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It's not jam tomorrow though....we're receiving the on account income and it's backdated.
I'm with H&N on this I don't understand why it stayed at 9p when we've had a massive leap forward in what we wanted i.e. to get paid for what we are doing from the outset.
Sham/Linton....you got the numbers of TEU's wrong. Stated in the half yearly report:
''During July 2019, 20,889 Twenty-foot Equivalent Units ('TEU') passed through the port and screening stations''
….and you can expect they have been ramped up significantly since then.
So probably nearer £0.5m in income....no chance of a placing from now.
AIMO
I will similarly be a reasonable buyer on signing of the Tema contract.
I stick to strict limits in my portfolio based on risk. I consider this still to be high risk but as I think the risk/reward ratio is so good I have bought more in my high risk pf that I should have....but zero from my other medium and lower risk rated parts.
This will be considerably de-risked on Tema contract and so I will reassess the value of my WSG shares as part of my much larger medium risk PF. I expect to be a decent sized purchaser.
Tick tock
CEO of MPS posted this article on his Linkedin page. Clearly, if he is happy to post this article up on LinkedIn he must be happy with the content.
https://issuu.com/ceomedia/docs/bfm-issueno71-final?fr=sZjRjYTEzNDgwMg
Pages 26 and 27 are the main references to WSG.
Courtesy of H&N
Yup, agree with you completely there.
Backed up by the CEO of MPS going public and saying we are brilliant...no way would he have given a two page spread wowing about WSG if there was even the slightest doubt.
Tick tock
I trust Smiths Industries are all over the scanning problem. Whilst not our responsibility it certainly affects the services that we provide.
They are supposed to be able to drive through the scanner whereas it's taking them 6 to 8 hours....and that was before they became fully operational. You'd like to think this matter was fixed before doing so. In turn hopefully they can proceed to sign our contract.
Sometimes mud sticks and I hope we are not being tarred with the same brush and held part responsible for the delays.
I also don't get why they refer to just one scanner when there are four.
Still, I'm sure the deal will cross the line but could have done without this small negative noise while we wait.
HB
Don't forget we have $2.67 million coming in cash this year...see RNS for last raise:
''The primary purpose for the funds is to part fund the manufacture of the equipment to be shipped and installed under the $3.48m USD contract for container screening solutions to two ports in Asia, which the Company announced in April 2019. The Company is now in possession of non-transferrable Letters of Credit and with this funding now in place we can get this lucrative project underway immediately, rather than wait for trade finance around the LCs to be finalised. The Company will receive 77% of the contract value on shipping of the goods later this year with the balance payable on commissioning.''
https://www.newsclick.in/Iran-France-US-EU-Emmanuel-Macron-Hassan-Rouhani-G7-Donald-Trump
He, however, explained that plugging points for reefers are few because, per the MPS cargo delivery service, a truck should not spend more than 15 minutes in exiting the terminal, after it had been loaded.
At about 11am last Thursday when The Chronicle visited MPS Terminal Three, it closely monitored the entry of a truck to carry cargo, and, indeed, in about 20 minutes, the truck had taken delivery of its cargo and exited, after the truck and driver passed all the biometric checkpoints.
“That is how smooth our biometric operations are here, and you can bear witness to it. The human interference is totally out, and so all the driver and the importer or exporter needed was to be compliant, and the extra cost of doing business in the port would not be incurred.
“We need the importers to help us by taking advantage of the situation at the port in the mornings, to come and lift their cargoes to avoid the unnecessary delays their drivers continue to endure,” Emmanuel Ohene Addo pleaded.
He assured importers that the MPS, with time, would improve on service delivery.
Importers have registered their anger at Meridian Port Services (MPS) for continuous system defects, which, they said, are having a toll on their revenues.
The system defects have occasioned delays in cargo delivery by MPS to the importers, whose drivers end up spending hours unending at Terminal Three, and vehicular congestion at the premises.
What infuriates the importers more is that the MPS are keeping reefers, most of which are unplugged, thereby, causing the importers to spend more to fuel generators to preserve perishable meat in the containers.
Importers, who are unable to raise enough money to buy fuel to run their standby generators to preserve wholesome meat in the reefers, destroy the imported perishable food items before reaching the market.
