Westminster Share Discussion Threads

[someuwin] 07/7/2017 08:13

Tick up on low volume.

[runwaypaul] 06/7/2017 12:13

v nice.

this is how its done.

[someuwin] 06/7/2017 11:30

No buy quote - even for small amounts.

[someuwin] 06/7/2017 11:24

Moving up again.

[youkme] 05/7/2017 17:58

Graham- should be well north of the 10p.
Managed to swing it again for another year with another set of investors. Cash call is coming though for sure

[someuwin] 05/7/2017 13:39

Good volume today.

[graham1ty] 05/7/2017 13:02

Should be able to get the next Placing away above 20p

[runwaypaul] 05/7/2017 12:02

lovely.

making me richer.gl

[saucepan] 05/7/2017 11:59

WSG seems to be under serious accumulation. Very different buy and sell patterns and online availability in recent days to anything I have encountered during a long period of following WSG.

[daicaprice] 05/7/2017 11:48

The info brought a few buyers out as well, assuming we don't get the contract news before the weekend we could be looking at 24p by close Friday.

DC

[saucepan] 05/7/2017 11:23

Thank you, Nick; most reassuring and consistent with other reports.

[daicaprice] 05/7/2017 11:16

Yes thank you, a nice read.

DC

[someuwin] 05/7/2017 11:15

Cheers nick. V useful.

[nick2412] 05/7/2017 11:01

Notes from AGM. DYOR etc. :-

A very reassuring AGM. I find AGM’s very revealing in terms of seeing and hearing the board in person rather than just looking at the cold print of an RNS. It’s incredibly useful in terms of getting hard information and, particularly for me, getting a ‘feel’ for how things are going along with subjective interpretation on integrity and such like. Note to myself :- I must attend more AGM’s.

I went with an open and slightly sceptical mind. After speaking with them both, I was impressed in particular by Martin Boden the new FD for his background and contacts with the likes of UKEF and Peter Fowler. PF came across as honest, open and driven. He has, of course, significant skin in the game and I sensed his controlled excitement at being close to achieving the breakthrough we have all been waiting for. Some much longer than me of course.

Anyway, enough of the preamble. Here’s my notes. Thanks to Razorman (on LSE) for his word for word accuracy and all the others who attended for their notes. I was scribbling whilst listening, so, if there are any differences in quotes, please take Razorman’s version as gospel.

Directors share purchases :- “We would like to buy shares now”. There was a distinct emphasis on ‘now’. PF used these words to emphasise “believe me” if we could buy now we would and “sincerelyR21;.

LOI and MOU’s. PF explained the difference between an MOU that provides for a ‘general understanding’ of intent and and a LOI which is the next stage up and it highlights “substance from a client” … an “intent to end up in a contract situation.”

ME contract :- They expected to sign the ME contract several months ago but the scope was increased significantly. It has been “extended to other areas” and the additions are “substantial / complex”. The zero cost of funding for the client due to payments added to airline tickets is extremely attractive to the client.

A question was asked about exclusivity of the LOI and PF said “emphatically yes” but it is not “enshrined in law”. It transpires, however, the client wants it done as much as Westminster. The client spends a lot as well and has a vested interest in it not collapsing. “They want to get it to the finishing line as soon as possible.”

PF gave some detail on the work involved regarding the ME contract. Infrastructure : “Complex supply chain… majority in place”. “ Will everything be in place by the time we sign the contract? No” “Enough to sign the contract? Yes”

Sometimes PF used the word “when” we sign with regard to the contract and, no doubt feeling the presence of the obligatory pantomime villain NOMAD in attendance, belatedly added the usual caveat.

PF on expenditure for the contract :- Yes some money (I think it was circa 220k in the accounts) has been spent on the ME contract but they are “spending to produce” high growth. Westminster could be “a very profitable small security group” with slow growth. PF (obviously) prefers the high growth route. In terms of valuation / share price he later added that he has an exit route and it is substantially above two pounds.

Germany Office:- There is a “strategic reason” for it. They can’t say the reason now but it will become clear once the contract is signed. It’s not the main reason but in the context of Brexit it is useful to have an off-shoot in Germany. It will provide strategic support in areas such as finance.

Travel to ME contract country is “on standby” “.. “ expecting to go fairly soon”. My own thoughts are that that the end of Ramadan is significant here and they have been awaiting this.

PF said shareholders should be cautious about over speculating on the contract location etc. and clearly the country in question have wanted anonymity so PF is very conscious of adhering to and respecting that.

Ferry business:- There was some frustration of a missed opportunity. A ferry service was needed as the existing ones were so poor and airlines were threatening to pull-out. The SQ damage gave the competitors a chance to improve. Prior to that the SQ could have mopped up pretty much all the business. Competition still does not match the quality and service of the Sierra Princess and they charge exactly the same price but they were able to get in with travel agents etc to take substantial business. SQ needs an engine service but realistically it’s not viable in terms of numbers for the shorter route to and from the airport so longer trips are being looked at. Westminster now have very good staff running things and, from post formal meeting chat, I discerned they will turn things around with measures in hand but it’s the managed services division (airports / port security) that is key with this Company. There is as PF pointed out a 200,000 captive market.

SL Lungi Airport :- Top 20 airline praised the security provided by Westminster and is looking to begin routes to SL.

There is an annoying tax that is nothing to do with Westminster added to tickets for incoming passengers to SL and it’s related to the immigration system. PF pointed out that air tickets are expensive anyway to SL and, whilst this added amount is an annoyance, he asked rhetorically ’do passengers stop flying?” Not really, no” was his conclusion. His personal view was that eventually the tax will be removed.

SL is a profitable route for the airlines and passengers are increasing.

SL contract renewal for Lungi airport is 2020 and, since Westminster have ”massively improved security” during testing times and the ebola crisis, then PF was “pretty damn sure of renewal.”

Border contract :-

Still live. Same region. Not the same client as ME contract. Couldn’t say too much as “Current intense negotiations.”

Shareholder information :- PF said from the beginning he has always wanted to engage with shareholders . This was very clear by his open and shareholder friendly approach at the AGM. The Company, however, was deluged by questions and had to take a step back. In answer to a query by a shareholder PF said they will consider doing a Q & A feature on their website. I suspect right now they are wholly focused on the ME contract conclusion.

[someuwin] 05/7/2017 09:37

...Yup - you've got to be in it to win it.

[pilkersa] 04/7/2017 16:16

Very weary about investing here but have taken a small punt just in case contract comes through. Would kick myself if i missed out on it.

[runwaypaul] 04/7/2017 16:03

no rush.....

[someuwin] 04/7/2017 15:03

Yup - after years of waiting we are now very close to payday. imo.

[saucepan] 04/7/2017 14:50

I don't post on the LSE board, but post 169 by "Eskers" is particularly significant in my view: a terrific piece of sleuthing. Circumstantial evidence, I would contend, as strong as it gets.

Things look very good here finally(??)

[saucepan] 04/7/2017 09:14

Averaged up in two tranches, yesterday and today. Some excellent, detailed, feedback from the AGM circulating.

Had difficulty buying online on both occasions - so seems there is demand for stock. Chart bowling up nicely.

[daicaprice] 04/7/2017 09:12

Brisk little start again.

DC

[youkme] 04/7/2017 08:27

Déjà vu, how many times did "someone" from the bod fly out to the EA contract for "final" negotiations lol, as long as a few make money though, its all fine

[daicaprice] 03/7/2017 11:47

Cleared a few in profit, should attack 20p from here if we can sustain some volume.

DC

[ianb5004] 03/7/2017 10:49

Crack 17.5 and break out.