Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

Red Flags at Night – Goldenport Holdings sets sail into the sunset: SELL!!

By Nigel Somerville

12 March 2016 04:40

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Talk about burying bad news. Quite apart from now scoring a hat-trick of appearances in the Red Flags at Night column (see its previous gracings of this fine website HERE), fully-listed Goldenport Holdings (GPRT) didn’t even bother to include the bad news in last night’s no-one-is-watching o’clock RNS, released at 5.20pm when everyone had gone home for the weekend. It did say there is a Notice of EGM but you then have to find it on the Company’s website. And even that does not spell out the true horror. If the shares are still trading on Monday, it should be treated as a last chance to get out with one of Tom Winnifrith’s bags of crisps.

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Comments

Duck and Dive

12 March 2016, 05:03

Congrats on another good call.
Drunken Sailor

12 March 2016, 05:25

A few points worth highlighting – it is not just AIM companies that pull this sort of shit. Making people go to the website to find any info is completely out of order and in breach of AIM rule 10, if the company was on AIM. If AIM rules were actually applied on AIM, it could be a better market than the main list! it will be interesting to see if it is suspended from trading on the main list on Mon morning.

The carrying value of tangible assets is usually cost minus depreciation. However that assumes a going concern basis and every going concern statement makes clear that the values will be significantly different if not a going concern. No shit Sherlock and here is a prime example.

The value of what you can sell something for, particularly if the reason you are selling it is because it is not being used and you are desperate for the cash, is normally a lot less than what you paid less depreciation – a point made to D & D regarding FJET’ $15m aircraft, but one that has not quite sunk in there yet.