Westminster Share Discussion Threads

[kreature] 29/1/2017 22:49

The princess boat is nice but personally I wouldn't want to risk crossing the water in a boat that small. I just can't see that service making a profit, particularly if the boat is rented. Back to 5p imo. ATB

[followtheleader] 29/1/2017 16:08

78andy. You haven't quite grasped it yet.

One minute you have a cash pile and an investment in WSG. Then the Board goes to Darwin again and within a short space of time you have less than half that cash pile and investment. Noone believes one word that comes out on the bumbly towers RNS's.

Nobody is throwing good money after bad into WSG anymore. It'll either be the real deal or the next begging bowl.

[78andy] 29/1/2017 14:59

U.K. Turkey trade deal" Mrs May and Mr Erdogan also discussed Cyprus, Syria and aviation security. "

[78andy] 29/1/2017 14:58

Last resistance level was 13 before xmas this last resistance was 14.5 To me an upward trend heading our way Gla

[followtheleader] 29/1/2017 10:37

I can see it also andy.

Off about 10p possibly which imvho is about true worth given no progress and months passing by. You can't deny its trending down. 30p to 21p then back to 15 / 16p in the last few weeks.

The question you always need to keep firmly in the back of your mind with WSG is the cash burn rate and where the share price will be heading next if they have to come back to the market for even more money.

[78andy] 29/1/2017 09:13

Nice bounce next week

[followtheleader] 28/1/2017 13:26

I'm happy to be proved wrong but with so much competition already existing I just don't see the "ferry" bringing home the bacon.

[followtheleader] 28/1/2017 13:23

petebean

I am surprised that you hadn't linked Theresa Mays visit to meet the US President with WSG somehow being involved in building the border fence between the USA and Mexico. "Remember Mr Trumps words - America first, America first, America First"

The months are now passing by and the Darwin monies raised will be getting spent. If not already, it shouldn't be too long before minds focus back again on finances.

I'm Happy to be proved wrong but with so much competition already existing I just don't see the bringing home the bacon.

[petebean] 28/1/2017 10:36

PM Theresa May in Turkey...

"May’s spokeswoman said increased security cooperation, especially on aviation, and a new trade relationship post-Brexit would top the agenda at the talks."

[graham1ty] 27/1/2017 16:05

Long term and complex contracts take a quality of company that does not exist here......

[followtheleader] 27/1/2017 16:03

I suspect that may be the case also but then whilst you have a PI shareholder base who believes everything they are told and walks blindly from one capital raising and dilution to the next then what really do you expect.

There are complex deals being done every day (Tesco - Booker deal announced today for instance). Just sadly not where WSG are concerned.

[petebean] 27/1/2017 15:13

I suspect many of us lth investors are getting fed up with the doom and gloom..
Thread quiet.. long term and complex contracts take time that some here cannot cope with..
pb

[abergele] 27/1/2017 14:55

well someone has to,
if you are referring to me that first line,
if all you can come out with is doom and gloom mate..

[followtheleader] 27/1/2017 14:13

That old chestnut. Of course you did.

The unfortunate thing is that when you start talking about post contract expenditure, and this following on from contract negotiations being largely completed and resolving the last remaining issues asap, you create an expectation that things will cross over the finishing line in a very short space of time. Almost predictably this is not the case with WSG.

It is now 2 months and 5 days since the Darwin RNS and in March 17, as has been pointed out by others, it will be coming up for 1 whole year from when the MOU first got announced for the Middle East.

Sadly whilst nothing is being achieved any business costs money to run and any cash pile depletes and as time progresses investors will focus on this as particularly if things start to look tricky.

I hope it comes good for you but the previous track record is there for all to see.

[abergele] 27/1/2017 13:15

a few more buys now,
topped up myself,to get the averages better,,,gla Lths

[graham1ty] 27/1/2017 13:13

Follow, in the past they used the excuse "we just need a bit of working capital" and that was the line in about 2010-2013 ( see post 12208) Then they realised with a burn rate of c £600,000-£1m per quarter that actually it was more credible to say "give us quite a bit more and we promise this will get us through and be the last Fund raise". But then that wore thin as well.

