Member Info for Feeks

DHC is widely renowned on the WSG board as both an incessant ramper and now an incessant deramper. Make of that what you will! To be fair it must work for him as he is always reminding us of the successful trades he has made. I see the exact same thing here. He is a hoping for a bounce. It is not a long term investment strategy though, whatever he says about the crazy valuation.

Agreed. The main takeaway point is this is a sound underlying business which is now profitable!! It has been impacted just when it was finding its feet, but the revenue steeams are geographically diverse and the company is able to ride the Covid-19 storm probably better than some, and whilst the main revenue streams will carry on for years to come under long term recurring revenue contracts, this will spring back to normal once Covid is over. It is why I invested. Meanwhile the Tema revenues are normal ...... and the Coronavirus tech sales are better than anyone here had ever dare predict - all of that increase from under $1m to $2.1m revenue in such sales happened since 18 March without any news update in the website or RNS.

 

Conversion of Convertible Loan Notes and Total Voting Rights

 

As part of the repayment of the Convertible Loan Notes holders to the value of £6,250 have elected to convert into 62,500 shares.

 

Application will be made for these shares, which will rank pari passu with the Company's existing issued Ordinary Shares, to be admitted to trading on AIM.  It is expected that Admission will become effective and that dealings on AIM will commence at 8:00am on or around 6 April 2020.

 

In accordance with the Financial Conduct Authority's Disclosure Guidance and Transparency Rules ('DTRs'), the Company hereby announces that it has 159,465,011 ordinary shares of 10p each in issue, none of which are held in treasury. Therefore, the total number of voting rights in the Company is 159,465,011.

 

The above figure of 159,465,011 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the DTRs.

 ENDS

March 2019. The main contract between Meridian Port Services and Scanport was signed in March 2020, confirming Westminster as the Technical Partner for the duration of the Contract, being a 5-year renewable term. The Technical Partnership Agreement will be updated or replaced in due course to reflect our operational requirements but given the Coronavirus situation, this is not considered important and does not alter the contractual or financial arrangements in place.

 

Our training business has been affected by the cancellation of many international flights although we are developing our non-contact services such as Computer Based Training (CBT), a growing area in aviation and other training areas, and we have some interesting developments underway that will allow training operations to be undertaken safely from a distance.

 

Our guarding business is likely to be affected by some site closures although there is a likelihood that some guarding requirements may increase during site closures to ensure sites remain secure.

 

Overall, despite the disruption from COVID-19, our business has performed well and has been profitable in Q1 with revenues of over £4 millionan increase of more than 30% over the same period in 2019 (Q1 2019: £3.1 million) and we have a healthy order book going forward. We have put in place various cost reduction measures and we end Q1 2020 with £2.2 million in cash and are, in addition, pursuing government support initiatives. The Company currently expects to be able to operate effectively within its available resources and will closely monitor the ongoing situation, taking further cost reduction measures if necessary.

 

We continue to look for new opportunities to expand our online sales opportunities. Our overriding priority however continues to be the safety and wellbeing of our people around the world and to continue to provide a valuable service to our customers. To those ends we have put in place various precautionary measures and are undertaking regular risk assessments for all areas of our business.

 

Westminster Group Plc (AIM: WSG), a leading supplier of managed services and technology-based security solutions worldwide, wishes to provide an update on its business activities and precautionary measures it is putting in place to deal with the effects of the Coronavirus ('COVID-19') pandemic.

 

An increasing number of countries around the world are restricting and cancelling flights in response to the COVID-19 pandemic including Freetown International Airport, in Sierra Leone, where Westminster provides airport security services. Whilst Sierra Leone has just announced its first recorded cases of COVID-19, the government had previously taken the precautionary step of quarantining passengers and restricting traffic to emergency and special flights only. Whilst this will have an inevitable impact on our revenues from this part of our operations for a period, we believe it is important that we also support our staff and the local community through what will be challenging times for the country, as we did during the Ebola epidemic a few years ago. We will be maintaining employment of our local staff to preserve security at the airport and will be using time between flights to undertake additional training for staff and to carry out comprehensive servicing and maintenance of all equipment.

 

In addition, through the Westminster Group Foundation, we are also supporting the local community with key supplies such as rice, sugar and water as part of our regular corporate social responsibility programme.

 

We are in the fortunate position that our business is built on having multiple revenue streams from diverse operations in varying parts of the world.  Whilst our airport operations are being impacted by the COVID-19 pandemic, our product sales team is experiencing record enquiry levels, particularly for fever screening and associated equipment. So far in Q1 2020, the Group has received over $2.1 million USD of online product orders of which $1.7 million USD were in March 2020 and over $1.2 million USD of that was the last two weeks alone, mitigating the reductions in our airport business. We are also fortunate in that much of our revenues are generated from long-term and recurring revenue contracts (we entered 2020 with over £8m of annual recurring revenue for the year) and so where we have reductions in such revenue streams during the COVID-19 disruption these are expected to return once the pandemic passes.

