Member Info for hawkhead

Chicky love, I've called this one absolutely spot on all along so your rather childish advice for folk to filter me is absurd. My posts have been totally factual, correct and presented in a polite manner. On the contrary, I think people would be best advised to filter you. Yes you. You've done nothing but ramp IOF with ill informed speculation and hearsay. Remember your "multi part" AGM summary posts? Highly irrelevant anf highly embarrassing. Anyway, let folk make their own minds up as to what they want to read - after all, I'm pretty sure you're still reading my posts as I seem to be getting under your skin somewhat. Back to Tom "no shares" Becker. I'm not suggesting he or any other director should keep on buying on SP weakness, I'm just saying it's slightly odd that he had no shares to begin with. None. Zero. Surely not even the most blinkered ramper can "genuinely" argue they feel comfortable with this. Strong sell.

marcy: "Like you know for sure" Errrr ....... yes I do actually, marcy. How come you don't? And further to the CEO not owning shares even when valued at barely above NAV, brace yourselves even more for this lot showing they don't give a damn about their shareholders (and why should they, they either don't own any or have offloaded millions ....... without even telling the Market) ..... a couple of meaningless and bland production updates during the next 8 months before they stumble and stagger through the usual last minute release of the financials in June 2016. It's tumbleweed time at IOF. Strong sell.

..... but Becker himself owns ZERO shares in IOF. Now that tells the REAL story. Strong sell.

Thing is, escapetohome, is that even if IOF's predicted target is reached it's still woefully unadequate to make them profitable. The kitchen sink has been thrown at the 2014 accounts, there has been record production in the first half of the year, and the "new" management have been in place well over a year now slashing costs. BUT IOF STILL MADE A LOSS. So the rampers should be concerned rather than relieved, but the fact that they aren't makes my chuckle get even cheekier. And what's more, the plants don't half take some stick as they chug away constantly so watch their maintenance costs get higher the older they get. A dead dog of an investment this, oh yes. Strong sell.

*sigh* Whatever you say, NM, whatever you say (lol) Hey rampers, IOF said this exactly a year ago today: "Expansion opportunities identified and mobile IOsorb® design completed" Do you guys ever get the feeling you're being ...... errrrrrr ..... "fobbed off"? Strong sell

I must admit, I had a bit of a "cheeky chuckle" on reading some of the rampers' comments today. In particular that they're "happy" with the loss. I've been saying all along that IOF would lose money, but was appropriately rebuked with claims that the kitchen sink had been thrown at the 2014 accounts and IOF were supposedly marching into 2015 leaner and meaner under the "new" management. You have to laugh. Looking at the accounts in more detail, there do appear to be some anomalies. Most notably they have spent £268k on intangible assets but the amortisation remains exactly the same as last year at £134k. What are these new intangibles? Let's have a look at the notes. Oh there aren't any. How convenient. Have they "mistakenly" capitalised some expenditure making the loss look less horrific? Anyone's guess. Also they appear to be up to their same tricks again ..... higher than usual interim gross profit margin. Nailed on it'll come crashing down again for the full year "audited" accounts And what's this .... a bit of window dressing the June bank balance with trade payables shooting up to $4 million despite lower cost of sales? Holding back payments? Hmmmm ..... So looks like the next bit of meaty action will be in May/June 2016 when these clowns drag out the 2015 finals. Then it will be fun and games. Yet another huge loss looming and confirmation that it will be impossible to redeem the bonds in 2017. Then going concern qualifications and the like. IOF is in for a long and painful death, even today's accompanying review seemed much more downbeat than usual. Oh, and now the close period is over will it mean Becker will buy some shares? lol, don't hold your breath. Strong sell.

