Unfortunately the longer I look around the smallcaps the more dis-illusioned I become with the market as a whole - small investor gets taken apart more & more often
Sold these a while ago but saddened to see what looked a company with good potential fail pretty badly, in hindsight I shouldn't have invested (using the term loosely !!!) in the first place as I had grave reservations about the first purchase (which I expressed at the time), Moss Cottage - very poor location, can honestly see them making a big loss on this one.
The other properties are not much better - only one with potential is Fishmore but the investment required means the chances of it turning a profit are a good few years away yet
As an ex-holder my advise would be to anyone considering purchasing to stay well clear, at least for 12/18months anyway. It might be worth keeping an eye on INO for some sort of turnaround but it's certainly going to be a long, long haul from here
As already mentioned a possible scenario is where the directors use INO as a loss-leader & farm off the potentially lucrative properties into their own portfolios, tread carefully !!
-- regarding the ARX investment, recent events there now make me believe that if INO had not been so cash-strapped & been able to maintain the ARX shares for longer they could well have seen some better returns
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