Member Info for Samthespaniel

Thank you dashboom for keeping everyone up to date and getting this into the correct juducial arena. I gave you a hard time when your over-optimistic view

of Woodbois was being posted ad-nauseum.

You have redeemed yourself by such wholehearted determination to ensure this group of snake-oil-salesmen are exposed.

I had not intended to post again but having followed the coorrespondence on Discord I wrote to This is the reply:-

Dear Sir

Thank you for your email.

This firm is not currently instructed by Woodbois Limited and we are not authorised to act in relation to your request, nor to represent the company in any respect.

This firm is not authorised to accept service of documents on behalf of Woodbois Limited. As a result, any message sent to this firm will not constitute a notice served on the company, and will not be forwarded to the company.

We ask that you do not send to this firm any further messages intended for the attention of Woodbois Limited.

Yours faithfully

Carey Olsen (Guernsey) LLP

CAREY OLSEN Group Services Limited

D +44 1481 727272 / E guernsey@careyolsen.com

Glad you copied to AIM Regulation. But, they cannot do anything useful for us. Foreign management, no money in the business. This business is like the Marie Celeste, not being sailed, everyone bailed out months ago having fleeced you with tales of gold.

Thank you Valsen for offering your advice over months and years, vilified by the likes of the twat Dashboom and others. I have lost about £5k over the years. Written Off now.

My last post. This chat forum has been entertaining if not polluted by certain idiots and charlatans.

Bye all.

Dubai is a long way from Mouila in Gabon to check on your investment. Did any of us PI's go there? We were all gulled by these snake oil salesmen.

This is from Valsen on 25 November 2025. Valsen has been pretty consistent with his updates from Mouila, the only person on this site who has first-hand knowledge of conditons at the plant site.

"Finally, there’s absolutely no timber production in Mouila, nor any particular wood processing activity. Nothing at all. The record production levels are pure fabrication, blah blah lies, as usual. "

"It's been over a year since the company’s logging division has produced anything; it's no longer even authorized to cut timber. And there's no chance of it restarting now."

There is no chance of institutional investors or personal investors getting anything out of this company. The clever CEO's and directors who made money for themselves and associates have long gone as have the executive directors, leaving an old stooge in charge to take the rap.

I doubt that the accounts will surface without the accountants getting paid (but there is unlikely to be any money left to pay them).

Its over with WBI. We all made a bad investment in an AIM company. Most of them fail. I invested in gold a couple of years a go good bet, got out of the Footsie too early - bad bet, bred slow racehorses except for FITWOOD STAR who won 4 times in succession - cost a fortune to breed and race them.

Life is a rollercoaster, ups and downs.

Good luck in 2026. Try to get more ups than downs!

Very helpful, and thoughtful Mazza.

My view is that the whole concept of logging the land for producing sawn timber and veneers was never going to be a massive business. It was another Obtala small business to add to the logging business in Mozambique (which was shut down eventually - see RNS) and other agricultural businesses.

Obtala had a history of driving up expectations only for the share price to fall, as has happened to Woodbois after Obtala assumed that name.

It is clear that the winners are the original shareholders who ramped up the share price of Woodbois with early sales of timber (see RNS's) then sold at a beneficial price to themselves when they realised that it was a failing business.

The plant in Gabon has sat idle for a year and is probably in need of complete refurbishment. Knowing that this business cannot generate sufficient income (even when in working condition) to cover costs of operation and finance why would the major investors consider it worthwhile to attempt a start-up? Without a working set of plant, the forest is worthless (which is why it was sold on cheaply to Woodbois by another company), and then shown on the books at an inflated price (another accounting fiddle).

I do not expect the major shareholders to do anything except suck their cheeks and write off the money against their other investments.

I am not an expert on the situation where a company fals to produce accounts and walks away from the situation. Presumably AIM regulators note the situation and do nothing, especially if the directors/principles appear to be non-British.

For information:-

I cannot do any more. Let's hope that AIM carefully investigate the actions of the principals running Woodbois and deal with any brreaches of AIM Regulations since 2017 when Obtala bought it through Argenta.

