Eric, you remain an honest chap – by definition, it can easily be argued! However for me, the news is Lanstead’s ambitions, and not Clive’s £20k purchase at a low 3p taken from his high salary. He had very little option, but on timing and exposure he had many! Evidently, with (34.5%) he could have done better when wanting to raise further funds! Clearly, your posted positives were the attraction for Lanstead’s commitments. As ed44 detailed very recently, we have a low number (relative) of shares issued. My concern now is, does the necessary greed element within Lanstead, see the enormous potential for a ‘much higher’ number of shares as a priority focus now – as financiers?
Of course Lanstead are not main players re the current application decision, however, if a concession is granted, like us they are hugely de-risked, but unlike us, they have time on their side and could view a lengthy and high burn rate as good business and fit nicely within any game play. Clive has to maintain a grip and don’t allow any influence whatsoever from this area regarding strategic operations etc. He/we must not become a victim of our success to date! atb
Fair comments about many of us, especially the longer-termers here, being currently under the rubble. I'm trying to find positives, and Clive buying via subscription is one. Of course, that may be it for him now, no further buys. Perhaps he just undertook this in an attempt to appease, but it has cost him £20k in order to do so. Credit to him for that gesture, hardly a token, but perhaps a little late in the day, insofar as the sentiment of some investors is concerned, as it has taken him until the sp is at an all-time low before jumping in. Good if he wants cheap shares of course, he's bought near the lowest point. If one is a cynic, could one say that maybe he has waited for this level to be reached all along? Did he perhaps know that it may come, under such bearish market conditions, particularly without much news, and with such a complicated financing deal with Lanstead? Have they been shorting the stock? Nothing would surprise me here on little old AIM.
Just a thought, but back to being positive. We have a mountain of very pure iron, a deposit declared an Area of National Interest for Sweden. Surely this amounts to more than a hill of beans?
We cannot do anything about the market conditions or current iron prices, or even Clive and his new pal Lanstead, but luckily we aren't yet into production, so we don't have that added struggle. A blessing if there is one. We also presently have a lowish amount of shares in issue and the Swedes would have rejected our Concession Application long before now as well. They haven't. We have to therefore trust that we will receive the Licence to mine the Kallak deposit.
Through this fog, there does appear to be much upside. A winner. As PIs, although we sit on paper losses, some of them huge, we have to focus on what we really have. Clive has to up his efforts on the news front in order to attract new investors and keep us better informed, our confidence up, which he has done in the past, so he can do again, although at the moment this is lacking. We simply have to patiently wait for the Licence and for the market cycle to become bullish.
I do think we'll see Clive step up his efforts once the Licence is secured. The Kallak project will be greatly derisked at that point, and further doors opened. Sale? With a JORC upgrade at Kallak to add to the value of the project, then we should be off up into the blue when the bulls run again. Like we used to be. With an improved JORC, ANI and Licence, it must surely be a mouth-watering prospect. Or am I just drooling into my pillow again, in what is yet another dream of all things Wulfen?
We have to get through this tough period. We owe it to ourselves to do so, but we have an iron mountain out there as our firm support. Maybe we could focus on that beautiful darkness, the very darkness which should eventually bring us all light.
I am not concerned about the low take up. I for one didn't apply for any shares in the offer but I did buy some, more than my entitlement, at a price less than 3p. I'm sure many others will have done the same.
I generally agree with your statements there - it's interesting to see Clive pick up some shares, and I doubt he could see subscription before making the decision. Quite a few on here have been keen for him to buy some more shares, and now he has. For me, my holding is large enough and negative enough that a 1 in 21 dilution of my loss would have been inconsequential so I didn't bother. I suspect many felt similarly.
How could I sell them when they are but a fraction of what i purchased thgem for.......I can but dream and wait. However I will not be telling everyone that they are a great investment as some others appear to do. Those trapped beneath the rubble can only hope for rescue.
Datafeed and UK data supplied by NBTrader and Digital Look.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.