Member Info for bandit1

Yes it is very predictable but that is how LO make a big chunk of their profits as some will be aware. I usually steer clear of companies when funds like LO participate in a fund raise at knock-down prices as they did here, but on balance I felt that the opportunity was too good to pass by. I expect that this will be one of those shares which will only really take-off when a deal is announced or results from P3 are published as LO will simply put the brakes on at will. Pity our board are so inexperienced in the machinations of the market but perhaps they had no other options or were given poor advice, but we are where we are!

At one point just after open the offer appeared to hit 19.5p ( -14%) and I tried for 30 mins to buy another £10k, then £5k, £1k to no avail and so I placed a buy limit order for 19.5p which of course had no chance of being fulfilled. So obvious that this was an orchestrated drop with difficulty buying any during the drop but a few stops would have been triggered along the way reaffirming that they are next to useless on AIM. Imagine being taken out @19p this morning having to buy in @ 22p a few hours later with 15% or so less shares! Problem here is that LO will potentially sell into each rise and those we know this may be influenced. I do not like LO on the register but inexperienced BOD appeared to be forced to use them at last placing. We need the results of P3 to do the talking here and I will stick around until then with some optimism about the outcome.

Yes his posting style and lack of basic knowledge about the market, financial accounting is about the norm for paid rampers and derampers. Most are not that well educated, struggle to hold down a proper job so this is what they do. As I said to someone who called me the other day trying to tell me that they were aware I had a car accident when I had not, that they must feel almost worthless spending each and every day trying to dupe people. The phone line went dead......funny that. All the ambulance chasers are out in force here but I think they will find that TC will not rollover like other sad corporates of late. We need news on the sale of the airline reasonably quickly and clarity from Fosun as they will not be comfortable with their equity position at this price so won’t be sitting on their hands. I have added a bunch of trolls to my long filter list so don’t have to read inane posts from them. You know who you are!

For those less experienced investors in FUM a word of caution from someone who has been around the block more than a few times. There are some on this board who are asking for financial advice, asking what the share price might be in the future, telling the world they have sold x at y pence blah, blah. Who cares what others have done or say they have done which may or may not be true? Ignore them in a word. Do your research, invest what you can afford to and stay up to date with published information. Read books on trading, understand volume, liquidity and the world of the market maker which is as murky as a muddy pond. I have done my research and feel that this is worthy of a fair investment based on trial results to date and good probability of positive P3 results for the MED2005 gel. Lombard Odier is a short term drag on the share price as they will sell into most rises until they are satisfied having supported the company with their last raise, but that is what Lombard do, so no surprise there. I will retain my holding until we have announced successful P3 trials to the world or are bought out. Don’t post here much but from time to time it is so blatant that some are playing games and I feel compelled to say something as it irritates me that they may dupe some into playing their inane games.

You didn’t let me down SOTB. I am not ready to come back in here just yet. I appreciate that there is a potential opportunity but genuinely remain circumspect about Cross and the way he operates. If this drifts down under 60p on no information and potential delay, which is the norm here, I may a take a punt again but having just returned from Moray Firth talking with people in the industry I wasn’t feeling in......but perhaps I was talking to the wrong people which is always possible. For those invested I wish you well.

Just looking in here as a previous shareholder wondering if he can continue to trade on past success whilst underperforming here. I usually invest in AIM companies with CEO’s with a background of success and this is what brought me here 18 months ago. After sitting tight for month upon month, qtr upon qtr I realised that he runs this company like a private company which it is clearly not! Whilst SOTB continues to ramp this share at every opportunity it still cannot attract enough buyers to sustain the share price above 70p despite pretty decent financial results. My own theory is that Cross has too big an ego these days and does not think he needs to try too had to keep shareholders engaged in what is happening. He only issues formal announcements required by regulation. So, a little bit of advice Mr Cross, put some effort into informing and engaging with current and potential investors on a regular basis and you may be surprised at the results! Now, I am waiting for SOTB to respond as he always does to any post which is realistic but not a ramp? Over to you SOTB.

SOTB - yes I do appreciate the time involved in highly complex deals involving multiple entities. I am travelling up to Moray Firth tomorrow in fact and will talk with some people I know involved more deeply than I am in the industry in that part of the North Sea although I suspect that this will not change my view at least in the short term. TC may well deliver for shareholders here in time but I prefer companies to keep shareholders more involved and engaged with plans as much as they can. The risk in trusting a CEO who does not share more than he has to from a regulatory requirement is that others closer to the action know of good or bad news before small-fry PI’s. I feel that TC thinks that his success with Dana means that he does not have to put himself out too much for small fry shareholders so will watch from the sidelines now. I will desist from posting here unless I buy back in.

