Member Info for Samthespaniel

Toothlesstiger - your contribution regarding annual reports is historical and things have moved on.

'dissolution or sale of several other subsidiaries, including those in South Africa, Mauritius, Hong Kong, Liberia, Mozambique, and Denmark'.

These subsidiaries have not shown any recent income, as far as I can see, but may be an asset that has some value to the liquidator.

That's raw capitalism!

I had previously mentioned Rhino Ventures Ltd.

This is from a RNS in 2020:-

Conversion of 50 million Non-Voting Shares

Holdings in Company

Woodbois, the African focused sustainable forestry and timber trading company, has been informed by Rhino Ventures Limited ("Rhino") that it has, with the Company's consent, disposed of 53,120,000 Voting Ordinary Shares in the Company and immediately thereafter, and in accordance with the terms of its Non-Voting Shares, the Company has received a request from Rhino for the conversion, on a one-to-one basis, of 50,000,000 of its 675,000,000 Non-Voting Ordinary Shares into Voting Ordinary Shares in the Company (the "Conversion"). The Conversion will be effective on Admission (as defined below).

Paul Dolan, Chairman and Chief Executive, said: "We are pleased that MCM Investment Partners SPC - MCM Sustainable Resource SP has increased their shareholding to 6.67% of the current Voting Shares in Issue and increase our Voting Ordinary Share Capital by 2.9% at this exciting time of expansion for the Company."

The Non-Voting Shares were originally issued to Rhino on 6 August 2020. Under the Company's articles of association Rhino may not convert its holding of Non-Voting Shares into Voting Ordinary Shares if by doing so it would increase its holding in the Voting Ordinary Shares in issue, when taken together with any of its affiliates or persons acting in concert, to be equal to or exceed 28% of the enlarged issued Voting Ordinary Share capital in the Company. The Company has received confirmation from Rhino that the Conversion is pursuant to Rhino having sold Voting Ordinary Shares to a non-concert party or affiliate of one.

Following the Conversion and Admission (as defined below), Rhino will hold 353,115,095 Voting Ordinary Shares in the Company, which will represent 20.10% of the enlarged issued Voting Ordinary Shares, as well as 100% of the 625,000,000 Non-Voting Ordinary Shares. The Concert Party holding will then be 24.57% of the enlarged Voting Ordinary Shares in issue.

Looking at the Rhino Ventures Ltd website describes them as a venture capital company.

It is clear that this company made a strategic investment in WBI. They held a huge amount of non-voting shares as well as voting shares. They were allowed to convert the non-voting shares into voting shares which they disposed of to other companies wanting a part of the action, and also released them into the market. They clearly made a huge profit as people scrambled to buy on the strength of positive publicity. The ordinary punter like you and I would not be privy to the back story so we bought speculatively. Its not a pump and dump story as such, but clearly feels like it. Was Paul Dolan (CEO) complicit in this assistance to Rhino?

In hindsight I don't think that the income of WBI was ever likely to cover the loans so the share price just kept sinking. Rhino and others had made their profit and decided to take it. Tha

I have a copy of the article in The Money Cog dated 3 Aug 2022. It may be in their past articles but took me too long to go back beyond 2023. Regarding the 71,000 hectares, they say,"The seller was likely facing a liquidity crunch hence the massive discount. The (so called) $88.3m profit is not actual cash since the value is locked up in the forestry assets."

WBI is now in the situation of the previous seller - they have a liquidity crunch. Therefore the value of the 71,000 hectares would be far less in a 'fire-sale'.

By now the management must have a good idea of the financial situation. They must be considering their options with their lenders and principal shareholders, hence the delay in publishing the accounts, and an RNS.

I'm betting that they are discussing the situation with the accountants, who would presumably be the liquidator. Presumably the bank has first call on any funds raised which are hardly likely to be in the $multimillions. If the plant is in poor condition, as described by Valsen way back, it'll be the small shareholders like you and I who will get nothing from the sale of assets.

Without seeing the 2023 Accounts I presume that the 71,000 Hectares of timbered land purchased in 2021 was on the books somewhere in the 'assets' column. It would appear to have been a purchase that was totally overvalued to encourage punters to buy shares. However, it must have a demonstrable value, as does the sawmill in Mouila. Would the current delay in the 2024 accounts be allowing time for somebody to assess the value of the assets with a view to picking up the assets when the company is declared insolvent. I doubt if anybody will want to take over the company with its debts but the buzzards are possibly circling over the corpse.

