Member Info for LWHL

Mulder: Do not be silly. Nobody who had inside information would comment on an open forum like this. First, IMO these chat boards have minimal impact on the performance of even a micro cap stock, and zero impact on a bigger outfit. But most importantly, what would you have to gain? It would be a reward-free risk!

Not saying that the market did not get wind something was wrong here - maybe yes, maybe no - but it happens so often where strange SP action suddenly does become clear, that I do think dodgy stuff happens fairly often in the markets. But I could be wrong and it is just a matter of many coincidences :)

As for PAF....my opinion of the management remains unchanged. As another poster said, mining is a tough business. But they have some work to do now, on top of the geopolitical stuff that they can do little/nothing about, so I am sitting on my hands for now. Albeit, watching for a potential window of opportunity for a short trade perhaps. GLA.

Well, my chart reading skills can go in the cupboard, along with the chocolate teapot! Agree that it might be shorters. Cannot see any other reason for the drop and new year low, is it? My sentiment here remains unchanged. Might nibble a few more if we see a quid on no company-specific news, but I have absolutely no idea what the short term holds. Hopefully long term good, as this one is a planned LTH for me (all being well of course, usual caveats etc).

Wow. They are having a laugh, surely?

Please permit me a little gallows humour...

The sandwich approach to people management:

Heavily discounted raise - bad news

But notification that the nephew of the office cleaner has bought a few shares - good news

Significant reduction in the strike price of attached warrants for the aforementioned heavily discounted raise - bad news

I know it is meant to be in the order of good - bad - good....but that is the best I can do :)

That is a puzzling decision IMO. So, am I right in thinking he has sold half of the shares that he bought here quite recently, and at a loss? And is it a one off sale, or plans for further reductions? I made my thoughts clear in the past regarding my opinion of RM, so mindful that I carry some bias. I have also not been following this company either, so apologies if it was a pre-agreed arrangement (for whatever reason) that I am unaware of.

I just saw the RNS and it caught my interest. Seems strange, because inside selling usually makes markets uneasy (whether justified or not) - and it is a fairly trifling amount of money too. Not like selling the lot in one hit, due to whatever reason either.

Thanks, AS. Good to hear more positive opinions, to balance the more bearish posters among us. Will be watching to see if any new inside buying happens soon after the results are announced. The NEDs that are going to remain need to stump up a decent amount of cash IMO...but I fail to see that any of them have brought any value to the company, so in that sense it would be a non sequitur. Even though SOH's own p/f is down across the board, as he told us (!) I am sure he can find a few quid down the back of his desk to buy some more shares here too.

I think JW will absolutely be prepared for a PR blitz if the decision goes against us. To date, he has impressed me immensely with his hard work and tenacity. But hopefully common sense will prevail and his efforts will be spent in a different fashion after a positive verdict :)

FSS funding remains my main focus here though. Will not relax properly until that is concluded satisfactorily. As I have said before though, I am backing JW to deliver on that front. Would not be here otherwise. GLA.

I take it you expect the SP to be a lot lower than it already is once those results finally get published?

I agree some of the material near the end was moderately interesting, but some of the stuff early on felt like groundhog day, to my mind.

Good that some of the questions got answered, including one that several of us must have posted about. But we all know that we need to see revenue and profit - and plenty of it - before too much longer. Or it is just another expensive AIM word salad.

What did you make of it, AS?

Have any of the current 4 NEDS done enough to retain a position on the payroll? Dumping two is a start, but IMO none of them seem to have brought anything to the table. On the topic of those who volunteered to take a 20% pay cut in January...I would probably volunteer to take a 20% pay cut too, in their position. I would feel I was still earning 80% more than I had earned :)

Anyway, enough gallows wit from me for now. I look forward to hearing more sensible and less snippy opinions from other holders here later.

Early thoughts from listening to the first 20 minutes...SOH pays himself far too generously for where the business is, at the time of print. I continue to listen to see if he answers any of your sensible questions, AS, while playing tick bingo as he reels off the various excuses for 2020 and 2021 (under) performance :)

I am one of the LTH's who finally lost patience here. The smart ones left a long time ago, I think :)

Good luck to those of you who are of a different opinion...I mean, it is possible they have a better deal lined up than the dreadful CLN mess that got pulled, but on the balance of probabilities I just could not/cannot see it being so. Could be wrong of course. Certainly made a number of mistakes investing here. First, trusting Rod and Bo for several years of - to be diplomatic - shall we say, misleading waffle and unmet promises. Then giving this new guy a chance for more than the first few days he came on board (which was long enough for him to buy stock from his own pocket). Then giving him yet more time to show his belief with a big purchase on the same day at the CLN deal was announced.

