Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
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I think you are on the right track their Mike. One might suspect following
1/. 8 years of excellent service right through the Ebola crisis WSG might have spotted added services they could offer
2/. Baldry's visit to the country meeting the new `president.
3/. Hosting and sponsoring a Business development conference in London for SL
perhaps both sides are seeking to change the contract...hopefully grow services and extend the contract....now that would be very RNSable
Human - yes I’m sure the SL government were thinking of Christmas decorations and totally forgot about the 7 year break clause.
Whatever way you look at it from WSG perspective it’s a massive win. If SL were unhappy and pulled the plug, we’re all f..ked! Yes TEMA looks promising and almost signed (eventually) but it’s the current contract that has kept us afloat.
Hmmmm.... a little bit more thought.
You would also expect that at the end of the term,... that might be the appropriate point to re-negotiate the contract in respect of fees/services etc.,? ..... and perhaps that is what is happening now. The contract has been 'rolled' over whilst these negotiations are on-going and perhaps we will in fact have a new contract, in due course,..once these issues have been agreed??
The Freetown contract is our single most valuable Managed Service contract.. and the only with significant recurring revenues. If it has been extended, effectively by default, as the break clause has not been actioned by the SL Government then it would, in my view,... absolutely be material to the on-going financial projections of WSG in the short and medium terms. On that basis it has a material effect of the sp and should be RNS'd. Perhaps we are awaiting some official governmental paperwork,.-- who knows?.. but if the BoD have discussed it ... and decided not to RNS this info,..then I believe that to be a poor and incorrect decision. I could make an argument,... for letting it be quietly 'extended' in this manner,.. letting it go 'under the radar'.... might be a good tactic... ie this being Africa,... let's not open up the "why hasn't this been re-tendered".. "why let this foreign company' take all the profits etc.,... you get the gist,... however..... for us it is material news.
Maybe he’s too busy trying to win us new contracts to give 2 hoots about the 1 contract he knows is in the bag. I guess for him it’s not big news. Yet Ghana would be big news
HB: I suspect the argument would be that it’s not news. It’s not an extension (good news) as it is a failure of the client to use a break (so an absence of bad news). I wouldn’t be RNSing an absence of bad news as it implies that you’re really pleased they didn’t fire us.
Just sums up their PR tactics to me - F...img useless. Massive positive news for any business as current and factual.
Cheers for clarifying.
If it doesn't require an RNS then publish this on the website.
He know's it's on us long suffering shareholders radar and so why not give us the good news...even if it is not material enough for an RNS.
Put it this way...if the SL government had decided to not extend the contract for another 7 years, that would be a material change to the business and would need to have been RNS’d.
The deadline passed 2 weeks ago so they have clearly extended the contract.
A continuation of a contract is prob not deemed a material change to the business, so no need to RNS it.
Obviously you and I would love it to be RNS’d as it’s good news and would give the sp a kick in the right direction.
I find it hard to believe that the biggest contract on our books, that could come to an end next year, has been extended for 7 years and it not worthy of an RNS. I find that hard to believe that PF thinks that's not worthy of an RNS. Sorry Tosh but ….
Did he confirm to you that it WAS extended?