Dear Dashboom,

Re: Why did Swiss/Dubai investors put in around 3m USD at 0.05 with warrants at 0.10?

No information, regrettably.

I first invested £999 on 06/07/2022 at 5.54p when the share price had dropped from its high of about 8p.

I subsequently found articles on the internet regarding the company showing that about 2021 they had acquired a further 71,000 hectares of forest and showed an £83.3m gain in value. Until the timber had been harvested and processed this was not a true gain. It was stock. Dodgy accounting!

Articles by The Motley Fool and others in 2022 reviewed the company, telling that the cash balance in September 2022 was only $1.2m. Debt was $12.3m. It is clear that the buusiness was on a knife eedge back in 2022.

The telling comment was that Miles Pelham held about 20% of the shares. As we know, there was persistent selling of shares which drove the price down. My view is that those people in the know decided that the business was not profitable enough and got out while the share price was high.

Coupled with the inability of the company to generate enough profit to service the debt, which resulted in constant cash calls which increased the number of shares, the share price has continued to fall.

Even in 2022 The Motley Fool and others were warning that this might happen especially if Miles Pelham sold (was he Rhino Ventures, who also sold heavily?) .

The costs of running this business were too high, possibly with the principals getting too well paid and able to offload shares to their advantage.

As others have commented, the AIM is not a place to dwell in unless you are are prepared to lose all your money.

Sadly, I cannot see any future for WBI. I expect the accounts (if they ever appear) to show the company hopelessly in debt and not generating enough cash to service that debt. Sarah1234 will be proved right.

WODBF

WOODBOIS LTD.

Ordinary Shares

0.0019

0.00

0.00%

0.0005 / 0.0027 (1 x 1)

Real-Time Best Bid & Ask: 05:00pm 09/05/2025

Delayed (15 Min) Trade Data: 12:00am 09/02/2025

Overview

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Warning! Limited Information

The Pink Limited Market is for broker-dealers to publicly quote securities with limited to no issuer involvement. Pink Limited companies do not certify their compliance with established reporting standards, have limited availability of disclosure or financial information and may not support their U.S. market. These securities are identified with a yield sign to warn investors to proceed with caution.

Trade Data

Date Timestamp Price $ Change Volume

09/02/2025 14:45:27

0.0019

0.00 10,000

07/11/2025 12:32:57

0.0004

0.00 1,020,000

07/11/2025 12:07:07

0.0003

0.00 300,000

07/11/2025 12:04:55

0.0003

0.00 500,000

07/11/2025 12:02:29

0.0003

0.00 80,000

Yahoo Finance shows bid 0.04. Depends whether that is p, £ or $. Presume p.

2m shares at 0.03p is £600.

Don't get carried away. That's only £600 worth of shares traded - i.e. bought and sold. Bottom fishers and the people ignorant of the history of WBI.

Ticks the box for trying to wring something out of the officials.

The major assets of the company are the presumably the logging/veneer equipment (some only bought in 2023/4), and the forest .

It is possible that someone would purchase these assets at fire-sale prices and re-start a logging business, provided that the outstanding loans did not have to be repaid, which points to bankruptcy and delist. Other views welcome.

This from Sarah, "just realise that the majority of companies listed on AIM are scams....all they do is make false promises....raise money through the retail punters...diluting them to hell and back whilst sucking the company dry."

If you look back at the history of WBI from the days when it was OBTALA, it was a very small company who raised capital to finance expansion. Miles Pelham & Paul Dolan apear to be the driving force with Rhino Ventures appearing to hold a number of shares. I am charitable enough to believe that they thought the Gabon operation could expand enough to grow the company, but it appears to me that it never generated enough cash to service the loans and pay a dividend. COVID didn't help in 2020.

Then the Mozambique timber operation was undermined by changes in government rules on timber extraction.

Assets were continually sold, presumably to raise cash but the sinking ship was obvious and certain shareholders were dumping shares as the SP dropped. I would assume that Rhino Ventures, Pelham & Dolan more than recouped their investment in the company. Sarah's comment is very valid, but it is difficult to say whether this was not potentially a viable company at the outset.

