Westminster Share Discussion Threads

[kreature] 17/4/2018 23:53

any update on the big ferry boat and the EA thing and the massive pipeline of stuff?

[graham1ty] 15/4/2018 07:56

Even the bulls are getting bored. Not one comment on LSE since Friday evening ( or LSE is down)

[graham1ty] 11/4/2018 20:14

WSG Board been “on standby” since July last year. Puts Ryanair to shame !!!

[someuwin] 10/4/2018 15:22

Recruiting Female AvSec Trainers

10 Apr 2018

Westminster International Ltd. sister company Westminster Aviation Security Services Ltd. (WASS) are recruiting additional female trainers for overseas training projects.

To find out more please visit the WASS vacancies page.

[dubian99] 10/4/2018 12:04

Words fail me here, maybe PF could help he's got a fking amazing thesaurus

[graham1ty] 09/4/2018 15:21

I remember a conversation on here almost exactly a year ago. If you were the client, would you want to see WSG results before you committed ? You know ( because you can see) that they have needed multiple fundraises, but you are worried about the rest of the WSG business as you can see massive losses for years. So, why not demand you see the 2017 results before you commit ?

“Please can you show us yr latest balance sheet, and latest results”
“Will not be out for another two months, so sorry, no”
“You mean you have no audited figures yet for 2017”
“No, sorry, not for over two months”
“Well, we will wait until they are out. We think that, with the Sierra Queen write down, you are going to report a loss of about £3m ?”
“Can’t tell you for over two months”
“Do you have any internal accounting function at all ? How come it is almost six months after the period end before you get audited figures out ?”
“Can’t tell you. Wait for two more months”

[youkme] 08/4/2018 19:15

Nop. Not at all. Can only convert if price is at or above imo]

Agree with your second point though but would change "once" to "if" imo

[balaura] 08/4/2018 17:18

The debt is to "incoming investors", which is actually a good thing. They may actually keep the WSG shares! The debt to Darwin has been paid in full.

[balaura] 08/4/2018 17:12

Also, once WSG signs the £25m pa contract....Darwin and their unsecured expensive loan nightmare will be a thing of the past. Because the future is not "insecure".

[balaura] 08/4/2018 17:07

I don't think so, but any fellow investor could step in if it's not true. The debt is either £2.2m or 6m of shares, irrespective of the actual price. This is because the number of shares they get for 2.2 m has been agreed when they issued the CLN (35p per share, which was discounted price at that time). The price of 35p was not negotiable when WSG used the same facility later on, when the share price was lower. Instead, WSG had to pay a bonus in shares to get a further £1m:

28 October 2015


Westminster Group Plc:
Issue of Convertible Loan Notes raising £1.00m

Westminster Group Plc is pleased to announce that it yesterday signed agreements for the issue of secured Convertible Loan Notes ("CLN") to new strategic investors, raising £1.00m gross. The CLN facility was originally set up in June 2013 and was varied in April 2015 to attract incoming investors and to extend the repayment date to June 2018. The key terms of the loan notes are:

• Maturity Date June 2018
• Coupon 10% per annum payable quarterly in arrears
• Conversion price 35p

To attract these incoming strategic investors 1,142,856 new 10p ordinary shares ("Ordinary Shares") have been issued as a bonus to these incoming investors to reduce their average price to 25p from the 35p conversion price in the instrument. The average price of 25p represents an approximate 105% premium relative to the mid-market closing price on 27 October 2015.

[youkme] 08/4/2018 08:10

Yes but if the share price is where it is it will take far more shares to repay the 2.2m. It can only convert at 35p if the share price is at or above that price.
So as you say 2.2m in cash or X number of shares depending on what price share price Angel can get them away at imo. Couple that with the "keep the lights on" and circa £3m might not be an unreasonable amount. Can share price Angel get that much away? Who knows.
Nominal value at 10p darwin might well be interested AGAIN imo
Market cap £26m, as I say considerable dilution can be expected just imo

[balaura] 07/4/2018 18:58

I would happily take a 5% or even 10% dilution (to finance the ME contract-related stuff), if the share price is 100% higher at that time than it is today.

