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Although it's nice to here about the variety of goods and locations WSG are supplying, the problem with publishing contracts on a tape-recorder this week and sticky-back plastic last week is that it suggests they've got nothing more worthwhile to talk about.
What happened to the much-vaunted brag about ideally positioning themselves to provide Covid gear? Is that £400k of stock just gathering dust around the office?
I think the board could do real clean out. There doesn't seem to be any accountability for the years of failure. It's quite stark when you consider what someone posted the other day. £50m in placing funds to create a loss-making company valued at £12m.
I suspect a degree of nepotism blindsides them to the chronic failures. Was Stuart Fowler ever held accountable for his role in directing the ferry operation that peed millions up against a wall? A quaint family business is great for selling cheesecakes or hardware, but probably not for an international security company. I hope that the new investors are a little more forthright when it comes to re-electing board members.
Even if they finally get a dart to stick in something that finally can turn a profit for the business there's no getting away from the fact that poor decision-making has led to a vastly sub-optimal position from where they should be right now.
Not well researched though.
"Westminster receives a fee from all passengers flying in and out of the airport" - It's out only
I'm not sure how impressive going debt-free is when it's been achieved via a hugely dilutive placing on the back of multiple years of failure.
WSG have been listed on AIM for 12 years. How many of those have they turned a profit? Zero?
"Accordingly, the Board and I believe we are now at an inflection point in our growth trajectory." I'm sure this statement could have been lifted from the annual results from any of the last 6 years.
Given the continued flipping of the placing shares I think Peter's going to have to do a lot better than this to stoke any interest whatsoever. 1 out of 10.
Well, it was closer than the £260 / m2
It's irrelevant the pessimism/optimism posted on here. It's up to the company to release meaningful news. At the moment there's nothing to suggest any change from the cusps that have seen the share price descend from 90p to 4p - a 95.6% drop.
I want the company to do well, but there's no advantage to blowing smoke up their ass. They either release meaningful news or they can't.
I can't see that. Looks about £20/sq m? Either way it's not going to get anyone's juices flowing. If it was significant in any way they'd RNS it. It's not, it's just to give a flavour of what they do and that's the best they can come up with?
You would have thought they'd have something to say about their Covid sales considering they had half a million £s of stock. Another misadventure? I imagine Peter cramped in his office surrounded by vending machines and boxes of hand sanitiser/PPE. I wonder if anyone could suggest a creative use for them. Maybe a clothing line made from stitched together face masks - stick them on Etsy. Banbury shopping centre won't be getting much traffic atm.
Looks like you can buy small sections for £19.99 so unless they're covering a few skyscrapers it might just be enough to provide tea and biscuits to the staff for the week.
https://activewindowfilms.co.uk/195-safety-security-window-film-clear-glass-protection-anti-shatter-uv-rejection-sticky-back-300-micron.html#/length-1m/width-152cm
I notice Peter's not bothered to put his head above the parapet since getting the placing away, I guess there's no need to engage now that his wages are secure and he's managed to get away with towing the line of being quick off the mark in moving into fever detection sales that never really materialised.
I do fear that with Marley the Dog gone, the remaining brains behind the operation may have also passed away. Whatever they achieve now will be sub-optimal compared with the initial promise. The board are old, stale and seem totally incapable of closing any deals. I hope they can prove me wrong so I can exit this dog without too glaring a loss.
I agree. It's material news that the CLNs and loan facility have been paid off. Even if they stated their intention, I think they'd have to release this once completed. It's good news.
I still don't think there's going to be an airport in the immediate future, the same problems with travel restrictions still apply and I don't think Peter would have had his pants pulled so far down if it was imminent (by my definition, not his).
Still, debt free and enough value in Lungi and Tema to justify current valuation and I think one of those darts will stick eventually.
I think H&N is right. Spread betting's a tax efficient way of holding their shares. It doesn't surprise me at all that HNW individuals would use this method, although it does surprise me that small institutions would.
Either way, it's not the significant institutional investment I was led to expect. And I'm certain those positions will be sold down pretty quickly.
I spoke to the old Nomad about director purchases and was told that given the uncertainty and timing of the deals as demonstrated in the past the directors were free to buy outside of closed periods. I realise this is a new Nomad, but I think the same rules would apply and could certainly be argued successfully if the directors genuinely wanted to further align themselves with shareholders. I suspect they don't.
I tend to avoid bulletin boards like the plague, but after asking for clarification on a couple of things I was referred to "bulletin board theories". I think they read LSE more than I do, and maybe this is a better place to engage than being patronised by their PR?
Anyway, as I said, lots of treacle to wade through. This will bounce a bit so happy to hold my loosing position for now, but my trust in the board has entirely evaporated and I'm looking for the exit. 20% of my portfolio in here (or it was at one point), so not overly happy, but some good lessons learned and tempered by good success elsewhere.
