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Steam Packet to be sold

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2 minutes ago, Derek Flint said:

£80m on a deep port. £30m on a landing stage in Liverpool. £124m on the Packet.....

infrastructure all over the Island needing money spending. Ailing health service, PS pension issues, massively over structured local and national government.

Id guess they are trying to bankrupt the Island before handing it back to the U.K. 

If so whoever is driving it is doing an absolutely sterling job.....

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On the face of it, the price seems rather high for what will be pretty much worthless by 2026, but there again there are no doubt numerous assets in terms of property, ships, staffing, contracts and boats and equipment etc. There is also an existing management structure that could become its own Limited company and evolve to run it over a transistion period.

But the real question is: is this a national investment to lower the costs of getting goods and people to the island, or is it a cash cow to fund govt pensions and excess spending?

Is it possible they might offer shares to IOM residents only, with maximum allowed percentages under 10%, putting much of our economy back into local control? That would make a major difference for the good IMO.

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Isn't their issues around maritime fuel just now?

I recall reading recently about prices almost doubling or some such?

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utter madness:o it's not even worth a pound and that includes the 2 boats only fit for scrap......

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47 minutes ago, Derek Flint said:

£80m on a deep port. £30m on a landing stage in Liverpool. £124m on the Packet.....

infrastructure all over the Island needing money spending. Ailing health service, PS pension issues, massively over structured local and national government.

Id guess they are trying to bankrupt the Island before handing it back to the U.K. 

 

I'd say it's dead cert. There seems to be a Common Purpose about it. 

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19 minutes ago, MrsTrellisfromNorthWales said:

ExaminerMay8SteamPacketsale.jpg

I double checked the foot of the two on that headline wasn't a Decimal Point. 

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Perhaps the plan is to involve those great philanthropists Peel Ports? We seem to worship their every being in many other respects.

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4 minutes ago, lowell thurber said:

Now we own the company we just grant a new user agreement and sell 40% of the company for 200 million sorted

Sell it to who?

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5 minutes ago, Andy Onchan said:

Sell it to who?

New shareholders?

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3 minutes ago, lowell thurber said:

Guaranteed share of the profits of a monopoly for the foreseeable future no one would want to buy into that would they

As soon as civil servants get their hands on the golden goose there will be no passengers as it'll be too expensive to travel. After they've managed to get themselves government worker discounts of course. 

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Is it being bought debt free, or is IoMG effectively taking on debt on top of the £124m?

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