Westminster Share Discussion Threads

[youkme] 08/2/2019 14:13

Amazing amount of buying! Huge sell in the pipeline to feed that surely? Don't get caught holding the baby by the shameless rampers peeps

[threeputt] 08/2/2019 08:43

Graham, you should get yourself on lse ?

[graham1ty] 08/2/2019 08:37

Last year the total remuneration for the Board was £623,000.

So this fund raise does not even cover the OUTRAGEOUS board cost

[youkme] 08/2/2019 08:03

Ridiculous ramping on LSE of late.
Remember the names, their in on it imo
Scum

[graham1ty] 08/2/2019 07:20

On admission to the market there were 13.5m shares in issue. There are now 135m. Ten fold increase.

Before admission Peter Fowler held 53% of the Company. At admission, after new shares were issued, he held 34%.

Now, he holds about 4%. Diluted out of existence, like all shareholders

[graham1ty] 08/2/2019 07:12

4/10 £250,000 in placing at 33.5p
4/10 £500,000 in placing at 41p
8/10 £505,000 in placing at 20P
10/10 £1M in placing at 25P
7/11 £625,000 in placing at 12p
4/12 £500,000 in placing at 17p
7/12 £1.4m Loan Note
2/13 £1.48m in placing at 30p
4/13 up to £5m at prices yet unknown
6/13 £1.18m convertible loan note
7/13 £100,000 drawdown from EFF
9/13 £700,000 drawdown from EFF
9/13 issue of 4.6m shares against the Convertible
9/13 £200,000 under the EFF
11/13 £530,000 under the EFF
3/14 £450,000 EFF/new investor
8/14 £1.25m at 40p
12/14 £1m at 25p and 33p ( EFF)
4/15 £2.3m ( gross) from CULS and EFF
10/15 £1m gross from CLN.
2/16 £475,000 Loan Note to Darwin
6/16 £1.3m from institutions at 10p
11/16 £1.1m from Darwin
02/17 £0.6m from a new investor at 11.625p
04/17 £1m from Beaufort at 10p
09/17 £750,000 from Beaufort at 10p
1/18 £750,000 at 22p
7/18 £250,000 convertible at 10p
8/18 £500,000 raised at 10p
2/19 £500,000 raised at 10p

Twenty eight fundraisings since 2010. Raising £24.5m For what ? A company still bleeding cash, still losing money. £3.3m raised in 2015. £2.9m raised in 2016. £2.3m raised in 2017, £1.5m in 2018. And now start 2019 with £0.5m. But however you cut this, it still looks like about £400,000 to £600,000 per quarter just to keep the lights on.

And they still have the Convertible, rolled over in May 2018 at 12% coupon, totalling £2.245m ( so costing £250,000 per year to service........so the raise in July 2018 only just covers the interest on their debt........). And where are they going to find £2.245m to pay that back in May ? Well, they are allowed to roll it over (again) but the coupon rises to 15%......

So, gross raised since 2010 is £24.5m !!!! And what is there to show for that ? At the interims Net Assets were MINUS £313,000 after writing off the ferry. Raise £24.5m and ..........get an unprofitable business and NO ASSETS to show for all of this

Last point. This raise was during a close period. I hope Placees were not given any confidential information ??????

[graham1ty] 08/2/2019 07:04

Here we go again !! Another £500,000 at 10p.

Who are all these gullible mugs ???

[kreature] 30/1/2019 23:46

When’s it due ? And at what price ? Thanks

[graham1ty] 30/1/2019 14:19

First trade below 10p for a few weeks. And that is below nominal value.....

[sclper] 30/1/2019 09:37

Sounds like suppliers are late in producing the goods which isn't very uncommon. At least the client paid in advance.

[graham1ty] 30/1/2019 08:11

“In March 2018 we announced a $4.5m USD contract award to provide several advanced vehicle screening solutions to a high security facility within the Middle East, which we expected to be largely completed by the year end. We are pleased to announce this remains the case with just $224k of commissioning works outstanding at year end, which will be undertaken in the new year.”

They said that on Dec 24th. However, something pretty drastic must have happened as a month later we read “This increase in revenues is despite excluding $2m (£1.6m) of expected revenues relating to the $4.5m(£3.6m) vehicle screening contract within the Middle East, signed in March 2018, which we expected to be largely completed by the 31 December 2018, for which cash has been received from the customer in advance but which missed shipping deadlines and due to factory shutdowns is now scheduled for shipment in February 2019.”

But, hang on, they said it was fulfilled, bar just $224,000 of commissioning work. Now they say that there is still half the contract to deliver and a major, major piece of kit was NOT delivered on 24th Dec, when they said it had been.

Good to see new Board members maintaining WSG standards !

[youkme] 29/1/2019 18:20

"another airport close to signing"

Yep, east Africa was cloe 7 years ago. Not long now

[madmonkflin] 29/1/2019 17:38

That's a decent update and another airport close to signing. If they're doing a good job in Sierra Leone then others will allow us in. Otherwise sell up and invest elsewhere.

[deanowls] 29/1/2019 11:12

Even prisons have to be ran on hope

[graham1ty] 29/1/2019 08:59

“Following a particularly strong H2 performance in 2018 the Group expects to report a 33% year on year increase in revenues to circa £7.2m, an increase of £1.8m on the £5.4m reported for 2017. This increase in revenues is despite excluding $2m (£1.6m) of expected revenues relating to the $4.5m (£3.6m) vehicle screening contract”.

So, the revenue excludes £1.6m of the tech contract. So it DOES include the remaining £2m. The £7.2m includes £2m of the big contract

[wynterwilde] 29/1/2019 08:42

Awaiting signature by government of new managed services contract.....
Thoughts....?

[tax dodge] 29/1/2019 08:27

Excludes £2m. But read it however you want Mr Nomad.

[graham1ty] 29/1/2019 07:32

The £7.2m includes £2m of revenue from the tech contract. So, underlying revenue was c £5.2m, a fall from £5.4m the year before.

[graham1ty] 29/1/2019 07:29

Nothing really of note. The tech contract has been delayed final delivery, so is shared over the two years. They might ( just might) be EBITDA positive, so another big post tax loss. Cash is OK, not quite as bad as thought ( though they have got all the cash up front for the tech contract.

The problem is just no new news. Dangling the carrot of Iran. Dangling the carrot of an African contract. But actual, concrete progress......pretty thin on the ground

[this_is_me] 29/1/2019 07:22

There might not be any jam today but at least there is a thin layer of butter and still the reasonable prospect of jam tomorrow.