Member Info for Bigears1170

A genuine question - Where do you see the SP in say 12 months from now ?

Scratch the surface of Martyn’s Law and you see Fowlers 650K venue carrot as being complete cobblers , essentially it’s a requirement for venues to have a risk assessment in place with some training. The majority of larger venues ,Football Stadia etc will already be compliant.

“Martyn’s Law will follow a tiered model linked to activity that takes place at a location and its capacity aimed to prevent undue burden on businesses.
A standard tier will apply to locations with a maximum capacity of over 100 which can undertake low-cost, simple yet effective activities to improve preparedness. This will include training, information sharing and completion of a preparedness plan to embed practices, such as locking doors to delay attackers progress or knowledge on lifesaving treatments that can be administered by staff whilst awaiting emergency services.

An enhanced tier will focus on high-capacity locations in recognition of the potential consequences of a successful attack. Locations with a capacity of over 800 people at any time, will additionally be required to undertake a risk assessment to inform the development and implementation of a thorough security plan. Subsequent measures could include developing a vigilance and security culture, implementation of physical measures like CCTV or new systems and processes to enable better consideration of security.”

Vander

The eight break clause at Freetown came in February 2020 so the client were at liberty to introduce any amendments to the contract at that point.??The SL government signed the 25 BOT contract with Summa eight months later.

I would have thought the SLAA lawyers were savvy enough to amend the WSG contract 8 months prior to signing a 25 year BOT contract with Summa ……. Who knows ?

I don’t suppose Fowler is obliged to say anything until the terms change.

FWIW I wouldn’t be surprised to see Fowler announce a 5 ,10,15 year term with the finer details being strictly confidential ……. ( of course they would be wouldn’t they ) marketed as a big win in his usual way …..he won’t tell you what it’s worth he’ll tell you what it could potentially be worth ……the reality being drastically reduced revenue which would be obfuscated & embellished with the numbers kicked down the road …..|o:

Thank you UT

I listened to that the second time you posted it.

If I’m not mistaken the Director General talks of encouraging Summa & WSG to form a “relationship” …….his sentiment is admirable though unfortunately for WSG , it’s none of his business !

Where possible ( and in the absence of an official RNS) I,d rather base my opinion ( and that’s all it is ) on legally binding contractual documents rather that random hearsay on a you tube clip .

Summa have a 25 year contract with the State of the Republic of Sierra Leone ,WSG have a contract with the Sierra Leone Aviation Authority, the latter contract contains the following clause ;

“The SLAA shall,under separate agreement, exclusively contract with Westminster for any new airport security services ( whether at the FNA or any other airport in Sierra Leone ) subject to agreeing relevant terms and costing.”

“ …………………………………..emphasis being on “ subject to agreeing relevant terms and costing “.

I’d suggest Summa ( as a gesture of goodwill towards the SLAA) & WSG are in the process of “ agreeing relevant terms & costing “ …..trouble for Fowler is he’s negotiating with some sharp suits who can count , and any agreement will be on their terms not his .

Summa effectively own the airport for the next 25 years so they won’t be dragooned in to employing any overpaid contractors they don’t want or need..!

If anyone believes that Summa will be paying WSG $39.00 for every international passenger leaving their shiny new airport terminal for the next four years there mistaken ……..|o:

AIMHO

Summa are under no contractual obligation to retain WSG.

If WSG’s original contract were unaffected ( $39 pr dep pax) ,Fowler would release revised & embellished financial projections via RNS just as he previously did for the same operation;-

“When we initially announced this contract in February 2012 we announced a potential revenue value in excess of $150 million USD over the term of the contract, however following a review of operations and potential growth in passenger numbers we revised our estimates and updated the market in April suggesting that we may achieve the forecast figure of $150m by the year 8 break point rather than the full contract term of 15 years.”

It wasn’t $150m at 8 years it was closer to $25m

He can’t release any such RNS as he is yet to concluded negotiations……. my guess is Summa are / will pull Fowler along by the nose ( easily done ) until the new Terminal is running as required , Fowler either agrees to a revised arrangement or he doesn’t , in which case Summa will show PF the door and TUPE his workforce ………. |o:

AIMHO

As the sole operator of the Diori Hamani international Airport Summa is able to optimise processes and exercise stringent cost control at every step of value creation to maximise the return on its investment. There are two main revenue streams for Summa: 1) aeronautical revenues, including all charges related to arrival and departure of aircraft, passengers and cargo; and 2) non-aeronautical, including retail concessions, airline catering, car parking and other services provided in a modern international airport. ?In addition, under the terms of the 30-year concession agreement, Summa is entitled to a EUR52 infrastructure development charge per departing international passenger, collected directly from the International Air Transport Association (IATA).”

Under the terms of their contract at Freetown;-

“all those aeronautical fees and all other revenues from the Airport shall be collected solely and exclusively by a private party during the entire operation period and shall not be subject to any deduction allocation or sharing with the public party ( that’s the Government ) or any third party.”

AS on his welcome page, updated just before science day ...... /o:

"Clear communication of our corporate objectives and keeping our shareholders up to date with progress, as well as informing potential new investors about the investment opportunity, is at the core of our communications programme."

28th April he’ll have to come out of hiding for the finals …. The “outlook” will make interesting reading ……./o:

Indeed Yrabs - I wouldn’t bet against seeing an ITS style strategic review RNS land somewhere down the line …../o: AIMHO

It should be registered at Companies house ;-
“In February 2021, Clydesdale Bank PLC trading as Yorkshire Bank offered the Group an overdraft and other banking facilities. As a condition of these facilities the Company entered into a multilateral charge and guarantee in respect of bank overdrafts and other facilities of all companies within the Group."

