Member Info for MikeGP

Moz,... Tosh is just winding us up for fun,... he's knows what side is bread is buttered!

H&N,

2019 breakdown
SL.......£4 million
Large tech £2 million
keyguard £1.5 million
Spill over tech £2.2 million
Small tech contracts plus training £1 million

adds up to £10.7 million
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Agreed. That looks like a pretty reasonable stab at the figures. You could arguably add in the £170K for the SQ... but that is low level noise.

I'm estimating that Ghana might add circa £1.2-2.0M to this current years revenue ie to end of Dec'19, given the 'soft' start-up. That assumes circa 150-200K containers between now and December at circa £10-12/container. I doubt that they would be targeting any less that than, as the current Port handles circa 800K per year,.. so hopefully my guesstimate is conservative and allows plenty of tolerance for a few glitches in the ops on the ground or a very slow build up in operations.

Best

Did you miss the RNS on 28th June,.saying commercial operations are starting today?... and the RNS on the day of the AGM saying the final contract negotiations were expected to be completed in 30 day or so from the date of the LoI.... so about 16th July.

Today is the first day that the whole 'Docking to Shore' operations will be tested in a live situation. All processes,.... not just our 'bit'. It will take some time,... and they expect that there will be some teething issues and items to be worked out/improved. It's a massive Port and this would be normal and expected with an operation of this size. --this will be a 'soft'opening,.... with a gradual build up in operations over the coming few weeks....once they are happy with the systems they will migrate operations from the old port to the new port......

The contract will come. No point trying to guess a day and then screaming doom and gloom if it doesn't.

Wel Moz,

I did my bit again today and added a few more,....to the sticky finger £1 party Fund.

Best

I suspect that you won't be the only one,.. but at what price!?

Hb,

I'll see you at the £1 party then!

..demonstrated... in his recent post,,.... there just aren't that many shares in free float and so any serious buying pressure can lead to big rises in a short amount of time.

Quite a few are now very 'sticky', in the hands of some LTH's and aren't likely to be given away cheaply.

Best

.. in to 43degree heat.

Had a reply from PF this morning to my e-mail yesterday regarding Warrants etc., and bits and pieces.

1 He confirmed that if the warrants had been exercised an RNS would have had to be issued... I can't find an RNS to that effect,.. so it would appear that the first tranche have expired, ..saving us 3.5M shares of dilution,... and the second tranche is due to expire imminently ( I thought it was soon 1st July but gibbo thinks it is today)... so we might get away with the remaining 1.5M expiring also.

2. As to the Ghana contract, he wouldn't be drawn on any component costs info,.. that I was fishing for; however, in respect of the operations to date and over the coming few weeks etc.., he said"

"As mentioned in our announcement on Friday 28 June we have staff on the ground and have undertaken scanning trials and are ready to commence initial operations with first container vessel expected Tuesday 2 July. The first vessel is being used as a trial of all operations at the new port – from the unloading of containers to all processes throughout the port (including screening) until exit, in order to iron out any glitches etc. – as it is a new large scale operation there are bound to be a few processes etc. that will need to be improved upon, this is normal for anything like this. Depending on how the initial operations go, further vessels will then be processed over the next few weeks as operations are fine tuned etc. and this will determine the timing of when full operations are finally switched from the old to the new port.

The goal is that in due course there will be 100% screening of all containers passing through the port."
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Hope that helps.

Best

Do we think Ghana is worth £30M a year?.... Not now,.... but quite possibly in 3 or 5 years time when they have ramped up the volume passing through the Port to the sort of numbers that they are targeting,... ie 3.5Million TEUs. That's only circa £10 a unit.... so it's possible. .... and given we are likely to be looking at a 10 or 15 year contract,... it's just a question of being patient.

Best

... should also, hopefully,... mean that the market in general starts on a positive note and the momentum that we have gained continues in to the week and the coming news...

Anyone spotted any main stream press news,,.... Telegrapgh/Mail etc.,!

Thanks Andy. Looks like they didn't take any of the 5M then?

DHC,... yes that is my understanding too.

What I don't know is whether WSG/HH would have been legally obliged to issue an RNS when they exercised their warrants,.. as I can't see any to that effect? Obviously I would like to have it confirmed that the potential 5M shares have lapsed as that would result in circa 4% potential less dilution... ( albeit would receive 12p/share).

I have e-mailed PF and MH for confirmation... I'll let you know when/if I get a response.