[balaura] 07/4/2018 18:54

They don't need Darwin, but an instant 5% dilution.

[balaura] 07/4/2018 18:47

WSG needs to either re-pay £2.2m in cash or in 6.4m shares (@35p fixed conversion price, irrespective of the actual SP). That's more of a 5% dilution, since there are 125m shares in circulation.

[harleymaxwell] 06/4/2018 09:36

Nice buying

[youkme] 06/4/2018 08:21

So 10% of current market cap needed within a matter of a couple of months imo. And nothing to do with ME contract. Darwin anyone?

[youkme] 06/4/2018 08:21

Its what BBs are for imo.

[threeputt] 05/4/2018 20:49

Is that a jaw I hear dropping ? or maybe it's a pin......

[graham1ty] 05/4/2018 15:53

Bronco, look at the last finals. There are Convertible Loan Notes CLNs and Convertible Unsecured Loan Notes CULNs.

The CLNs are still outstanding

[broncowarrior] 05/4/2018 15:43

At the end of the period, the Group had a convertible loan note outstanding with a principal of GBP2.2m (H1 2016: GBP2.2m) and an amortised cost balance of GBP2.1m (H1 2016: GBP2.1m). The coupon is 10% payable quarterly in arrears, it has a conversion price of 35 pence and is repayable in June 2018.

Plans are in place to raise further funds to support the anticipated Middle East Managed Services contract and other potential new Managed Services contracts and we expect to complete this exercise in Q4. This fundraising will take into account the June 2018 repayment date of the convertible loan notes.

The final convertible loan notes issued to Darwin Capital Limited were converted to equity in April 2017.

[youkme] 05/4/2018 15:15

"At the end of the period, the Group had a convertible loan note outstanding with a principal of £2.2m (H1 2016: £2.2m) and an amortised cost balance of £2.1m (H1 2016: £2.1m). The coupon is 10% payable quarterly in arrears, it has a conversion price of 35 pence and is repayable in June 2018."

But according to some we talk bull

[graham1ty] 05/4/2018 14:54

Er, apart from the ones referred to in the interims as needing repaying in June 2018.

Er, the £2.073m on the balance sheet at the interims

Nothing else

[broncowarrior] 05/4/2018 14:38

Events after the Reporting Period

-- On 1 February 2017, 2,228,367 ordinary shares of 10p each were issued at a price of 13.462773 pence each pursuant to a conversion of GBP0.3m of CULN

-- On 28 February 2017, the Company raised GBP0.6m (gross) of new monies by subscription at a price of 11.625 pence per ordinary 10 pence share and consequently issued 5,161,290 new ordinary 10 pence shares. On the same day Darwin Capital Limited exercised a conversion of GBP0.4m of CULN at 11.625 pence per share resulting in the issuance of 3,440,860 new ordinary shares

-- On 4 April 2017, employees exercised 55,000 share options which were originally granted on 5 April 2007 and had an exercise price of 10p each

-- On 18 April 2017, 10 million new ordinary shares were issued at 10p each raising GBP1m gross to support the development of the Company. On the same day Beaufort Securities Limited were appointed as joint broker and their annual fee of GBP25,000 was settled by the issue of 250,000 new ordinary shares and the issue of 100,000 detachable warrants with an exercise price of 25p and a life of five years. As part of the placing commissions, Beaufort were issued with a further 0.5 million warrants with an exercise price of 10p and a life of five years. On the same day the final GBP0.5m of convertible loan notes issued to Darwin were converted at a price of 10p. A condition of the placing was that Westminster agreed with Beaufort not to enter into arrangement for similar loan notes for six months from the date of this placing.

There are no CULNs left....