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H&N, that’s strange, I’ve been wondering the same about that ME tech contract.
From the AGM statement
“Having earlier this year delivered the remainder of the USD $4.5m vehicle screening contract in the Middle East”. So we know what is was for.
Then from the Final Results RNS
“In 2018 we supplied numerous clients in around 53 countries across the world, including the UK, Middle East, South, East and West Africa, Eastern Europe, Asia and Latin America. By way of example, we secured contracts for vehicle screening for an Air Force base in the Middle East, ........”.
I’d bet my bottom dollar they are one and the same. The question is, in which ME country is the Air Force base?
With a large Air Force and 7 bases, KSA would be as good a shout as any other, probably better than most. If the vehicle screening contract ever turned out to be KSA, then that would be very very significant for WSG imo.
Such a scanner would only logically be at the entrance. So if it were KSA, then that would mean we have had a contract to help secure a military air base in time of conflict, and therefore presumably a very high risk target. That must surely bode well for obtaining contracts to secure civil airports. Particularly if shortly after delivery of said contract we have then entered into a JV arrangement, as that would suggest the client was very happy with our delivery. In fact, the ME tech contract could have effectively been our interview for KSA if that were the case.
Knowing our luck it’ll be an Air Force base elsewhere, but if it is in KSA, wow!!!!!!
Indeed!!!
No it isn’t Ghana Mike, the non countersigned contract is definitely East Africa. Not sure exactly where though, Nairobi is my best guess.
Mike, it certainly would. What would be even better would be for RNSs for Ghana and another MSC to land within minutes of each other. That way PF could give us some useful combined numbers without disclosing specific commercially sensitive details of either deal. But I'd be more than happy to settle for just one of them for now :-)
Ian I don't think folk should get too hung up on the 30 - 40 days. PF's actual comment was that the 30 days is specific in the LOI, in that the contract and everything has to be tied up by then. But he then went on to say, but as it is Africa, is it going to take 30 days, or 35 days , or 40 days or 10, no idea, but we are having to start operations, we're doing it in good faith because we believe it is happening and that we wouldn't be doing it otherwise. However, the LOI specifically asks for it to be done quickly. The LOI itself is 4 pages long and goes into a lot of detail. Later he reaffirmed that the target was to do it within 30 days, but again commented he was realistic, is it 30, is it 40, he didn't know. So I would take the 30 and 40 days as being rounded approximations / targets, not hard drop dead by dates.
Probably some trader oik having to justify his **** up not exercising those warrants by pretending he wanted to sell all along :-)
Was it just me or was anyone else surprised that MH and not PF was going to Ghana to discuss commercial issues this week?
I’ve always thought PF and TB were the main negotiators, so without meaning to be disrespectful to MH in anyway, the fact that MH is going out there makes me wonder whether
1. The issues are minor and don’t need PF’s or TB’s input; or
2. PF and TB are tied up on one or more of the other on the cusp MSCs this week.
Or maybe it is just me overthinking things.
Either way it’s all looking very good.
Great post Feeks
Great pot Feeks
Malcolm I did try to drop you an email as requested following the AGM but it bounced back. Can you send me a mail using my username at aol dot com.
I think. you are using the wrong reference date, I believe 14 June would be more accurate as the 30 day starting point.
Mike, from RNS dated 30 June 16, As announced on 3 June 2016 the Company has therefore today issued the second tranche of 3,114,105 new 10p Ordinary Shares to Hargreave Hale at a price of 10p per share and these shares will be admitted to trading on 1 July 2016.
So based on that I believe it is today. From what I understand of the exercise process, they would have needed to get the cash to WSG by 30 June to exercise them, which effectively meant the deadline was Friday.
DHC saying “Done wasting my time communicating with traders. Suggest others do likewise.” Is one of the funniest things I’ve read on here for a long time.
Yes, that’s my conclusion Mike.
Mike from the FCA handbook
Aperson must notify the issuer of the percentage of its voting rights he holds as shareholder or holds or is deemed to hold through his direct or indirect holding of financial instruments falling within DTR 5.3.1R (1) (or a combination of such holdings) if the percentage of those voting rights:
(1) reaches, exceeds or falls below 3%, 4%, 5%, 6%, 7%, 8%, 9%, 10% and each 1% threshold thereafter up to 100% (or in the case of a non-UK issuer on the basis of thresholds at 5%, 10%, 15%, 20%, 25%, 30%, 50% and 75%) as a result of an acquisition or disposal of shares or financial instruments falling within DTR 5.3.1 R; or
As HH are above the 3% limit they would need to notify if they exercised 5m warrants. WSG would then need to RNS that.
Mike they announced the placing on 3June, the first tranche issued there and then and the second tranche was actually issued 30 June.
Being the expert on placings I'm surprised you've completely forgotten about the one post the 0.29m year end figure.
No you are not right, you are incorrect. I'd like to say nice try, but it was a pretty pathetic attempt really.
AIMing - just following up on your sticky shares post earlier. Certainly with some duplication from your post, I now know of 7 LT holders on this board that account for at least 10m shares between them. Add PF 6.5m, HH 13.1m, H Jamal 4m, Roger Worrall 2.2m, Stuart Fowler 0.5m. Total 36.3m. Just under 27% of the company held by just 12 holders. All of which I believe are extremely sticky.
LTH - HH warrants totalled 5m. I believe the majority expired earlier in the month. The rest effectively expired today I believe as the date on them was 30 June.