Best

J,

Agreed.... Corona are on ice for later. F1 week-end and a BBQ .

Jimzi,

I think that the date of the HH warrants in the 2018 must be wrong?

The RNS was :

RNS Number : 2153A
Westminster Group PLC
03 June 2016
Placing

10,000,000 Ordinary Shares will be issued to Hargreave Hale, pursuant to a placing through SP Angel Corporate Finance LLP ("Placing Shares"), and for every two Placing Shares, Hargreave Hale will also receive one detachable warrant over Ordinary Shares ("Warrant") valid for 3 years from the date of issue, exercisable at 12p per Ordinary Share. The Warrants will be issued now but may not be exercised until the relevant authorities have been granted at the Company's upcoming AGM.

Morning Gristy,
You are right,.. there are periods during the last three years when they could have done that,.. but I don't know if they have,..or would have had to inform the market via RNS. I don't think there have been RNS's saying that they have exercised them... or even that they have lapsed. I'll e-mail MH for some clarification, but not for a few days,.... I think he has more pressing things to get on with.
Best

Apologies... " on or around 1st July".. see my re-post from a few days ago.
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https://www.investegate.co.uk/westminster-group--wsg-/rns/issue-of-equity-to-institutional-investors---tvr/201606031504022153A/

10,000,000 Ordinary Shares will be issued to Hargreave Hale, pursuant to a placing through SP Angel Corporate Finance LLP ("Placing Shares"), and for every two Placing Shares, Hargreave Hale will also receive one detachable warrant over Ordinary Shares ("Warrant") valid for 3 years from the date of issue, exercisable at 12p per Ordinary Share. The Warrants will be issued now but may not be exercised until the relevant authorities have been granted at the Company's upcoming AGM.

A first tranche of 6,885,895 new Ordinary Shares (the "First Tranche Shares") will be issued immediately following settlement on or by 9 June 2016, raising £688,589 before expenses.

· Second Tranche

A second tranche of 3,114,105 new Ordinary Shares (the "Second Tranche Shares") will be issued on or around 1 July 2016, subject to, inter alia , the receipt of shareholder approval of the necessary resolutions at the Annual General Meeting to enable the issue of the Second Tranche Shares.
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So,..am I right in saying that if they haven't taken the 1st tranche, then these have lapsed?... and they have until 1st July...to take the second batch @ 1 warrant for each Ordinary share.. so circa 1.57M shares?

LTH

Expiry date on second tranche is second July,....

Smithers,

Nice summary...... and there are two other big potentials that we know about.

1 The African contract,.. long term,... where we signed in December 2018 and the client is going through a bit of restructuring, before they can proceed.

2 The 'bad' debt customer,... who has re-emerged,... and approached us, again. From the chats at the AGM,.... it appeared that this might be an airport that we had been involved with and the bad debt goes bad several years, circa 2010. We,.. ( the other PI's),.. got the impression that we might be talking about a similar situation to SL.... the client needs to be upgrade etc., but doesn't want to come up with the up-front cash,... so our business model works well for them. All they have to do is pay off the old debt,..which would be far cheaper than paying for all new kit etc.,--- remember,.they know us,..they approached us,...they like our business model,.... this could happen quite quickly IMHO.

MH.... also stated that he expected at least two contracts to be signed this year, .. which we have all heard before,.. but this year I believe it.

I hope that we get the numbers on the Ghana contract this week,..I'm not 100% convinced that we will,.... but at the very least we should get an RNS on Tues/Wed confirming commencement of the commercial operations.... and some decent Press coverage.

And how long does it take to sell a boat,.... ? The SQ has been sold RNS can't be that far away?

Best

We will also have income from the new $3.4M tech contract,... that is likely to be paid in staged payments throughout the year. $3M is due to be booked this year, with the actual kit scheduled to be delivered in Q4,.... the remaining $430K is spread over the next two years, forming part of a Maintenance works.

https://www.lse.co.uk/rns/WSG/westminster-group-new-348m-usd-contract-award-asia-6pteluzbqlj5ppu.html

Best

Of course.... it's possible that the numbers have all been agreed in the Draft Contract and that it needs to come 'home' for the Lawyers to give it the once over and the rest of the BoD to sign off on it. Which isn't beyond the realms of possibility.

Hopefully we will pick up some press coverage this week-end... would love to see the look on some of the guys faces who will have missed the mid-morning RNS when they get home tonight!