Is this the way....18 Feb 2021 16:34
.... It was always going to be...
Seen some mention of the RNS having a "TB ring" to it. Perhaps this is what had to be done to clear the decks.... TB is gone now - no more options etc available which could be cashed in at an importune time to influence the SP. If he's no longer a director (which is what I understand the RNS) then no further director dealing RNSs to follow - therefore nothing to spook a market.
It's frustrating that the machine isn't operational at full speed - no doubt this could have been RNS'd earlier - but all the "bad" news has been packaged up into 1 statement - giving all the bad news at once. The machine _is_ producing masks - the RNS tells us that. It say's it's down on expected capacity - but that those issues can/will be fixed.
Anyway, we've churned a good chunk of shares today - nearly 420 mill at my last check. The BOD had to deal with those who took part in the placing and were expecting warrants. With the SP under 2p as it stands - they can fill their boots with cheap shares at a cheaper price than the 2p strike initially offered, but without dilution to the company. Winners on both sides here - cheap shares for those expecting warrants (at under the initial strike price) and no dilution for everyone else. Granted, if this wild theory holds any truth it's pretty dodgy - but not totally unexpected given what's happened in the past.
Whether rightly or wrongly, I've topped up today - still in the red though. Hopefully this wasn't a bad decision, but that remains to be seen. Fundamentally not a lot has changed - the machine works and produces masks. Within the next few weeks it'll be performing better. TB is gone and the BOD can start a fresh.
This doesn't IMO warrant a tank of nearly 40% from where we were before - which is why my train of thought came to the above. I think a lot of people are sentimental to the company (I'll include myself in this) and see this as their hard work being chucked back in their faces. TBH I agree - it does feel pretty rubbish. But to be honest, we don't know what's gone on behind closed doors. What "mess" was left for the BOD to deal with and what was required to resolve it.
We'll never know - but perhaps this is what it was always going to be. 400mill warrants were expected - maybe this was the "easiest" way for them to be delivered....
Just my (probably crazy) opinion, DYOR.
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