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Steam Packet to be sold


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@the duck of atholl Thanks for the reply.  Presumably without the liabilities the price would be higher? Or are they included in the £124million. i.e. Pay £100m in cash and take on £24m liabilities. 

Edited by Declan
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Ok, things a nationalised Steam Packet need to do: 1) Stop charging the earth for horrid coffee 2) Move the 'Vistitor Experience / Welcome Centre' on-board the vessel: you've got a captive a

£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

The franchise isn’t too bad operationally. It’s the ownership and financing parts of the package that were mishandled. There should have been a golden share to stop ownership change, and to allow

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I thought of another criticism of the Steam Packet.  They are blasphemers.  On the pre-recorded so called safety announcement they state that the Manannan is named after a mythical sea god.  Why risk the wrath of a god in this way just as the vessel is departing?  It's total madness.  The govt needs to do away with the so called safety announcement and introduce random sacrifices on departure. 

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1 hour ago, Declan said:

@the duck of atholl Thanks for the reply.  Presumably without the liabilities the price would be higher? Or are they included in the £124million. i.e. Pay £100m in cash and take on £24m liabilities. 

No.

I do not think we are buying any liabilities.

We pay 124m, 76m to MSIOM (that it uses to pay off a loan) and 48.3m to the owners of MSIOM (that they keep).

We will end up with shares in MSIOM costing 48.3m and a loan to MSIOM that cost us 76m.

For 124.3m we will receive 8 years cash flow (or the right to, we may cancel this right), some boats, some buildings and some stuff (Inventories).

 

 

 

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8 minutes ago, Phillip Dearden said:

No.

I do not think we are buying any liabilities.

We pay 124m, 76m to MSIOM (that it uses to pay off a loan) and 48.3m to the owners of MSIOM (that they keep).

We will end up with shares in MSIOM costing 48.3m and a loan to MSIOM that cost us 76m.

For 124.3m we will receive 8 years cash flow (or the right to, we may cancel this right), some boats, some buildings and some stuff (Inventories).

For completeness on the liability side maybe some short-term creditors.

Also on the "assets": staff contracts, operational processes, experience, commercial agreements with third parties, e.g. suppliers, service providers etc.

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So we'll still have to buy some new boats soon but presumably we can offset the repayment against future profits until they're paid off? I've no idea how much they cost. Paging Barrie...

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1 hour ago, Bobbie Bobster said:

 

Also on the "assets": staff contracts, operational processes, experience, commercial agreements with third parties, e.g. suppliers, service providers etc.

they don't seem like assets more like liabilities...... 

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19 minutes ago, Lxxx said:

So we'll still have to buy some new boats soon but presumably we can offset the repayment against future profits until they're paid off? I've no idea how much they cost. Paging Barrie...

Cal Mac are getting 2 102m dual-fuel ferries for £97m.

"127 cars or 16 HGVs or a combination of both and up to 1,000 passengers " each

Ben is 125m:

Passengers and crew: 666
Vehicles: 275
Freight: 1235 Lane Metres

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13 minutes ago, Bobbie Bobster said:

Cal Mac are getting 2 102m dual-fuel ferries for £97m.

 

this is what happens when incompetent parish councils get involved-the prices go up....... 

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Ah, but we're getting the name - priceless, I tell you, priceless.

Cal-Mac vs IoMSPCo....no comparison, even at £124M for two knackered tubs.

 

 

 

 

Not.

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2 hours ago, Phillip Dearden said:

No.

I do not think we are buying any liabilities.

We pay 124m, 76m to MSIOM (that it uses to pay off a loan) and 48.3m to the owners of MSIOM (that they keep).

We will end up with shares in MSIOM costing 48.3m and a loan to MSIOM that cost us 76m.

For 124.3m we will receive 8 years cash flow (or the right to, we may cancel this right), some boats, some buildings and some stuff (Inventories).

 

 

 

Are we buying a company worth 48.3m for 124.3m.

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