Have a good New Year everyone. Hope you're all looking forward to it as much as I am.
Fowler's next RNS being an own goal?
I think Spreadex stopped taking bets on that some time ago. He's prolific.
Looks like the promise of significant institutional investment has fallen well short of the mark, an awful lot of treacle to wade through until we see that bounce. Absolutely, no rush to invest at the moment with trust evaporated and large volumes from placees flipping their shares for free warrants.
Unfortunately I already have a stake here, so happy to sit and wait it out for that bounce. Maybe even get an airport in the mix? Though they couldn't sell security equipment throughout major terrorist events, or fever detection equipment during a pandemic, so I won't be holding my breath.
https://www.spreadex.com/
I assume this isn't an investment, but a hedge against their clients taking out long positions on CFD accounts? There probably is a decent long here. The "significant" institutional investors stripped Peter right down past his underwear.
I'm still awaiting more Holdings RNSs from Institutions. Peter told us that there was significant investment from them in the placing, but this at best looks to be moderate, with the majority going to individuals happy to flip for free warrants.
This was a placing obviously made under duress and given WSG's continued ability to snatch defeat from the jaws of victory I can't give them the benefit of the doubt anymore. I think the only reason Peter sets a high bar is so that he can slither under it with ease, rather than leap over it with salmon-like agility.
Let's hope Peter proves me wrong this week.
Holdings RNSs in-coming according to my sources in the City - That's ALB1's mate, Barry, who's usually sat by the dart board down The Crooked Propshaft
Spot on Craig, a little bit of humility wouldn't go amiss. I wouldn't hold my breadth though.
I'm pleased it's gone through. Would have been a real sh**show otherwise, but a nice touch would be an acknowledgement that they've under-performed and they're doing everything to rectify it.
Merry Christmas all.
All the best Geentee. I think there's a lot of people in the same boat. I'm kicking myself for not selling down more aggressively and putting too much faith in the board to, e.g. sell a decent amount of fever screening/sanitation equipment during a pandemic.
On their side, they have had some wicked black swan events, Ebola, JCPOA, Covid (though the last they claimed was also an opportunity). But, whatever happens the board have performed sub-optimally.
Having said that, I'm still here. We'll see what the week brings with TR-1s. It will be a positive sign if institutions have at least the lion's share of the placing. They now have cash and hopefully can provide us with some more detail on those contracts.
All the best everyone.
I only avoided voting no because I need to take a break from actively trading for a couple of months.
I suspect there are some institutions lined up. I suspect they've been given a nudge on how close the deals are, but regardless the price has been driven down by the institutions to a level where a recovery on Lungi figures, Tema and the resumption of small tech contracts will see them sitting reasonably happy.
Even if they do get a deal over the line, I don't think they deserve any praise. They've spent years throwing darts against the wall with other people's cash. They've failed to take advice to raise decent amounts of cash nearer 30p, they took on a badly managed finance deal with YA/RF, they've failed to engage well with investors when it really mattered (did the webinar see a -15% loss in sp over the hour), there was the whole ferry debacle with prop-shafts/ an inappropriate boat, they've mis-judged the willingness of national governments to sign the contracts after spending 100s of 1000s in consultancy fees. I've been a long-tern and formally supportive share-holder, but I feel I've been mislead numerous times by the output in the RNSs. Thankfully I've traded my position down when the bulls*** really hit the fan.
I'm still in at a loss, a reasonable deal would see me back in profit, but I won't be praising the board. Whatever they achieve it will be severely sub-optimal from what they could have achieved.
The board have continuously lied to and misled investors.
From suggestions of $350,000 per month ferry revenue to more recently the lion's share of $10 per crate.
The company has never had a positive inflow of cash since listing and has gambled millions of investors money on chasing big ticket opportunities, none of which have come to fruition.
They've also failed to secure decent revenue and hence profit on Covid sanitation and fever screening equipment in the middle of a pandemic.
While lying once again that the placing is with serious investors. Many have gone to retail where they're already being flipped, secure that there're the 1 to 5 warrants if Fowler finally gets any BS to actually stick.
He claims to have skin-in-the game, but it's all another facade. With each large placing will come a series of options and incentives so that Peter won't be any worse off should his expensive gambles with other people's money pay off.
He won't be held to account and I feel extremely sorry for people who have averages upwards of 15p.
Having said that, I do feel that there's some value to be had from 4p, so I won't be selling at a loss just here. Trouble is trust and good faith are now non-existent. They need to show they can actually generate cash and not just use placings to spunk over people's cash up against a wall.
Still sticking with this. Looks to be a bit of a short squeeze on.
Suggests to me that WSG are getting paid over $3 per TEU now that the initial start-up and test phases are completed.
Hopefully as trade volumes increase in the future, Tema will continue to make a significant contribution to profitability.