A P&O situation looming in the IOMSPCo?

[John Wright]

11 minutes ago, Roger Mexico said:

Yes I'm sure the Treasury will have been shocked and delighted to discover that they were going to get a dividend as approve by the Steam Packet's only shareholder ... the Treasury.

In reality we all know that the contribution to be made by the S/P will have been a matter of negotiation between S/P management and the Treasury (and the PO will have been the same).  The only interesting thing is how low the figure is.

But they also have to pay back the loans on Manxman and finance the Manannan replacement, plus it was always the plan, before Covid got in the way, that the goodwill part of the purchase price calculated at 6 years profit, would be received by treasury.

And, in reality, it makes not one bit of difference whether the cash is in treasury via a dividend, or in the Steam Packet, or used to buy back shares or repay loans, etc etc 

[Gladys]

1 hour ago, Andy Onchan said:

In principle yes but you just know that there will have been a phone call from Treasury.

Just as there would be from any sole shareholder to its board.   If the shareholder wants too much, ie not supported by the financial position of the company, (distributable reserves etc)  the board is duty bound to refuse.  Really not getting the big conspiracy here.

 

[Non-Believer]

2 hours ago, Banker said:

You haven’t a clue as usual so absolutely no evidence to back up your claims as usual 

Coming from yourself with your posting record, that is truly rich 😂😂

[Andy Onchan]

37 minutes ago, Gladys said:

Just as there would be from any sole shareholder to its board.   If the shareholder wants too much, ie not supported by the financial position of the company, (distributable reserves etc)  the board is duty bound to refuse.  Really not getting the big conspiracy here.

 

No conspiracy. It's political. IOMG have to be seen raking some of the investment back, Alf said as much when the purchase of IOMSPCo went through. 

Did the Company repay the £76 million that was pumped into the Company for cashflow purposes (repayable in 12 months), back in 2018?

[Gladys]

7 minutes ago, Andy Onchan said:

No conspiracy. It's political. IOMG have to be seen raking some of the investment back, Alf said as much when the purchase of IOMSPCo went through. 

Did the Company repay the £76 million that was pumped into the Company for cashflow purposes (repayable in 12 months), back in 2018?

Of course they do.  But, at the same time, they can't seen to be ripping the arse out of it and, tbh, that is not the reason it was bought.  It was to keep the lifeline shipping service out of the clutches of voracious shareholders whose only motivation is the return on their investment and not in the long term. 

[Ringy Rose]

14 hours ago, Gladys said:

It was to keep the lifeline shipping service out of the clutches of voracious shareholders whose only motivation is the return on their investment and not in the long term. 

Precisely. A few years ago that dividend would have been more than £1m and would have been going to Australia, not IOM coffers.

This board is bizarre sometimes. Constant demands that Bus Vannin should behave entirely like a private operator, but when the Steam Packet does then it’s all wrong wrong wrong.

[John Wright]

25 minutes ago, Ringy Rose said:

Precisely. A few years ago that dividend would have been more than £1m and would have been going to Australia, not IOM coffers.

This board is bizarre sometimes. Constant demands that Bus Vannin should behave entirely like a private operator, but when the Steam Packet does then it’s all wrong wrong wrong.

Many, many, years since a dividend went to Australia. Saddled with debt, with interest and capital to pay, first to a Portuguese bank, which, when SPCo didn’t meet the obligations of the Australian owners ended up with the shares in default.

But your principle is correct.

[John Wright]

15 hours ago, Andy Onchan said:

Did the Company repay the £76 million that was pumped into the Company for cashflow purposes (repayable in 12 months), back in 2018?

It was £5 million. And yes, it was short term and paid back. The company had that sum on deposit, didn’t want to break the deposit.

The £76 million was the non fixed asset purchase price and was 6 years purchase. And was to be paid back out of income.

[The Listening Ear]

On 9/26/2023 at 5:36 PM, The Listening Ear said:

So a crew member today has let me know that they are another step nearer industrial action. 
They have been told that the shoreside management have issued a consultation period starting 23/9/23 to basically change all the crews T&C’s from 01/01/2024. It’s been made quite clear that a fire and rehire situation will occur if they don’t agree to the new T&C’s. Effectively doing a “P&O” to the crews that have served the island with its lifeline sailings! They were the best thing since sliced bread during the pandemic!!

The unions are in talks with Manx Industrial Relations and legal teams regarding the legalities of them doing this. I do remember speaking to crew when the P&O situation arose as the IOMSPCo were already wanting a change to T&C’s and Mr. Thomson said there would never be a situation like that on island. How times change Mr MD! Now you are threatening the exact same action. 

Never mind a shake up of the fleet I suggest a shake up of the shoreside management and the huge board of directors, the only decent one is now no longer there. 

Time for a vote of no confidence? 

 

So Mr Thomson is admitting that they have refused independent arbitration on page 4 of this weeks courier. It isn’t because Manx Industrial Relations don’t have an arbitrator at all. It’s because the sh*tshow of a board and shore management don’t want them digging into what is no more than bully boy tactics.

Also hearing from a number of crew that 50% pay increase has never been mentioned until Mr Thomson spouted it in one of his media responses.

This isn’t and never has been about pay, the crew are happy with their pay. 
It’s about having 83 days taken away from them with their families/friends etc. 

 

[Banker]

2 hours ago, The Listening Ear said:

So Mr Thomson is admitting that they have refused independent arbitration on page 4 of this weeks courier. It isn’t because Manx Industrial Relations don’t have an arbitrator at all. It’s because the sh*tshow of a board and shore management don’t want them digging into what is no more than bully boy tactics.

Also hearing from a number of crew that 50% pay increase has never been mentioned until Mr Thomson spouted it in one of his media responses.

This isn’t and never has been about pay, the crew are happy with their pay. 
It’s about having 83 days taken away from them with their families/friends etc. 

 

So are you a captain or what as you’re obviously crew?

[John Wright]

14 minutes ago, Banker said:

So are you a captain or what as you’re obviously crew?

Or stuff publicly available, in the papers, and on here, from various posters. You aren’t good at jumping to assumptions and you should avoid. 

[Banker]

11 minutes ago, John Wright said:

Or stuff publicly available, in the papers, and on here, from various posters. You aren’t good at jumping to assumptions and you should avoid. 

Neither are you but doesn’t stop you!

[The Listening Ear]

38 minutes ago, Banker said:

So are you a captain or what as you’re obviously crew?

No I’m not. As previously stated I just know quite a few people that this will affect. 

[John Wright]

9 minutes ago, Banker said:

Neither are you but doesn’t stop you!

The Listening Ear is just stating what is in the press and radio reports, and what he’s heard. I’ve heard exactly the same. It’s what NAUTILUS are saying.

Have you found Victòria Road yet, worked out that it isn’t Victoria Street?

[The Listening Ear]

I see some MHK’s want some questions answering from the Treasury or as we know them the shareholder and holder of the sea services agreement.

It will be interesting to hear their take on all this, unless of course it’s the standard answer of “we are arms length owners”.

It’s about time other members of the Government stepped in to arbitrate if Mr Allinson can’t delegate that task when he’s off island as reported on Manx Radio website this week. 

Questions for Tynwald on 17th October attached.

 

2023-PP-0111.pdf