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3rd Rns ..
I am I reading that 3rd Rns correctly???
L
Hi All Genuine Holders ....
I see the sewage pipework has blown....and the boys from the brown stuff are in...blah blah blah...
Speading the awful stuff everywhere as usual....damaged trailer trash yellow belly boys
Ignore them LTHs
Your welcome Boys from the Brown stuff.
The L
Whether in administration or not – an employee’s standard rights remain the same. This includes having a contract of employment, the right to rest breaks in line with the working time directive, working hours in line with the working time directive, statutory holiday entitlement and sick pay, not being paid less than the minimum or living wages, parental rights and the right to request flexible working.
During administration, these rights are extended to include the right to be paid monies owed, such as outstanding wages and commission up to a maximum of £800, redundancy pay, up to six weeks’ accrued holiday pay and any pension contributions; the above rights to remain in place during administration and, if the business is taken over by someone else, these rights are protected.
The first 14 days are pivotal. If an employee is made redundant during this period, they become an ‘ordinary creditor’.
This means they will be in the last category to receive monies owed. However, their entitlement to outstanding wages and redundancy payments will remain.If retained beyond this, the employee becomes a ‘preferential creditor’. As the name suggests, this decision is preferential to being made redundant during the period as it puts the employee in a better position should they face redundancy later on.
It gives them priority over ‘ordinary creditors’ and they therefore stand a better chance of recouping monies owed to them.
Once the initial 14 day period is over, the employment rights of staff are then EFFECTIVELY ADOPTED BY THE ADMINISTRATOR until a buyer can be found. The Administrator pays the wages upto a statutory amount until a buyer i.e. INFA complete the purchase and take on the employee rights.
As part of the FID at the end of the year, all costs that INFA have incurred on the project so far will be returned, I believe 15 million in total. I guess this will be used to fund in part current and future projects including H&W. The EU funding of 1.6 million, if granted, will and can only be used on the gas storage project imo. Also, there will be other Northern Ireland investment grants available to fund the H&W project as stated in the rns of early October. So taking all this into consideration, I'm hoping dilution of current shareholders is kept to a minimum. But if we a continuous pipeline of new projects coming online, with the promise of early revenues from JW, we could have a great future. GLA
I assume INFA can’t take a licence agreement on as it doesn’t have any of its own cash to pay workers. Wise to not take on any liability cash burn of this project beyond the deposit. Does anyone know roughly the monthly wage bill?
“At the time the deal was announced, Infrastrata said it intended to start using the Harland and Wolff assets in November under a licensing arrangement with the administrators should the deal not complete by 31 October.
However, it now says that will not be the case.“
My thoughts too ChilledDevil !!!
PS Following this mornings RNS's I still have faith in INFA hopefully I will feel the same come December.
The 08:01 sell this morning is incorrect and should be a buy. :)
....'I wander if the H&W employees will be attending to show support :-)'...
Tango...the 42 day consultation period is for written consultations to be submitted to DAERA. Any sessions that INFA organises with locals is something different and not a legal obligation......H & W union reps may well attend those if the company goes ahead with them.......might be a good idea for some SH's to attend also.
That would be great .. let’s see how they handle explaining to H&W staff why they are trying to put them out of work
With H&W deal now due end of December it is highly likely we will not need to borrow long term as £15mill will be due at project level once FID done.
I wander if the H&W employees will be attending to show support :-)
Regarding release of tender documentation, JW stated in the rns once the timeline agreed by DAERA it will be released,pointless releasing if timescales don't match.
A good spot Kibuc, I do think if a milestone has slipped from October to November then that should have an explanation in the RNS. May be of no real significance, but as a Project Manager I would need to explain this to my stakeholder if issuing a Project Update.
We'll know when it starts....there has to be a legal notice advertised in the local papers....twitter will be red hot.
Also JW confident with getting the finalised GSA, This was obviousley batted backwards and forwards with Equity partner so once that is done I would assume heads of terms can be released awaiting implementation end of year. There will be a lot of news in quick succession I think.