 

Our container screening business in Tema Port, Ghana, has not been affected by airport closures and restrictions and continues to operate and produce revenues as normal. As previously announced, we and our partners Scanport have been successfully running the container screening and secondary search operations since the port opened on 28 June 2019 under a Technical Partnership Agreement signed between Scanport and Westminster in March 2019. The main contract between Meridian Port Services and Scanport was signed in Mar

Foxhill - it was probably the rascal DHC. So, sorry if it was not you. As I said I have no reason to check back, and I need to sign off for the day now. I do know someone said it.

You had Covid sales as the equivalent of a new MSC. Elaborate.
--------See RNS

Havent commented.

Ok it was you or DHC or Vander. I am busy and so I have no intention of reading back but one of you was discounting the lot.

Jimzi -
Tell me that you were not previously invested here because Tema is a bigger deal compared to a small regional airport handling operation like Lungi? Nothing has changed other than your perception? Even without the exact numbers does anyone here seriously doubt that Tema does not represent a more lucrative deal.

We have not "swapped" anything - Lungi is temporarily closed. And in Foxhill's wonky maths yesterday he discounted all annual revenue for Lungi even though it has operated at record revenues for mearly a whole quarter. All that profit is banked!

It's a small mercy - and a wise decision.
Read interesting article in the Spectator which makes me think we will see an end to the current lockdowns eventually as the science is understood better and politics change, which may comes sooner rather than later: https://www.spectator.co.uk/article/The-evidence-on-Covid-19-is-not-as-clear-as-we-think

Westminster Group Plc (AIM: WSG), a leading supplier of managed services and technology-based security solutions worldwide, is pleased to announce that in view of the Coronavirus (COVID-19) pandemic it has received the required support and agreement from noteholders to extend the maturity date of its Convertible Secured Loan Notes ("CLNs") to 1 May 2021.

 

As previously announced, the Company had commenced a staged redemption programme of its CLNs in January 2020, reducing the outstanding amount by £561,250 to £1,683,750, which was then expected to be fully redeemed before the previous maturity date of 30 June 2020. This extension provides the Company with the flexibility to make redemptions at any time up to 1 May 2021, thereby prudently conserving cash during the current uncertain times, although the Company will still look to make redemptions at the earliest opportunity as and when appropriate. All other terms of the CLNs remain unchange

It'a late but perhaps I will try to answer tomorrow if it can be civili. I hope to gain some shared empathy.

I don't think you need to think of yourself as some kind of white knight who is helping unwary investors. We have a board of honest LTH who just want their investment to do well, and I really don't see too much wrong with that.

I am asking you as a fellow human being because I ak guessing you are smart and not a complete git. You have made your point very effectively and I think most people can see it is a valid viewpoint. But equally I don't see a board here full of blatant rampers sucking in 'green'newbies so I don't think a constant siren is needed. We all know what we got into. It hasn't gone perfectly at times. Sometimes it has been desperate (the boat), other times plain unlucky (Iran was terrible misfortune). There is a question mark over what Tema will bring in, and how fast. BUT it is ony a question mark... so a bit umfair for you to fill that void with negative prophesies. You might be right, so can we just not wait and see? 15 months ago the whole Tema project was unknown. It is quite a coup for WSG to get involved and the numbers will ramp up so long term this is an exellent base. Cocid 19 comes at a bad time.
Difficult to judge those cusps when Tema itself came out of the blue and suprised every ody. Saudi could be the same. We just don't know , but Tema profile will help the company win new business going forward.

Well then, you demean yourself by continuing to post the way you do when silent observation would give you the same answers. A little empathy for others might not go amiss. How about I ask you politely to stop? I can understand why you don't want to do that, but in the end it's more about you and not the company. That's fair, even if you don't like hearing it.

There are no restrictions on cargo movements. The Port will be able to distribute goods more efficiently inland with the roads all clear of other traffic.

Foxhill - just why are you invested? Is it because you are incapable of selling shares - some sort of anxiety barrier? Genuinely interested. Best wishes

H&N - you said :
"I would imagine container numbers will drop in the months to come as Ghana consumes and imports/exports less.".
How can you be certain about that when Tema is expecting to draw cargo business from other Ghanain ports? Even if there is a drop in overall national comsumption this does not necessarily mean Tema volumes will contract. The third berth makes a crucial difference to relative ship handling capabilities of the Ghanain ports

By taking the positives you get the opposite picture of what you are doing by putting all the bad stuff together, as m the self-confessed pessimist that you are. Reality is somewhere in between.