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Steam Packet to be sold

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16 hours ago, b4mbi said:

It's a requirement in Manx company law for a 1931 act company (which MIOM is) to have an annual general meeting.

I.e. at least once every 12 months a meeting between shareholders (members/the treasury) and directors.

Members can call a general meeting at any time, if they so wish, and clearly have the power to appoint/remove directors.

This is separate to the new strategic sea services agreement, which would be an agreement between the company and the DOI on the operational service level expected for linkspan exclusivity.

 

 

So would a manx tax payer, be a member or a shareholder ?

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2 hours ago, LightBulb said:

So would a manx tax payer, be a member or a shareholder ?

or a mug.........

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2 hours ago, LightBulb said:

So would a manx tax payer, be a member or a shareholder ?

The terms member and shareholder are interchangeable in respect of corporate ownership. 

 A Manx tax payer or voter is not a member, rather a stakeholder.

The Treasury, a Government Department, is the legal entity which owns the ultimate parent company which owns IOMSPC.

 

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Austal confirmed yesterday the contract with government of Trinidad & Tobago for building one 94m long High speed Auto Express 94 Ropax. Delivery is set for Mid-2020.
Contract is valued AUD 97.7m or USD 72.2m.
AUto Express 94 will have capacity for 926 passengers and 250 cars.
Top speed will be 37.5 knots.

 

 

image.thumb.png.dd5763565785aa54cbe717c5e4a39295.png

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On 12/3/2018 at 4:20 AM, asitis said:

I always laugh at the phrase "Government money"   Governments don't have any money, they have executive power over money that other people give to them via tax etc !

Unless of course you are Eddie Teare !

Wow. That's a can of worms.

A Government that creates a money supply eg the UK can't really have "money". In the UK, a £ is a debt due by the government so a £ in a bank account held by the Govt. is really a £ owed by the Govt. to the Govt. which does not really mean anything.

So you may be correct to laugh at the phrase "Government Money".

 

 

 

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2 minutes ago, Phillip Dearden said:

Wow. That's a can of worms.

A Government that creates a money supply eg the UK can't really have "money". In the UK, a £ is a debt due by the government so a £ in a bank account held by the Govt. is really a £ owed by the Govt. to the Govt. which does not really mean anything.

So you may be correct to laugh at the phrase "Government Money".

 

 

 

That is in the UK where they can issue sovereign debt. It doesn’t carry across to the IOM. 

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32 minutes ago, Linz said:

That is in the UK where they can issue sovereign debt. It doesn’t carry across to the IOM. 

You are right and I agree but not because of debt. The IOM Govt. does issue bonds - there are £260m of MUA Bonds in existence but it does not create money. I don't know if it can but even if it did, I think it would be hard to get people to use it.

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http://www.iomtoday.co.im/article.cfm?id=44377&headline=Public seem unsatisfied with Steam Packet prices&sectionIs=news&searchyear=2018

I know a number of people are happy with SPCO prices when compared to others, sadly the man in the street isn't happy !

Perhaps the comparisons don't hold sway when the service really is a "lifeline" rather than a choice !

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SHOCK! HORROR! PROBE!

Survey reveals Billy Bunters want a fast, regular service at reduced cost...!

Well I never.

Good job they did that survey. Otherwise the information above would never have come out into the public domain to help formulate policy.

Sometimes you really have to wonder....

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2 minutes ago, P.K. said:

SHOCK! HORROR! PROBE!

Survey reveals Billy Bunters want a fast, regular service at reduced cost...!

Well I never.

Good job they did that survey. Otherwise the information above would never have come out into the public domain to help formulate policy.

Sometimes you really have to wonder....

When I read the bleedin' obvious (eloquently pointed out by PK) I'm reminded of the Flanders & Swann song 'The Gas Man Cometh"..... it all makes work for the working man to do.

'Twas on a Monday morning the gas man came to call.
The gas tap wouldn't turn - I wasn't getting gas at all.
He tore out all the skirting boards to try and find the main
And I had to call a carpenter to put them back again.

Oh, it all makes work for the working man to do.

'Twas on a Tuesday morning the carpenter came round.
He hammered and he chiselled and he said:
"Look what I've found: your joists are full of dry rot
But I'll put them all to rights".
Then he nailed right through a cable and out went all the lights!

Oh, it all makes work for the working man to do.

'Twas on a Wednesday morning the electrician came.
He called me Mr. Sanderson, which isn't quite the name.
He couldn't reach the fuse box without standing on the bin
And his foot went through a window so I called the glazier in.

Oh, it all makes work for the working man to do.

'Twas on a Thursday morning the glazier came round
With his blow torch and his putty and his merry glazier's song.
He put another pane in - it took no time at all
But I had to get a painter in to come and paint the wall.

Oh, it all makes work for the working man to do.

'Twas on a Friday morning the painter made a start.
With undercoats and overcoats he painted every part:
Every nook and every cranny - but I found when he was gone
He'd painted over the gas tap and I couldn't turn it on!

Oh, it all makes work for the working man to do.

On Saturday and Sunday they do no work at all;
So 'twas on a Monday morning that the gasman came to call...

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7 hours ago, asitis said:

http://www.iomtoday.co.im/article.cfm?id=44377&headline=Public seem unsatisfied with Steam Packet prices&sectionIs=news&searchyear=2018

I know a number of people are happy with SPCO prices when compared to others, sadly the man in the street isn't happy !

Perhaps the comparisons don't hold sway when the service really is a "lifeline" rather than a choice !

They are cheaper now, in real terms, than Manx Line in 1978/9. And Manx Line were cheaper than the Steam Packet.

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48 minutes ago, John Wright said:

They are cheaper now, in real terms, than Manx Line in 1978/9. And Manx Line were cheaper than the Steam Packet.

One mans ceiling is another mans floor !

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41 minutes ago, John Wright said:

They are cheaper now, in real terms, than Manx Line in 1978/9. And Manx Line were cheaper than the Steam Packet.

Other forms of transport are cheaper in real terms than they were a few years back. Technology has moved on, engines are more efficient etc., unions are more realistic bout wage demands etc. Operating costs in general are a lot lower. 

Other than benchmarking with other Irish Sea operators we really don't know if we're getting value for money or not. What we do k ow of course, is that IOMSPCo is a very profitable company.

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1 minute ago, Andy Onchan said:

Other than benchmarking with other Irish Sea operators we really don't know if we're getting value for money or not. What we do k ow of course, is that IOMSPCo is a very profitable company.

The "profitability" bit worries me somewhat.

Because as a regular user any profits going into IOMG coffers will mean I'm being taxed twice.

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