The moral of the AIM story, for those of you who have not figured it out yet, is never invest in a company where at least the CEO (and preferably most of the other BODs) do not have a lot of shares that they bought from their own pocket, not those daft options that they hand out to themselves like Papiermarks. Even when they have strike prices attached. Even then, I would advise against a buy and hold strategy, but that is based on my own experience of various AIM outfits. Some I have made good profits on (trading, rather than LTH, naturally), some I have lost a packet on (including this one). The consistent theme IME in all these AIM losses, is a buy and hold approach. But you might get lucky and hit upon the 1% of AIM outfits that are well run and legitimate. I have not managed it so far! All in my opinion only of course and not investment advice. I would not want you to lose money :)

Would I buy in here again? Never say never I guess...but it would take something quite material to take place. GLA.

Maybe one of those buys was her? If not, I hope she buys a nice chunk soon.

You will get different reasons/explanations for the food inflation question, Charlie...but the bottom line is: does anyone still trust what the politicians and central bankers have to say? A bit of a hobby of mine, this topic, and I will try not to go on one of my long-winded rants, but have a look at what CPI does not include and have a look at the shadow stats website. Just for fun and for a different perspective from MSM material.

Anyway, I took another small tranche here this morning. IMO, this is not one for exciting day trading, but to each their own. GLA.

Fair enough. Absolutely not one for widows or orphans! And I also agree pretty much last chance saloon here. Have to disagree on what a nominal holding is though, because IMO what Iain purchased here is not really beer money. A few other employees also took a few too, albeit on a smaller scale than Iain of course.

Death or glory? Not long to find out! GLA

Well, very similar if you were a holder from the beginning in all of them, from the various charts! Not saying C4 or ETX (which I did not mention, but do vaguely remember glancing at a few years ago, now you have cited it) are going the same way as 4D, but the jury will presumably be out on those until they are profitable. Do like the look of the free float on ETX though, now I have had a look. Market caps and shares in issue in both are not comparable to RENE though, who under Iain is now (I think) well managed and he is personally invested too. I assume he thinks they have commercially attractive products to have taken the job, let alone purchased a respectable amount of shares from his own pocket as well. But the clock is ticking and all holders here will know that the window of opportunity to prove commercial viability is small. Hence the m/cap today.

All of this kind of proves my point though - the time, capital investment and opportunity cost in this space does not look pretty. Unless you bought and sold the bubbles, which I did in a couple, but made the mistake of investing, rather than trading these types. Will this have longer term ramifications for investment in this space in future, was more the point I have been pondering. Perhaps the big boys will have to go back to doing all their own R&D, rather than snapping up the odd small cap drug discovery outfit that finds success?

Xenor: A third option would be to maintain a core holding in x company and then have a side pot for trading purposes. Until a couple of years ago, I had stocks that I only traded and stocks that I hodl'ed. Now, for some of my holdings, I take this hybrid approach. Fingers crossed, it has worked quite well to date. Losses have tended to be smaller (where I backed the wrong horse, after initially being right, insofar as SP direction of travel), gains much greater where x company has been a solid performer without going vertical (YCA as one such example - at the time of print of course). None of which is investment advice, just sharing ideas and thoughts.

For me personally, I have found it can 'scratch the itch' of offering some quicker wins without having the hassle of trying to determine your next entry point such as if you fully close a position. Although wyndrum's approach is probably the most professional, because it takes all the emotion out of the equation and simplifies the process. Which is exactly the right way to go in the stock market.

Easier said than done for some of us, myself included. It does get easier after a few soakings on stocks you had fallen in love with, that end up being the opposite of what your research led you to believe they were!

Anyway, positive IM news will put this to the top of the leaders board IMO and then you can decide if you want to take some profits or continue to sit tight. A negative result would not only be brainless (IMO) but would not change the investment thesis of HARL as far as I would be concerned. It would realistically mean a sharp drop in the SP though I would expect...but then I would add a few to the current trading pot I hold here, to average it down somewhat. Regardless of this, FFS funding is the one thing that I am eagerly awaiting and keeping my fingers crossed on!

