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Contract signed but ferry not fit for purpose and work not commenced

Is shaking hands equivalent to:

MOU (30 plus)

Contract drafted not signed

Contract signed but not exchanged between boards

Contract signed but not executed or ratified (by gov)

Contract signed but withdrawn the next day due to stakeholder revolt

Contract signed and ratified but in limbo due to internal bureaucracy and subsequent civil war

Contract signed and commenced but falls apart midway due toxic working relationship with partner organisation

Wsg have had all of these scenarios

Obviously sole provision is better

However scanport were preferred to Wsg by the MPS- which is an unfortunate judgement on their competence

The problem from the outset was the hybrid model with poorly defined boundaries, poor leadership with WSG seen as distant and aloof, different cultural expectations

It was a hopeless failure- and a lesson for WSG and its investors

On what basis are you saying scanport were corrupt?

We know that they were in conflict with WSG

There are various possible reasons for that including WSG expecting ‘lions share’ of the fee, as fowler boasted at the time

How much has WSG sunk into the DRC set up: time, personnel, training, equipment, money?

How much of the pantheon borrowing has been spent- one estimate is 2/3rds

Fowler will need to stick or twist:

withdraw/ recover resources from DRC or wait it out

I expect fowler to do the former and pretend the latter (drawing it out over a year or two)

Not much concrete progress in resolving the DRC conflict

Kagame not challenged

Expectation of ceasefire through army chiefs negotiation in the coming days

Well- let’s see….

The UN announced a plea yesterday to reopen Goma airport as a ‘lifeline’ for the evacuation of the severely injured and humanitarian supplies and reinforcements

Several hundred people have died , tens of thousands have fled their homes, and in a jail break, hundreds of female inmates were raped and their wing set on fire.

Congolese gov officials have described DRC being in a ‘war situation’. It would appear m23 are advancing into south Kivu and Bukavu, and Burundi and Uganda may be drawn into the conflict. The region was already in a humanitarian crisis with 6 million people displaced due to the conflict

Did someone on here suggest that the airlines were operating at normal capacity including 2 flights to/from Goma??

Aiming : WSG is legally obliged to provide some sort update on the DRC contract and ethically obliged to answer some questions regarding their investment.

It doesn’t work if immediate updates are provided on positive events but then nil on negative events- especially when the negative events are on the national news.

Surely pantheon will have requested and received some sort of feedback, but the formal RNS route be used??

What contingencies were put in the contract for Goma?

It was also captured by m23 in 2012- hence it was a foreseeable scenario over a 10-20 yr period

Fowler should provide an RNS clarification- he will also should have been in contact with the RVA for feedback on a proposed crisis plan for Goma airport and expected timelines for the other airports.

The last DRC update indicated that the delay was due to unexpected internal bureaucracy- this seems unlikely to correct given the impending escalation in civil warfare and humanitarian crisis- this needs clarification, as a minimum legal requirement (at least in my opinion)

Tishri=tshishkedi

Looks like he is not attending

So unilateral ceasefire announced by m23 with plans for peace negotiations to be attended by Kigali and Tishri.

However why was goma included on the 5 airport contract

It’s in the most chaotic part of DRC, most prone to military conflict, last taken by m23 in 2012. Most exposed to volcanic disaster, least accessible, and most at risk of Ebola

Did fowler think this through? Did he place specific conditions in the 10yr (initially 20yr) contract around Goma? If so why not?

Presumably no need for a placing?

Haven’t they borrowed DRC set up funds they may no longer need? Can they pay pantheon back the money?

The RNS is a sly way of acknowledging the Evolving DRC debacle and the need for large cost cutting (not just at board level)

Binns in an ejector seat saves limited money and a long delay in DRC may mean they need to cut their losses and withdraw

Fowler’s ears may prick up with another MSC- bright as a button- sniffing out a new opportunity

The DRC debacle will mean a long hibernation- pantheon may have other ideas- need to keep them calm

Fowler will lie low for a while

Keep quiet like a mouse. shhhhh!

If the situation improves to indicate that an amended contract is salvageable, then fowler will provide an update with a concrete plan

Otherwise he try to pretend it’s not happening and ( try to) fob us off with vague promises and predictions - the set up will enter a prolonged terminal phase as per Iran- presumably he has not committed much to set up, probably nothing, given the lack of SP collapse

How much have Wsg invested in the DRC so far?

Have they employed staff, bought equipment?

How many of the 5 airports have been set up?

What are the ongoing costs there and can these be minimised? Should fowler cut his losses or wait it out?

The security situation is rapidly deteriorating, prior to a un crisis meeting today

Goma may fall to Rwandan backed M23

13 un troops killed and 400k people displaced

This materially affects WSG’s contract which covers Goma. Fowler has said the delay in start up is due to unexpected DRC internal bureaucratic processes. That is an odd way of describing the above events

Feeks- we all know that the best time to re-invest is when fowler announces a new contract- it doesn’t matter whether it awaits gov ratification, exchange by the boards, internal gov discussion or bureaucratic processing, or resolution of a civil war/pandemic

Never, never, never re-invest relying on fowler to implement anything competently or based on his word. Let the newbies buy into that and then sell them your shares. There a long term traders here waiting to pounce