Another loss, inflated stock and gross margin for unaudited accounts, and the cash balance is now below Panacea's $5 million bond. The "new" management" have failed to turn this into a profitable company. Strong sell.

pharmajiles, a highly respected chartist on iii, has recently made the following comment on IOF: "The stock is actually consolidating sideways currently in a large triangular pattern……. It will then have another large fall to come……….tread carefully here !" And my views regarding the fundamentals of IOF are thus: The woefully late release of the interims will IMO reveal the following: 1). A loss of around $2 million (compared to last year's $1.3 million). Even this should be viewed with some suspicion as IOF interims in previous years have shown some highly inflated gross margins compared with the full year suggesting overstated stock and/or unposted purchases. Oh the perils of relying on "unaudited" accounts! 2). A bank balance of below $5 million which would suggest that IOF couldn't have survived without Panacea's bond, supposedly earmarked for expansion purposes. 3). A revised 2nd half production estimate which was put in the region of 260 - 300 mt by IOF in July. My guess is the estimate will be revised down to 200 mt which is "materially below expectations". 4). Rumblings that a further plant may be closed due to the brine supplier pulling the plug. Further demonstrating what a daft business model IOF operates, having to dance to the tune of a third party. 5). The SP plummets to 12p to 13p, and eventually settles in a new trading range of 9p to 14p. 6). IOF eventually going bust mid-2016 after exhausting cash reserves. All IMO of course, but it'll take a brave man to bet against me seeing I've called IOF absolutely spot on so far. Strong sell.

Efficient companies prepare montly accounts in an orderly manner therefore if IOF did the aforementioned, they'd have the June figures at their finger tips before the end of July. Gather a few notes together and there's no reason why they couldn't release the interims during August. Why haven't they? Because I reckon they use "bucket accounting". I bet they hadn't a clue what their profit & loss account was until they were "forced" to prepare them for the Market. Confirmed by their claims last year that they were profitable when infact they were completely the opposite. Looks like this lot have given up the ghost and the interims will be accompanied by a "trading conditions have deteriorated" statement to cover their backsides The hole is now too deep and there's no longer any point in glossing up the numbers. Strong sell.

So firstly eegy lied about the interims being released in mid-September and now several other rampers have lied about them being released on the 25th. You have to laugh. Don't rule out a possible suspension. If the accounts are terrible and it's obvious IOF need more cash to survive, they may opt to delay releasing the interims (whilst the SP hasn't been totally decimated) until they've exhausted all avenues to raise funds. Otherwise they'll have to take it on the chin and watch the SP get slammed to 5p. And then if a knight in shining armour eventually does decide to take the plunge before IOF goes bust, the dilution would be horrendous and effectively render the share holdings worthless for those who bought much higher. Strong sell.

kingy: "I am not expecting great news in the results" So what exactly ARE you expecting, kingy? The "new" management took over long before the period in question and all "continuing" plants have been operational. So the 6 months to June 2015 is "as good as it gets" in current market conditions (ie current iodine prices which could remain at the same level for years to come). Therefore you'd better be hoping for a decent profit, mate, otherwise IOF is doomed to failure. solly: "Somewhere i saw a date of the 25th. Anywhere between then and 30th will be fine" I don't think IOF have any choice but to release them before the 30th, solly mate. It's Stock Market rules, see, otherwise they have to suspend their shares. The rules were made to force listed companies to release financials at least every 6 months, and the "3 month" deadline isn't supposed to be a guideline for best practice, it's supposed to give plenty of time for even the most cowboy of companies to get the numbers out. The fact that IOF can't do it 'til the last minute sums them up. chicky: "Foolishly bought a few more" lol, so you admit to being foolish by buying into this dog? lol chicky: "IOF is in a heatlhy position" lol post of the week. If you think massive debt and huge losses are "healthy", chicky, you shouldn't be in the investment game. lol. solly: "im happy with my investment" But maybe this pushes chicky's post for "lol post of the week". Need I say more? Strong sell

Oh dear, solly, you really do need educating! The last reported $6 million loss was for a FULL year and after $2 million impairments. And I reckon IOF will overvalue stock (ie not make provisions) like they did in last year's interims because interims are unaudited so they tend to be "glossed up", and consequently the loss was $1.3 million for this equivalent period. So infact I'm predicting WORSE figures! lol, this is way too easy! Strong sell.