Oh, I do not echo their sentiments - I would rather see the reintroduction of a dividend when we are back to cash-flow positive, as well as continued aggressive debt reduction.

I meant a potential positive in terms of keeping WG in the spot light and keeping the directors' feet to the fire to deliver for shareholders.

Personally, I am happy to sit and wait now for the next update, and we can then take a view. However, if we see another bid materialise, I would be fine with that too. Then, as before, I would evaluate what the offer was and whether I wanted to hold out for it (or a potential bidding war), or take profits and move on.

Not expecting this scenario to play out personally, as I would have thought the time around the Apollo bid was when others would have surfaced and shown their hands, but I could be wrong. Would be quite satisfied with being wrong in such an event :)

Very interesting indeed. I did wonder if one or more of the main holders were reluctant to accept 240p, or sufficiently unenthusiastic to put Apollo off. Anyway, I was expecting a few months of peace and quiet here now, but perhaps I was wrong! Not adding further yet, but I take that piece (thanks for sharing) as a positive. GLA.

I really do not understand the anger or frustration handed out to traders. If stock x is a good business, well managed (both operationally and in terms of group finances) and ideally also with evidence of good inside buying, then the probability of success is high, regardless of what traders do, IMO.

It is like the argument against shorters (except where deliberate misleading to create FUD takes place - that I do not agree with). Like traders, shorters can create liquidity. They can also highlight issues under the bonnet - but if they are wrong, a squeeze can ruin them, so not generally taken likely. I have no issues with shorters either, although I have never to date shorted any stock or index.

I started out trading HARL. Then I researched it a bit more and bought some, which I hope to retain for the long term. But IMO trading some is a good risk management strategy. Either you can get more shares for a lower average, or as wyndrum has shown, take each trade on its own merits.

Ultimately, we all have to do what we think will be best for our own p/f. Diamond hands, day trade, or anything in between. HARL, like all other outfits, will neither succeed nor fail over the longer term based on what we, as small PI's, do on the day to day basis.

Anyway, I broke my own plan and bought another small 5K tranche today. For the long term pot, fingers crossed.

Spot on, Porky, although I have been impressed with Iain so far. Took a small punt off the back of his joining. Whether he can turn this one around, remains to be seen. Unlike so many AIM BODs though, he actually has a track record of success - and has put some of his own money in too. Still a high risk venture and I am under no illusions as to binary nature of this one.

Longer term, it will be interesting to see what, if any, impact the historically inept and greedy BOD activity, spanning so many of these types of outfits, will have on the approach to investing in the small cap bio field.

For me, I would not touch this area again in the small cap world. I hold here and a larger amount over at Evgen pharma, but IMO the risk/reward is simply unattractive now, so am not looking at any others. In the past, I had considered a few others like VAL and C4DX. I take a cursory glance over there now and again, but not remotely tempted! It does not help with the lack of consequences for failure and/or fraud that is so common on AIM it seems. Take 4D, which we both had the misfortune of being in. None of those directors should ever be allowed to hold a similar company position again IMO. They should also be investigated, to ensure it was 'only' their personal commercial uselessness that led to that outcome over there. Long jail terms and financial ruin, if otherwise. But we all know how very rare such things are, so AIM will remain a cesspit. Anyway, in danger of turning this into a rant now :) The sun is shining and life is too short! GLA.

Yeah, not remotely worried about the debt ceiling topic. More chance of getting struck by lightening than a US default, IMO.

I think the federal employees get their pay backdated too (when the scenario arises where non essential services get cut when it goes down to the wire) - which is good for them of course, but I am sure that many Americans would quite like their leaders, whether Dem or Republican, to act with a bit more fiscal responsibility sooner or later. I know I would like to see our own clowns behave like it is their own money on the line. Failure to keep a debt to GDP ratio below 40% should be a capital crime IMO - but there is definitely more chance of getting struck by lightening than seeing a law that really held a politician to account :)

Regardless, always keep some cash on the sidelines, because you never know when an opportunity may arise - but you can be sure that some will pop up, be it a black swan event like lockdowns, war, or something else. At some point, the everything bubble will pop too, although who knows? Maybe years away still.