Discover and read the best of Twitter Threads about #WBI

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Major reshuffling of the PF over the past two weeks:

- 1 new trade opened (#WBI)
- 7 major trades closed out

PF now comprises 9 holdings: 2 LT investments, 7 trades.

It wasn't a task I enjoyed, as I see amazing upside in all 7 companies sold, but the rationale was thus:

1/5
1) All exited positions were in good profit - two having returned triple digits in a short period.

2) PF leverage has been substantially reduced, which for me is critical, as US election approaches and an autumn/winter savaged by #COVID19.

3) PF is now more...

2/5
...concentrated (a personal preference).

4) It has freed up cash to enable me to open a new major LT trade: #AVCT.

I've built a 6 figure holding over the last 2 days across the family (separate from our core LT investment in the stock), to be held for the next 2-6 months.

3/5
Read 5 tweets
Chatted to #WBI CEO yesterday, following the interims – and added another 2m shares before close at 2.44p.

The balance sheet restructuring that completed a month ago has transformed the earnings profile of the Co (and thus the investment thesis).

A (very!) brief overview:

1/14
#WBI, previously named Obtala, listed on AIM in 2008, focussing on numerous varying ventures in East Africa before a new chairman (Miles Pelham) and CEO (Paul Dolan) took over in 2016.

They wound up most of the legacy operations, and in 2017 acquired Woodbois for $15m.

2/14
#WBI is now a vertically integrated timber producer and trader.

Assets now comprise:

- 95,000 hectares of forestry concessions in Gabon, with sawmill, kiln, veneer factory

- 300k ha of concessions in Mozambique, with sawmill

- Trading operations in Denmark and Mauritius

3/14
Read 14 tweets

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