Member Info for Vander

The problem is wsg are looking for transformative 25y contracts which may or may not come off. If they convert one it will keep us happy for another decade To attract more business in the meantime should they offer shorter contracts? Clearly they fear Non renewal and dispersal of their expertise However they need a wider high value client base in tech or MS

My estimate is that they were more than 300m dollars out in their revenue estimate- this is huge in proportion to the size of the company. You did query the assertion that their corporate governance needs fine tuning

Gibbo re corporate governance concerns Here is an example: Consider the rns 12/08/14: ‘Ferry operations with African country represents 300m usd revenue opportunity’ How did the board discuss this 300m revenue estimate and the assumptions upon which it was based. What was the sensivity analysis according to good/ medium/ worse than expected scenarios. The detail of the risk analysis. Also the basic logistics: measures to avoid delays in launch of service, how to maintain and prevent the boat from damage, what do to with it when it is no longer operational etc Was their estimate and operational plan adequate in retrospect? Did sir Malcolm and the board properly hold PF to account? Also The ethics of withholding client identity means it was beholden on them to be even more careful in delineating the risks to SHs The same questions apply to Iran

I want them to be successful, so that we can make a return on our investment However, foremost I want them to follow rules of proper corporate governance. They have created surges of investment with disingenuous rns, which have dwindled with non delivery PFs narcissism probably equates this with a successful company. For all our sakes this time I hope his grandiosity comes true

PF gave us the financial details of the contract before it was signed in Dec 17. We were informed of the non executed contract only for it to be put on hold due to imposition of us sanctions. These had been signposted by trump since 2016 We have multiple MOUs which are trumpeted on commencement and then not mentioned subsequently Wsg are transparent only under compulsion, or when it suits them Conspiracy to defraud and pretence of ignorance

Patience and belief in the jcpoa Then hope that PF does not miss an open goal

Gibbo I already had all the evidence of past delays, dating from 2010- thanks nonetheless for the links Obviously the relevant information is whether the current proposed opening is due to be delayed Etin’s Post was useful as it gave plausible reasons for a likely current delay- though nil concrete. Others estimate an opening within 3 months and have expressed concern that there has not been an update from wsg

The reason people are selling is not because they are bored It’s because the Salam opening date is imminent and there has been no rns indicating execution of the contract or in fact any involvement in security provision It would help the rampers case to provide concrete evidence of delay in opening- not opinions or unverifiable tweets I have not sold btw and so it would benefit me also- maybe Ned is right to sell

The Estimates for opening (on this bb) are in the next 3 months- as you are well aware If that is the case wsg will know whether the contract is still viable and it should be rnsd

A difference between the countdown between muscat and Salam, is that muscat was a myth with no rns requirement For Salam- PF is aware that he cannot blithely continue to report good progress unless the 25 yr prespecified contract remains viable I am confused that Salam is due to open and yet there is neither good or bad news regarding wsg involvement. Any explanations?

Salam terminal is due to open in the coming days/ weeks/ months - news from there is sparse and so probably not days Wsg will have to update us in the near future as to their role if any in this- they will be aware of material deviations from the dormant contract well prior to the opening date The news could be positive or negative- have the odds changed?

It’s positive for the field that another RNAi product is likely to get fda approval- this time for acute hepatic porphyria Overall more evidence that the technology can be made to work The cause of the side effects of givosiran are not clear- Alnylam suggest it was the AHP itself. Could it relate to NPLs? Nuvec is reliant on the rna/dna story succeeding, and achieving a niche within that. If these companies achieve licences for multiple indications and multiple routes of administration, it is possible they will wish to diversify their means of delivery

Envision phase 3 study: overall good-positive efficacy, but some safety concerns- liver and renal

http://www.evaluate.com/vantage/articles/news/trial-results/alnylam-touts-givosiran-win-despite-toxicity-fears

The uniforms will have to culturally sensitive- beyond that I like blue personally- the badge should be discreet If wsg deliver some people will feel a loss of purpose and may need counselling. It will be the end of an era. I would prefer a temporary SP surge

Mazik- our competitors are NPLs.
N4P are right to point out Curevac/Arcturus NPLs may have caused liver toxicity and Translate mRNA immunogenicity due to inadequate encapsulation by their NPLs. These concerns may be speculation, but if correct will provide incentive for alternatives- we will find out in the coming weeks/months

There are only a few NPL makers: Acuitas, Arbutus, and Arcturus. Also some mRNA companies are developing them in-house.Different applications require custom LNP optimization. LNP toxicity remains a risk for multiple dosing regimens.

Reference
https://www.genengnews.com/insights/the-race-is-on-what-mrna-product-will-reach-the-market-first/

Etin your points may be good ones do you have any corroborative links to support a delay in construction, equipment installation, orat and even better evidence of the revised schedule A reliable start date could be a ramping deadline!

On a positive note Iranshahr would be a cracking gig Wsg have no obvious competitors and surely Salam would be a good stepping stone for both IAC and wsg to achieve this in the forthcoming airport city Trump will be gone at some stage and/or an easing of sanctions will be agreed. The key bit is whether the jcpoa holds together and the liberals retain adequate sway

Restrata trained 7000 national falcon personnel over a 6 month period starting Dec 2016. The operatives were tasked with provided security in multiple airports in Egypt The two companies also agreed an MOU to set up a training centre in order to establish a long term working relationship- that fizzled out it seems Clearly long term training centres with English companies are difficult to justify economically without re-establishment of the status quo (cessation of flight ban, sanctions or otherwise)-see the parallel? It would be nice to get a positive update from PF on Iran or Africa soon

Gibbo: Salam is due to become operational in less than 3 weeks Wsg still do not have an executed contract. They are not involved in orat If they have a future role it will not be the same as if they were involved at the beginning. They will not provide initial training of the thousands of new recruits or provide the equipment It is possible that they could have a role similar to Restrata- ongoing training, assessment, monitoring, supervision In total Egypt spent £20m on a complete overhaul of security including payment of Restrata to train 7000 security staff. However this amount also paid for laying off 40% of the pre existing staff, replacement of the all equipment with state of the art versions, biometric identification of current staff etc The cost of a 25 year rolling contract with wsg would cost significantly less than £25m pa if they role was much more circumscribed than that referred to in the Persia project slide. However it is still possible- what would be the cost per capita of rolling refresher training for say 3000 people.

Here is the link for restrata's training only contract with Falcon in Egypt:
http://english.ahram.org.eg/NewsContent/1/64/223531/Egypt/Politics-/Egypts-Falcon-signs-airport-security-deal-with-Bri.aspx

here is a good article on iranshahr
https://www.en.eghtesadonline.com/Section-economy-4/28068-ikac-to-unveil-designs-for-iran-biggest-airport-terminal