Member Info for madchick

Not really much to say these days, so keeping quiet. No, not sold any shares. Foolishly bought a few more, actually, and I really don't need them. I'm flattered that Hawk thinks that anyone would be remotely interested in what I'm doing, given my track record. Having said that, I still think IOF will come good. As soon as we have another bull run I'm sure everyone will forget these days (been there, done that!).

Agree that few shares traded so the drop in SP is misleading. I expect results by 30th (they were on 30th last year). I believe they will have quite a high inventory as they need a large sales agreement, hopefully to support moving IO.1, and for that they need to show they have the backup available. This will mean money effectively tied up in that inventory just now. I expect them to have remained EBITDA positive. I don't expect great results and I don't really expect much new - other than that their timelines for moving IO.1 next year is slowly coming a bit nearer now. Maybe we'll get an update on the water, but I can't really see they'll say anything other than to reiterate the timeline. I don't expect any disasters either. Next year will see things starting to move again with IO.1 moving, water done and dusted either way, I hope, iodine prices starting to rise with any luck, and maybe further expansion. It's a frustrating wait, but IOF is in a heatlhy position.

pastyc - dividend will be declared in early part of September and is expected to be around 4p. Well, to me, this sounds like a great aquisition - I'm sure that REDD can make savings by combining the businesses as well as entering new sectors and FMG is already EBITDA positive. I trust REDD to have done their homework well and to be truthful in saying that this is immediately accretive to the business. Interesting that the new shares don't get dividends for the first 12 months and have to hold for the first 24 months. SHould give the company enough time to show the value and then to keep our new shareholders rather than see a sell-off.

Presumably the cash balances are down because they gave some money to us? :-)

REDD? OK, it's just gone up quite a bit after announcing 4p divi, but new year reported to be going well so far, autofocus deal could give extra, and final divi in later half of year.

You could try looking at REDD. Not advice, DYOR, etc.

What are the odds? If Argentina are favorites, then surely you're onto a win-win. If she wins the bet, you get some money; if she loses the bet, GVC will be getting more money and you'll get a higher dividend :-)

If that's a reference to me, I wasn't boasting - merely saying what I thought would happen (the SP would fall below rights issue price at some point) and saying I had sold out for the time being. I haven't come on to say how well I did to sell out (and I'm only saying this now to get you back for trying to have a dig, LOL, which is a bit petty of me as well), so there's no need for you to gloat over others' misery potentially being even greater than yours. Anyway, we are now as bad as each other, so I think we can draw a line under it :-) Anyway, no need for any acrimony. I hope that somehow Byrne can still pull this off - it's not the way he would want to end his year either. Rob, I agree that if Byrne had said upfront that if the RI failed, holders would get their money back, he may have been more successful (I recommended your post). I guess everyone still has things to learn, Byrne included!

I would hope that Byrne has enough clout to get funding from somewhere or to renegotiate. Byrne will be fighting hard for this as no-one likes to fail and Byrne has a reputation to uphold. Here's hoping as I still see the potential in WAS.

Looks like I was too optimistic about it staying above or around the offer price, since it's already below. Redknight, on the last placing, I thought a bit like tapemeasure in that you have to help the company; however, I'm not here to give money to a charity. Leas got it spot on - I've just learned that it's always best to sell on news of a placing (well, better to do it just before, but never managed that one!) and then get back in later cheaper, if you still like the company (unless you have very little invested and the trading costs would be prohibitive). I did the same with VOG, which WAS reminds me of, in the sense that there was a massive dilution with VOG and they promised that this would be the very last dilution. I got out and got back in later more cheaply (should have left it longer, actually!). With VOG there is still a worry about finances even now. WAS should have a lot going on next year. It's a possibility that if the rights issue fails and they fail to place the remainder with other investors, WAS could go under. I don't think this will happen because I have (a probably too great a) faith in Byrne. I'm just at the stage where I want to minimise losses now. I should have sold when it spiked on the nuclear power RNS, because, as someone mentioned at the time, it wasn't even a firm deal, just a vague possibility in the future (nuclear power still isn't flavour of the day and I can imagine there may be opposition to Hinkley). I decided to hang on, at the time believing an RNS about FDL Smidth (sp?) could be imminent. I could get back in today with more shares for the same money that I sold them for yesterday, so I don't see how I've necessarily missed the point. I make my decisions and I don't moan about them or moan about others' decisions (apart from an occasional expression of worry for someone else). I also posted before I sold that I thought the SP would tank, in case anyone didn't realise what the RNS meant for the SP. I posted that I'd sold, not to deramp or to say anything about the company at all, but just because I've found it useful in the past when people have sold and explained why; it's sometimes made me think differently and has saved me money. Each person makes their own decisions and that's fine. It doesn't mean that anyone has missed a point; it just means people have different views. And that's what makes the market.

