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A tragedy for loyal shareholders who thought they were investing in a potential british success story. The first mine built in over 40 years and in an area of the country which badly needs the jobs. It all looked very promising and I also invested at one point (and I live in Devon so feel a strong empathy).
As ever with a failing company it all comes down to bad management. There will be other factors but, with good management, they can often be mitigated or surmounted. So I am sorry to see this happening and hope that there is some way out for shareholders in terms of a successful turn around though it seems unlikely.
Where did it all go wrong ? - asked the Newspaper picture, showing Georgie Best in bed, drinking champagne with 3 former Miss World's ? Well the answer here, is the same. Just one big *ock up !
Sad thing is, some vultures will come along, buy it from the Administrators for nothing, then start all over again with a profitable operation. Shareholders will be left with nothing.
Management need shooting.
IMHO. DYOR VGLA.
What a shame to see this day... 23p to this is heartbreaking
Tell us mr Richam m, tell us how revenues increase when less product is shipped and prices are declining ? What does it mean ?? Does this mean that the company will go into liquidation? Tell us please ???
...and the next miserable one-container shipment (19,390kg) has arrived. Check OOLU4030293930
How are revenues going to increase when less product is shipped and its price is declining?
Ouch Dave.
And then there were two (managers that is).
The HR Manager chucked her hand in last week. I wonder how long her nepotic lieutenants will survive without her.
Enough about your family benefits and quotes Richam do you have any negative news about Wolf for us?
"6p+ bound imo, true value is due here ."
one month later:
bid = 1.6p
Sorry wlfers... rong board
House of tomatoes and planted more Florence fennel, icicle radish, Milan turnip and more spring onions. I will force feed them on tomatoe feed
Unfortunately that’s all that matters here Tyrone
I dont believe that it is. There is a lot of movement at the mine and work continues. However, I dont think the share price will ever be anywhere near what any of us hope for.
This is going live at 2pm today
Trading in Oz is paused pending "a further announcement".
This company has too much debt , glad I got out before rock bottom like now
Thanks for the update Devon.
Another shipment indicated today at 53 tonnes. So with Richam's previous corrections to figures the Panjiva shipments from 1 July to date, 33, 60, 58, 58, 19, 38, 38, 38, 38, 38, 38, 53 making 509 tonnes, with possibly one more to add.
On the financial side Wolf will have to 'tidy up the balance sheet' and we will know the plans prior to 28th October as Wolf have indicated. The Annual Report was published on 29th September 2017, so that is due any time now for the 2017/18 financial year to end June 2018. Would expect that the annual report/financial review details would come out close together.
The APT price has stabilised at around $280-$285 per mtu, and there are some reports of a firmer market trend returning through October.
I believe retail shareholders will see their share of the company diminished. There are at least two existing tranches of convertible debt with conversion prices much higher than today's share price. The small print provides for an adjustment of the conversion price should additional convertible debt be issued. This would further accelerate existing sharholders' dilution. Wolf simply doesn't have anything to offer other than increased ownership. And that would happen at our expense.
Ophidian. Richam is not "still too angry". These are cold and hard facts. Pull your scaly head out of the sand and start sniffing the coffee with your forked tongue. Sssssssssss. Hey... call me Snake !
Please stop this 30 years tosh. Listen nicely now everyone. It is not possible to mine 3Mtpa from the Hemerdon deposit for 30 years via open pit methods. The pit rim perimeter is highly constrained. An underground operation is too costly and is very unlikely to be given approval in any case. Don't forget that this mine in not in the middle of WA. It's right next door to Dartmoor Zoo of "We Bought a Zoo" fame. Given the mines location, it's a miracle that it is operating at all.
I did. And the result isn't comforting. I am pretty confident debt holders are not going to wait 30 years before they want their money back. And I also believe they do not plan to pay for Wolf's losses for another 30 years.
@richam I judge by your tone that you are still too angry to discuss so I'll leave you to it. Just as a reminder however...…. the debt holders are shareholders - in fact the only ones that really count right now. Have you tried looking from their perspective ?
With regard to "money back":
1) I said "at some point", didn't I?
2) Business is about making money, isn't it?
3) If the leders didn't want their money back, why did they sign a deal with Wolf that does define things like interest payments and a maturity date?