Member Info for steve58

So if next week the board receives an offer of $30 million cash it would not be accepted.

Could be that they keep the value the same but receive more upfront. WEN could easily afford $6 million up front instead of $3 million.

I'm sure that as the sp is at an all time low valuing Ruvuma at almost nothing investors may think that a better deal will be done.

Given our board came with great credentials, it is difficult to see why they have achieved nothing in four years.

I am one of the many shareholders here that has lost tens of thousands due to their utter incompetence as far as I am concerned.

Seems they are now in the position that they can deliver nothing. The shareholders as usual will get some excuse as to why not.

Company now valued at a little over £2 million.
Ruvuma seems to have little or no value.
Makes the board look stupid at the very least.

Only another 150 million shares to be issued.
More dilution.
Shares are now a tenth of their value when the one dyas deal was first announced.
The directors should be ashamed.
Not even enough money in the kitty for another AD plant. How are they going to enhance shareholder value as their won't be much left out of the advance of $3 million.
They certainly can't borrow..
Let's hope this deal gets scrapped and a better one materialises.

Hope so.
Aminex got up to $35 million spent and still hold 25%.

I would think $20 to $25 million cash up front would see the deal through.
Maybe even a penny a share special dividend.

Basically the company although it has agreed the sale of Ruvuma for $16 million is almost insolvent. The monies are not receivable for a few years. In the meantime they have salaries fees and other ongoing costs to pay. They should immediately terminate the monthly fee to Gneiss as a matter of urgency. All those millions raised over the years and this is where we are at.

£40 million in and we own half of a sub leased slurry machine. Just about sums it up.

If an employee has worked for less than six months the average would be less than half so would be stated as no employees for that year.
Does seem stupid but that is the way it is disclosed in small company accounts.

I can't honestly see them doing anything.
That's what the fees are for.

It may include pension contributions.

Sorry didn’t have the actual figures just an estimate.
Still worrying where the proceeds all went.
MC now almost equal to cash in the bank and retained helium shares.
The market is valuing Ruvuma at virtually nothing which considering the awful deal that took two years to arrange seems about right.

They did realise over £3 million so must have sold about 16 million at 20p or more.
It's just where that £3 million went is the worrying bot.

Pages 82 and 83 are duplicated.
Overall the accounts look very messy and complicated with pages of duplicated text everywhere.
Fees to Gneiss over £600k.
What a mess.

Seems that WEN are having their cake and eating it and we are left with the crumbs.

I would assume our fee provider have adequate pi insurance in place.

I’ve had a good look and can find no reference to a Gordon anywhere.
Wouldn’t surprise me if that is the name of the bloke that does the afternoon tea when their chums drop in with a load of fee invoices to be paid.
What a right old mess the board have made.

There is only one nutrient byproduct I can think of and the board have been spewing it out for the last four years.