RE: Update6 Jul 2019 08:52
Again,... not sure why there is talk of placing at the moment.
At the AGM a placing was discussed,... but purely to facilitate real contracts..e to facilitate the Iran contract ( which is not seen as happening in the short term)....PF said we would need circa £5m..... less for smaller contracts. Dependant upon the contract this might not be an equity raise,.. might involve more traditional loan/debt etc., ---
In addition to the £500K cash at time time of the AGM,.. we had income of circa £3M from the new tech contract due in one the next 5 months,.... and once the contract in Ghana is signed,.. we have immediate income from that.
Knowing how we have been diluted on the past,,... I doubt that they will go for a placing without an associated contract as a 'carrot'... and IF they did,.. given Ghana is likely to come on line soon,.. then I would imagine that it would be just enough to keep the lights on etc.,
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As to Feeks question about PF's game plan,.... he has made no secret that he is looking to sell the company.... at an AGM.. ( 2 or 3 yrs ago)... he said he was hoping to sell out in about 5yrs ... I believe he was talking about a figure well in excess of £2..... at this AGM he said to a group of us,.. " Would you be happy with £2/share?".---
I think he wants to get 3 or 4 long term managed contracts signed and generating cash-flow,... demonstrating a good, regular revenue stream,... and then sell. Two years from now and WSG could be gone. December 2021,.. for a £2+party anyone?