Member Info for GreenWolf

seanyj1 - obligations to shareholders? Technically, yes, if you follow the Articles and Companies Act, but how many AIM shares have we been in where the BoDs have truly had the interests of PIs high on the agenda? From my eleven years of investing (and AIM gambling) in shares, I can count that number on one hand, or even no hands. I've been here before on AIM, more times than i should have and this morning's RNS, notably the last few paragraphs, is a major red flag for me. GLA

Larry- I mentioned when this loan deal came out that we were now in a corner as PIs - look at the last few paragraphs of the RNS today. If we vote share fundraising down, the BoD will simply call time on things. We're on a hiding to nothing. GLA

Mutton - simple in my view - inexperienced directors who are happy to draw the cash out of infancy companies that can only afford to fund that cash draw through placing, loans etc. Companies are all about one thing - profit. AIM was set up to foster early start ups but has become endless lifestyle cash cows for directors over the years. I don't believe there is much value in Edl now as a going concern and it's clearly reflected in the share price. I've been in too many of these over the years - I hoped Edl would be different. GLA but it looks like another one for the bottom draw.

Yes, a very tempting offer from our BoD. We'll be sub 0.1p at this rate. And what are these "acquisitions"? GLA but I get the feeling it's going to be a tough 2019 for us holders.

gaf - what sort of money have you tied up in Frontera?

3.14 - that's my view as well. The Nomad appointment doesn't particularly worry me as there are still other Northland attached companies in the same boat. But the bigger issue is paying off the loan. The next three weeks or so will define our future. GLA

Larry - we've been on AIM since 2005 (in other forms) so that's a fair bit of learning time the BoDs have had to get their heads around running a public limited company!!

sgee - 100% agree. The BoD should remember their responsibilities to shareholders. GLA

denby - far to high in relation to what? Our EBITDA was adversely affected by increased strategic investment so is slightly lower than would normally be expected but still within our requisite banking covenant. A strategy of cost savings (capital and overheads) was put into place in 2018 to realign our margins. We have c£460m in debt against assets of £1.7billion, of which c£1.2billion are tangible and we have overall net liabilities of c£700m (including the debt). So, how exactly are you quantifying our debt as "too high"?? GLA

Ah, denby69. You've been trading SPI for some time on the peaks and troughs so you are obviously out at the moment and looking for your buy back in price. The fundamentals of the company are pretty solid, but it has been institutionally shorted for over a year now. Perhaps this is finally the time it will break out and rise back up. Your agenda is clear to see. GLA genuine holders.

Larry - good post. We have to remember that Rufus and co. are simply interested in lining their pockets. The current share price shows exactly how much interest they have in PIs. GLA

Bright - I might believe it if we didn't have 1.5billion shares. GLA

Oh no, I can feel a margin thread coming on. Let's face it - if we were making a profit (net) Rufus would be telling us and we wouldn't need to borrow money. We're clearly not, yet. There's great potential here which is what most of us have bought into, but unless we can ramp up production and get the economies of scale, it's going to be tough. Have a great weekend. GLA

denby - that last post speaks volumes about you.

denby - with all due respect, I think you need to read TLWs post again and perhaps then apologise.

denby- you know as well as other LTHs on here that there was never any chance of this dropping to that level. But I thought you sold out this morning, or do you now believe it is onwards and upwards? GLA

As Buffet famously said, the stock market is a device for transferring money from the impatient to the patient. Spire is fundamentally a decent performing company in its sector. Those two together tell me all I need to know. GLA

100notout - the takeover is inevitable but as you say, nobody knows when. The business is generally sound and although we have a little worry around the bank covenants we knew that EBITDA last year was expected to be lower given the capital investment. But they have cut the cost base in 2018 (central functions, procurement etc) and expect to see the savings come through into 2019. If I recall correctly the banking facilities come up for renewal in July, which means our AGM in May becomes quite a critical milestone. MDC's share price is also flagging and I don't believe they have the financial clout to take us over as things currently stand. But there have been rumours of others in the past. GLA

Don't - you'll get me started on margins again

bigboffer - yes, ad infinitum