Member Info for MikeGP

Again from the Felixstowe tariffs document for 2019, Page 7:

"
2.10 SECURITY CHARGE
Imports: All import full containers or trailers will incur a charge of £10.50, which will be raised to the nominated clearing agent (as indicated on Destin8) at the time of out-gate.
Export: All export full containers or trailers will incur a charge of £5.50, which will be raised to the export declarant (Destin8 badge holder who enters the UCR - Unique Consignment Reference - or makes the Community Status Declaration) on Destin8 at the time of loading.
2.11 DOORSIDE EXAMINATION (BILL OF SIGHT)
Including gas check, opening/closing doors, two movements £122.21
2.12 INFRASTRUCTURE CHARGE
All import full containers or trailers will incur a charge of £5.50, which will be raised to the nominated Agent (as
indicated on Destin8) at the time of out-gate.
2.13 CONTAINER SEALS
Fitting of a container seal will incur a charge of £4.58
2.14 PORT HEALTH Seal checks on imports from New Zealand £62.98
2.15 VEHICLE BOOKING SYSTEM (VBS) rates will be charged as follows:
(1) VBS No show charge
(2) VBS Guaranteed booking charge
(3) VBS Peak booking charge
(4) VBS Annual administration fee
2.16 CONTAINER WEIGHING
SOLAS Terminal Weigh undertaken via Container Handling Equipment
SOLAS Administration Fee (applied to all laden boxes)
SOLAS Exception Fee
SOLAS surcharge for weighing out of gauge containers / flat racks in addition to Terminal weigh charge
£30.00 £15.00 £1.50 £1.00
£21.42 £1.08 £21.42
£47.38
The SOLAS Exception Fee applies in specific circumstances which Include:
Container received on the basis that the Shipper/Cargo broker will provide VGM detail prior to the VGM cut- off (24 hours prior to vessel arrival) and then fails to do so.
"

Ian,

Don't think there is any need for a raise to serve the new Ghana contract. PF said that once signed revenue would be forthcoming immediately,... since from the 29th containers will be going through the port.

Best

... for investinvalue. This info was posted up here yesterday.

https://www.dpworldsouthampton.com/port-info/tariffs-and-charges

2019
Customs Examination Fee per Entry £16.54
Customs Examination Fee per Removal

£10.59
For every container X Rayed by Customs £65.79
_____

2.6 X-RAY SCANNING (IMPORT & EXPORT CARGO)
Presentation of import, export or transshipment units for X-Ray scanning, per occasion:
Containers
Trailers
Driver Accompanied
£65.35
£29.97 plus £24.72 if FDRC affects transport £29.41

Page 8

https://www.portoffelixstowe.co.uk/company-information/commercial-information/

We have just attended the AGM and there was no mention of any equity raise for this contract. Neither by the CEO or the CFO during the AGM or in the pre-and post meet period.

There was mention of potential raise of £5-6M to facilitate the Iran,..or A N Other large airport contract. But that wouldn't be need until the Contract was secured,... and might be a mixture of Debt,.. Equity etc., as per usual it would depend on the circumstances at the time... I made the point that if a raise were required,..it would be good if the existing shareholders were also given the opportunity via an Open Offer to apply for shares if they were being offered at a discount ti II's etc.,-- to raise £5-6M ...on a contract with a 15 year revenue stream of circa £20M a year,... shouldn't be a big deal.... particularly when we are operating at a gross margin of circa 50% on other managed service contracts.

investinvalue,..... most of the questions you have been asking have been discussed and answered in the discussions post the AGM........ will be easiest if you scroll back to the posts starting from Tuesday afternoon 5pm onwards and I think you'll get the gist-

Iran is on hold until the geo-political circumstances change,... BoD will not proceed until they are sure that it would be safe for staff etc.,...--- contracts are signed--- an exchange of letters is required between the two boards in order to commence,....---- I wouldn't base any investment here on this proceeding any time soon,... however, given Trump's taciturn nature,... who knows. Things could change quickly.

Best

doc,

.."It will be good if on confirmation they go down the PR route"
____

I believe that once they have landed one of the 'big ones' that is their intention and in part, that is where Patsy Baker comes in,... 20 years a partner with Bell Pottinger.

Perhaps the interview yesterday, the first for a very long while,.. was also a sign of this intent.

Best

.. not that many PI's....

I'd say a dozen at the most,... the rest were the Nomads, brokers etc.,... didn't see anyone from Hargrave Hale,..( although they might have been there)..... which surprised me.

Top table was PF, Sir TH,.. Mark Hughes, Stuart Fowler, Patsy Baker and Charles Cataneo.

.. from Peter F

___

Dear Michael

Thank you for your email and good to catch up with you again also.

Thank you also for your support and kind wishes.

Please see below the videos you saw plus one showing arrival of the first test ship

https://www.youtube.com/watch?v=-Wv65VDSlIs
https://www.youtube.com/watch?v=afuFUhj_3CA
https://www.youtube.com/watch?v=0ViNaO1bhSE

Kind regards

Ok,.. a coupe of things...

The second video shown at the AGM ..looked like one that was probably produced by WSG/Scanport rather than MPS as it actually explained and illustrated the Screening procedure for the containers.

