Westminster Share Discussion Threads

[graham1ty] 01/3/2020 16:44

Dodge, mind the language. We all think he is an overpaid loser, but no need to lower the tone. Can you remove that ?

[graham1ty] 01/3/2020 08:14

I love that the RNS said they had reduced their debt by paying off 25% of the Convertibles.

Well, they may have reduced the liability side, but it had to be paid for by the Placing cash, or the debt facility......so no reduction in net debt at all.

They also say that it will reduce financing costs as the coupon was 15%. But the new facility has a 0.75% arrangement fee, a 5% drawdown fee and 6.5% interest. Now, call me old fashioned, but that adds up to 12.25%. So, they save 2.75%. Which is about a £15,000 finance saving. Per annum.

Well, the finance cost at the interims was £503,000 for six months, so annualised, just over £1,000,000...........WSG has £1,000,000 going out of the door in interest. And £15,000 saving is hardly going to be noticed

[graham1ty] 01/3/2020 08:07

Dodge, they used Riverfort as they have been to every single other show in town. The last brokers went bust, and there was nowhere else to go. They used Darwin exhaustively c4 years ago, and that was disastrous.

When you miss yet another target, promise and fail to deliver another target, you get pretty desperate.........

He must have meant February 2021 for Tema

[dave4545] 28/2/2020 10:19

I think compared with others the drop is very harsh

The mm's seem to ignore the buys but drop on any sales

[dodge_city] 26/2/2020 15:02

They need to dilute to the value of £150k per month to pay Riverfort.

It's in Riverfort's interest to get the share price as low as they can to get more shares.

Riverfort are forbidden from shorting, ha ha ha, only an idiot like the clown that runs this company would believee that.

[dodge_city] 26/2/2020 14:55

6p is coming imo.

[my retirement fund] 26/2/2020 12:48

I agree, they are worth zero. Its been clear its little better than a scam. AIM should have awards for companies that tap the market for the most money and an award for the one that manages to do it for the longest. This sham would have probably collected several trophies along the way.

[graham1ty] 26/2/2020 09:07

If they do not sign Tema, the writing really is on the wall for WSG. They have raised over £25m over ten years and have one small airport contract.

Look at the Balance sheet and “Retained Earnings” Are MINUS £23.3m. For anyone unfamiliar with accounting, that is the cumulative total losses. Yes, they have lost £23.3m of shareholders money.

The shares are now below nominal value. There is no reason why they should not fall to zero

[this_is_me] 25/2/2020 20:01

From yesterday's RNS:

The Company announced on 23 January 2020 that it had commenced a staged redemption programme of the Company's existing GBP2.245m CSLN, initially issued on 19 June 2013 and amended on 22 May 2019 and which currently carry a 15% coupon. Holders may elect to convert their CSLN at 10p per share in place of cash redemption.

If the selling price stays below 10p until the rest is bought back we avoid around a 17 million share dilution.

[dodge_city] 25/2/2020 14:00

If contracts are signed then it will recover and the rest of the debt can be cleared at a higher price.

Until those CLN's are cleared the share price is likely to be throttled back unless he gets another big contract sorted.

[tole] 25/2/2020 13:35

Yes good call dodge.. although i'm more for calling the bottom being close to here for now.

hxxps://www.proactiveinvestors.co.uk/companies/news/222504/westminster-revenues-rising-as-tema-contract-ramps-up-222504.html

[dodge_city] 25/2/2020 13:15

Of course it is, it's being heavily shorted by the guy who runs this outfit's mates.

I told you a couple of weeks ago this would happen.

6p here is a real possibility.

[tole] 25/2/2020 13:04

Added a few more here.. share price getting trashed at the moment.

[dave4545] 25/2/2020 12:00

I keep adding but it is painful atm on paper but then I think of the history of this stock and how many times it spikes from 10p to over 15p sometimes 20p

Just a case of riding it out

[graham1ty] 25/2/2020 11:35

Dodge, yr comment two above No 104 was a bit unnecessary......language please !

[dodge_city] 25/2/2020 11:25

How far are they going to drag this down to clear those CLNs.

[graham1ty] 24/2/2020 14:36

Below nominal value now. Oh dear

[dave4545] 24/2/2020 14:34

25k at 10p now jeez

[dave4545] 24/2/2020 14:32

500k of sales hit them when mm's had no stock

It's a hard life being a mm, whichever position they are in pi's help them out