Member Info for GreenWolf

Merlin1 - I'm afraid I disagree about the BoD salaries. If the directors have significant enough belief in a company then they will cut their cloth accordingly in terms of lower salaries and part payment in shares, which if they are truly believing in the return of value to shareholders, the only way this happens is through a higher share price which in turn rewards them accordingly and at a far higher rate than a salary alone. How can anyone justify a six figure salary from a company that has consistently lost money? Yes, we all have mortgages, costs etc etc but company directors should not be living off shareholder funds, which includes placements. They may appear on face value to be decent guys, but I continue to reflect on where my hard earned money has gone over the years and I'm afraid in any company you are invested in the buck stops at the BoD. GLA

Esquimo - good post. The simple reason we're in this mess is we have an inexperienced BoD. Good coal prospectors, yes, but commercially astute - no. That inexperience has gradually played out over many years into the mess we now find ourselves in. Rufus has lived off Edl on an unsustainable salary for a loss making company with the golden pot at the end of the rainbow as a lure to investors. All that coal, but actually it's looking from figures reported so far that we simply can't make it work on a commercially viable basis. It's played out here classically like many other AIM companies who find a resource (oil, diamonds, coal etc etc) but then start to slowly realise why these resources haven't been extracted previously - they're commercially unviable. I'm like many others here, well down on paper, although I have been in and out of Edl over the years so I have no doubt my paper loss is far less than some. It's all good and well us trying to be positive, but the reality is I can't logically see how we are going to get out of our loss making mess quick enough to remain a going concern for long enough to realise the potential from the power station. I estimated on our last figures we were losing c£70k per month in a very quick back of the cigarette packet calculation. I'm hoping it's a lot less currently but I've seen nothing as yet from our BoD to make me think that has changed. That's my primary concern now. GLA

aerial - I couldn't have put that last sentence better myself given all the reporting of posts etc that is quite clearly going on in the background - you can't trust anyone on here. GLA

Pi - indeed, although over the last few months there have been swathes of deleted posts - obviously one or two on here have been reporting things on the quiet. What's the saying? No honour amongst thieves....GLA

TLW - all the best with that - there is next to no interest in the, alleged, shenanigans going on in the AIM market and I agree that it worse than it has ever been. There is one thing doing your research, technical etc etc and investing your money but when the deck is stacked, yes, it can truly hurt. I was in New World Oil and Gas when that all kicked off and, excepting a fine for their broker, it all got brushed under the carpet. That was an interesting case of a broker forward selling stock that needed shareholder approval at an EGM. The cat got out of the bag and shareholders rejected the issue of the placing shares and a naked short developed. Technically the broker had nowhere to hide and the market started to react - the price rose big time. But strangely enough, the share got suspended and an Open Offer saved the broker and of course left lots of PIs who had bought in on the rises losing bucket loads of money in the process. I'm interested in which AIM share you are on about, but understand if you don't want to post it on here. Good luck and hope Spire makes you a fair bit at some point.

TLW - IMHO it's the battle of the shorts and the bulls. The FCA open positions show an increase in overall short positions in Spire over the past month including a new position from Blackrock - not insignificant at 0.5%. Big players like Blackrock etc won't want to get too burnt on any open short. The fundamentals in Spire are still good - you know I have said that before - but there are plenty of things (open shorts) working against us. And of course that elusive takeover bid that we all talk about occasionally on here could come at ay time, although I suspect our Brexit position has a decent bearing on things. I personally don't expect any bid until we know exactly what is happening on the Brexit front . GLA

Pi - yes there's more to come - more dilution. I'll put a lock on the bottom draw with this one. Hope something transpires but I genuinely can't see us being here much longer unless we find diamonds amongst the coal. GLA

In the spirit of Private James Fraser.....we're doomed.

Page - he's had six years to prove his worth. He was on borrowed time long ago. GLA

Page - I previously said that Rufus had offered the family silver to Lind - the 6 Nov RNS is extremely telling on that account "The Initial Loan and any amounts drawn under the Further Loan are secured against the assets of the Company by a debenture which ranks in priority over other debts which may exist within the Company". I currently can't see us recovering from what has gone on specifically the last few months. GLA

So, AB Traction have increased their holding - explains the c3m sell last Friday am at 15p. Very, very interesting as they were one of two significant IIs ahead of the takeover of Waterman in 2017. Need to do a bit more research on book value before I consider dipping a toe but I would suspect WYG is way below at c£12m M/C.

Aerial - reading the RNS it doesn't really matter if we finished blue. c£60k raised of an expected c£600k means only one thing to me - issuing of more shares at lower than the 0.12 offer price etc etc. We won't be at 0.07 a share for long. I fear the death spiral is in full swing. GLA and a pleasant weekend after a very turbulent week for us PIs.

Larry - agree - I said just that several weeks ago. As PIs we are in a corner and if we vote with our investors sentiment, we're done for. I won't say how I have voted on the individual resolutions, but my head has urged me to try and protect what little I now have left in Edl, send a clear message to the board and let Rufus know that his search for new lifestyle opportunities elsewhere in South Africa won't be funded by me. GLA

Aerial - agreed, although the only way forward now is that we get bought out for our licence to mine by a company that already has the equipment to realise the economies of scale. Rufus has had a sniff of this news for some time, hence the closing time of the OO. I'm afraid some PIs who signed up for more shares have been royally shafted. GLA.

Aerial - we now only have a coal mine that at the last update was losing c£70k per month. The RNS is catastrophic news, no other way to take it.

Well, don't think I need to open the bottom draw now. Sorry for all holders.

WhaGwaan - but why would he change the habit of a lifetime? He's only subscribing to the OO as a token gesture to try and show he's actually supportive. He's been paid far too much money for far too long and PIs like you and I have been funding his lifestyle. The cash cow is clearly starting to run dry and I've no doubt he can see it. GLA

Larry - it's Walker Crips investment management - not that potato fryer in Leicester

TLW - yes, read that downgrade yesterday. I haven't checked the FCA shorts spreadsheet this week but it wouldn't surprise me if we have slightly higher shorts on Spire. The technicals were pointing to slightly overbought and with other things in the mix, like yesterday's broker note and any chancge in shorts, we might be in for a choppy couple of weeks. GLA

aerial - very interesting - he got back to you very quickly then.