Iofina Share Discussion Threads

[naphar] 27/6/2024 23:03

Shows a lot of faith that RS has taken more… clearly he sees value and presumably isn’t worried about the dip from last years heights. Safe to assume he knows more than we do.

[rambo1122] 27/6/2024 11:35

R sneller taken some more

[naphar] 26/6/2024 09:55

Chill, what do you mean by a “technical situation”? The Diverse Income Trust situation?

[chillpill] 26/6/2024 07:33

So I think from all the information we have Diverse Income Trust had to liquidate around 26% of all their holding to fund the redemptions. This equated to around 1.6m IOF shares- this process has been going on a few weeks.

Hopefully yesterday proved to be the point the overhang got cleared with house broker trading around 1.75m shares (probably double counting in that figure).

Time will tell but I think the weakness has generally been because of a technical situation.

As I said the other day iodine prices are firming.

[trickydicky1] 25/6/2024 13:00

DIVERSE INCOME TRUST PLC (the "Company")
 
Redemption of Ordinary Shares and Total Voting Rights
 
The Company has a redemption facility through which shareholders are entitled to request the redemption of all or part of their holding of ordinary shares of 0.1 pence each ("Ordinary Shares") on an annual basis (the "Redemption Facility"). The operation of the Redemption Facility is entirely at the discretion of the board of directors of the Company (the "Board"). The deadline for the 31 May 2024 Redemption Point was 1 May 2024.
 
As announced on 3 May 2024, the total number of Ordinary Shares in respect of which valid redemption requests were received for the 31 May 2024 Redemption Point was 82,147,477 Ordinary Shares (representing 25.788% of the issued share capital) (the "Redemption").
 
The Board has resolved to effect the Redemption using the redemption pool method set out in the Company's articles of association (the "Articles").
 
The Company has divided its assets and liabilities into two pools:
 
(i)   ;          ;    the redemption pool, which will consist of cash, assets and liabilities attributable to the 82,147,477 Ordinary Shares over which valid redemption requests were made ("Redemption Pool" and "Redemption Shares"); and
 
(ii)               all the other cash, assets and liabilities will be attributable to the remaining shareholders and will continue to be managed in accordance with the current investment policy.
 
Following this division, the Redemption Shares were redeemed on 31 May 2024 and upon such redemption are treated as cancelled; former holders of the Redemption Shares are now creditors of the Company.
 
The assets of the Redemption Pool will be liquidated and the Redemption Price per Ordinary Share will equal the aggregate cash received by the Company upon the realisation of the Redemption Pool, after deducting the costs of the redemption, which will be borne by the pool, an adjustment for any attributable unsettled liabilities and a pro-rata share of the costs and expenses of the Company not attributable to a particular pool, divided by the number of Redemption Shares, as set out in the Articles.
 
It should be noted that the liquidation of the Redemption Pool is expected to take some weeks or months, and the final capital sum may differ from the Company's net asset value per Ordinary Share at the Redemption Point depending on market conditions.
 

[beeezzz] 25/6/2024 10:14

Not exactly a vote of confidence in the management, maybe this may get through to them investors are not happy with companies performance, or return.

[activmojo] 25/6/2024 09:07

Not enough information to draw a firm conclusion. We do know they don't have to issue any other notes on sales. That could be they will sell into a rise as well as a drop in share price without advertising the fact. Timing could be factored in to your assumptions, being so soon after the AGM. I'm favouring a sell into a rise. 🤞

[chillpill] 25/6/2024 08:50

Who knows exactly what they are doing. They could have switched them internally between funds.

[naphar] 25/6/2024 08:25

It was a bit of a surprise to see a sales rns from a holder whose name I didn’t recognise from prior RNS so thanks for that Chill.

My thought prior to now knowing it’s part of Premier Milton, was maybe it’s exactly their sign to IOF that they are in the market to sell a block…

[chillpill] 25/6/2024 08:15

Premier Milton (of which this is part) had around 6% they have bought in the last 12 months or so. Would be a fairly big surprise if they were about to sell the whole lot after such a short holding period.

