Member Info for Bigears1170

Mike

See attached link

https://www.parliament.gov.sl/uploads/loans/Agreement%20AG%20247.pdf

The WSG fee is included in the departing passengers ticket price paid via IATA.

I’m not comparing the two airports , I used Diori Hamani airport to demonstrate how Summa generate their revenue which is the same as WSG.

SL government have explicitly stated that it won’t be costing the tax payer a bean , so on that basis Summa will have to rinse every dollar out of that airport to service their outlay.

Let me ask you a straight question - Do you believe WSG will continue through to 2027 on the same terms as the attached contract ?

Vander

I’ve been trying to square the following circle for sometime ;

WSG signed a 15 year contract dated 17th February 2012 for the provision of airport security services to the SLAA.

In that contract there is a bunch of scenarios under section 13 whereby the contract could be terminated by either party ….none of which are likely , however in schedule D item 3 it 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 airports shelled out $170m for a similar 30 year BOT concession at Diori Hamani Airport in Niger , they generate revenue by charging circa €52 ( $57 ) pr departing pax - so reasonable to assume a similar set up at SL .

Do we believe that Summa will continue to give PF his $39 per departing pax whilst retaining the $18 to service their $200m, pay the staff , maintain the facility and turn a profit ?

The new airport will open early 2023 so let’s see if Uncle Peter deems it worthy of a mention in his forward looking statement come the finals ……………….|o:

Mike

Everything in my post was matter of fact , and fwiw I don’t doubt that scanned container traffic will increase over time.

However if it’s disingenuous statements your looking for I’d start with this snippet form Arden ;

“Tema Port (Ghana) – the first berths at Tema opened up in July 2019 with a third berth following in Q1 2020. The fourth berth is due to open by the end of 2020 with all contributing to a phased ramp up of activity over the next 2-3 years. Daily container volumes through Q1 2020 were already running c. 60% above 2019 levels. Overall, the 4 berths that make up the new Terminal 3 at Tema will add 2.5m annual container screening capacity which at full capacity would represent nearly £10m of revenue and conservatively, £5m of gross profit. While full capacity is not expected to be reached soon and the ramp up will likely be slow, the overall potential is hugely significant for Westminster Group, both financially and reputationally.”

Absolute cr@p signed off by the bod of this pos company ……..and to be clear, I have never said goods in transshipment are never scanned , containers are risk assessed off the 24hr advance manifest and flagged for inspection / scanning if deemed necessary.

Woodys

You have no idea what your “ invested “ in ….

All transhipped freight in to Tema port is in accordance with annex E of the Kyoto Convention

“In essence despite their arrival in the area of the Customs office, the goods are not "entering" the country in any real sense. The control procedures which would be applied, for example, to goods arriving for importation or processing consequently do not apply. Equally, on the goods' departure, the normal control procedures for exports do not apply.”

http://www.wcoomd.org/-/media/wco/public/global/pdf/topics/wto-atf/dev/rkc-guidelines-sa-e1.pdf?la=en

To which Ghana became signatories to on 29th June 2019, just a few days before the port opened on 2nd July 2019;-

“On 29 June 2019, the Commissioner of Customs Division of the Republic of Ghana deposited to the Secretary General, the instrument of accession of the Republic of Ghana to the International Convention on the simplification and harmonization of Customs procedures, done at Kyoto on 18 May 1973 and amended on 26 June 1999. Ghana accepted Chapter 1 of Specific annex A, Chapter 1 of Specific annex B, Chapter 1 of Specific annex C, Chapter 1 of Specific annex D, Chapter 1 of Specific annex E and Chapter 5 of Specific annex J; entered reservations against Recommended practice 12 of Specific annex A1, Recommended practice 7 of Specific annex D1 and Recommended practices 7, 9 and 21 of Specific annex E1.”

Tema’s efficiency for unloading/loading containers or it’s port side storage capacity has no bearing on the import / export volume of Ghana, therefore no impact on scanned containers.

The current phase of port development is a continuation of its transition in to a regional hub for transshipment….transhipped containers do not get scanned ……..unless they have been individually risk assessed off the back of the advance manifest of any given ship…….|o:

It’ll be interesting to see how Summa & WSG coexist given they both use the same model to generate revenues ………….

Covid didn’t show up in Sierra Leone until after his eight year break clause – so him being $120million ish ( $15 million per annum ) out on his own projection was down to Ebola then ...........(o:

Who remembers this belter …..”When we initially announced this contract in February 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.”

The SP didn’t make it to 25-30p ( circa 5p with the 80% increase in shares ) on the back of a contract in Iran - it got pumped on the rumour of the ME contract being in Oman - it wouldn’t have got anywhere near that had PI’s know it was in Iran , which is precisely why Fowler didn’t share the location until he had no choice …….. |o:

They’ve been successfully skirting western sanctions for over 40 years - China & Russia only too pleased to oblige …..

And the confidence of PF & his bod in their own performance (£230k buys you the combined holding of the complete board of directors ) ……..doesn’t reflect their confidence in this POS moving forward ……./o:

Couldn't you find a better home for those profits ?

Agreed , for Capex to get these contracts moving no doubt ….entirely coincidental that it will chime with historical cash burn - April 2015 - 2020 PF ****ed £21.25M in to the wind which took him up to June 2021 - so circa £287k pr month to keep this $hit $how on the road - another £2.5m in June 2021 /£287k takes him up to end of Feb / middle of March ……… |o:

No....

You mean like a clear and concise update ……..(o:

Theres a bunch of other multi million £ contracts / agreements which to the best of my knowledge never produced a bean in revenue …….. so I don’t expect him to be loosing any sleep over any of his purported “contracts” ……… he’s a complete clown of a ceo - couldn’t hit a cows ar$e with a banjo …………..

16th June RNS ;

"Following a lengthy evaluation process, a contract was awarded to a consortium led by Medtech Scientific Ltd. from the United Arab Emirates, who in turn has entered into a contract with Westminster (the "Contract") to provide port screening services for an initial period of ten years, commencing 1 July 2021."

Appears Medtech infrastructure wasn't in place in August 2021 for the contract that PF said would be commencing in July 2021.........................../o:

https://www.liberianobserver.com/govt-suspends-new-fees

Interesting read ….. highlights the economic / geopolitical environment in some of PF’s target markets ………. which I’d suggest is reflected in the delays in getting anything done in many of the countries mentioned…………..

https://www.transparency.org/en/news/cpi-2021-sub-saharan-africa-amid-democratic-turbulence-deep-seated-corruption

Easy to miss amongst the exciting news flow hereabouts- how many is that now ? Is anyone counting |o:

https://www.wsg-corporate.com/news/burkina-faso-mou/

Pretty sure he was bullish about Orph mid 2020