Member Info for AIMing_high

“We expect” and “done deal” are hugely different things.

WSG have always been very careful not to over promise. They just over imply. Or over insinuate or over suggest.
They absolutely do not make categorical statements....this is yet another example of that.

He didn’t state that bamb

The numbers are nice, but they’re not exactly a shock. We knew from the full year numbers and what happened in H1 that we’d be way ahead of last year.
No mention off Africa, no news on Iran, nothing new on Ghana apart from the exact number of containers that we scanned (for free ;-)). It wasn’t very informative, hence the lack of price movement.

The market seems to agree with me, if it was surprised by the numbers there would have been a rise today.

I’m not complaining, aim shares don’t tend to do much on results as it’s the Jam tomorrow RNSs that the investors want and what moves the SP

RNS with not any really new information, Over 1.5m shares taded....no change to the bid.

Back to the waiting game.

Thanks Vander. Will be interesting to see how many more they purchase as the port grows. Whilst it seems that the current 4 can handle the stated max capacity of 3.5m, I suspect they need a bit of wiggle room, given that the containers will not arrive perfectly evenly spread over the year.

As an aside, I never thought the scanners would be limiting factor currently. It’s the lack of containers that limits the scanning at the moment. I’m sure it will increase nicely thoguh

42: yes, they often did. But we were never actually doing the work. Iran was only “Iran” rather than “the ME contract” until it was signed and then it was clear that we were some way off.
Africa seemed good when we had signed at the request of the client......but again we never even nearly started work,..never even knew which country it was.

I agree that the market has next to no confidence in management, and I can see why they feel that way. After meeting PF and SF at the AGM I do have confidence. Yes it’s been delayed, but the longer we work (for free!) the less likely the contract is to fall through for me.

If things aren’t sorted by the end of September then I’ll be really worried...but for now I’m happy to give them the benefit of the doubt.

Sadly I can only see the shares slowly selling Hoffa’s time goes by.....unless the KSA JV produces something, but that’s a medium term item for me. Can’t see them sorting a contract in only a few months. Ghana took over a year!

They have a fair whack of high yield bond issuance to get out....to replace the failed $500m issue....so you may get chance to buy in even lower if this market sell off continues and the HY bond market closes.

I also suspect that WSG will give you your opportunity. My base case is now early September, but anything in the next couple of weeks would be great.

42: it’s hard to argue with what you say. That’s has been the MO of this business pretty much since I originally Invetsed in 2012.

But I do believe that this time it’s different. I can see why others would be hugely sceptical, but this is the first time that we’ve got men on the ground doing the work. It doesn’t so much feel like jam tomorrow, as we have jam available but need to just wait for a friend to arrive so that we can sit down and tuck in.

I’m taking the Q3 comment with a pinch of salt. They are notoriously bad at predicting times and that’s been a real problem in the past.

Don’t get me wrong, I do think it will be signed before the end of September, but I’m no more confident post these results than I was before.

A little disappointing that we’re still not making a profit.....but the underlying business is growing nicely. Just need the Ghana contract to land please

Mike: seems from your data that there has been, on average, a ship a day in July. In that time they scanned nearly 21,000 TEU. That’s 250,000 a year. Whilst I guess the start of July was a little slower, it does feel like they may need bigger ships to get to the 1m capacity.

Currently running at 700 TEU a day in July. Even based on them ramping up, so maybe double that and you get under 1,500 TEU per day. So I guess these ships (generally 3-4,000 TEU) are either not full, or are indeed doing multiple port drop offs.

Accounting is not done on a cash basis. If they are reviving income (but no cash) then it would be being accounted for as revenue already.

Everything I’ve read from WSG says they are not getting paid yet.

(I don’t really care....it’s peanuts vs the years to come.....but people seem convinced that we’re already receiving revenue)

If the money was coming in there wouldn’t need to be an expectation.

They could say “the project will make a contribution in H2....” or “the project is making a contribution to H2....”

Not sure if it’s already been mentioned, but we are clearly not getting paid for the Tema contract.... “It is expected that the project will start to make a contribution to the Division's results during H2.”

Back to the waiting game for the Tema contract

To be honest with you foxy I kind of agree. I’m not too worried about Tema (yet), but I doubt that much else can be revealed in the interims (unless it’s genuine profit in the numbers). If there was anything good they had to announce in terms of developments I suspect they already would have to help the share price.

I’d love for us to be wrong.

DHC: I really don’t see the interims delaying anything:
A: they chose to do them early, could easily have delayed to September if they wanted (ie if they were too busy(
2: the contract is in the client’s hands, not ours. So it’s their delay
c: the management team is big enough to sort some simple interims (which they will have known the numbers for a while and just need to update he outlook and post reporting period section nearer the release date) and also discuss the Tema contract.

To me negotiations would trump anything else

I’m very much looking forward to the interims too.....but I fear that the trading today may well be the old p&d that we saw regularly last year.

The expecton of the Ghana Rns and the knowledge of the interims (I really cant see those two things coming together due to AIM rules about material developments) means that people get very excited at a slight move and buy in.

I hope I’m wrong, but I’m pretty sure that WSG doesn’t leak.....and that it’s currently undervalued

Why 352? Surely the port doesn’t close for bank holidays?

I agree re free work. No issue with starting for free; as you say it was a trial and also its peanuts in the grand scheme. The issue i now have (Assuming we’re not getting paid) is that someone is getting paid. The ships must be paying the usual fees (if they’re struggling to agree new tariffs then it will be on the old terms - but that’s still money). So where is this money going if it’s not going to us????

Maybe we’ll know soon, maybe next AGM, maybe never. I guess, as with all things currently, it will soon be forgotten if a long term, profitable contract is signed.

Still net sales though....125k sold, 102.6k bought.

Anything pre RNS (tomorrow or Ghana) is meaningless really

TPK: no he won’t be waiting. They pushed out the Tema news for the AGM because he knew he had to see some of us face to face. No such event on the interims as they don’t have an investor call.

Anyway got money on a cheeky Tema RNS tomorrow, pre H1 results on Thursday???

No?? No one??? Oh well

Better than WSG popping in late July....the you’d have bought SXX at 15p rather than around 10.

Gotta be a silver linings kind of guy!