Member Info for Vander

What has happened in Sierra Leone?

The summa contract is due for renewal in 2027 and a prolonged vexatious legal claim will be unhelpful

In fact this event may be timed with the contract renewal in mind

Aiming- what’s your view on the court judgement?

Greystoke is the main director of the four with a 70% stake. It’s shame that it necessitated court proceedings to obtain unpaid monies

Pantheon fell out with Diagnostics over 2016/18 contracts- gives useful info on our major shareholder

https://www.oeclaw.co.uk/images/uploads/judgments/Pantheon_v_Diagnostics__2023__EWHC_1984_%28KB%29.pdf

Further investment in the DRC as things stand would be highly risky for WSG- they are stumping up initial investment in equipment and training but may struggle to sustain the service in a civil war

Apologies- £4.2 m pa

Spread over 4 sites- this will diminish the margin

Let’s see how the election goes- and the transition (or not) to democracy

Fowlers DRC update denied the crisis in the east of the country - the pretence that the rest of the country will keep going unperturbed is ridiculous and highlights how weak militarily and politically the government is

A CEO with integrity would have informed investors of a contingency plan- the likelihood is of a long delay or the need to disinvest

Fowler wants to avoid revealing DRC losses

Gabon is more promising but has entailed loss of a almost a third of the company, to a private individual or two (Milne and greystoke)- the SP has done well to remain stable given the dilution and for essentially £3.8m revenue pa spread over 4 airports- what could go wrong?

As far as I can see pantheon a family office is a very small company with 4 directors, and they have put all their money into their current holding in Wsg.

Do they have funds/ assets to increase their stake?

‘pantheon a family business Ltd’ is not an institution

So who to trust?

Janus who fled the DRC carnage at 0.75p

Or pantheon a family office Ltd now a major Wsg shareholder, achieved at a bargain basement price

Andrew Lawrence greystoke, one of the main directors is aged 82. I guess that counts as a measure of diversity

He has a lot of experience in law and finance and development of small companies. However the below Article suggests he had the unfortunate pleasure of suspension for 18 months by the solicitors regulator and for life , from working in financial services , by the fsa in 2014

He was appointed by pantheon on 2/7/24- maybe he appealed the fsa decision?

https://www.legalfutures.co.uk/latest-news/solicitor-suspended-boiler-room-scam

The only board members who are not male over 60 are Stuart fowler- who is hardly diverse given he is a fowler clone, and Jing Zhou who is a forced entrant from pantheon

In the short term an election is likely to delay the 90 day set up

What does the lack of democracy mean to Wsg long term prospects in the country?

Interesting bbc sounds summary of recent coup in Gabon and upcoming presidential elections on 12/04/25 controlled by the military leaders

https://www.bbc.com/audio/play/p0knx00r

Fowler made the mistake of telling us the country location- he should have said a large country in Africa - exact location hidden at client request

The long term traders on here would have convinced the rest of us it was South Africa and sold us their shares

Some on here thought that the DRC contract felt different

Not sure what to say

Ooops - forgot to mention that there was also an advanced analytics solution for 352 sites in Saudi Arabia- what happened to that?

The SP was 39.8p

The below link describes a superb RNS from 30/09/14

Wonderful news on prospective pipeline of 35 million embarking passengers (up from previous estimates of 30million) from airports in Africa and America (in advanced discussions), a 10 year Mexican franchise, protection of an iconic American bridge and a 300million dollar ferry project

Fowler was so confident of progress on a global scale

It’s before my time but I wish I had been an investor then

https://www.proactiveinvestors.com/companies/news/62239/avalon-minerals-completes-21m-raising-for-viscaria-copper-project-62239.html?region=ca®ion=ca

Fowler may provide an RNS in response to an acute share drop- otherwise no need

Dont listen to the media news, and dont divulge interim feedback from the RVA/ DRC contacts unless forced to- everything’s ok in Kinshasa afterall. We need to procrastinate- give the impression that there is no panic and await opportunities to distract.

Jim- the Janus fire sale is in response to unfolding events in DRC and their judgement on WSG’s financial prospects in light of this

If you believe that wsg’s prospects will improve in the coming months can you say why?

Maybe the DRC contract can be resurrected or that fowler can flit to another MSC?- fowler’s bullish, statements detailing revenues and concrete timelines seem so convincing- he omits the underlying complexity- in Iran/oman he didn’t even mention the country location-maybe he shouldn’t have told us the contract was in DRC. It would have been so much reassuring

The below summarises the underlying war and regional participants

https://theconversation.com/m23-rebels-are-marching-across-eastern-drc-the-interests-driving-players-in-the-conflict-249738

Janus sale at 0.75p is a concrete statement

The only hope for die hard SHs is a competent strategic review, with focus on SL contract renewal

It means more competent leadership without grandiose plans for an international empire (aka Cotswold retirement)

Pre-DRC prices were before wsg frittered most of the pantheon money

Fowler may boast that a hopelessly botched set up over 9 months meant they have lost nothing