Westminster Share Discussion Threads

[graham1ty] 06/8/2019 18:43

If you were a betting man, the contract will not turn out to be as promised. It will be limited in scope, delayed, or not nearly as profitable as predicted. We have no predictions on what revenue will be, and as yet, the LOI has not been converted to a contract.

It does seem a bit a over t to have c100 people on the ground before operations start ? But then what do I know.

As my post a few days ago, it would be the first contract that WSG have signed for a long, long while

[nowenterprise] 06/8/2019 17:50

Are you therefore assuming the Ghana contract RNS will never arrive?

[graham1ty] 06/8/2019 17:32

Time will tell, as you say.

And time has not been kind to holders of WSG......

[nowenterprise] 06/8/2019 17:05

Time will tell, as ever. I wonder what all that late buying was about ...

[graham1ty] 06/8/2019 16:36

The website says

“Scanport-Westminster can offer a wide range of services to such facilities including:”

So it lists lots of things they CAN do, but little that they DO.

And SVS in administration, so it was lucky they got the Placing away before SVS went bust. And what of all the Placees at 10p ? Are they going to be loyal to WSG now the “hand holders” have gone ?

[nowenterprise] 06/8/2019 16:24

They must have the contract in the bag if they're putting this kind of content on their website:



sp can sure swing fast upwards on news with this one ... time to pull up your shorts I reckon ;)

[graham1ty] 06/8/2019 08:12

33p might have been a possibility when there were only 10m shares in issue. Or even with 30m shares, that would have been a £10m market cap.

But with 145m shares in issue now, 33p would be £50m market cap. That is beyond implausible for a company with no new contract for over five years, and with revenue of £6.7m and a pretax loss of £1.5m !!

That is the effect of dilution. On a “per share” basis, each contract is only worth one tenth of what it would have been a few years ago. If they sell the Sierra Queen for £3m ( and that is beyond anyone’s wildest dreams, that is a cash windfall of only 2p per share.

That is how dilution works.........

[jenny tulwought] 06/8/2019 07:10

...and when might that be?

- or when will that be at the very latest?

[nowenterprise] 05/8/2019 09:28

It can sawtooth all it likes, won't mind one bit when it passes above 33p

[graham1ty] 05/8/2019 08:04

The chart is remarkable. Sawtooth pattern. Rapid ramp, slow decline. Again and again and again

[deanowls] 05/8/2019 06:09

Another dilution to pay for a contract to be mobilized. Unbelievable that they are bidding on these contracts, not only a near 7 % dilution but also 10 million warrants.

[hamidahamida] 03/8/2019 18:17

Another Ebola outbreak https://www.bloomberg.com/news/articles/2019-08-03/mozambique-sets-up-checkpoints-for-ebola-along-malawi-border

[enfranglais] 02/8/2019 21:00

Do you live under your drive?

[volsung] 02/8/2019 09:23

My dog died. We buried her in the garden. We were sad for a bit. Should we get a new doggy? I don’t know about that. Maybe in the future. But we might be getting another cat. His name is Asphalt cos he is always going on the roof.

[volsung] 02/8/2019 07:41

I love my cat. She is called Jinx. Do you love your cat?

[graham1ty] 02/8/2019 07:38

East Africa MOU, Nov 2012, delay 81 months
Asia MOU, Feb 2015, delay 54 months
"New country" MOU, Oct 2015, delay 46 months
East Africa 2 MOU, Dec 2015, delay 44 months
MIddle east 1 MOU, JAn 2016, delay 43 months
Border project MOU, Feb 2016, delay 42 months
Iran, MOU and LOI, March 2016, delay 40 months. “Signed” but not operational
Ghana TPA June 19, delay 2 months

That "adds up" to 352 months of aggregate delays, or over 29 years wait !! Nothing new has been signed for Over three years, so that flurry of supposed activity either side of Christmas 2015 has produced absolutely nothing.

Just shows that the MOUs are meaningless, unenforceable, and give no guidance at all as to likelihood or timing of receiving any contract at all. The MOUs cannot be anything more than “yes, let us have a chat about what you might be able to do for our airport security” and no more. Whatever they say, WSG conversion rate is.......er, zero.

The most recent five MOUs are all over three years old. Are they really still talking to these people ? Feb 22 was the third anniversary of the Border MOU. Wonder how that is getting on ? They said three years ago “The authorities in the country concerned regard this project as a high priority and have selected Westminster, entering into an exclusive MoU with them, based on Westminster's reputation, experience and capabilities. In accordance with the terms of the MoU Westminster will now be undertaking a gap analysis and feasibility study prior to finalising contract negotiations.”. High priority !!!!!! What a farce. Finalising contract negotiations!!!!! What a lie !!

[graham1ty] 01/8/2019 12:43

Ramp, get the price above 10p nominal value, raise money, watch price slide.

Rinse, repeat

[graham1ty] 26/7/2019 15:23

Quick question ? Why does WSG have to bear the cost of the machinery up front ? Why are they only paid on shipping the kit ? And for a $3.48m contract, spending a short £1m on kit seems a bit steep ?

Answer: because WSG could not fund it themselves. Have no working capital.

Anyhow, we know how good WSG are at procuring kit, on time, at the right cost. Surely the SQ could be converted to a floating ( note to Editor.....does the SQ float ??) screening platform ? It would be much cheaper to sail that round Cape Horn to Asia ?

[nowenterprise] 26/7/2019 11:31

What a lovely kick in the nethers! PF better get Tema sorted soon, would really be annoying to see this drift again.

Who's buying those 200k chunks?

[graham1ty] 25/7/2019 14:40

At the beginning of 2010 there were 14m shares is issue. There are now 145,000,000

They should do a deal with Accrol and merge

[graham1ty] 25/7/2019 14:35

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
7/19 £1,000,000 raised at 10p

Twenty nine fundraisings since 2010. Raising £25.5m 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 half way through 2019 with £1.5m. 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 2019 at 15% coupon, totalling £2.245m ( so costing £340,000 per year to service..........). And where are they going to find £2.245m to pay that back in May 2020 ? Well, they are allowed to roll it over (again) but the coupon rises to higher......

So, gross raised since 2010 is £25.5m !!!! And what is there to show for that ? At the Finals tangible Net Assets were c£400,000 but that includes a £900,000 deferred tax credit. Raise £25.5m and ..........get an unprofitable business and NO ASSETS to show for all of this

[youkme] 25/7/2019 11:35

Guess we now know why CC exited as well. Stinks

[youkme] 25/7/2019 11:32

Someone going to have to work hard all over again. Keep an eye on the names.
Same old

[youkme] 25/7/2019 11:16

yep. PF has bought another year until the next AGM though.
Amazing skills, got to give it to him.