Thank you for your further email and the report you have prepared, regarding Woodbois Limited. As previously advised, we can assure you that AIM Regulation considers all enquiries as regards matters within its remit, which is compliance with the AIM Rules for Companies and AIM Rules for Nominated Advisers, and takes action where appropriate.

As previously indicated, we can assure you that we consider all enquiries and investigate alleged breaches of our rules. However, you will appreciate that confidentiality is essential in maintaining the integrity of our work and, accordingly, please note we are unable to provide specific comment on individual enquiries or provide updates on any work which we may undertake.

Kind regards

AIM REGULATION

Read "The Money Cog dated Aug 03,2022" which says "broker recommendations are set to buy with a price target of 6.75p".

See RNS 23 March 2021 for an important decision by the board onn convertible bonds. See RNS 23 March 22 until RNS 27 October 2022 for dates when Rhino Ventures Limited converted non-voting shares with the consent of the Board (Paul Dolan CEO). The share price went from 7.8p on 5 May 2022 down to 2.9p on 26 October 2022. Large tranches of shares turned over through May to November 2022.

An interesting question is when did Rhino Ventures Limited acquire all these non-voting shares, and at what price? Sale of 675m shares at say 4% on average brings in £27m.

Miles Pelhan was chair of Obtala in 2016 and Paul Dolan was CEO. Both had large financial interests in Obtala and in consequence in Woodbois. Did they too sell shares at beneficial prices before the ship went under.

The share price never recovered.

Obtala, who joined the AIM in 2008 acquired Woodbois through their 75% stake in Argento, had a price crash before assuming the Woodbois name. Did lightning strike twice?

And who owned the other 25% of Argento?

And what about the encouraging overvalued land purchase producing $90.7m profitin 2021/2 which showed up as a $111.1m loss in RNS 9 June 2023?

And what about the carrot of Carbon Capture which never saw the light of day.

Anyone feelingl screwed?

Thank you to contributors on this subject. I have enough information to file a report. The RNS's tell a sorry story of decline. Basically, there was never enough production of timber and veneer to repay loans. My opinion is that Rhino, Miles Pelham & Paul Dolan saw the light early on and sold their shares when the price was bound to give them a profit.

Later we saw major investors picking up those shares and investing in the company. Why, only they know. Greed, or were they sold a pup ?

Once Dolan had gone Theuns and other CEO's went through the motions of trying to turn around the company. Their reports reeked of false optimism. It wasn't long before the rats left the sinking ship.

Note that by RNS 29 Sept 2023 Dolan had gone. The company was in its death throes. Share price was under 1p but most of the small investors hung in there already nursing large losses and hoping for a comeback, urged on by the delirious dashboom.

To those who recently added to my original post - its over. There is nothing left to share.

This company were never selling enough product to generate the income needed to pay back debts. It was a dodgy investment from the beginning, with investors conned about the potential for carbon credits and the value of the land they purchased. No doubt small investors did not understand the initial RNS's showing Rhino dumping their shares (which Dolan must have known about as he and other board members all benefited from the conversion of shares as described in RNS's). Small investors should have got out like Rhino. The reports of the company were initially positive from Dolan but as time passed there were more investors giving loans and increasing the debt. Was he an optimist thinking he could turn the company around or a charlatan, selling his shares along with Rhino and Miles Pelham as he made positive noises and sucked in bigger investors?

Was it a clever pump and dump scheme, or did Covid19 and the situation in Gabon (overthrow of the leader) unhinge the company?

Guido Theuns was a clown, talking up the company as it sank.

As promised, i have looked at the dates when the shares peaked, then started to nosedive. We know that on 3 July 2017 Miles Pelham & Paul Dolan bought Preference Shares in Obtala who subsequently changed its name to Woodbois

in March 2019.

The article by The Money Cog on 3 Aug 2022 discussed Woodbois and its 2021 report, highlighting the gain on purchase of the additional land (perhaps giving investors the feeling that Woodbois had made a coup).

An article in Agribusiness on 4 Aug 2022 saw Paul Dolan (CEO) promoting the success of the company. The share price when I first bought in July was about 5.5p and by August was down to 3.9p. Rhino were already selling their converted shares into the market and continued until RNS 27 October 2022.

