By Nigel Somerville, the Deputy Sheriff of AIM | Wednesday 11 May 2016
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.
AIM-listed Hotel Chocolat (HOTC) only listed yesterday morning and already I've had an email from a reader pointing to a few problems in the Admission Document. Issues such as conflicting dates, whether a liability is current or not (for the same period, and signed off by the same auditor) and so on. Oh, and there there is the small matter of an aquisition just a couple of weeks ahead of the IPO - with directors noted as being substantial shareholders. I'm sure there are perfectly rational explanations for what follows, but for the avoidance of doubt and in the light of what follows I wouldn't touch this stock with a bargepole. Bearing in mind the cost of the admission paperwork, the sloppiness (if that is what it is) is shocking. Over to our reader....
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