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It looks pretty obvious now that the African bureaucrats are taking their sweet time in signing the contract and that the next RNS will be the update on or before Thursday. The current picture should be quite positive, but I'm wary of the jam-tomorrow outlook from PF. After five long years (and more) I've now forgotten what jam tastes like. When it comes (this quarter?) I hope it's the conserve we've been promised and not a diluted cheap own-brand. As for Iran, I seem to remember Mogherini promising the SPV in three days' time. That was last November. I'm now wondering what will come first, the go-ahead for the Iran contract or my death from old age. No bets please.
There's been mention today of Namibia. I don't think it's dead. I suggested to PF last week that as the Namibian fuzz had seemingly got the security contract for all of the country's eight airports the market might appreciate an RNS stating that this particular MoU was now defunct. He said an RNS would not be appropriate and to take what we read in newspapers from that part of the world with a pinch of salt (my phraseology, not his). So make of it what you will. It seems we're negotiating something with Namibia.
Slipperz, I think MikeGP might be on the right track. Namibian Police have signed an MoU to attain security services at all eight airports. Have they got the necessary expertise? Doubtful. Very doubtful. When I asked PF about this controversy last year he said the story in The Namibian was untrue (in not uncertain terms) and that it wasn't what they were negotiating. So perhaps the negotiations have been in regard to training and consultancy work alongside the Namibian Police, which should please those who were anxious about the country losing control of its own airports security.. WSG working in tandem with the police force, although I can't see that being a 25-year contract.
Please help me out here. I'm missing something. The Namibian police and security services have been vocal in securing airport security so that WSG can't get it. Reading the latest update they (in my eyes) have secured a deal, thus pushing WSG aside. So, where am I not getting it? Not being sarcastic, I'm genuinely confused now.
Keep up Bigears. You're almost two months behind the times.
https://www.bloomberg.com/news/articles/2018-12-27/turkey-expects-extension-of-iran-sanctions-waiver-minister-says
When PF said there would be no pre-Christmas update he probably anticipated signing that contract during this latest visit to Africa. He must be as frustrated as we are (FIVE Christmases now without a visit from the WSG Santa!), but time moves at a more leisurely pace in many African cultures compared with Britain or Germany. My wife broke her kneecap in June and the consultant warned her: "The tortoise wins the race with this one." It has kept her upbeat as she's struggled on bravely from wheelchair to crutches to "hobbling" without crutches. It's a long haul, but she'll get there. I feel the same way about WSG. The Iranians aren't going to go back to square one now and, as a bonus, we can now speculate on which deadbeat African nation we're currently negotiating with. I don't think it's Namibia (so it probably is). Have a good Christmas everyone. There are more important things in life than monitoring stock prices.
The underlying business looks brighter now than it ever has done, so I would have thought that if they weren't expecting to astound the world with news before late January they would have been quite happy to provide a positive trading statement . . . but, then, I am a glass half-full kinda guy :)
H&N: Sorry for delay, been Christmas shopping. All done! :)
PF's emails are accompanied by all kinds of warnings. If I cut and paste, WSG will have to kill me :)
Basically, he was giving nothing away. My take on it: the mystery MoU is close to being announced. Optimistically before December 31. Pessimistically, first quarter next year, but Iran should be done and dusted by March if we can believe the European politicians (did I just say that?!).
Over to the trolls . . . (who are all on filter).
Thanks, as always, Eskers. This looks positive: "it was decided by PMO of IKAC to prepare a Five Year Development Plan (FYDP) for the time frame 2018-2022 which will respond to URGENT CAPACITY NEEDS" (capitals mine).
unluckiest company in the world.
I agree with you SFU, I've been robbed blind by the hubris and sometimes downright lies fed by CEOs and CFOs on AIM. I'm still hoping that WSG is different. If we take a cursory glance at WSG history (I can't be bothered to trawl through all the RNSs we had):
Ebola, which was outside the company's control and they coped with it admirably;
A contract in the USA on an "iconic" bridge which brought in some revenue before the client "ran out of money";
Security on a major oil company's pipeline within the company's grasp until a drop in the price of oil scotched that hope;
A poorly researched venture into ferryboating, although having the pilot running into "a submerged obstacle" is hardly the BoD's fault;
And now Trump messing up the deal of the century.
I make that 2 misfortunes beyond the company's control; 2 enigmas (either bad luck or lies); and one badly handled ferry fiasco. Oh, and I've just remembered Namibia but that whole airport issue is a mess anyway. 0-0 draw abandoned at half-time.
So, either this company has had more than its share of bad luck (and it's time for that to change) or we've been misled. If it's the latter than surely the buck stops with SP Angel. Don't hold out much hope there, which beggars the question: who's regulating the regulators? It's way past time someone with clout grabbed AIM by the scruff of the neck (and he/she needs a far bigger star than sad old Tom Winnifrith).
In the meantime, I'm believing that PF HAS signed a contract in Iran and is clearing the runway of Trump debris (if you'll pardon the expression) and that another MoU could be converted into a contract between now and March.
Barring bad luck.
As you say, Giles Hargreave is no mug. He knew this was a good bet and put his money where his mouth is. Had it not been for the orange man in the White House he would have already been proved spectacularly right. The guys at Canaccord apparently agree with Giles or we would have received an RNS before now telling us that their holding had shrunk below 11.5%. Just hope it all comes good BEFORE Christmas having already experienced four disappointing Yuletides (as far as investing in WSG is concerned ~ otherwise life is great!).
I had expected an RNS this week, but not the one that popped up. So who knows what surprises PF will give us this week. Watch this space . . .