |
You can now apply on Interactive Investor |
HL have now set up a page and it was easy to apply. You should receive an email from them |
At 7:30 am the only broker listed as paticipating looks like HL but there is no message about SRT on my account page there.
Also, the only terms I can see relates to a minimum subscription (by broker?) of £250 and no minmum qualification (per shareholder ?) |
It's beginning to feel like OI have already completed the takeover.
I'm still waiting for my call to discuss my entitlement |
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