I researched this one before it came over from ofex but took too long thinking about it. It has risen steadily so I'm now in. It has a large land bank and is now the only quoted builder of homes for the retired community a rapidly growing market.

-ISSUE OF EQUITY-
Dir swaps a debt for equity at 11p - this is slightly interesting, but note that the company did an equity deal last month at 10p, raising 4 million with an additional loan which is convertable into shares at 10p...(-this could produce a drag on the stock..IMHO.)
However, without some good deals being struck ( ie House purchases ), I can see this drifting down further....why not?

Furthermore, if the Loan is converted, then Wainford Holdings could own 49% of the company(see RNS), .....which is in effect a take-over by their new director . . . . any other views?
I have to express some confusion in this . . . . but maybe there will be little to report for a while yet. The lack of defined "conversion dates" really constitutes a cold-hand on the business as any new shareholders will wonder why they are bothering.
EDIT.April2009 - Huge rise on no-news, then gradual fall after a few days . . . shouldn't the Co. say "...know no reason....etc.).?