Formality5 Jan 2020 13:09
Formality, conveniently, has no timescale.
They have raised funds previously, the RNS stating that these were for ‘anticipated POST CONTRACT expenditure, amongst other things. It was of course the latter that they spent it all on... Not a dim spent on those POST CONTRACT expenditures. Because the contract didn’t come. Despite some feisty/adamant e-mails flying around. These were the days, when we wouldn’t go back to Darwin. Cough.
WSG specialise in untimely Black Swans. There must be a breeding centre in Banbury. Formality means the same as coming weeks (anything can screw it up - this is Africa/WSG we’re talking about) until it’s signed.
It was just finalising, I recall. ‘Disingenuous, that description for me.
You’d hope formality means there’s a date in someone’s diary. It’s getting harder to justify the delay!!
As stated under, the current SP reflects the trust that the market has in WSG output. PF could be pictured boarding a flight in full Ghanaian national costume with a 100 Parkers’ duck taped on all over - and the SP probably still wouldn’t reflect ‘formality’.
It’ll be PF’s failure pièce de résistance if Tema doesn’t happen.
Talking of ‘not happening’. How about some open/honest info on that Africa contract. Shareholders haven’t forgotten about it.
Reminder;
29th Jan 2019. In this respect we announced in December that the Chairman, Sir Tony Baldry, and CEO Peter Fowler, had recently returned from Africa having finalised discussions on one of our long-term airport security projects. Contracts have been drafted and, at the request of the client, Westminster have signed, and we await counter signature from the government. ...
...and those anonyMoU’s;
(From the same statement) We have also made material advances with a number of other airport prospects, which have been in discussion for some time. Whilst there is never certainty as to timing or outcome in such matter we remain encouraged by developments and will update on these and all material developments when appropriate.
AGM; In respect of the those same projects;
“We will of course update the market on material developments as appropriate and in accordance with our regulatory responsibilities,....”
So material advances, tick - but no material developments.
Convenient. What’s the difference?
It’s this sort of stuff that see’s “formality” given no weight.
Talking - just noise. Walking - yet to happen.
IMHO. Out now. Somewhere.
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