Member Info for MikeGP

I don't think info is to there anywhere,.. all we have is the target increase in TEU's to go with the expansion plans.

Roll on that RNS. It's soooo frustrating,.. with these delays to the anticipated timescales... the thing that keeps me going is the fact that every week that goes by,.. we have more and more of our staff on the ground,.. and that suggests to me that we are now well and truly invaluable to the project. It would cause major disruption if we were to walk away... which in turn must help our bargaining position in the final contract negotiations.

Now only 11 trading days to the end of Q3.

Best

Hi Vander,... not really sure what you are asking. The depth of the T3 berths, 18M,... suggests that the larger ships will be directed to the new berths,.... thus far the ships have, on average, been circa 265-275m long and have capacity of 3000-5000 TEU's. Also the advances screening that we are doing will best serve individual "containers' cargo rather than bulk raw material shipping. I suspect that the bulk cargo will remain at the original port. It also looks as if Takoradi is set up for more bulk load cargo as opposed to containers.--- as they iron out the processes, the staff get up to speed,... and just as importantly the cargo/haulage contractors get to understand the system and how it works,.. then I imagine the through-put will increase. We are now servicing 8 ships a week,... a month ago it was 6......

This being Africa,.. I am sure that there are plenty of politics and vested interests associated with the switch over,..... but the governments underlying aim is to increase revenue by cutting out corruption,... and our scanning is integral to that,... so I imagine they will want the change over to happen as quickly as possible.
Best

Just to annoy Phil--- here is the past weeks comings and goings.

Friday 6th Sept- Zen Hua 24 and Kota Lumba
Saturday 7th- Irenes Remedy and Rhine Maersk
Sunday 8th- Irenes Remedy and Rhine Maersk
Monday 9th- MSC Sebrina and Seaspan Santos
Tuesday 10th- MSC Sebrina and ER France
Wednesday 11th- KYParissia and ER France
Thursday 12th- KYParissia and ER Elsfleth

Wk Fri 6th to Thurs 12th- 8 ships serviced

gibbo,.... its completely unreasonable of you coming on here and actually highlighting the facts!!!

actually been said in the RNS's,.. about the TEMA Contract.
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“I am pleased to report that Scanport has now received a letter of intent with MPS acknowledging Westminster as the Technical Partner and setting out the preliminary terms regarding the appointment and scope of work.”- 18.6.19 RNS
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“Whilst formal contracts have not yet been finalised, the Scanport-Westminster partnership is the sole appointed contractor for scanning operations at the new port and has established a full scanning operation both at the primary scanning stations at the import and export gates and also secondary screening services at the intensive search area for physical inspections; in total employing around 50 personnel with another 124 applicants undertaking induction and x-ray training by Westminster specialists. The LoI is therefore being extended for a further period to allow for the definitive contract to be finalised with MPS.” 17.7.19 RNS

We are now ‘appointed’, which will mean that there has either been a formal Letter of Appointment, or some other form of exchange to that effect. They also make clear that we are the “sole” appointed contractor for the new port. This was no doubt in response to the speculation about the contractor responsible for scanning at the existing, or ‘old’ port.
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“We expect all contracts to be finalised in the coming weeks and the port to be fully operational by the end of Q3 2019 and to be contributing to the Division's results in H2. This large and prestigious project is a major step forward for the Managed Services Division opening up new long-term, recurring revenue streams and opportunities in a new sector.”- 15.8.19

“Coming weeks”- so could fall at any time, but the reference to the end of Q3, at the sets the expectation that it will be signed by then. If we hear nothing by then I think PF will feel obliged to issue and update at the end of the month.

...!

What’s this prediction based on?
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A humungous level of hope and optimism that can only be found in LTH's of WSG!

Fingers crossed, Tosh,.. fingers crossed.

Jimzi,

Getting a bit paranoid Mikey!
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Often worth remembering that just because you're not paranoid ... doesn't mean that they aren't out to get you!

... left port this morning after having been berthed for 5.5 days.

So if it was offloading more cranes,... it looks a they are done.

Tardis,.... I don't agree with all that you have said,.. and I certainly don't agree that you should be using a £600k loss if you are looking at this year's figures,.... and why would you loo back when you have the six months figures reported to you (?)...... but fair point. Current gross profit was recorded at 50%+ and this contract, once landed is likely to increase this,...... perhaps put up some of your figurers so that we cant take a look?
Either way,.. I think that we are agreed,..... a significant increase ( 200% at least) from where we are now?