[naphar] 25/6/2024 08:04

Indeed fft and this is a block I hope IOF would consider buying back… if they can agree an acceptable deal for both sides of course

[fft] 25/6/2024 07:17

That RNS isnt great. They have sold a few thousand to get them below 3%. They can now, if they want, sell the rest, in dribs and drabs, and never have to tell anyone. In effect, it is an overhang as why else would they sell a few thouand like that ?

[naphar] 24/6/2024 17:46

Beeezzz to some extent I could agree, but I can also understand it’s not in the oil co’s priority list, especially when oil price is high… they have more profitable things for them to focus on.

It’s why I think it should get easier over time with oil co’s where we already have the relationship and have proven we don’t impact their business model too much…

[beeezzz] 24/6/2024 17:37

The time it takes to negotiate new sites is a reflection on the management not having the skills to fit the job...too many PhD's and not enough gumption..

Those selling have probably held for over 14 years like me, life is finite, can only spend money while compos mentis...

[naphar] 24/6/2024 16:52

It’s not only level of caution though, it’s time/efforts to set up a new contract with new partners etc. I remain hopeful that as they expand, getting another site with an existing supplier in the area will be easier and that we will see contracts coming more quickly. They also seem to be building a pipeline of sites, for IO11 for instance, they are (I think) discussing several locations and the first to be signed would be IO11, the next IO12 etc, but that doesn’t mean lots will come along at once. I think they could get to one plant every 9 months, but they do have a “once bitten twice shy” approach to a quick rollout and I can understand why…
… firstly they want to avoid mistakes of the past in siting plants in poor locations
… secondly they want to ensure they can manage the projects well and avoid significant cost overruns etc
… thirdly they got into huge debts previously, felt the huge pressure of that and want to avoid such issues again. I had the impression they are willing to use debt to expand, within reason and for the right reasons, but want to predominantly expand from cash flow.
… fourthly we get to the point of having to pay tax! So that needs to be factored into expectations.

[josh_ftm] 24/6/2024 15:42

Likewise Naph, I thought they were heading to 50p last year, and now 50% down YoY. Also part of the 2.40 club too, and been here over 13 years (unlucky for some, some may say!). Hopefully they can turn it around, but they need to release the expansion strategy over a medium term range, so we can understand exactly what they have planned. The 1 plant a year isn't exciting anyone, and with the Iodine price as it it, makes sense to push the button ASAP, but the level of caution used by the BoD is exasperating.

[naphar] 24/6/2024 13:58

And that’s the point Faz, they are just out of favour like many currently, like the AIM market generally etc. at some point the tide should turn and I firmly believe buys at this level, even my recent 23p purchases, should show a decent return. Until then, I decide to wait it out. I do wish though that I had sold all in high 20’s - low 30s last year then those prices were on offer, if I had done so, I would be buying many more now. Problem is, I thought last year they were headed to 50p+. More fool me!!!

[beercapafn] 24/6/2024 13:52

I was so convinced that 3 years ago, I started the £ 1.00 club, fully expecting a payout on or near January 24.

Sadly missed that.

[faz147] 24/6/2024 13:50

Call me crazy but I've just tripled my holding.

Having sold majority at 27p+, I've been waiting patiently for a re-entry, because depsite all the nonsense from the board, there is still a very attractive, growing Iodine company here that IMO is undervalued.

Like many buys over the last few days, mine is showing as a sell. The spread has been opened up at this lower level, almost like they don't want any buyers

[naphar] 24/6/2024 13:33

Not recently beer. I also bought at about £2.40 back in the day!!!

[beercapafn] 24/6/2024 13:31

Some on here bought at £ 1.26.

[naphar] 24/6/2024 13:23

Whatever is going on, this price is a farce and I would be buying more had I not recently done so at 23p and 19.5p, both poorly timed again it seems

[chillpill] 24/6/2024 10:09

Lack of Director buying this year could mean some form of a MBO is being considered but would need the support of the largest shareholders to go through.

Certainly a few bids coming out of the woodwork at the moment.