WOF can promote this company on a whirl-wind tour of Canada or all over the world. The end result always comes back to whether management is credible and meets what it says it can do. Management can and should be doing better.
I've been invested in WOF for a long period of time. Longer then initially planned. I am still hoping for an uptick in share price based on news I expect to be coming soon. The problem is the persistent delays. It doesn't seem to matter what it is, management can't deliver on dates. The latest failure was in September. In September, WOF announced via press release that it expected to have the financing finalized in 4-6 weeks. Consistent with all other actions, WOF is late yet again. So when management says things like production in Q4 2013, there is no reason to believe them. In my opinion, this factor combined with the lack of cash is the single biggest reason why the share price lags.
I also have to admit I get a good chuckle from some of the share price estimates being put on the site. Based on the most recent NAV and number of shares o/s, the fair value per share should be around $1.45. Keep in mind that 25% interest in Sangdong and a 55% in the APT plan will be owned by IMC. While I don't have details on the profit margins of each, assuming both are around 50/50%, that puts IMC's ownership of total future profits at around 40%. It may be less, but we also have to remember that management may be selling to IMC at a discount above and beyond the ownership. So if I take $1.45x.6 = $0.87 per share fully valued. Considering we have no cash, its not hard to understand why we are still trading in the .30's ... atleast not to me. In a good market we are undoubtedly higher, but cash is king right now.
The one big question mark oustanding for me is what WOF is plannign to do with all the money it intends to borrow. Based on management's planned financings with Shinhan, it plans to borrow significantly more money then it needs for Sangdong and the APT plant. Maybe that can help out with the economics I denoted above. We sure could use a positive surprise with this stock. That hasn't happened in a long time. In the interim, hopefully management can realize that investors expect management to live it to the timelines its sets.
Good luck to all the longs,
Sober