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HB - "Why can't PF say there's a lot more to come as the 'on account' is only a small proportion of the income and when we would expect the balance....on signed contract? " I suspect that answer lies in the politics of the situation. Clearly, from the press reports that many others have posted on here, there is huge upset at noses being put out of joint and the increase in port tariffs. To have WSG laud it about how much money they are going to make out of Tema is probably not helpful to anyone in the present situation. You can imagine the press headlines surely?
You also mention cash from the multi million tech contract. Good question. First we have all seen a number of recent tech contract wins. That equipment also needs to be financed before the customer settles its invoice. A growing business needs more cash.
Also, you do not know what is round the corner. Here's a theory, when we signed Iran, there was a requirement to exchange board letters for the contract to be effective. The expectation was that would be a period of 8 weeks to enable WSG to know the terms it was dealing on and to get the required resources in place before the final contractual commitment.
Now we have recently seen Toscani's advert for 6 roles in an African country. The advert was in French so probably fair to assume in a Francophone country. Would you recruit without a job/contract to employ them on? My thoughts are no, this is clearly for a specific contract. Then we have a fund raise, under the guise of being to pay for the CLNs, which as you imply HB , the revenue from the tech contract could have gone towards. So could it be that we have a contract signed somewhere subject to an exchange of board letters that we are currently putting in place the staff and the financing for the equipment required to fulfil that contract?
No explanation on Africa.
If my suspicion on location is correct then the previous explanation of “delayed due to a completely unrelated reorganisation being undertaken by the authorities concerned”
is still valid. Articles in the local press last autumn and earlier this month on the on-going reorganisation there make it clear that it is not complete yet. So until that is completed then I don’t expect any movement on it. Whilst hard to believe that a reorganisation can still be ongoing 12 months later, it is clear from local press that it is (assuming my suspicion on location is correct, which I’m fairly confident it is). :-)
Fair point, but to make a profit they still need to sell higher. The option of forward selling at a higher market price and buying back at the resulting lower price isn't there. I think I need to understand the mechanics of how you think they benefit from driving the price lower
Also, hasn't the third party also agreed to subscribe for £1.75m of shares at a premium to yesterday's (and today's!!) closing share price? Again, hardly gives them a motive to drive the price down does it?
win4call - I'm no expert on these shenanigans, but isn't the difference compared to Darwin et al that they cannot forward sell or hold a short position? So driving the price down can't possibly benefit them ie Darwin forward sold and closed the position by buying back lower. As I say I'm no expert, so if anyone can explain how it would benefit them to drive the price down like Darwin I'm all ears.
Me too Gay, but neither of those next imo. Either a west or central Africa airport is my view.
Indeed HB
“ British Prime Minister Boris Johnson and Ghana's President Akufo-Addo are expected to sign a £40m agreement this week which will see the construction of a new terminal as part of the upgrade of the Kumasi Airport.”
UK heavily involved, let’s hope WSG will be too.
Philbatch you’re back! I’m still waiting for a response to my question. Not holding my breath though.
OMG, you actually think that PF doesn’t talk to the client and relies on the local newspapers for information. Hilarious.
You say “What I would hope for and expect is PF to tell us straight up what remaining complications are holding things up, even just in general terms“ having just listed the RNS comment "Contracts are due to be signed once certain financial arrangements between MPS and the port authorities have been put in place, which are in the process of being finalised." Hilarious.
Come on Feeks don’t be shy like Philbatch. Let’s have a coherent answer, not just a single random word plucked from the ether.
Qualia, you can hardly blame PF if you can’t be arsed to ready what is already in the public domain. He has already stated just 4 weeks ago “We are pleased to note that the ongoing discussions between Meridian Port Services and the Ghana Ports and Harbours Authority are close to being finalised which will allow for our contracts to be formally exchanged” Nothing about unions in there was there? Oh and where do you think he got that information from? Yes that’s right, from MPS and GPHA just as you requested.