In order to understand the complaints of the importers, The Chronicle sneaked into Terminal Three last Tuesday and Wednesday nights at about 9:00pm, and, indeed, over a 100 trucks, most of them carrying cargo, had parked in the exit lane, waiting for the automated boom door to open for them to leave.
It took the automated boom door several minutes to get activated to open for one truck to slowly move out of the port.
Several other trucks, on those same nights, had parked inside the terminal, waiting for an alert from MPS to move to the container yard to carry their cargoes. Some of the drivers told The Chronicle that they had spent about seven to eight hours waiting for the alert, after the importers had paid all value charges and handed them (drivers) the clearance documents from the MPS to report at the port for the cargo.
At the reefer yard, The Chronicle noticed that several reefers were unplugged, perhaps, they were empty.
Welcoming the genuine concerns of the importers, Emmanuel Ohene Addo, Operations Manager of MPS, told The Chronicle in an interview that the high vehicular concentration at the port, as observed by the paper, was mostly after midday, when most importers preferred to get their containers discharged.
“As you can see, the yard is virtually empty and the exit is free. Most of the importers, who have been sent their alerts to come in to carry their cargoes, would delay and send their trucks after midday when you see volumes of truck calling, and that results in the congestion you observed.
“And so the congestion cannot wholly be blamed on us,” he explained.
The MPS operates 24/7, however, it has only one scanning machine, which the importers said also delays service delivery.
This, Mr Addo admitted, was true, but said two scanners each are being installed at the import and export exit points to facilitate service delivery.
Furthermore, he was of the view that MPS would be giving reefers priority to save their wholesome food products from going bad, in order to save importers from making huge losses.
At least we know the delay WAS NOT because of WSG.
I had a scary moment when I though the delay might be because of our raising funds for the two scanners in the last equity raise. Relived to see this was for two contracts in Asia...phew.
Very strange:
200 trained WSG employees on site
4 scanners confirmed by Smiths to be installed by end of June
Only one installed as of now...what ton earth are smiths doing and our staff as I'm sure we don't need 200 for one scanner!What the hell is going on?
The strange trading continues. Just over 100k sales near midday reduces the bid by a small amount. Then no trades at all until near the end. Then over 300k buys and no movement at all.
No wonder people are confused at what's going on as market forces don't seem to work here.
''they're all the same size lying down''....made me chuckle:)
If we get an RNS confirming good terms at Tema, 10m warrants at 12.5 wont stop us.
I'd like to think that this would be followed up by a broker note and interest from some II's. I think the cash from these warrants plus the profit from the tech contract would wipe out the CULN. PF said at the AGM he would like to pay off the CULN asap.
HB
well I hope he asked the brokers if they did short it and, if so, have some stern words....we give them business and they kick us in the whatsits. Much bigger opportunities likely in the future for them if they treat us with respect.
It just seems wrong that they forward sell like that....almost completely remove their risk and get the shares cheaper....and get the warrants thrown in as well. We must have been desperate and worse still they knew it!
Only1Gibbo, you may be right we had no choice but the whole tranaction stinks. It gave them a MASSIVE incentive to forward sell WSG. I wish I won the lottery, I'd give WSG £1m and then the shares would have gone up significantly...they would have been left having to buy back the shares and made a big loss. You can gather I hate them parasites. Sometimes they add value with death spiral shares but we are not in that position and so just flippin annoyed.
Anyway, when we look back hopeully this will just be seen as a blip and shouldn't make any significant dent in our aspirations for the SP. And good to know we are cashed up so no need to resort to this again.
He had a signed tech contract presumably to a very trustworthy client. This returning 77% of £3.5 mil on shipment of good later this year...that's like £2.7mil cash and then the balance on commissioning. I am sure he could lend off the back of this at reasonable short term interest. No warrants and no dilution. I think what they have done is absolutely abysmal.
Anyway, what's done is done. Assuming we get above 12.5p we've got another 1.25mil cash coming in from the warrants, £2.7m from the above tech contract, maybe £170k from the sale of the bloody boat, £530k cash we had at time of AGM and the funds just raised (excluding the costs for the equipment in the above tech contract). That comes to the best part of £5m in the near future and so we should be good even if we get another MSC.
Maybe pay off the CULN.