The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
It’s half empty because words are cheap and all these years of over promising and under delivering has taken its toll. Even a stopped clock is correct twice a day, so you maybe right to be optimistic at this stage and as I continue to say, we will get there, but read through your own messages from October till January, the focus was the delivery of good results would result in a good increase in sp. I don’t blame you for what you said, it appears to be common sense, but the reality was him paying creditors with shares. Even if we get to 5 days by the end of quarter and production continues to go up, the market hasn’t appeared to like these shares for a very long time and I don’t think they will trust MM for a few more quarters at least, and that is even if he doesn’t do anything foolish like extend warrants for no legal reason or pay creditors with shares. I have never criticized you for seeing it as half full and what you are saying makes sense, providing we have all the facts (bear in mind something wasn’t working last October and November but we all assumed everything was ok). As for the grant, we will only benefit by 300,000 plus any interest we save as the 5m goes to the bank.
A drop caused by dilution or paying for services by shares....GIT and others were adamant that solid Q4 figures would have a material impact on sp, it didn’t, we then had more dilution and paying suppliers with shares and the subsequent fall. In addition still waiting for an interview with MM to give any glimmer of positivity beyond the RNS.
I guess what is holding people back from buying in is having no idea how badly we are doing financially at present as we do not know the burn rate so no idea if around the corner lays more draw downs from Atlas or them converting or paying suppliers by shares. No one knows but on the performance so far it’s clear why we are where we are. Yes with increased production one hopes the pressure eases, but will it be enough, none of our crystal balls have that answer.
So still say it will come good but really don’t see anything giving us a jump start in the coming couple of months. I am just hoping against hope that the events I have fearfully referred to above do not occur as they will undoubtedly lead to another fall in price. Before anyone tries to dismiss the concerns pls note What has been happening to the sp ov3r the last 6 months.
Thanks for this, hope dates are relatively soon, ideally with some good news from somewhere...
Can't comment on troll mails but certain there are genuine shareholders who have a perfectly valid expectation of the company doing beyond the bare minimum of an RNS as well as a reasonable expectation of a response, even if it is a standard copy and paste one.
Well glad to see they never fail to disappoint in that area....
About why no interview after the results were announced. I said it before and say it again, Justine and that company are as useful as a chastity belt in a brothel. We can save money by not having them as they don’t appear to do any PR.
Or perhaps...just perhaps...MM is now paying for his Starbucks coffee with Wres shares and they are just cashing in lol
These sales of 2 shares at a time is having a negative impact on us.....
Given that Portugal is suffering so much from covid, how realistic is it that they will start Regua at the start of Q2?
No spin to explain how this is all good and that we will all be rich this time next year. Those creditors a d Atlas must be kicking themselves
Did I say 17%, make it 19.5%
Some sort of statement from the company would be expected when your shares drop 17% in half a day....
Portugal is getting worse, why look at Regua now as in all likelihood it will be in lockdown for a while.
Don’t agree with your assessment but the only thing that will help is if out MIA CEO or one of his Minions gets on Proactive investor and talks to us. With silence and behaviour as we have seen so far this year it is hard to say with 100% that we aren’t facing further dilution and pain.
Why are you sad for them, they got a charitable handout with the 12 month extension. They are the first to say that AIM is a gamble and knew full well the risk they were taking, they got shares for their initial investment and if the shares had performed how they had expected them to they would have been rewarded handsomely. Don’t imagine any of them would have turned around and said they couldn’t possibly take the big profit they would have made. But they have a second bite now. But for the fact that I want to be out of these shares and so would be glad to see it at .6 so I can make a small profit, I would happily see these shares at .59 on 31st Dec 2022, though knowing MM he will extend it again so he doesn’t miss out.
Agree his comments are unhelpful and perhaps malicious.
To to have fallen sub 0.0009 should have people concerned, especially as the company doesn’t appear to have any interest in PR and continues to dilute instead of paying vendors. It just strengthens the elastic band tied to the sp. for all the fans of Wres and its management, how many years ago was it that we saw any sustained upward movement of the sp. 3 years ago we were bouncing along mid .005. Part of the managements duty in a PLC is looking out for shareholder value.
Perhaps in 5 years we will be somewhere we could have been now if better decisions had been made and we had more luck on our side but till then we are suffering. Before anyone says they expect miracles in a year remember what they said 12 months ago, and yes covid occurred but if anything it shows that it’s hard to predict the future with certainty.
So I will stay as long as I can and resign myself that due to external circumstances may end up with another loss in AIM, which will be my last one as I wouldn’t invest in AIM in the future.
Atlas or creditors, then it’s at a loss to them presumably, which then leads to two potential scenarios. The first is they are desperate for their money so took, in effect, a haircut on how much they were owed or, more ominously, that they know that things are looking bad and so are cutting their loses. There is a third scenario that someone has had enough and is pulling the cord, either because they need the cash or feel that they can get a better return elsewhere or that the further is not bright here.
Whatever it is, the continued radio silence from Wres is not helping. I am not talk8ng about an extraordinary interview but just an interview about the last quarter and perhaps why they are happy to dilute so much more instead of just paying the creditors.
How many people are writing to Justine?
The buck needs to stop somewhere...it has to stop at the CEO. Master an made the decisions, yes we had covid but he picked the EPC contractor, he signed off on changing of the area we mined first at the start of last year, he did the financing in this way and all we hear from his enablers is that there is a pot of gold at the end of the Wres rainbow, with each dilution the pot gets smaller and the end of the rainbow further away. He can always issue himself more shares when everything settles down but he wouldn’t be issuing us any. Yes we will get to .5 at some stage in the coming years and if we do Atlantis, who unlike other vendors maybe more patient and look at this as both short and medium term, will make a shed load of money for their loan but us poor PI’s continue suffering.
He still hasn’t bothered doing an interview about the last quarter and clearly hasn’t learnt any lessons about PR.
Before his fan club come rushing out let me ask you them this, in the last three years of defending and supporting him and saying it will get better with a solid quarter result....exactly where has the sp gone. You have not correctly predicted where we are, and it’s not just covid. Covid did not cause the faulty machinery or digging in the wrong place. I joked before about MM retiring helping our share price but I seriously suspect the market would look favorably on a new ceo as this one has lost the confidence of a lot of investors and a considerable amount of investors who are here, I bet, are here not out of choice but out of being in a large loss position.
I think we should bury the FID along with the waste. I look at the FID and look at how we look today and it saddens me how far behind we are. Btw, has he done any interviews after the release of the figures?
Couldn’t agree more, it’s a pattern of behaviour