All together now, shareholders - sing with dashboom the Harry Lauder favourite, 'Keep right on to the end of the road'

https://www.bing.com/videos/riverview/relatedvideo?q=Keep+right+on+to+the+end+of+he+road...&qs=SW&cvid=cb176c80544c4f2ea7a951b385c5532a&pq=&cc=GB&setlang=en-GB&nclid=9A457F89894F96BAFC2C13E0D5799011&ts=1756282755269&wsso=Moderate&PC=WSBREC&ru=%2fsearch%3fq%3dKeep%2bright%2bon%2bto%2bthe%2bend%2bof%2bhe%2broad...%26form%3dWSHBSH%26qs%3dSW%26cvid%3dcb176c80544c4f2ea7a951b385c5532a%26pq%3d%26cc%3dGB%26setlang%3den-GB%26nclid%3d9A457F89894F96BAFC2C13E0D5799011%26ts%3d1756282755269%26nclidts%3d1756282755%26tsms%3d269%26wsso%3dModerate%26PC%3dWSBREC&mmscn=vwrc&mid=CA652F3EC74EB9BCCED6CA652F3EC74EB9BCCED6&FORM=WRVORC&ntb=1&msockid=84d6416f831e11f0b9eafb1f24163ca1

A multibagger refers to a stock that HAS significantly increased in value, typically providing returns that are several times its original cost.

WBI is not a multibagger. The majority of investors have lost money. Up to 96%.

It is often used to describe stocks that can deliver returns of 100% or more from their cost basis.

Could be a multibagger if you will be able to invest at 0.03p after an RNS.

Essentially, a multibagger is an investment HAS has gained several times its original value, indicating STRONG fundamentals and potential for growth.

That is not WBI! Dashboom, you are using the wrong term to describe WBI.

BIPOLAR - This is statistical cr*p. There is a range of possibilities for the outcome to WBI. You have chosen the extremities of the range for your two selected outcomes.

Whilst some will say that DELIST is the probable outcome and give it a 100% certainty, others may say that MULTIBAGGING will be the outcome, even though there is no justification.

Of course, there are many possibilities in between these two extremes, including the possibility that the accounts will be completed and an RNS delivered by the CEO. That is what current shareholders will be hoping for, so that they can make a decision on what to do with their shares.

Up until 05 June 2025 the auditors and 'Uncle Tom Cobbleigh 'an all' have been working 'tirelessly to 'finalise' the audit. The auditors (now) require more time to complete their audit.

It is now 12 weeks since that announcement.

How many missing pieces of paper does an auditor need to finalise an audit for such a minnow of a company?

Re: This will be back trading by September IMO, says Maffa.

An unsubstantiated opinion!

dashboom morphs into Maffa.

No useful facts have come out of WBI for months. Vague statements about production and sales, which are the most important pieces of information we need. Can this company cut, process and sell sufficient timber and sell it at prices sufficient to make a profit, and repay debt?

Regrettably we do not have anybody reporting from Gabon on whether they have put the sawmill and veneer plant back into full working order.

The jury is out as to whether the accounts will show that this is a viable business or too loaded with debt to carry on.

As of RNS 5 June 2025:-

The Company announces that its audited annual report and accounts for the year ended 31 December 2024 ("FY 2024") will not be finalised ahead of the deadline of 30 June 2025

Note the word finalised. This presumes that the bulk of the work has already been done. Is that really the truth? Have the accountants really been working since the beginning of 2025 to try to unscramble the accounts for 2024? As usual WBI are being economical with the truth.

As dashboom rightly observes, this is attrocious. Doesn't bode well!

Not forgetting The Motley Fool who helped to sell WBI as a company likely to benefit hugely from Carbon Credits.

These gurus are like newspapers and TV news stations. These organisations have to find something every day to fill their columns and their screens. It could be true stuff or fake news. Share tipsters are no better.

It reminds me of the horseracing tipsters who only need to get one NAP right every now and then to be considered an expert. I remember the exotic Ras Prince Monolulu who appeared at race meetings with his trademark saying,"I gotta horse" dressed in his robe of feathers. He would tip the winner of the first race - usually a 2yo favourite from a top stable - (even I can pick them) - then sell tips for later races. He would vanish before the start of the second race just in case his tip for the second race trailed in last!