SOTB has been ramping this share it seems for ever. I bought in here with a significant holding 12 months ago with an average in the high 60’s. I sold out recently at circa 73p with a small profit and frankly, I am glad to be out. TC is seen by some as a modern day messiah and whilst I acknowledge decent performance improvement in the recent results which enable the price to spike over 70p for the first time in a while, as always, it drifts down again. The market knows that TC is a poor communicator and will say nothing for a while IMO. Now, I am not saying that he is incapable of pulling a rabbit out of the hat but I have decided, going forward, not to invest in AIM companies whose CEO’s keep small PI’s in the dark and trade on their past reputations which we all know means very little. Yes, before anyone reminds me, I do know what he did at Dana but I will look elsewhere with my capital as I prefer to know what is going on along the way. Best of luck to those invested but no longer for me.

Dunkerton has started to make his mark by cancelling some contracts such as the questionable one for a kids clothing range. No details of the costs of exiting these contracts but he is taking decisive action and strategically there were doubts about the company moving into kids clothing so let’s hope we can see further action to enhance the product range and develop the brand beyond hoodies, sweats and tee shirts. For my own part I want to see more flair and creativity so that there is a buzz about the company just like Boohoo which is on a tear as their loyal base of young women can’t get enough of good value, on trend clothing.

Mole, Workover, BBtablet and others. Very much appreciate that you have taken time to share your notes from the call today for those of us unable to attend. My gut tells me to hold pro tem but that it will take some time for the price to get near to the mid-30’s or above which we enjoyed not so long ago. I will not add another share until I can see tangible evidence of progress. I am prepared to bide my time however if the Board consistently execute on the indicative timelines which appear to have been set out during the call today. It is sometimes difficult to accept that institutions and HNW individuals can snap up large chunks of equity, cheaply, but it seems that the Board had no choice but to make the deal very sweet for them ( no other options on the table) at the expense of existing shareholders including Peter Young, Mark Rouse et al. So, from a personal perspective it is time to put the last few months behind us, reset expectations here but scrutinise management actions - they have much to prove! Some may sell out of course at a sizeable loss and who could blame them. Re subscription shares, Directors are damned if they do ( preferential deal difficult to justify given current predicament ) versus damned if they don’t ( not enough skin in the game) but the numbers are pretty modest to get excited about IMO. Hoping for better times here during the rest of 2019.

600T - For what it is is worth I fully support your position. I have filtered many on here over the past few months as it has become somewhat of a farce aided by professionals trolls and others who appear to enjoy the whole process of minute by minute name calling albeit some could argue, in mitigation, it was with the aim of defending one’s investment! I am engaged in other business in SA at the moment so can only look in, ocassionally, but realise that the BOD has a lot to explain to smaller shareholders not on the inside. In time, I sincerely hope that they can give some honest and rational answers to PI’s. After all, up to this point we have had no reason to doubt them. IMO I do not believe it is yet time for shareholder action group until we have answers which can be set alongside recent context ie. RRE bid and LCF/LOG debacle. If the answers are either unacceptable or uncover any form of obfuscation, I would be prepared act at that point to protect my investment. I cannot engage in the call but would really appreciate if others who do, and have the time or inclination to do so, to transcribe a summary. I have participated in many such calls over the years and let’s be under no illusion that no price sensitive information will be given out unless an RNS is released beforehand meaning that some of the questions tabled will not be answered. I do not believe that all is lost and whilst very frustrating for all I consider that the assets and potential can still be exploited but I also recognise that dilution will limit the potential upside and my target exit point.

I am travelling in SA at the moment so can’t look in here very often but what I am clear about is that S&W as an Administrator would never risk their hard-earned reputation on one mandate, turning aside a cash-rich buyer for assets without a high degree of certainty that a better offer to cash-in will likely happen within their 2-year horizon. Difficulty we have, as insignificant punters, is that we are not on the inside so have no real idea what is going on with farm in/out, Harvey costs, cash utilisation, Goddard, new licences etc. The funding challenges and LCF alleged fraud has blind-sided the Board - we will never know if Rouse had suspicions but logic suggests not, otherwise he would have sold out - no?. Having said that, our Board should expect a backlash from PI’s as a £2m open offer is paultry when institutions on the inside get the cream. I will not take up my 60000 odd shares unless I know more about what the hell is going on. OK, it is only £6k but AH has to prove to me that he is worthy of more of my cash as so far he has not done that. I supported the rejection of a possible 20p offer from RRE but we don’t know enough to judge whether this was the right decision. Another example of a promising AIM company with decent assets but with management who struggle to deliver the goods when difficulties arise. I will stick with my holding based not on what management are telling us but based on the decisions of the Administrator which seems a bit daft does it not!?

