Westminster Share Discussion Threads

[followtheleader] 03/2/2017 10:16

Its a lot more complicated than that someuwin as you know and particularly with WSG's track record of lack of delivery and constant use after use of Darwin and the consequent damage that does to anyones monies invested. Where there is Darwin I would never personally touch. It means to me that you are struggling to raise money by conventional means. That in its own right should tell you the risk.

There are in fact many different percentage losses of this x 1 stake that you refer to and that's all the way down to the zero highlighted. The investing game isn't about Jackpot or bust. Its about making money and intelligently identifying those that will predictably deliver. That differs immensely from an all or nothing binary situation. I'd replace the word binary with gamble.

You can get 5 to 1 down the bookies every day of the week on any 3rd, 4th or 5th favourite horses. That's without the wait.

Best of luck to you.

[someuwin] 03/2/2017 09:09

Forget all the noise.

This is a binary bet.

If they RNS the mid east airport contract (likely) the share price will immediately be 80p+. i.e 5 x your stake.

Even in the worst case scenario you can only lose 1 x your stake if disater strikes and they go to 0p (unlikely).

Excellent risk / reward ratio.

[followtheleader] 03/2/2017 08:41

wild billy boy

I don't think you missed out at all. Lets pause for reflection on what has just happened.

You haven't had any Middle East deal announcement and that's despite "post contract expenditure" statements to enthuse and it has to be said next month should be approaching a whole year since the Middle Eat MOU I believe was confirmed - G1TY can you confirm?)

You haven't had any other MOU come to fruition. So its Darwin before any contract announcements.

There's been a ferry start and not even an update on that. In fact there has been a couple of months with virtually no WSG news at all.

What you actually have just been give is a confirmation that Darwin, the biggest detrimental influence on this companies share price for the last few years, are now active on the share again and will be shorting WSG shares ahead of conversion.

The most recent RNS January's says to me Januarys conversion allocation has been done and we should now be into Februarys.

Forget 20p's and charts pointing skywards.

If you want Darwins short sold / conversion shares then keep buying them. When they've finished their business you hold and they don't. They only retain free carry of warrants.

Its hardly a cause celebre.

[followtheleader] 02/2/2017 17:03

When will you learn landmark2

The move back up I sense has been to let Darwin offload more and essentially to get PI's to buy those offloaded shares.

Having studied a few previous RNS I'm beginning to get the feel of things now and see a little pattern forming. Always it would seem with a Darwin set of convertible loan notes you don't for obvious reasons tell the market you're out of cash and have had to resort to death spiral finance. If you attach a dangly carrot to things for PI's to believe (like for instance an ME airport deal or say "post contract" expenses etc. Then in that way you create that initial belief that something is bubbling and that helps shift on all those Darwin extra dilution shares. That's just my interpretation of things. Darwin though walk away with the cash (your cash) in the form all their loan repaid + the agreed 10% + the arrangement fees and also a whole sack load of free warrants. They then have a free carry and hold no risk. Guess who though ends up buying all those extras.

Incidentally at yesterdays rate it should be nearer 9 million extra shares that are created in total.

There'll be more downward pressure I'm assuming so best of luck.

[wild billy boy] 02/2/2017 12:42

I missed out :(

what a bummer that's one of my fav dog

[breaktwister] 02/2/2017 12:34

Someuwin...or none that could be released at no point. U pay ur monies u take ur chance...

[landmark2] 02/2/2017 12:27

Great come back

[graham1ty] 02/2/2017 06:12

Follow, at these levels, to sell £900,000 at 12-14p is another 8m or so shares, in what is already an incredibly fragile market. Imagine what price HH would get if they announced they were placing all their holding ! Well, this is very similar, except this is drip, drip, drip ( or maybe deluge, deluge, deluge).

Until there is any trading update, and news at all, Darwin will be selling into weakness ( hence they can convert at the absolute low point).

[followtheleader] 01/2/2017 22:27

WSG reached lows of about 5p or 6p last time with Darwin forward selling and the bad news of the SQ incurring damage for a second time.

I suppose then the main worries and potential risks this time that you have to keep sight of have to be: that something could happen to the smaller boat; customer numbers on the ferry service disappoint; or that WSG might get bad news out of the ongoing reported Namibian investigations(University guarantor). I think there was a recent promise of an outcome of the investigation early this year?

Another question mark might be that if Darwins selling was restricted and limited to say 4 x monthly chunks of £300k per month, then could todays RNS be for January forward selling and might they not have already started forward selling any February allowance as of today?

[kreature] 01/2/2017 21:38

anyone found a driver for the bigger boat yet?

[saucepan] 01/2/2017 21:14

flt: informative post.

[followtheleader] 01/2/2017 21:03

Gity.

Nobody saw that one coming

Well that nearly correct. Read back on my posts and you'll see that I predicted Darwin were active only last week and there it is confirmed for all to see with a significant after hours RNS showing that only 1/4 of the CULN's has been converted.

That leaves 3/4 of the loan notes still floating around in the background and creating great uncertainty (Restriction or not). Who knows when and where the next sinking of the share price and conversion will be happening but they have done well so far. One things is a certainty they are not invested and will be getting all their money back. Its always the case with a maximum number of shares converted at virtual low prices.

