AFL FJARFESTINGARFELAG HAS BUILT UP A 17% HOLDING.

I have some of these. Or at least I did until a few days ago where I sold them all.

I suspect the reason for the OO is that some of the larger shareholders (Sterling) simply don't want to fully take part in a RI. I'm with them on that. I've lost enough on this and certainly didn't want to invest any more.

However, LWB are going to get £50m out of this so that's an extra £50m on the balance sheet which is worth something. £50m enables them to do something rather than thing just dragging on forever.

Now, the price of oil and therefore polymer resin has fallen dramatically since November which should mean LWB is in a good place right now with regard to EBITDA. They didn't mention this in the OO statement which I didn't like.


So, initially I sold most of my holdings at 16.5p and decided I had had enough. This share was mucking up my headspace, absorbing too much of my time and although I think it is due a relief rally I'd just had enough. There are 2000 other shares out there and surely I can find something better. I then last the last bit go at 18p and those I plan to buy back at 15p in the OO. I need to keep these few as they will help to reduce next years capital gains tax bill.

I now have the choice to buy back the shares I sold at 16.5p at 15p. I think... this makes sense in that I believe the share price will stabilise above 15p and I can then sell them again at say 17p. A quick in and out for a few quid. On the other hand I'm so fed up with this share I'm not sure I want to. I certainly don't have a good rationale for buying this share now and wish I had realised this earlier. Maybe I will just let the OO pass and move one.



In so far as I'm not taking up the OO and continuing to hold my existing shares I'm going to get diluted to hell (or already have been)