GSA& Heads of terms (anytime soon)
ML & H&W deal done (30-60 days)
Regarding the Marine licience we are supposed to be allowed an expedited proces as it is apart of PCI (how quick I am not sure).
Marine Licence - Public Consultation period I thought was 42 days, so assume this is going to be agreed with DAERA / NIAE now the have all documentation. FID by end of the year does not depend on the ML being granted, JW has always stated this, but if public consultation period has started I would assume this will be very positive.
> Milestones promised, delivered and announced ON TIME
I can't fail to notice that one of them slipped from Oct to Nov.
I'm not sure how to understand the "anagement is working closely with the NIEA and DAERA to finalise the timelines for the final activities related to the full marine licence" bit. Does it mean that the clock on the consultation deadline hasn't started yet? And how long will that be when it starts - someone here said 42 days, but I only found info about 28-day consultation process?
Still can't fathom selling on this news. This would be the time to get on board. Really positive that this got released bang on time. Next two months are going to be mega.
Glad to see the final reports have gone to DAERA and that is a great piece of news as only 42 days from when submitted we could/should get the permit, also happy with second rns regarding H&W as not really good to start work in H&W until we get permit.
....'Voting rights RNS just landed! thought it was some important update.'
No worries Mr T..........I'm pretty sure there will be plenty of RNS's landing anytime soon with important updates by the bucket-load !
RNS just landed.
Voting rights RNS just landed! thought it was some important update.
Mr T
Elementary my Dear Brucealrighty. As an LTH I have zero intention of selling anytime soon, in for the long haul. Hope you decide to take the leap and get a good price. My first investment in INFA was at 10p !!! will break even at circa 0.8
Bruce
"so my concern remains - where is the money coming from to run this place"! by which you refer to H & W!
I think you need to re read the RNS which was issued on the day of the potential acquistion, it clearly stated that funding was being sought as working capital, ie extract from the RNS
"A working capital facility will also be established at the subsidiary level, leveraging the Assets and the gas storage project and the Facility's cash flows"
I hope that allays your concerns
Mr T
Yes Sherlock Radders99 I have only joined this recently and not (yet) own any INFA shares but apparently one can buy some without being part of a chat board - however, as my previous investments hadn't been so successful I thought I would give the latter a try to get a feel for this company from like minded individuals :) I don't think anyone's posts on here are motivated to lower SP (no more than the few extremely optimistic posters whose aim is somewhat obviously trying to raise SP for their potentially their own short term gain). Personally I believe the energy storage market future is huge whether that be gas, solar, hydro (good to see Swansea Tidal Bay project might be going ahead again so that is something else to look at investing in) but my fear of throwing hard earned money into JW is that it end up in HW - which further detective work on Google shows that the Navy projects are a slim chance and the FRSU (which is basically a converted LNG tanker) would probably come from the far east (where the local shipyard machinery probably all ended many years ago when Belfast stopped building boats). Dawski you made some good points and yes all should run smooth if funding and licences pull through in line with schedule but MrT I think that the EU cash should be kept for pushing ahead with IM and not sidetracked for the H&W Acquisition. And just one correction to make JR - by the RNS the £500k is a NON-refundable deposit and would go straight to the creditors or probably just the administrators back pocket for their prolonged time on this takeover - similarly the remaining £5.5m balance cannot be used for wages or running costs of the yard so my concern remains - where is the money coming from to run this place! Anyways, still looking forward to some sort of progress in the next 24 hours - I've no doubt JW can get big financiers for IM once all the ducks are in a row - until those waters start warming I will hold back from jumping in.
Below is the link to the EU Webb page detailing the various INFA projects that sought EU funding one of which the status is 'Ongoing' clearly an update now required.
http://ec.europa.eu/search/?queryText=Infrastructure+PLC&query_source=europa_default&page=&filter=&swlang=en&filterSource=europa_default&more_options_date=-31&more_options_language=en&more_options_f_formats=*