I sold yesterday. With rights issues the SP usually hovers around the price offered, or just above, for most of the time, in my experience (whereas with placements the SP usually goes below the placement price within 5 days). As I said, should some plants suddenly come up and running, the rights issue could work. But we've been promised them for ages now. If they don't come on line sharpish, then the SP will fall below the rights issue price, IMO. I might buy back in at some point, but am looking in from the outside at the moment. Should have known when we had that spike recently - I think someone said it was a spike before a placement at the time? Anyway, what's done is done! GLA.

They had the same phrase about placing unsold shares last time they did a rights issue - I remember waiting for the date really nervously, but actually nothing happened, if I recall correctly.

I was thinking of it as a placing rather than as a rights issue, so scratch my timelines on the SP, although I think the SP will still go below the rights price at some point. I guess there's an outside chance that in the mean time they will get the FLDSmidth stuff up and running and then maybe, just maybe, the rights issue could be worth it. With more shares, though, the harder it gets for the SP to rise back to previous levels.

I make it 0.225p I don't think they will all be taken up. There will be a massive sell off today and within 4 days the SP will be below 0.225p. Not sure what they will do if it's not taken up - will the directors buy them? Not even a sweetner of additional options this time, but I guess we are being diluted enough. And those plants still aren't online. It's taking an age!

Maybe they've renegotiated timelines and they will say that achieving the funding is imminent (which would just prolong the pain of the uncertainty!). Or maybe an RNS this week, tick tock.... no indication of that yet in the SP though. TBH, I can't believe that WAS would go bust. But that's just an opinion, nothing else.

I will have to look at the website, but at the moment I assume it means we get the right to buy NOW the 1 share for every 8 we own at the offer price of 0.8 and then, in addition, we also get an option to buy the same amount in March next year (or earlier) for the same price. Unless they mean that the right is the option and this is what they mean by the option being attached (rather than in addition, which is how I interpret it as being attached). I can't quite believe they will really give us two lots, but this is how I understand it. I would hope by March next year the SP should be considerably higher than where it is now, so it would be a bargain to get some more at that point (though could induce a lot of selling at that point).

Thanks - this is a pretty good deal, I think

But the question was about the options . Here is what the RNS says · 1 for 8 Rights Issue of up to 381,129,864 New Ordinary Shares at an issue price of 0.8 cent per share · 1 accompanying option per New Ordinary Share issued exercisable at 0.8 cents per share on or before 31 March 2014 So, do we also get options as well as the 8%?

I'm with Philis on this one - I am also not sure. It is clear that tapemeasure's post explains the 1:8 but it says nothing about the options. I also read the original RNS as meaning that we also got options but to be honest I was also unclear about it.

That's all a bit too complicated for this early in the morning! I think I need time to digest. We knew, of course, that the IPO was coming and that they would be raising funds for it - the JV sounds exciting and it's good that our partner is providing funds for the first 18 months where we need it. Hopefully be then the WAS parent company should have a few plants up and running and bringing in money. I just need more time to work out who owns what and why and at what price etc!