If the contract was so close, then they could have done a small Placing, knowing that an announced contract would send the price to 40p+ and they could do the next raise easily. But the main problem, is there is nowhere else to go other than Darwin. They have fundraised 21 times, so that is 21 visits to the City, 21 rounds of twisting arms. Who else is there to see ? I think HH took the 10p stock last time, not because they particularly believe the story, but because it was so damned cheap, it was like an option on getting the contract. But that was last June. HH bailed them out when the share price was in severe danger of going to zero. But now, 8 months on, do you think HH believe a single word they are told ?

[followtheleader] 27/1/2017 12:12

If further passage of time is accompanied by no breakthrough with the Middle East or less than satisfactory start up of the ferry then you have to expect the share price to weaken further. Its getting make or break on the next news front imho.

The WSG Darwin funding route I also gave more thought last night and I cannot help but feel that if Fitbug could raise a lesser amount than Westminster did, through a placing then that would have to have been the far better route for all existing holders. Any views on this?

[saucepan] 27/1/2017 12:00

Exited my small punt when 15p failed. Price action now, beginning to look like Company death throes?

Excellent posts in recent days, as always, Graham.

BTW: I am not sure why post 12400 was made, but the text is taken from a 2011 RNS. Look what was implied there in terms of further megabucks action, and consider what has actually transpired!

[abergele] 27/1/2017 11:28

The 55k blue is a sell in my estimation,delayed,and I interpret a roll,there 12.5k'after that trade,all pulling the share backwards.

[graham1ty] 27/1/2017 11:12

It is extraordinary there has been no announcement of conversion by Darwin. The original RNS said that at 21.75p there would be issued about 6% more shares. On current issues capital of 87.1m that would be about 5.2m shares. However, that was not quite right as Darwin gets shares at a 10% discount, so when WSG quoted a 6% issue at 21.75p, it should actually have been an issue at 19.6p, and about 5.8m shares needed.

But what now ? At 14p, Darwin can convert at 12.6p. That is nearly half the level of the illustration they gave, and at that level about 9.5m shares are needed ( £1.2m divided by 12.6p) which is 11%'of the current issued capital.

But look at the number. This means they have to pre-place ( forward sell) 9.5m shares ! Blimey, the share price is down a penny today on just 200,000 traded. Imagine where the share price will be once they start selling !

[followtheleader] 26/1/2017 14:36

G1TY. I don't necessarily think the foundation was a bad thing as you have to put money back into the community and worthy causes and this seems fitting. In any case the amounts are small and you couldn't buy advertising for that money.

What does though concern me is that it has now been 2 months and 4 days since the company got involved with Darwin for post contract expenditure etc. I am just wondering at previous burn rates how long it would take for the company to get through these monies.

Also on another note it is no secret that yet again involvement with Darwin has savaged the company share price. Would the share price not have been far higher if they had done as say Fitbug has just recently done (25/1) which was raise to raise £1Million by way of a placing? Say off a 30p starting point.

I am no financial expert but surely off that level even if say it was at a discounted 25p rate that would have been a less dilutive route?

[graham1ty] 26/1/2017 08:14

On LSE, someone has found a link to the Westminster Foundation. Do you recall the announcement that WSG was laudably going to do its bit for Sierra Leone. Presumably they made as much noise about their heroic contribution.

A quick look at the Charity Commission shows a different story. First, the Trustees are four, including Heidi and Joanne Fowler. Keep it on the family.

Secondly, total donations for 2015 ? £1500 !!!!!!! They received donations ( from who ?) of £4481 and spent £1500. Now, call me old fashioned, but that is not going to make a vast amount of difference to anyone.

Lastly, I wonder how much the legal cost was of setting up the Foundation ? I bet it was a hell of a lot more than £1500 !!

[followtheleader] 23/1/2017 21:56

youkme

I have my own views on all of this and am not surprised in the slightest that there hasn't been any ME announcement. I just hope for all investors that things are not solely resting on the ferry turning a profit and Westminster becoming self funding off the backof the one ferry. There is a lot more competition in SL than I had thought and Sea-Bird-Express look very well established, popular and profitable. I cannot see them wishing to concede any territory. The two additional ferries I would think will dilute any market share and profitability further.

Wdik