Hi Wonky - I think I know whats wrong.
My bike showed exactly the same symptoms last year. It turned out to be arcing at the coil where the HT lead comes out.
Because the coil's under the tank sitting above a warm engine I didn't think dampness would affect it and for a long time did not suspect it.
I found it like the guy above by running the bike inside a dark shed with the tank off and a temporary fuel supply rigged up. Then I soaked all the electrics until I saw the arcing.
As soon as it arced the bike stalled and just refused to start again until I dried it a bit with the hairdrier, then it fired up again first touch of the button.
I wrapped up the end of coil and HT lead with self amalgamating tape and just for good measure I done the spark plug end also, although this wasn't showing any problems no matter how wet it got.
The repair was so sucessful it cured it completly. A year later it has not so much as coughed once despite how hard it rains.
You may already know but self amalgamating tape is NOT the same as electrical insulating tape. It is non adhesive and is made from slightly stretchy rubber. As you wind it on keep it stretched a bit and overlap it well. The tension in the rubber will make it gel to its self leaving it 100% waterproof and it won't unravel or go sticky.
If your through any towns try electrical wholesalers - auto electricans - or even TV antenna shops for a roll of it.
Good luck
Ralph
PS to Fred - how are you my friend? Hope you're well - long time no hear!
[This message has been edited by Ralph (edited 27 October 2005).]
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