Foxy .. what borrowing is this?

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"I’m not a number cruncher - but I read elsewhere that WSG are paying ridiculous interest alone on existing borrowing. "

... what's your view,.. round number buys and sells... which seem to be orchestrated to keep the sp at be low nominal........? I someone banking on the premises that we will need to raise again and they are trying to make that difficult so they can steal a lot of the company away from under us????.......

C'mon. Pete. Bring home the bacon now. We are all fed up with jam tomorrow.

Yes 1.4km of berthing is enormous..... most of the container vessels in port thus far have been circa 260-275m length and circa 40M wide,....

And lest we lose sight of what this contract might mean to our revenue and sp:

For a full 20ft container

Say .. 1M containers scanned x $US13/ 20ft full container @ $1.25 /£1= circa £10.40/container to Scanport/WSG

IF ‘lion’s share’ of fee goes to WSG, lets say 66% = £6.86/container, or circa £6.86M/annum. If we put that on a P/E 10 and with 145M shares in issue = 47p/share.

And using the same assumptions , but with increasing volume:

1.5M containers scanned = 71p/share
2.0M containers scanned = 95p/share
2.5M containers scanned = 1.18/share

Illustrates what might be on offer as volume is ramped up as berth 3 and 4 come on stream in Feb 20 and Dec 20.
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Note; 13 $US per container comes from the TEMA Port Tariffs for 2019 where handling fee is quoted as GHC$ 65 and using US1$= GHC$5 conversion.

drax,

Loving your optimism. Ot made me count the number of trading days before end Q3...... which is 16.

It's ok Aiming,.. I am all over it,....I have reported the buyers and am assured that all buys will be cancelled!

Might even take a few more later.

Seaton- I don't see any harm in Parsons giving us a quick update or some sort of reassurance that things are moving in the right direction,
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I see immense possible harm in that. What is he to say,.... we have only received interest from one party---- we are then in a poor negotiating position,.... we have received multiple offers,..... -- some might walk away thunking it isn't worth their effort since one of the big boys will snap it up and we lose a potential bidder---- etc., etc., if he gives guidance on time scales similar arguments apply.

We just have to be patient and trust that the team will be doing the best that they can for us,... even if that means, that in the long run we go to production. The guidance we have been given is a sale by year end,... so, all in all,... circa 12 weeks.

F'oxy,.... you've hit the nail on the head. 4000 containers full of contract signing pens, that is why it is talking so long to un-load,..... we are about to have a barage of contracts signed by WSG! Happy days!!

Morning H&N
Yes... noticed that from your post before.... you could be right,... they might even be needed for the existing two berths... which would also make sense given the ramp up at to full production at the end of the month.

Best

..week with ship movement. First two days had 4 ships being serviced ie 2 per day,...stepping up from the previously weekly average of 1 per day,.. but then on Sunday the Zen Hua 24 arrived and it has now been there for 5 days.... which suggests that something else has been going. Perhaps it has been in use for training,... the 120 staff going through the training process must be coming to the end of their course,.. or may be some other reason.

Friday 30th- Maersk Taasinge and Kota Lukis
Saturday 31st-New Jersey Trader and Maersk IYO
Sunday 1st- Zen Hua 24 and Maersk IYO
Monday 2nd- Zen Hua 24 and Maersk IYO
Tuesday 3rd- Zen Hua 24 and MSC Zebrina
Wednesday 4th- Zen Hua 24 and MSC Zebrina
Thursday 5th- Zen Hua 24 and MSC Kim

Wk Fri 30th Aug to Thurs 5th- 7 ships serviced
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Either way,... at the end of the week,.. we were still sitting on our average of 1/per day,.... but it had looked as if this was about to be ramped up significantly. The link to the article yesterday stated that the 3rd berth will be operational in February 2020, which suggests that construction and fitting out etc. will probably targeting Dec/Jan,... so the ramping up process will be underway in earnest over the next few weeks.

Best

PS... I can see nowhere in any of the WSG updates that the company states we are on trial etc., etc.,.--- I can see many references to being the sole appointed contractor responsible for scanning.

"Whilst formal contracts have not yet been finalised, the Scanport-Westminster partnership is the sole appointed contractor for scanning operations at the new port and has established a full scanning operation both at the primary scanning stations at the import and export gates and also secondary screening services at the intensive search area for physical inspections; in total employing around 50 personnel with another 124 applicants undertaking induction and x-ray training by Westminster specialists."