b4mbi

18 minutes ago, code99 said:

We need ingenious superbly-executed projects –

A MONO-RAIL!!!! finally!!! 

1 hour ago, Omobono said:

the council of ministers had a specialist valuation  of the companies value and assets  from a very well qualified ship broker  and guess what they decided to ignore it , I wonder if that will ever come out ,  other than the ships , they had no other assets    so you work that one out ?

fill your boots, basis of the valuation explained here

On 4/5/2024 at 7:13 AM, asitis said:

Good post but I still think we overpaid for the acquisition , the fact we could benefit from the 'user agreement' for however long we wished is true, but should not have had any bearing on the acquisition price, which imo it probably did having been alliterated to Government. I do wonder if anyone actually considered the implications of new vessels, the tin shed, alterations to port etc etc in projected returns going forward, and indeed their necessary effects on consumer pricing.

When the purchase price of £124m in 2018 is viewed against the previous aquistions adjusting for inflation, it doesn't look so bad!!

In July 2003, the company was sold for £142 million to Montagu Private Equity.( £196 million in 2018 prices ) 

 In 2005, the company was purchased by Macquarie Bank for £225 million. (£300million in 2018 prices)

the ironically named "fool and his money..." 

At the time of Treasury's aquisition of IOMSPC it was owned by a Portuguese bank, Novo Banco who had aquired it as the previous owners had defaulted on debt provided by that bank or its predecessor. They had no interest in owning or operating a small ferry company an were looking to divest their international portfolio.

At the time of purchase the user agreement only went to 2026, so any purchaser would only have the certainty of the PV of the estimated future cash flows of the company to that date, whereas IOMG who have the power to set the terms of the UA, can benefit from the future cashflows for as long as they wish. That is a summary of the Park Partners report to IOMG relating to the aquisition.

To secure the service, the aquisition of IOMSPC at that time for that price was one of the best decisions the IOMG have ever made in my opinion.

Let people who know what they are doing run the company without this continual whinging, moaning and noise, especially from politicians. 

Does anyone seriously think that IOMSPC management are not running the company in the best interests of everyone on the Island?   

By public service you are advocating full nationalisation, meaning the company would be fully run by the civil service. Which would be a complete, unmitigated disaster.  Inefficient, inflexible, bureaucratic, unable to stand up to Unions, unable to make decisions, strikes, reduction in service & higher prices. 

35 minutes ago, Declan said:

Interesting discussion. But I think we've overlooked the big question, why does he call himself Tim G Love-Rash?

You almost expect his tweets to be "Here's a tune for all the ladies out there from Teddy Pendergrass".

This! His X handle I always read as Tim Glove Rash 🤣

well quite.. but I understand DoI are responsible for LA's? 

LA reform or DoI reform first?! 

If I was DoI, I'd seriously look into using this utter farce as a springboard for LA reform.

Starting with disbanding Braddan Commissioners who have proved they're not fit or competent to spend public money on this sort of scale.

4 hours ago, code99 said:

At the risk of being boring, I am re-posting a link that I have posted (for you) a week ago:

https://www.gov.im/news/2023/mar/27/climate-change-paris-agreement-extended-to-isle-of-man/

When it comes to our commitments to the Paris Agreement or COP26 or climate change policies or net zero goals, etc, my impression is that Isle of Man and the CIs Governments had no say on the matter – they were probably told by the UK Government to toe the UK line. The Climate Change Act 2021 was passed by Tynwald, presumably Stu Peters voted against it?

The only way forward is for the IOMG to work with the UK Government and to persuade them to make their/ our “legally binding” commitments less onerous. That is all I have to say on this subject.

If we miss our target, what happens? do we revisit the way our emissions are historically calculated so we do hit the target?

1 hour ago, John Wright said:

The inspection/certification was described in a link above. There are no grandfather rights I’m aware of. Think exemptions are 12 months at a time. But I’d have to research. She either has an exemption and 7kts doesn’t apply, or she doesn’t and 7kts does apply.

Inspection and recertification won’t be done at the drop of a hat or at no expense.

The only way out of this is to get the Ben compliant.

Or to run her on MGO rather than LSHFO, assuming engine capable. Higher fuel costs, but still could run.

12 minutes ago, Blade Runner said:

Please take this as it is meant, the island has really BAD AIR quality when the wind don't blow.

 

so never then?

22 minutes ago, FANDL said:

Just putting together a half term write up for every member of this Tynwald. Any suggestions for parody or look-a-like pictures for the wonderful Daffers? Only one that’s proving challenging. 

wasn't there a Daphne in scooby doo? Or Daffy Duck?

Also look out for them charging 20% VAT instead of 5% VAT on your invoices, as happened to me.

Buffoons is a good description.

I have an idea...

Stop obfuscation, delay and dithering and get drilling for the fucking gas!! 

If it flows, big, big win... 

If it doesn't no worse off than now.

Of course it wasn't a U turn. It was a 180degree change of direction.

Quite astonishing Newson's decision.

No developer is going to touch it as it's going to be too expensive to bring the existing structure back to life, so will rot and be an eyesore for another 20 years before finally collapsing and being flattened anyway.

.

4 minutes ago, english zloty said:

It is in this context of the law

lawyers would argue!!

TBF I have no clue & happy to take your word for it.

2 hours ago, Non-Believer said:

The thoughts of what appears to be a knowledgeable contributor to the MR FB article...

 

Treasury is not a public authority. 

Praise Jesus the Lord, a MIRACLE!!

I see Chris Thomas making noises that MDC and IOMSPC should be FOI'able.

Utter lunacy. Drowning them in bureaucracy is a fantastic way of motivating their staff to achieve their respective objectives. 

The shareholder has sufficient oversight already.

On the face of it this instinctively feels like such a bad idea...

What use is FOI anyway? Just a massive game of cat and mouse for bureaucrats, what has it revealed that has genuinely changed anything for the better? 

8000 employees - means 112, so in other words, should be able to manage with current staffing levels.

4. Do Nothing The final option for OHR to consider is to not recruit any further staff, and not invest in technology. Furthermore, this option would represent OHR choosing to not implement the structural changes recommended as part of our review. In our view, the significant demand being placed on OHR services would mean that OHR would continue to struggle to meet service user needs and would continue to fail to deliver any strategic value as a business partner if this option was chosen. Not Recommended

They missed option 5. Disband OHR and see if anyone notices any difference. 

Chris Thomas has lost the plot!  How can he possibly claim to be acting in the best interests of the Island? 12 months of delay for what? Just comes across as being sore at being sacked for a 2nd time as a minister.

The only way to settle the debate and establish FACTS  is to allow the company that have the licence to drill the appraisal well. 

It of course will be done under current UK regulations, which there is precedent for already in Manx waters, and to question the credentials of the company, he fundamentally shows a willing misunderstanding of the process. He full well knows the company will outsource the well management and operations to internationally recognised, experienced and established companies. 

The gas either flows and the Island is rich or the gas doesn't flow, the well is plugged, the taxpayer is no worse off than it is now.

If only he'd personally "communicated greatly" with them when in ministerial position, he could have found answers to all his questions.

Really coming across as sour grapes now imo.

3 hours ago, The Phantom said:

Do you remember when they actually blurred out the face of a dog to avoid it being identified? 

 

Yes i do,  that was brilliant 🤣