AGM-118 Jun 2019 16:30
GHANA Port---
We will be paid on a per container/ screened basis. The Screening kit has been supplied by Smiths and involved no capex expenditure by us.The Scanscope Avfrican Company has been set up specifically for this contract and will handle the 'local' staff handling,... we are doing the rest of the works ie the lion share of the works and the fee will be split accordingly.
The existing port handles about 4000-5000 ships per year,.... and only smaller shallower ships,.. the new Port will be able to service circa 20,000 larger ships. Targeting screening of 1M growing to 3M per annum.
The new Port is scheduled to open 28th June! ... hence we have men on the ground now. We were shown a video of the port,... the screening process and how it will operate.
Contract will be long term. When pushed on what that meant, 5, 10, 15 yrs,... PF replied,.. "one of those"!
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Sovereign Ferries,..is now completely divested,... we have two offers on the table and it is anticipated that it will be sold shortly at circa £170K.
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Iran-- all technical issue are resolved,.. a finance channel and insurance have bee resolved -- without the need for INSTEX-- although that would make it easier. All that is needed is the exchange of letters and there is no time scale on that. Client is still committed to using WSG. At the moment they are intending to operate by using equipment 'borrowed' from other airports, until we can move in and do our bit. But the BoD will not proceed until they know that they can do so without any geo-political risk,.. and that staff etc., will be safe.--
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Africa---- They had thought that it would be signed in January,.. but the internal issues mean that we cannot proceed until they are resolved. This could take weeks or months.
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Loan Notes,.... repayment due in June 2020,.... company has plans to make payment and PF gave the impression that payment may be made earlier.
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We learnt that should a big Airport Contract proceed, ie Iran,.. we would need to raise circa £6M to facilitate the capex etc., this would be done via equity/debt etc., and would depend upon the circumstances at the time.
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The French company,.. which as 3 or 4 employees, is already producing leads etc., Price to us buying them,... they operated worked in logistics with large agencies/instutions such as the UN etc., ensuring that flights and cargo were handled safely/securely in to difficult regions ie Sudan
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Lunghi--- pax are up--- negotiations are on-going at the moment with a view to extending the existing contract. WSG are also trying to introduce a Hotel Company in to the Airport as this would facilitate more airlines returning to the Country. BA won't fly there at present because of their concerns for the safety and logistics of looking after their staff. If there was a hotel on site at the airport,.. that would make it an easier destination to service.
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