It's looking nailed on for another huge loss which will confirm IOF will never make any money and therefore be laid to rest. And talk of the drop being "just the market" did make me quite literally laugh out loud. Didn't know the FTSE ever got as high as 60,000, because that's the equivalent of IOF's fall (and more) if comparisons are to be made. Still think it's shocking they are incapable of releasing the interims long before now. Guessing a $2 million loss and cash below Panacea's $5 million bond adavnce which was supposed to be used for expansion. What a sorry mess IOF is. Strong sell.

Yes, Dav, the Market has been screaming this as a certain failure for the past couple of years yet the rampers continue to bury their heads in the sand. And to demonstrate how daft they are, the aptly named fatherjockstrap reckons on IOF should have announced the interims 2 years ago per his 7.21 am post. This lot can't even call it right in hindsight, never mind in the future. And he got voted up twice. You couldn't make it up. Strong sell. PS - I thought eegy said his contacts had told him "mid September" anyway. So who's lying, eegy? You or your "contacts"?

Despite claims on here that they were told "mid September", still no sign of the half yearly accounts. They should have been released long before now anyway, with detailed costs per kg re production and a strategic report on the way forward. But nothing. What an awful company this is. Strong sell.

Still no interims despite eegy claiming his "contacts" told him mid-September. Yet more lies? Nearly 3 months and still incapable of producing some figures. Shocking! And rumour has it that Chicky and Libby have "quietly taken on board some sound bear advice" and jumped ship. Nice to know that some are beginning to see sense! Also the "silent majority" have gone all quiet again - have they also sneaked out the back door? Strong sell.

To suggest that Stena will simply "rollover" the bond is total nonsense. The bond was renegotiated in March 2014 at more onerous terms down to £1 per share conversion when the SP was getting slammed, and if IOF cannot pay the $15 million in May 2017 then Stena can literally "name their price" for conversion or make a debt for equity swap. IOF's only alternative is to go bust so they have no choice. So if Stena think there's mileage in this dog they'll negotiate 3p per share which will give them a 75% holding to delist. Or if they want out they'll still renegotiate an extremely low SP compared to the Market SP at the time so they can flood the Market with the resultant converted shares. And IOF will have to bend over and take it (oo-er!). I've said all along that convertible bonds such as those arranged with Stena and Pancea are the worst way to raise money (simply a "placing with interest" which can become VERY messy if the borrower is unable to pay on redemptioon date) - shows how badly run IOF is. It's no wonder the Market is valuing IOF at these levels, with only mug punters propping it up. Strong sell.

stevey: "the markets pricing in failure" Exactly, stevey, it most certainly is. Which begs the question how much more the SP will be hammered if the interims are bad ........ seeing as there's very weak support at this so called "bargain basement" price, then there'll be very weak support further down also. And it's "squeaky bum" time for the rampers regarding those interims. This time there is no hiding place ..... they can't blame it on the previous management, and they can't point to increased future production turning things round because all plants are now fully operational with no planned expansion. Therefore period end June is "as good as it gets" .... and any kind of loss will confirm "terminal illness" status. Strong sell.

You're correct, stevey, IOF are losing tons of money but they haven't got a cat in hell's chance of raising funds. No one will touch this lot with a barge pole ........ the current SP barely values the company at NAV and they are no takers which says it all. The iodine price touched $45 per kg at times last year but IOF still lost $6 million. This year the price has hovered around $30 per kg so do the math (like how I've used the American "singular"?). And as for IOF claiming they're profitable this year, they said this last year on 9/7/14: "The Company was also profitable for the Period in terms of both EBITDA and net profit.". They lied - the company made a big loss. IOF appear to be heading for the knackers yard, it's just a question of how long current cash reserves last. Strong sell. PS - Anyone seen Tutty yet?

Ahhhhh ..... the close period. That ol' chestnut why the directors aren't buying. The fact that Becker has had loads of opportunities to add to his current nil share balance doth not appear to irk the rampers. Also, eegy mate, the SP has already moved "seriously down" without such director interference. You have to laugh. Strong sell. PS - (Re Tutty) We can see you sneaking out ..... we can see you sneaking out ...........