Member Info for MikeGP

Drill TE-11 isn't the only option.

We could take teh TE-5 Horst in to production ourselves,..perhaps with a Partner in Enigas and the consortium etc., etc.,

Moth ball the rest for 18months whilst sales revenue comes on stream and then go again with the exploration drills etc., when we have a better cash position.

It would change the way that most on here envisaged their investment panning out,..but might, in the long ternm return better value than a sale now.

I guess we have to trust the BoD to keep an open mind and look at returning best value.

Good luck to all LTH's.

Best

Agreed.

I think we will get an update on Tema,..within the next few days regardless of whether the contract is signed. Can't believe that they would actually start the 'commercial' scanning without updating the market.... which would make news on or before Tuesday on the cards.

Confirmation of the sale of the SQ must also imminent,... "soon.".even! :)

Simon,.. if you read the whole of the article that you provided the link too,... it said:

"This makes it unlikely Iran will follow through on its threat to violate one of the nuclear deal’s central restrictions on Thursday, which could have unravelled the pact altogether.

It also sets up a meeting with other signatories on Friday aimed at saving the accord, which is straining under U.S. pressure.

“They haven’t reached the limit... It’s more likely to be at the weekend if they do it,” one diplomat said on condition of anonymity."
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And if you read the feedback and comment from the AGM,.. you will note that the WSG/Iran finance arrangements do not require the SPV to be in place in order to proceed with the contract. WSG have confirmed that they have a work around for that. It is the global and geo-political uncertainty that is holding the company back from proceeding,.. not the lack of the SPV being operational.

Best

https://www.graphic.com.gh/news/general-news/ghana-news-first-phase-of-tema-port-expansion-opens-for-business-friday.html
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Looks like Formal opening tomorrow,... followed by first commercial operations 2nd July..ie next Tuesday.

Tardis,.... Oops ...my mistake,...

Meant 'Buys' not £'s. One too many vino's last night!

Best

.. reported in the last 40mins of trading.

SP down 10% on the day.

Nice tap dancing by the MM's today. In the end the LTH's will win out... and for those who have been lucky enough to join the story at the bottom,.... well done!!

Looking forward to the next couple of weeks,.... it must already be at least circa 10 days from the LoI letter date and the 30 days clock is ticking.....

There is also plenty of other news also in the offing,...

dhc,

Well that would be nice. Circa 4% dilution taken out of the picture.

Would they have been required to inform the market if the warrants had been exercised?

I've found the info relating to the Warrants,.. it stretches back to June 19, 2016.

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?

Foxy,.. as it happens,..I asked him,.... not during the AGM,.. but in the post AGM chat. I asked if there was anything that we could do to help the process, or whether it was completely out of our control,.etc.,. and whether there was any milestone dates.

Reply: there is nothing that we can do ... and no fixed 'trigger' dates either,. When WSG signed off in December they had expected it to be signed off early in the new year. - sorry,..didn't push it any further as we were all distracted by Ghana....

On another topic,..Iran,.. I don't think anyone else has reported this from the AGM,... but.. there was some interesting chat regarding iran,... and the creation of a way to ring fence the project,... possibly spinning it off in to a new company,.. thereby overcoming some of the possible perceived 'contamination' issues..ie a Saudi company not wanting to do business with a company who is doing business with Iran,.. etc.,--- Mark Hughes sort of floated the idea of putting the Iran contract in to a separate privately owned company,.. not listed,... which might provide a little more privacy etc,..--..just one of the things he is working on,....-

andy,

How many containers can you count on that one! £'s......

...this is verbatim from the recording that I have of the AGM: PF speaking....

"..… 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 The document confirms exclusivity whilst final rates and formal agreements are finalised indicate initial agreements should be concluded within 30 days…..”

TPK,

We had staff on the ground the day of the AGM, including Roger Worrall,....and this week CFO, Mark Hughes is there. The 30 days is the time scale in the LoI... and that clearly was dated before the AGM etc. at the AGM , PF said he expected it to be less.

I think it unlikely that the Contract will be signed by Friday,.. else IMHO, they would have confirmed this. More likely another holding RNS, confirming opening of the Port, commencement of the screening operations and perhaps references to a Draft contract,.. assuming they make progress on that this week?

Best

Mazik,

..and we have already had talks with both the Port and Airport authorities. Following these talks the joint we have had the formation of the joint venture company. Interesting that we only just managed to maintain controlling interest, our share being 51%. Suggests that the other party had something substantial to bring to the table and we see them very much as equal partners in the venture.

Best

https://www.myshiptracking.com
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This is better shows the new port terminals,...

Getting busy....

...https://www.vesseltracker.com/en/Port/tema/Dashboard.html

TPK

Nice work! 400K added today... Are you in the 1M+ club yet?

The CFO is in Ghana this week,.... and the Port opens assuming final trial is ok) this Friday,... so we'll soon be chalking up some revenue,.....-- I very much hope the Contract will be announced long before the 30-40days PF mentioned in the interview,.... he indicated that it would be much less at the AGM. Fingers Crossed.

I agree with your price target of 30p+ when the contract is signed. Could be more.

Best

Goldust,....

We have few numbers related to the Ghana contract that we are aware of,.. but the most important figure,..the fee/per container is the big unknown.

Having said that, ..if we look at existing Tariffs, locally and in the UK, IMHO,..a screening charge of circa 15$ per container would seem very achievable and could in fact be a very conservative figure.

The online video of the Port ( refer to the You tube links) suggest that the port operator is looking to hit the ground running. They don't appear to be planning a 'soft' opening....in fact....at day one ,... they can handle circa 1M containers a year using the two new berths,. ( two other berths will be completed in 2020).

SO,.... if we are VERY conservative and suggest that we only screen 500K containers in year one... @ just 15$/container,... even that would generate circa £4M in revenue (assuming £/$ at 1.30 and assuming 70:30 split WSG:Scanport). With gross operating profits at circa 53%...( see annual accounts)... and a P/E of 10...... then the Ghana port contract alone would suggest an SP of 16p.... ( using 135M share in issue)

Based upon above parameters......1M containers= 32p,....

If we use 25$ a container ..and P/E of 15 ... that would would suggest 40p a share at 500K containers/annum and 79p at 1M containers/annum.

As you can see,...... a 'material' impact upon the current sp,.. as PF said during the recent proactive interview.

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We have had a very decent rise over the past week,.... but we are nowhere near true value if they this pans out as we hope it will. Not long now until we will know....and I don't think we will be waiting the 30-40days that has been mentioned. I think PF was covering his back... he said as much at the AGM.

Best

..there is talk of an imminent placing.

There was no discussion of, by anyone at the AGM,.. other than to facilitate a large Aurport MoU convening ie the size of Iran,..... and even then PF said they would explore all avenues for raising finance, ie debt as well as equity.

Given that the sp is now above the 12p strike rate I would expect Hargreaves Hale to exercise their 5M warrants which are due to expire at the end of this month,.... so that will put over £500K in to the bank.

....RNS.

Oh Yes!

... slashed to ensure that it's Port are competitive.

The government is serious about making the country a major distribution hub for West Africa, they are serious about expansion of the freight volume,.. and that will be of benefit to us. 1M containers to 3M containers in how many years? MPS won't want their amazing new berths sitting idle,... and neither does the government,.. and neither do we.
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