A classic case of pump by CEO Paul Dolan to the benefit of Rhino who dumped their shares (675m at prices that may have averaged 5p). Note the statement of RNS 25 July 2020 of affiliation. Difficult to know how much profit they did make between the 3 of them, plus CEO and directors fees/salary.

The Carbon Credit statements also added to the illusion that this company would make big money. It was never going to happen. Sarah 1234 saw the light early on. Valsen provided useful information on the situation at Mouila but dashboom promoted recovery right to the end. Were you just a 'd*ck' dashboom or a culpable bad lad?

You are welcome. DELISTED today.

Spent a few hours researching the RNS's.

Miles Pelham & Paul Dolan very much involved from 3 July 2017. On 21October 2019 Pelham Limited owned 10.31%.

RNS 27 March 2020 warned of the effect of Covid-19.

RNS 27 July 2020 was important in that Terms were agreed with Rhino VenturesLtd (a company affiliated with Mles Pelham and Pelham Limited to repurchase all remaining convertible bonds, including those of Paul Dolan. I believe Paul Dolan was CEO at the time.

23 March 2021 shows Rhino allowed to convert 50m of its 675m non-voting shares. They subsequently were allowed to convert the rest in tranches.

Around this time Paul Dolan (CEO) was issuing Positive updates - whilst Rhino were dumping millions of shares into the market. (I will check when the share price started to dive).

RNS 9 June 2023 showed net loss of $111.1m due to downgrade of $108.7m of biological assets (these were the land assets that were overpriced on the books when purchased). It was all downhill from there with Guido Theuns carrying on the upbeat reports on RNS 8 Feb 2024, and thereafter.

It would appear that Rhino, Pelham and Dolan were selling off their shares as the company was being promoted by Dolan. We were not alone as institutional investors were still putting money into the company.

In my view, the company's sales and gross profit figures showed that there was never going to be adequate funds to repay loans. Perhaps Rhino and others realised that (following Covid) and decided to get out fast, hence the crash of the share price.

The small, and not so small, shareholders, plus the institutionall investors, will not get a bean. As Valsen says, they are selling everything, presumably to pay off somebody still employed by the company or the accountants or the sacked NOMAD.

I'll concentrate now on the veracity of RNS's through 2023-5 so as to present a case for misleading shareholders to AIM Regulation.

Thanks Valsen.

This from AIM Regulation:-

With regard to your reference to the accuracy of past regulatory notifications, if you have specific concerns that the Company has failed to comply with its AIM Rules obligations, please provide further details in writing to aimregulation@lseg.com.

If you think that any RNS's have been misleading please send in details.

I will post here anything I believe to be misleading. In particular I will look at comments here by Valsen on the situation at Mouila, so I'll cover that.

Reply from LSE:-

Thank you for your enquiry regarding Woodbois Limited, which has been referred to AIM Regulation for consideration.

Kind regards

AIM REGULATION

The share trading is suspended. In my opinion your shares are worthless, like mine.

I have written to the LSE asking if they intend to investigate Woodbois and its current and past management for failing to produce accounts, not nominating a NOMAD and for providing RNS's of dubious veracity.

It may be fruitless, but it may be the case that the LSE will disbar certain people from acting as directors in other companies. Can but hope.

The RNS of 19 December 2024 is very relevant to the demise of this company.

'Woodbois Limited announces that it has received a conversion notice from Rhino Ventures Limited for the conversion, on a one-to-one basis, of its remaining 585,000,000 non-voting ordinary shares'.

Looking through the RNS's I think that this was the last time Rhino were allowed to convert their non-voting shares.

I doubt if any investor knew that Rhino Ventures Ltd had held a huge number of non-voting shares. And why did the management allow them to be converted, allowing Rhino to dump shares on the market?

When Obtala morphed into Woodbois was the share structure developed then to benefit Rhino? Is this a classic case of the publicity back in the early days about carbon capture pumping the SP so that Rhino Ventures Ltd could dump huge bundles of shares?

Motley Fool reviewed the company and were cautious even then.

Specifically look at the way the share price crashed initially from above 5p and the timing of Rhino getting permissions to convert.