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interestedman

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  1. interestedman

    Peacocks

    There are quite a few in Tynwald !!
  2. interestedman

    Chief Minister summons new MLCs

    Overpaid; unelected and mostly useless - no wonder Howard called them in and told them how to behave. Now they have bitten the hand that feeds them their £10k additional departmental bribe, loyalty bonus, reward for all that extra hard work they do payment, this could get v interesting.
  3. interestedman

    Steam Packet to be sold

    The EBITDA from their consolidated accounts appears to equal £9m. It appears though that this after depreciation at £7.5m. It’s all about how you treat the depreciation.....but it seems to me that this is way higher than it should be for the vessels at their age and thus I assume the shareholders are simply using this to extract cash - maybe to make their profits look lower than they really are ???? Either way, the valuation is all about “the cash” and £16.5m x 7years = £115m which is slightly over what we are paying for it.
  4. interestedman

    Steam Packet to be sold

    Thanks Phil, looked at the accounts and it strikes me the last accounts show the £9m figure but also show a £7.5m depreciation figure so, forgive me if I am wrong, did the company not really have £16.5m (£9m + 7.5m) of cash available ? That will explain the cash value for the business til 2026 = 7 x 16.5 = £115.5m. Cannan said their was £12m in the business on acquisition. £124 -12 = £112m. If the Corporate finance advisors have worked this then into a 25 year user agreement for Govt (new ship user timeframe) then on the current run rate the value of the business on acquisition could be close to £400m. Or, more realistically, if a new more beneficial user agreement is brought into play based on CPI, then maybe £250m on acquisition . Basically, if Cannan wanted to make a fast buck, he offers a new 25 year user agreement on the same terms and the taxpayer could be £200m better off!!! Put it this way, I would put £124m for a 25 year user deal.
  5. interestedman

    Steam Packet to be sold

    Yep - and of course the current owners are going to roll over and say "yes of course, three bags full sir". More likely they are going to say "eff off - we will take our £15m a year for seven years (£105m thank you v much), then, if you dont renew the user agreement, we will keep running using the one linkspan in our control and see what happens then. By the way, in the meantime we are going to nail down the freight berthing in such a way you will find it impossible to try any shenanigans in 2026". It's easy to make those sort of idealogical claims John, but I think the Govt have played their cards right. If they get the refinancing right and restructing etc, they will have played a blinder and we will all benefit. Of course if they get that wrong or have not costed the new ships properly, then this may go a little bit awry, but so far so good.
  6. interestedman

    Steam Packet to be sold

    On the order paper now [Tynwald website) http://www.tynwald.org.im/business/opqp/opqp/2018-PP-0079s.pdf - all the plans laid out including refinancing the purchase. Looks like to Treasury is seeking to get their money back as quickly as possible and for the Govt to retain strategic control. Cannan also on Manx Net TV https://www.manx.net/tv/mt-tv/watch/85544/government-to-buy-steam-packet-
  7. interestedman

    For Hooper read Karran

    Thanks Rob but I think I’d prefer to have a red hot poker inserted into my rear cavity before enduring one of your speeches.
  8. interestedman

    For Hooper read Karran

    Hooper is proving to be a bit of a flop really like a lot of the new intake - Edge and Callister in particular. They spend their life pandering to Social Media accepting the adulation of the Facebook hard left and wanting money for benefits and social housing. A vote for the Monster Raving Looney Party would have served a better purpose............no wonder Cannan sacked him.
  9. interestedman

    Budget 2018

    What a great advert this thread is for Manx Forums. A few years ago the debate would stand half a chance of some decent analysis but clearly no longer. I don’t know which is worse - Facebook or this - I can only assume it’s the same people under different guises......ok ok Facebook is worse, but still, you get my drift.
  10. interestedman

    Spineless or what

    Quayle wilted under the first bit of pressure and in doing so has left Boot high and dry ! Sturgeon meanwhile pockets another few thousand votes.......!
  11. interestedman

    We're in this together?

    Dear God......and you wonder why you don't get decent candidates at election time ! I too was stood behind Howard Quayle in the airport queue and he wasn't getting preferential treatment. Who gives a flying fcuk about a break even meal..,...what I do care about is that these muppets get the big calls right (and on that basis there are only two or possibly three I would trust). Pensions is a slightly different matter......we all know the Government and MHk schemes are a disgrace and we need brave MHKs to step forward now more than ever to stop that madness. But please Mr Peters, stop your vitriol - it does no one any favours and btw, aren't you subsidized by the taxpayer ?????? Thought so.
  12. We are not the only country in the world to run an aircraft registry so other European registries must have been doing the same thing. I wonder how much the UK has refunded for instance or France or Spain and to what scale . The jet thing probably sounds good to the left wing press but my guess is that it's a non story and there are bigger fish to fry here. The question outstanding though is whether Quayle has made the whole story better or worse by firing the starting gun in such a dramatic fashion and by agreeing to go on Panorama. It's a very high risk strategy when the safest option was to sit still and see what was printed / said - as Derbyshire basically pointed out during the car crash press conference. Put it this way, I've already pressed the record button and ordered my Guardian for Sunday and Monday! The other unknown in all this - how will Tynwald react if this really does start to go badly wrong for IOM ? There might be more than one emergency question on Tuesday.
  13. interestedman

    Planners rule against ice rink

    This is just plain nuts. Talk about pathetic, miserable behavior. Who is the chair of planning ?
  14. interestedman

    MLC Rant - says Manx Radio.

    Juan Turner.........12 years an MLC, taken at least £500k of our money into his own household in wages and aged 60 presumably will collect £20k a year in pension. And in that time he has done what exactly ? And then five months before he gets dumped (as he undoubtedly will) he gives us all a mouthful about how crap the IOM is and how wonderful living in the UK would be. I have absolutely no respect whatsoever for leeches like Turner. He should be charged with fraud as far as I am concerned.....especially as a closer inspection of his facebook page indicates he does absolutely eff all except go on holiday. Tosser.
  15. interestedman

    Falklands Jolly - Pigs in a trough

    The whole trip needs some more investigation. It should be referred immediately to the Public Acounts Committee where the Chairman........Mr.....errrr....ummm Watterson should call himself to account for his foreign travel expenditure. Then he can demand his own resignation. How Watterson can ever expect to be taken seriously is beyond me. He should have the decency to resign now from the Public Accounts Committee.............but he won't of course.
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