Feeks/Qualia in the absence of those discussions between MPS and GPHA being finalised, give me some examples of what additional information you think he could have given, that would have provided you with the new news that you clamour for without breaking confidences. In doing so, try not to forget that tariffs being charged at the port are well documented as being very sensitive and subject to huge scrutiny in Ghana to the point that a government minister tried to wade in on the issue back in December.
Eagerly awaiting your examples.
But it’s not just been the unions up in arms over the fees. Just because they now appear happy it doesn’t mean all other parties are.
So what would you have done differently Qualia? Walked away? Given them an ultimatum, sign or we walk? Stopped scanning containers? Please, I’m interested to know what your strategy would be.
H&N, I read that advert as six different roles, not one. It’s also clear he is hiring for an airport security company (i.e. us) not just acting as a recruiter for a third party.
IFRS 15 applies to all listed companies, and whilst you are correct in that we fall at the first hurdle of identifying the contract, it does address our situation where revenues are received without a contract in place.
As I mentioned yesterday Vander, waste of time trying to work out contract value from the RNS. IFRS 15 dictates what revenue can be recognised until we get a signed off contract.
What a ridiculous comment.
If someone is going to state “Two different posters confirmed Fowler’s agm estimate” then yes, I expect them to have been at the AGM to hear that said. But neither you or SFU stated that. It was merely one person’s guess at a figure , not even an alleged comment by PF or anybody else at the AGM. Which is fine. But for Vander to suggest that it was a statement from PF was basically a lie. He even tried to contradict Mike who was there and did hear what was said.
My argument wasn’t with SFU for having a guess, nor with you for repeating it. It was with Vander’s total misrepresentation of it for his own agenda.
Ah you mean Bigears' (who wasn't at the AGM) comment that "I recall SFU throwing a guesstimate out of $3-4 per container" (SFU not being at the AGM either).
So, to be clear, that was a guesstimate by SFU, who wasn't at the AGM, repeated by Bigears, who also wasn't at the AGM, and not a statement by PF or anyone else at WSG at the AGM nor at any other time.
P.S. If you're going to try and work out £ per TEU based on the Dec RNS, I recommend that you immerse yourself in the detail of IFRS 15 first.
Nor me AIMing. Maybe Vander can post the list of other posters that attended the AGM who heard that figure mentioned. Well Vander? Over to you.....
Which AGM was that Vander? Certainly wasn’t the one I went to in June.
Yeah Noodle, what have the Fowlers ever done for us? They’ve bled us dry, and their children, and their children’s children, and their children’s children’s children, and, .... well I don’t want to to labour the point Noodle but I know you understand what I mean.
In fact was only discussing this with Pete the other day Noodle. I asked him why he doesn’t get the contracts signed much earlier up the curve. He said, customers keep asking him the same, they keep presenting him finalised contracts signed by them but he just prefers to tell them to feck off because he would rather p*** the shareholders off than put his signature on the paper and earn some revenue. You’re right it’s clearly all his fault. No one else’s.
Your total distrust in him, but at the same time total belief that it will come good in the end (clearly as a direct result of his incompetence) is most surely a very well thought out and very perceptive viewpoint that only a sheer genius could comprehend and appreciate. You’re wasting your time though trying to explain that to the idiots on here. They think it’s the customers lack of signing the contracts that is holding us up. Muppets eh! Total muppets!
“Tema is in the bag” you say, well that just sounds like total failure to me. I mean, if you’re going to tell the customer you’re not going to sign the contract there is little point in pitching up to do the work and get paid for it anyway, is there? Disgraceful and quite shocking really.
But KSA is what really worries me though. I mean, how can anyone manage to negotiate a transformational contract with Iran, a country seen as a pariah state that looks at us as the mini Satan, then having the nerve to rely upon an orange blob to save him from actually signing the deal and then go and negotiate a JV with their sworn enemy with the prospect of providing even more services. I mean, what is that all about? I ask you!