Member Info for Vander

Brilliant Ian- I am so glad that you insist on accuracy here- your bravura posts on the Oman contract were invaluably accurate

From the RNS 4th March 25:

The Company also announces it has agreed to issue Pantheon A Family Office Limited ('Pantheon') 100,000,000 new ordinary shares of 0.1p each ('Ordinary Shares') (the 'Subscription Shares') at a price of 1.2p per Subscription Share (representing a premium to the closing mid-market price of 1.1p per Ordinary Share on 03 March 2025), to raise £1,200,000 before expenses

Following the Subscription, Pantheon will be interested in 125,433,333 Ordinary Shares, representing 27.79% of the Company's enlarged share

Their holding is 27.79% -so 22.15% at 1.2p and 5.63% at 2.4p

Gabon chose Wsg for a reason- they want western expertise to bolster operations- however they want it at a cheap price- otherwise they would have chosen a better resourced company or the latter would have been more willing to offer their services. Fowler is desperate and pawned 28% of the company at 1.2p to fund set up . He has a list of speculation to con traders/lth. The SL dispute has more relevance than tema however- it may impact on 2027 contract renewal

Gabon’s institutions are still run as per a military dictatorship and so pantheon family office (PFO) may find legal redress is difficult in the future- that’s their main skill- they sued their last partner

Mike- can you explain why tema did not result in a profit- although there was a boost to the SP with the added Saudi pump and the impressive sheikh

At the time I remember your optimistic posts, with daily updates on ships queuing in the new MPS facility and wonderful profit and SP forecast- I remember you estimated a profit margin of 10 usd per container? (Turned out to be 1 usd)

A bigger problem was the business relationship with their partner- why did they stay and WSG leave? GPHA asked for a review of port security - in connection with what? Their employers would be MPS

Yrabs - pantheon family office is led by Andrew Lawrence Greystoke- there are accessible court judgements online which show he has had some big ups and downs in his career

I believe the last document shows he successfully sued his main corporate customer for unpaid monies under their disputed contract.

His priority may not be in keeping other SHs well informed unless the news is positive; his background is in corporate law and he had/has restrictions around his practice/ see Online document from the solicitors regulator in 2022

If he is in charge (as you mention) or has significant board influence as the main SH, then it is worth being open about these things

Https://mobile.ghanaweb.com/GhanaHomePage/NewsArchive/ECG-Container-Scandal-2-637-unaccounted-containers-found-at-Tema-Port-1985529

How much money do they have?

How much money do they need? And what are their options?

Https://africasupplychainmag.com/en/gabon-le-burkinabe-ebomaf-choisi-pour-construire-un-nouvel-aeroport-de-220-milliards-fcfa/

Wsg will be good in helping NAC demonstrate the icao audit standards, or at least future plans on how to achieve these. Hence the prior contract signing in April 25.

The challenge is delivery in the long term, especially at the 3 smaller airports. In tema, lack of frontline resources and effectiveness resulted in failure. They were marginalised

Here the contract gives them much greater responsibility but does fowler and his team have the competence to deliver with low financial resources and little practical local knowledge

Aiming this is a bulletin board- we don’t have any inside knowledge because fowler discloses as little information as possible- all of our posts therefore are evaluations based on research, knowledge of the company and fowler’s infamous modus operandi.

We should match fowler’s categorical language imho

I do not agree that ‘it is different this time’ which has been the theme of your posts for the last decade- although I think your posts are entertaining- it’s a shame your posting frequency is dependent on whether fowler has announced a possible contract or not

The only realistic opportunity for WSG is Gabon

They are a very small outfit and have not taken up a multi site project in Franco- phone Africa before. They lack experience in implementation beyond one off set ups and things will start to go wrong after 6 months with disparate staff and equipment and government interference. The icao audit/ usoap in july 25 has incentivised DoT contract - and fowler has sourced some of the set up money.

How will the contract be sustained in a state not used to democratic structures such as judiciary and top down state control

Fowler needs other stories/ distractions when gabon starts to sour

Mike why do you think president mahama sack the Sandra opoku, director the port last week?

No reason was given to the media

How to value Wsg if Gabon operations start in the next 3-12 months?

Use tema as an initial yardstick and focus on proof of the bottomline. Consider that he refers to the situation in eastern DRC as a ‘distraction’ which will not have a meaningful effect on revenue

Take fowlers words with a pinch of salt- his focus is pleasing a military dictatorship and he is hoping Greystoke remains healthy and capacitous to make decisions

The fairy mother took 30% of the company at 1.2p

The fairy godmother also have limited funds- they are 70% owned by Greystoke, an 82 yr old corporate lawyer banned from financial services

Gabon is the only likely contract- and WSG will be challenged with working on 4 disparate sites

The security companies are/have been investigated as part of a possible chain of corruption

How can 1400 containers go missing from (delayed) storage? - it needed a range of fraudulent activities including poor inspection, clearance, connivance and collusion -the arrests so far relate to smelting of the stolen contents- we await answers from the port authorities

The transformational Wsg tema contract started jun 19, and ended Jan 23? What time period did the theft occur over?- presumably small amounts on a regular basis

Wsg are obviously in the clear if it occurred only in past 2 years and maybe their remit did not extend to supervision of culpable staff

Fowler promised the lionshare of the profits (and hopefully not culpability)

Do you think the Ghanaian gov and port authorities will sanction the return of one of the security companies who presided over the 1400 missing container scandal?

Maybe Wsg have plausible deniability

Maccer do you work for WSG, now or in the past?

The police and government will be interviewing scanport and WSG leads regarding the container fraud- what a pair!

Maybe jhing Zhou could help here

Mike- regarding the loss of 1328 containers:

Answers are needed from the Electricity company of Ghana (ECG) the state company who lost the containers- arrests have been made of people alleged to have smelted aluminium cables into bars for export

Also answers from the port authorities- ultimately GPHA and MPS and customs

WSG was incumbent over the years the containers went missing, leaving in dec 23

Who has asked WSG to conduct the review of security of security and container clearance? The RNS is not clear

Regarding the container backlog- since July 24 reaching a nadir in dec 24- various reasons- including scanner breakdowns- experts ‘flown in’ to provide repair but problems remained. Who were the ‘experts’?

https://thebftonline.com/2025/02/06/container-pile-up-at-tema-port-drops-by-21-7-after-customs-intervention/

Fowler is hoping for help from the new Ghanaian government (see RNS)

Scanport were favoured over Wsg, and MPS asked them to leave

Wsg had a limited remit- training and maintenance of equipment- but Wsg had poor team work and leadership

They will struggle to manage the local workforce and lack resources to turn it round

It’s possible that nick TC will be asked to return-the previous contract holder

On the positive side pantheon family office are 4 lawyers- this will help in SL