Westminster Share Discussion Threads

[nowenterprise] 04/11/2019 10:25

Graham, just how much are you short mate? lol. Not too much hopefully, you're playing a risky game.

[graham1ty] 02/11/2019 07:32

When is the next Placing ? As below, WSG burns through £400,000-£600,000 per quarter. The July Placing was to pay for the kit needed at Tema. The RNS said that less than 10% was being used for working capital.

At June 30th half year they had £300,000 left. Add on about £100,000 as above, and they have only £400,000 to survive on in 2H. Well, if they use £400-600,000 per quarter.....that has gone.......

So, imminent over bullish RNS, get the price temporarily above 10p ( that is the nominal value, so they cannot issue at less than this) and get another Placing away ? I am not sure how else they can survive.

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

[dbnout76] 30/10/2019 12:37

FFS Come on Peter!!!

[barpy] 20/10/2019 22:16

So what’s been happening recently?
Seven years and eight months since a meaningful contract

[enfranglais] 10/10/2019 17:36

The share price chart probably looks like Baldy`s heart monitor!!!!!!!!!!!

[graham1ty] 08/10/2019 18:10

“In March this year, following several months of discussions, we entered into a Technical Partnership Agreement with a Ghanaian company, Scanport Ltd. with the aim and purpose of entering into substantive negotiations with Meridian Port Services Limited ('MPS') regarding a contract to manage, operate, maintain and upgrade, as necessary, the container screening services at the new Tema Container Port in Ghana, West Africa. Westminster's role as technical partner is to provide the requisite expertise and management of the operation.”

“Given the imminent opening of the port and the need for preparatory operations to commence immediately, I am pleased to report that Scanport has now received a letter of intent with MPS acknowledging Westminster as the Technical Partner and setting out the preliminary terms regarding the appointment and scope of work. The document confirms exclusivity whilst final rates and the formal agreement are finalised, indicating this should be concluded within 30 days.”

So, after “several months of discussion” they first mentioned this in March. “Several months” must take us back to late last year.

So, it must be coming up to a year since they started negotiating.

Mind you, that is nothing compared to most of the “urgent” prospects

[dbnout76] 08/10/2019 10:02

Now why doesn't that surprise me....'We would of loved to of delivered this company changing contract, but due to circumstances outside of our control......blah blah blah'

[dbnout76] 08/10/2019 09:43

What are the chances of getting this port contract signed before Xmas?

[graham1ty] 06/10/2019 17:43

East Africa MOU, Nov 2012, delay 83 months
Asia MOU, Feb 2015, delay 56 months
"New country" MOU, Oct 2015, delay 48 months
East Africa 2 MOU, Dec 2015, delay 46 months
MIddle east 1 MOU, JAn 2016, delay 45 months
Border project MOU, Feb 2016, delay 44 months
Iran, MOU and LOI, March 2016, delay 42 months. “Signed” but not operational
Ghana TPA June 19, delay 4 months

That "adds up" to 368 months of aggregate delays, nearly a 31 year wait !! Nothing new ( apart from Ghana) has been signed for almost four years, so that flurry of supposed activity either side of Christmas 2015 has produced absolutely nothing.

Just shows that the MOUs and LOIs 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 coming up to four 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] 02/10/2019 18:48

No news ????????? Are you serious ?

There has been no news for seven years ( apart from a leaky boat).

Promises yes, hundreds. Fundraising’s, yes, scores.

But news ?? You havin a larf ?

[whocareswhats] 02/10/2019 18:09

Wished they would get a move on fed up with jam tommorow . I can see a drop to 8p soon if no news

[graham1ty] 30/9/2019 08:12

Trading below 9p ? But surely when the sell the boat to Iran, the American iconic bridge contract will be signed in Lungi ?

[james1955] 18/9/2019 18:20

Another Jam tomorrow RNS... Now that they company has spoken they will remain quiet for the next 2 months... share price will fall in that period.

[graham1ty] 18/9/2019 12:38

Oh yes, and seven MOUs, all so far unprofitable

[graham1ty] 18/9/2019 12:30

Philip, did you miss the ferry RNS ? The most unprofitable contract Imaginable.

About five years after they signed it, with great razzmatazz, they are still dealing with the legacy: a useless boat stuck on the balance sheet. Total losses must be £3m-£5m.

[philipc240] 18/9/2019 12:25

Agreed shame no detail on contract value - but just guess Graham1TY - if it wasn't profitable I can't imagine they'd be happy with principles of the deal? Unless I missed RNS saying objective was non-profitable deals.

[graham1ty] 18/9/2019 09:07

It is still imminent. Go back to the Latin meaning of the word from “imminere̶1; which is derived from immino , a snowball, and “ere” to be or exist in hell

[alphapig] 18/9/2019 08:50

Or whether it will ever be signed. Got sucked in years ago when a major contract was 'imminent'.

[graham1ty] 18/9/2019 08:07

Fill your boots. WSG is working on a contract.

Unsigned. So, over three months work done even before they know they have got it.

Unquantified. We have no idea what it will be worth to WSG and whether it will even be profitable.

[graham1ty] 06/9/2019 07:32

East Africa MOU, Nov 2012, delay 82 months
Asia MOU, Feb 2015, delay 55 months
"New country" MOU, Oct 2015, delay 47 months
East Africa 2 MOU, Dec 2015, delay 45 months
MIddle east 1 MOU, JAn 2016, delay 44 months
Border project MOU, Feb 2016, delay 43 months
Iran, MOU and LOI, March 2016, delay 41 months. “Signed” but not operational
Ghana TPA June 19, delay 3 months

That "adds up" to 360 months of aggregate delays, Exactly a 30 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 and LOIs 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 !!

[kreature] 04/9/2019 17:56

How much was the boat sold for?

[kreature] 03/9/2019 07:37

Did the new propeller fit ?