You are correct G1TY on the additional dilution.

Can I just add and summarise.

1. Darwin are now officially active.
2, Unfortunately they have only 1/4 converted.
3. 3/4 of the CULN amount is still Outstanding. So that for me is £900,000 that needs to be short sold.
4. They have actually succeeded so far in managing to secure conversion at virtual lows. Early 30's to 13p is a pointer. Pretty ruthless.
5. Due to this there is larger dilution than quoted.
6. Its actually all in accordance with what was in the RNS at the time.

I think you will probably find many stating charts and ascending triangles, stating sells are Bed and Isa's and also how tempted they are to buy in. I think a few might say one thing and do another tomorrow.

Profit and your own capital protection should always be your primary goal and you need to be ultra careful that there is no further bad news during the time period. Last time it was the ferry.

Its always far better to avoid anything with CULNs or Darwins name attached.

dyor etc

[bernieboy] 01/2/2017 19:42

More than 8m I reckon. Cos as they sell this lot the price will drop more meaning more shares on the next draw down and so on. Will likely be many more than 8m.....

[graham1ty] 01/2/2017 18:56

There must be a typo. PF said there would be minimum dilution and the RNS in November said there would only be 6% dilution at a price of 21.75p. So, Darwin have had to convert 39% below that level ! Surely not PF ? Surely you did not mislead us in November ? In his example, they needed to,issue 5.2m new shares to Darwin. But if 25% of the Loan notes has led to an issue of 2.23m shares, it is looking rather more like 8m !

[saucepan] 01/2/2017 18:02

What do we make of that, then (beyond the obvious further dilution)?

[someuwin] 01/2/2017 16:53

1 February 2017



Westminster Group Plc:

Issue of Equity and Total Voting Rights





Westminster Group Plc ('Westminster' or the 'Company'), the AIM listed supplier of managed services and technology based security solutions to governments and government agencies, non-governmental organisations (NGO's) and blue chip commercial organisations worldwide, announces the issue of 2,228,367 ordinary shares of 10p each ("Conversion Shares") pursuant to the conversion of loan notes by Darwin Capital Ltd ("Darwin").



The Company has received a notice of exercise by Darwin to convert £300,000 zero coupon senior unsecured convertible loan notes, as detailed in the announcement dated 22 November 2016, into equity.



The conversion price for these loan notes is 13.462773 pence; calculated as the lessor of i) 65 pence and ii) 90% of the arithmetic average of the five lowest daily volume weighted average share price calculations per ordinary share out of the ten trading days prior to conversion. As detailed in the Company's announcement on 22 November 2016, the parties have also agreed to certain limitations on conversion volumes throughout the duration of the loan notes.



The balance outstanding on this loan is now £0.9m.



Application will be made for the Conversion Shares, which will rank pari passu with the Company's existing issued Ordinary Shares, to be admitted to trading on AIM. It is expected that admission will become effective and that trading in the Conversion Shares will commence on or around 7 February 2017 ('Admission').



Total Voting Rights



In accordance with the Financial Conduct Authority's Disclosure and Transparency Rules, the Company hereby announces that following Admission it will have 89,336,270 ordinary shares of 10p each in issue, none of which are held in treasury. Therefore, the total number of voting rights in the Company is 89,336,270.



The above figure of 89,336,270 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

[bernieboy] 01/2/2017 11:19

Indeed Saucepan. My definition of imminent and urgency didn't fit with WSG'S which is why I sold out around the 20p mark. I won't touch this whilst Darwin is involved and not until any airport security deal is actually signed. And I don't mean another MOI, MOU or LOI. LOI more like LOL in my book!

[saucepan] 01/2/2017 09:47

This statement was made on 29 July.

Contract discussions are now largely complete which has resulted in a substantial increase in both the scope and value of the contract and is now significantly greater than the estimated £30m pa previously reported. The Company, together with UK Governmental bodies, is now working with the potential customer and various other governmental organisations in order to finalise the last few issues as a matter of urgency.

And we are now in February, 6 months on. None of the "jam tomorrow" ever seems to materialise. It appears to have been wildly exaggerated how close the Company was to delivering a contract. That has been the track record for years with its infamous "pipeline" of opportunities.

[followtheleader] 30/1/2017 22:58

Actually there were 2 100k sells

[followtheleader] 30/1/2017 17:14

There appears to be a 100k sell right on market close today at 16:30 hrs and following on from a few other rounded number sells today. Have Darwin now been given the good to go signal.

The on close timing makes it look like someone wished it to be a directional pointer for tomorrow.

[followtheleader] 30/1/2017 16:05

kreature, I share your views on the boat struggling to make money initially but for different reasons. My reasoning being that the smaller more versatile boats of Sea-Bird-Express offer better flexibility and versatility and are already established, popular and better placed to react to any slack periods of demand.

Things are looking slightly nervous again with the share price and it seems to correlate down with little or no news.

Today was yet another frustrating Monday as it marks another week gone by without any disclosable progress.