Fowler doesn’t give a cr@p about PI’s ……. Stood in front of shareholders face to face and told them he’d be trousering the lions share of $15.00 pr crate at Tema ……… !
He telegraphed the future when he reduced nominal to £0.001p when the Sp was bouncing about 5p ……..now why would a ceo do such a thing ………./o:

AS “ Out objective is to have a licence deal, terms sheets ready to conclude a licence deal when we start to see the P1 data “

I don’t think folk will have to wait for Easter …..if I were the bean counter at Summa it would make my **** boil watching Fowler trousering his $39 per dep pax …..Summa will want to redirect that jingle in to their own coffers double quick IMO .

In respect of the working relationship I think it’s nailed on that Summa throw Pete a bone , maybe some manpower security which Fowler can embellish as some spectacular contract.
If anyone believes that WSG will pick up with this airport where the left the last one there deluded ……..|o:

Move along folks , nothing to see here …. aye Pete …|o:

“Meanwhile, staff at the airport are uncertain about their future, now that Summa has taken over management of the airport. Staff received letters terminating their contract of employment 24 hours before Summa took over management of the airport.”

(o; …….apologies…. I’m sure there’s a few other “Nowts “ that’s we’ve missed ……(o:

Why don’t I ask the company and or the Nomad ……… ?

Mexico Minimum £14m over 10 years commencing 2014 - Nowt
Nigeria Minimum £1.7M franchise fees over the 10 year term commencing 2012 - Nowt
Ferry £300m over 21 years - Nowt
Iconic bridge £1m - Nowt
America’s consultancy $4m - Nowt
Lungi - PF estimated $150m over the first 8 years - so circa $125m out on his projection -
KSA JV 2019 - Nowt
Iran - €24m pa - Nowt
Liberia - $1.1m pa - Nowt
DRC - $6m pa - Nowt

Fowler stopped answering my emails years ago ….he doesn’t like being called out for what he is ……. an abject failure ,a boil on the ar$e of the AIM….and that’s some achievement…………|o:

Misty agree …..It’s same old same old …..he’s desperate to land something to say he replaced the lost revenues …..Summa will want all tills ringing double fast to start generating cash from their $250m outlay

I think you’ll find it doesn’t ……. I posted this back in August 2022

“In Dec 2020 the SL government ratified a contract with the Summa Group ( Summa) for a 25 year Build operate transfer (BOT ) contract for the construction and operation of a new Airport to replace the existing.

https://www.thesierraleonetelegraph.com/sierra-leone-parliament-ratifies-lungi-international-airport-expansion-project/

The scheme commenced late 2020 https://sierraloaded.sl/news/summa-group-constructing-new-ultra-modern-airport-lungi/. and is forecast to be complete for the end of this year.

http://www.thepatrioticvanguard.com/president-bio-inspects-ongoing-airport-work

To understand their business model ( and I see no reason why they won’t duplicate it at SL) , look at the airport Summa run at the Diori Hammani Int Airport ( DHIA) in Niger under a BOT concession;

https://niameyairport.com/en/about-us/

https://cdn2.hubspot.net/hubfs/4641184/Featured%20Research/Summa%20-%20Projects%20are%20on%20track.pdf

“As the sole operator of the DHIA, Summa is able to optimise processes and exercise stringent cost control at every step of value creation to maximise the return on its investment. There are two main revenue streams for Summa: 1) aeronautical revenues, including all charges related to arrival and departure of aircraft, passengers and cargo; and 2) non-aeronautical, including retail concessions, airline catering, car parking and other services provided in a modern international airport.
In addition, under the terms of the 30-year concession agreement, Summa is entitled to a EUR52 infrastructure development charge per departing international passenger, collected directly from the International Air Transport Association (IATA).”

WSG’s contract runs 2027 for the existing airport contract where they pocket $39.00 pr dep pax , however the contract states the following;

“The SLAA shall,under separate agreement, exclusively contract with Westminster for any new airport security services ( whether at the FNA or any other airport in Sierra Leone ) subject to agreeing relevant terms and costing.“ …………………………………..emphasis being on “ subject to agreeing relevant terms and costing “.

Summa’s contract isn’t with the SLAA it’s with The Republic of Sierra Leone !

Now Interestingly , on page 18 of the 2020 agreement SL has with Summa it states the following;

“all those aeronautical fees and all other revenues from the Airport shall be collected solely and exclusively by a private party during the entire operation period and shall not be subject to any deduction allocation or sharing with the public party ( that’s the Government ) or any third party.”

So I ask myself ……….. Would a savvy outfit like Summa ,along with their banks & investors pony up $270m committing to a 25 year contract, where for the first five years , the thick end of $4M per year was being skimmed off their shiny new airport by the old airports incumbent security company ……….

They have no contract with Summa , if they did he would have said , their contract was with the SLAA who are no longer running the airport.

I suspect they are obligated to work with the transition under the terms of their break clause renewal & FWIW I wouldn’t be surprised to see Summa throw Fowler a bone , but it ain’t going to be $39 per dep pax for scanning a boarding pass ……|o:

Agreed Jim …….. though within that 99% some better than others …… imo Fowler would have to be in the bottom 5% …,. a truly awful CEO