My understanding was that every container would be screened via the drive through screening building. We were shown the containers being driven through the building on the back of a flat bed truck,.. driving at 8km/hr......... from there it goes in to a separate building where it is digitally 'logged' and photographed. ie the coding on the container is read and that information checked and logged etc., the container is stationary in this building and it is also weighed.--- from there the driver receives a 'ticket'.... which is code either Green, yellow, or Red. Green = ok,.. you are fine to go on your way and leave the port--- Yellow-- there is something that needs to be checked,.. you are sent to a holding area.... or Red= there is am immediate issue --you are sent to another building and get your wrists slapped!---- This whole process is where we are involved as I understand it.

NO figures were actually divulged at the AGM by anyone as far as I am aware,.. although the Felixstowe fee was mentioned by us....and certainly PF nor MH didn't seen to question it. Having said that,... some internet searching this morning shows much higher figures for x-ray scanning of containers at Felixstowe and Southampton,..much nearer £65/container. What that means,..or how much of that revenue would go to the operator etc., is anybodies guess.

The additional berths under development are targeting 1M to 3M containers per year in due course. Again,.. from what I can gather,..two berths are complete and two more are to be completed by end of 2020,...( Chinese construction company.)

Hope that helps. Not long until we know the details.

I did record the meeting,.. but haven't listened to it yet,.. and as I was sitting at the back don't know hoe much it will have picked up,... but to be honest,... most of the interesting bits came out in the pre and post meeting chats.

IMHO.. I don't think we will be waiting 30 days for news of the contract,.. I think it will be less,.. hoping for first week in July after the 5M HH warrants expire!

https://www.youtube.com/watch?v=-Wv65VDSlIs

Aiming...

p.fowler@...

SFU...

That doc,... for Felixstowe shows:

2.6 X-RAY SCANNING (IMPORT & EXPORT CARGO)
Presentation of import, export or transshipment units for X-Ray scanning, per occasion:
Containers
Trailers
Driver Accompanied
£65.35
£29.97 plus £24.72 if FDRC affects transport £29.41

Page 8

£65!!!!!!!! per container for x-ray scanning.---

https://www.portoffelixstowe.co.uk/company-information/commercial-information/

Col,... yes,.... know the feeling!

Fingers crossed,.... we have had enough pain here over the past few years. We are due a bit of good fortune.

1. Say 1M containers/year @ say $20 each= $20M income

2. At say 70/30% split with Scan port, then 70% to WSG= $14M

3. At say 50% gross profit= $7M/annum.= circa £6M/year

4. Put that on a P/E of say 10 or 15.....suggests.... £60-£90M market cap based on Ghana alone.

Current market cap circa £9M.

Hmmmmmm....

.. and asked if the AGM video's can be uploaded to the WSG site.

Best

.. afternoon,...

Do you have a link for the Felixstowe charges?

Here is Southampton..
2019
Customs Examination Fee per Entry £16.54
Customs Examination Fee per Removal

£10.59
For every container X Rayed by Customs £65.79

---

The X-ray charge is huge?.. .. are we missing something here?....

alias,.. I think h&n was just being cautious... but a couple things to consider...

The new berths are deeper in nature and designed for larger ships that can';t get in to the existing. It's possible that the smaller vessels are still serviced by the existing and larger vessels are serviced in the new berths,... so it may not follow that the existing ships will simply migrate to the newer facility. Likewise,... whilst some of the port will be ready by 28th June,.. other works for the full facilities will still be ongoing,.... so there will be a natural ramping up and testing period.

I didn't know if the video is available on the website,..or the Scanport site,.... it's worth having a look... as the scale of the operation really is impressive.... hence the $1billion investment!

Smithers,... I don't want to put words in too his moth...he didn't actually say "70%"..... that was my figure judging by his comment that we get the lion's share ...and his tone. I think that would be a reasonable guess. In any case,.. as he said... we will know the actual numbers in the next few weeks.

Best

Just so you know.... the BoD were called out yesterday about the lack of Director's buying, particularly after the last AGM there was a lot of talk of some of them wanting to buy at these low prices but were unable to because of being in a close period for much of the time.

PF defended the 'charge' by saying once a Director bought they were pretty much locked-in.... since if they then sell,.. it send the wrong signal to the market. He also made the point that he had plenty of skin in the game with his 6M plus shares.

I BoD share purchase plan was also discussed, and he said that that had been discussed and was being looked at. Later,.... post AGM,... Mark Hughes confirmed that they were in a Close period, because of the Ghana Port deal,... but now that it was out in the market he might be able to lift it. He also confirmed that they were often in and out of Close periods because of the various MoU's in progress.

However, given the stick that they took,.. by our 'pensioner'!!! :)..... I wouldn't be at all surprised to see some modest buying over the next few weeks.

The video presentation yesterday showed two processes that each container would pass through:

1 was a drive through a large scale scanner on the back of a flat bed truck,..at 8km,... and was the scan to check on the contents etc,...and
2 the other was a drive and stop inside,.. where the vehicles 'tags' were read idea,.. all of the shipping details etc.,... and weighed.

So looking at the Tariffs that I have just posted before,... it may well be that the overall fee that we will receive will be made up of various components,..... and that backs up what PF told us at the AGM yesterday.

Best