Member Info for Vander

Mike- I am suggesting that WSG may have fulfilled a key role prior to contract signing
Are scanport are contractually tied to WSG?
The bay of guinea is full of predators- these guys will cannibalise each other

WSG primary value to MPS is to commence operation of the scanners and undertake a training contract that would typically take 6 months

Beyond that their role is refresher training, audit and machine maintenance.

Do you think working for free for 3 months plus will enhance their negotiating position? Is the plan to train up gpha security and GRA customs staff also?

Btw there are also at least 3 ICDs, conducting container scanning and customs clearance - one run by Almaris and only recently set up.

They were informed at the beginning of the year that they may have to close. However with the current MPS renegotiations they have been given a stay of execution.....

The previous port ( prior to the expansion) had 12 berths- 2 berths were MPS 16 m depth and were overused. The 10 gpha berths were 60-70% used and were of smaller draught and were less efficient crane unloading. The old port delivered 850k teu per yr

A bone of contention is the 2015 concession agreement providing exclusivity to MPS to service all ships over 200 teu capacity. GPHA want this to renegotiated but it will alter the projected container numbers going through T3 ie not all containers arrive on massive ships

Do not worry if my question is not clear- we can just wait for the update RNS

Mike- do you think the MPS negotiations will change the exclusivity agreement, previously allowing all 200 TEU capacity ships to dealt with by terminal 3. For example to change to 800 capacity?

The aim is a slower transition to T3 and avoidance of collapse of the pre existing port business

It’s a boring but relevant question

Ibistek/ GPHA will be the operator
Currently cargo scans are performed in Takoradi by nick tc scan and Intertek undertake commodity analysis and inspection- Intertek are a big company- cargo scan in guinea plus others

The operators are Ghanaian- will they go for the hybrid model? Do they want a training contract with handover after a defined period to scanport?
The Takoradi expansion is multi purpose- so far it primarily deals with commodity export- how will it fit with the trans shipment agenda and service to landlocked countries

I was mildly objecting to being called a c***
It’s ok. Gibbo is a good adversary

Keep calm. Are you a close friend of fowler? I can see your need to defend him

I thought that his house looked tastefully decorated on the 2nd podcast. He is too rich for a potterton home. That was a gift for one of the younger fowler clan who work in admin

Has this been discussed?
Fowler total pay £310k per year
Salary £157k pa
The article suggests this is not excessive vs similar sized company CEO pay and given good growth in EPS. However, poor SH returns in the last 3 yrs suggests excess remuneration
https://www.google.co.uk/amp/s/simplywall.st/stocks/gb/tech/aim-wsg/westminster-group-shares/news/does-westminster-group-plcs-lonwsg-ceo-salary-compare-well-with-others/amp/

Balders is doing a good job recently, supporting the bats in churches project
https://www.telegraph.co.uk/news/2019/08/25/bat-poo-no-longer-blights-church-interrupts-service-worshippers/

You still have an active mind and harbour hopes of escape

I agree you might not make it- they have doubled the security guards since cannacord left

Foxy: Ageing LTHs- do you mean veterans from pre- 2014

Some of those guys are fully institutionalised in WSG- I don’t think they care what the SP is anymore

Brainwashed, empty eyes, laughing deliriously at black and white photos of fowler astride a bull elephant

Instrumental conditioning- a device that keeps gamblers hooked- relies on occasional UNpredictable wins/ good news.

WSG uses this well. Occasional good news completely out of the blue, which may or may not arrive. A predictable positive outcome, following a previous RNS does not seem to be the modus operandi here

Investinvalue sent a useful link yesterday

Any comments on the last paragraph?

The chamber reports too many physical inspections of cargo are currently being undertaken

Of course we also know that 3 of the 4 scanners are yet to be installed

Foxy- wsg are a learning organisation. They no longer just announce LOI they also achieve SP rise by insisting on setting up and doing free work

To escalate this further they have to sign an executed contract (signed by both parties and exchanged by both boards) it would however self destruct after 2 months due to bankruptcy of the contractor or nuclear war

MPS have completed phase1 of the Tema expansion project on time and under budget
They are due to start phase 2 ahead of schedule

There are concerns re the favourable terms of the 2015, and there are high level concerns of corruption
There was an governmental review of the deal which produced a report/ white paper in March 2018. It may be construed that the government tried to hide this report. GPHA employees were threatened with prison if leaks to the press were discovered. The report acknowledges breach of ethical boundaries and abnormal business practices. Chief amongst these abandonment of the long-standing tender process in 2014 and award of the contract to MPS, who had not submitted a bid. Also dilution, without explanation of the GPHA shareholding in MPS, and it lack of involvement in the IFS loan
The below newspaper article contains a photocopy of the white paper ie a source doc
https://www.modernghana.com/news/923662/ministerial-committee-raises-concerns-about-tema-port-conces.html
This is relevant to WSG as it will give info on how long re-negotiations of parts of the deal will take place. The committee recommended internal agreement on individual points. Criminal proceedings against Vincent Bolloré since April 2018 have been driven by rival port operators however.
Also The Tanzanian port authority legal dispute with The operator (do world) has taken years

DYoR. It’s useful context, though as others say it may or mAy not be relevant

Presumably they need a minimum of two scanners? One for import and export gates?
Apologies if I am wrong
It just means more manual inspections until in place.
Btw I do believe any are at fault- it takes time to set up. Wsg are still delivering the Asia project- April until end q3- which is a fraction of the 25m smiths order

If there is a scanner bottleneck, at certain times of day, they will manually scan to speed things up
Not all containers need scanning also eg empty ones. Secondary scans will be needed more with inexperienced image analysts

The HCVPZ60 requires min 4 staff:traffic receptionist, system operator and two image analysts
Arrange in 24h rota and allow for annual and sick leave with natural attrition
I thought they said they had trained/training 40 and were aiming for more (120?)
Looking at other companies websites if takes months to achieve (7 months for sgs to train 120 in Douala)