RE: I admire the endless positivity19 May 2018 07:32
JOE an extract just for you.......
I understand m8, it's easy to miss under all the excitement...
Whilst the contract has been signed, it is awaiting an exchange of board approval letters before it becomes effective. The announcement by President Trump on Tuesday that the United States of America is unilaterally withdrawing from the Iran Joint Comprehensive Plan Of Action (JCPOA) agreement has created uncertainty both in Iran and the international business community and impacts Westminster's project which is at one of the 60+ airports in Iran. It should be noted that the Company considers that services and equipment anticipated to be supplied by Westminster fall outside any current sanctions and the Company has gone to great lengths to ensure compliance with international regulations and sanctions towards which end It has received considerable UK Government support.
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Following the JCPOA developments and initial discussions with Westminster's customer and commercial partners, the Board of Westminster has taken the decision to place the project on hold whilst the Company further investigates the impact of the US withdrawal from the JCPOA and the implications for the Company's supply chain including the potential replacement of some equipment suppliers.
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The Company notes that other signatories to the JCPOA agreement, being China, Russia, Germany, France and the UK, have all stated their continued support for the agreement as have the European Union, the United Nations, the International Atomic Energy Agency and most other leading countries around the world. Germany, France and the United Kingdom have jointly vowed to uphold the JCPOA agreement and the EU is considering putting measures in place to protect European companies.
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