Bought back in here today although recognise that it could be a slightly rocky ride in the short term as lots of folks may be crystallising losses before end of tax year and institutional funds who did not support JD will be cogitating somewhat. Many are sitting on large paper losses though and will want some incentive in strategic terms to hold firm which will take a little time but hopefully JD has been developing the new strategy over the last few months 8n anticipation. I expect more buying into ISA’s and SIPPs next week . I would prefer to see a new and dynamic CEO appointed with retail clothing experience appointed allowing JD to focus on brand and design with Holder creating a ‘dream team’ all closely aligned with enough skin in the game to matter. Our New Chmn Williams is well connected in the sector and will have ideas on the type of individual with the vision and gravitas to gel with JD and Holder. Over to you now chaps, you wanted back at the helm and have achieved a good result so you will be given 6 months, perhaps 12. At the outside to prove to shareholders it was the right result.

Well that is a surprise to me too! I am travelling in SA at the moment and just saw the announcement of the vote which is as close as it gets. I suspect that the price has dropped due to uncertainty over how many of the exec Board exit and who takes the reins as CEO. This must be a good entry point again although some of the funds who voted against JD and co’s return may sell down a little but difficult to be certain as more of the big shareholders voted against than for their return. I am pleased for lth’s and staff and IMO Sutherland must go quickly to avoid further uncertainty and a new CEO appointed with the gravitas and flair necessary to reinvigorate the SDRY brand. I will pick my re-entry point over next few days. Good news indeed and as someone who lives not that far from Cheltenham I am especially pleased.

So, the RRE crew should disappear for now unless of course another bidder appears and they may have another look sooner rather than later, but time will tell. No IOG shareholder can deny that this placing at this time, at this price is not without pain but the pressure is now firmly on our Board to step up to the plate and deliver WITHOUT further delays. The clock is ticking chaps! There are a number of individuals close to the Board with a lot to lose here so they will have been brought inside, made aware of the Placing and some will have participated in my opinion. All PI's can do in the interim (apart from selling at a low point which is usually a bad strategy), is sit back and trust what the Board and Administrator are doing, however unpalatable in the short term, and if you have the luxury of time, take it in the hope that others see value in IOG's assets as they continue to execute their strategy but execute they must to plan. Mark Rouse, AH as a new and inexperienced CEO and other large shareholders will be feeling bruised at the moment as well as us and whilst Rouse is no longer a director he will be doing all they can to support the Board to stabilise matters. The placees committed for the rump know what is going on and whilst some will say that at 10p the downside risk is modest, establishing who this is ( existing shareholders, funds, or farm-in partners) may give some sense of direction in a few weeks time. Yet another rollercoaster ride on AIM and it is no wonder that large funds are steering clear these days.....!

Well this appears poor by any measure. Choice now is to sell in frustration or wait for RRE’s next move and the Boards reaction, if they are still in the game. I will stick around For the time being as I really want to know who has scooped up the main portion of the Placing shares.

......so, those whose opinion means a jot have made the decisions to reject 2 poor and badly constructed offers - fact, IOG have time to secure a farm-in deal to transform the company - fact, options are available to raise finance from other means if required - fact. Trolls have returned here to attempt to create doubt but are getting nowhere - fact.

What a load of nonsense being spouted on here today from individuals who may or may not be RRE shareholders. Fact is that we do not know and I do not care but they clearly have an objective so are associated in some way with those with a vested interest in acquiring IOG assets on the cheap due to the situation that the company finds itself. Only criticism most IOG shareholders have is that the Board relied upon one source of finance which has come back to bite them on the backside. Lesson learned and I am sure they won’t make the same mistake again. Back to reality though as we appear to have moved into a world of fantasy which is where some want to take the conversation.

I suppose in some ways I am a little disappointed that RRE have approached this possible offer in such an unusual and some may say, haphazard manner as their management are clearly doing a lot right and are very ambitious too which is all positive stuff. So, perhaps they are more than a little miffed by the fact that they were unceremoniously rebuffed a few weeks ago and instead of keeping their powder dry and having another go with a proper offer they decided they knew better and would approach the Administrator. Perhaps they did not anticipate the reaction they received from S&W but instead, again, of keeping their powder dry and putting forward a proper offer they decide to ‘go public’, one assumes to ensure that creditors of LOG are aware of their approach. Now, the problem with these ‘ gorilla ‘ tactics is that if they fail to convince those making the decisions you can fall out with the influencers pretty quickly. So, either the management team of RRE are used to getting their own way and have responded accordingly, or are badly advised or this was another punt, just like the ‘possible offer’ at 20p per share. All IMO of course but surely it is not a good strategy to make friends which helps with M&A. Hostile takeovers are rare because they are difficulty execute, costly and time consuming so I don’t expect RRE to come back with a formal offer as it would have to be pitched at a much higher price to be taken seriously and constant rejection is not good for ones health/ego. What this would do to our share price In the short term I have no idea of course but my guess, it is only that, is that S&W are on the inside of the farm-in discussions and feel confident that it will improve IOG’s balance sheet such that they do not have to worry too much about waving aside RRE. So, short term movements may well happen but worth waiting on what is being negotiated I think.

Offer to buy debt for £40m to give you circa 50% on conversion values the company @circa £80m which is 62p per share. Simplistic I know but just saying!,