Member Info for LtdAxis

They’re in the hands of the liquidator

Having sold all by previous holding on the way down for an eventual small profit ( would have been £50k profit if I’d sold at 5p ??), I have now just over 950k of shares @1.71p average.

It’s not necessarily games. It is fairly clear that despite some improvements in the bottom line ( bond conversions etc) they have adjusted down expectations on what it is possible to recover .

What cash in the bank ?

Ade2017: I’ve never understood this train of thought . The only reason ( I can see) that bondholders would willingly convert is a: the share price will eventually be
much higher and so the value in shares
will be more than waiting for the bond to expire or b: this is as good as it’s going to get, let’s get out now and see what we can get in the market through selling those shares.

It will be interesting to see Vidacos nominees holdings when the new figure are released ( should be very soon ).

Existing bond holders ( excepting Eufingest) have no doubt wised up by now.

That’s 16.8% of the new total no. of shares in issue! Would have been over 40% stake before today , so he’s picked up around 180+ million new shares ( or roughly 20% of the placing)

I concur with RKB that Eufingest pulled a fast one and bumped other bond holders ( only partially successfully ) into converting and I suspect will now eventually have their debts paid in cash recovered . This will leave little , if any , for shareholders .

I agree. Last week was a fantastic opportunity to load up below the placing price. Even managed to get a few more &1.725 this morning .

From my point of view it is neither here nor there if FG had posted a profit for 3 million or a loss for 3 million . It’s the same situation just a different way of showing it . Debt is debt. You can buy it back at a discount or convert to shares at a discount, and if you so wish present that as a positive on the bottom line , but it doesn’t go away. In the case of Mediapolis we borrowed money to buy back that debt . It doesn’t matter that it was at a discount ...we now owe that money , and have recently borrowed from one source to pay off another. The only positive was getting first charge on the land , and we now know how that played out . I asked a question the other day as to why the original Mediapolis creditors accepted an 80/88% discount when they knew of the winding up ? Why not wait and see the proceeds of the villa/land sales distributed to them ? It’s becoming clear why. Anyway....not much point flogging that one any more . If we manage to remove all outstanding debt by conversions and cash recoveries then the share price will reflect what’s left after costs divided by the number of shares , and all assuming we have some viable investments to bring in income going forward ( and that the recovered cash is not squirrelled away by our beneficiary interests) I have sold all mine this week , mostly before today( but 2 million this morning) at between 0.42 and 0.46) and at an overall loss of about £3750. If anyone can claw back some loses or eventually make a profit then hats off to you .

There’s a lot more loading up going on than selling

Very true. And I could add that 500 seeds won’t grow if the rain doesn’t fall . In this case the field they were planted in has been forcibly sold from under us at half it’s perceived value. Whilst we still are due a % of the harvest we can see it withering in the field and have prudently decided to accept that harvest time will not be what was hoped . Sensible but very disappointing. Thank you RKB for all your contributions and I hope anyone who still holds ends up surprised!

“Additionally, the Company has prudently reduced the amount it believes it could potentially recover from Sosushi and Sipiem. These prudent provisions, together with an increase in legal expenses, are reflected in the increase in administrative expenses.” Is this bit not revealing ?

Bits that stood out for me were no current resumption of mining ( despite improved climate) and no mention of the unsecured creditor amount we are still owed in the Mediapolis winding up process .

IMHO the bitcoin mining bit is fairly marginal to the longer term prospects here and has probably only served to allow the crypto pump and dump brigade to play their games here and I sense an RNS on resumption of mining would precipitate just that. We would probably be better off to find, upon returning to the trailer park in Serbia that the whole outfit had been nicked! The whole sector is on that kind of level.

You can buy & 1.67 and sell at 1.66, all reported as sells ( as was the case yesterday) .there were well over £100k of buys yesterday which you seem to have glossed over . I don’t know where the price will be on Monday , but from my point of view this is a good entry point .

Spencer won’t lose on those in the long term....in my opinion

Do you think 850 million shares are being bought by those investors to make a loss?

If the mid-price at opening on Monday is 1.675p then the map will be £23.5 million with £15 million in the bank to get on with the work on the two farm ins with Shell and continue the work on the other licences. You can judge whether that investment is a risk worth taking or not.

Lots of big buys today....

Nice million buy at 12.53 ( not shown on here for some reason)