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Bearcast
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Tom Winnifrith Bearcast: shorting #PlanetFitness, #Gowokegobroke

I discuss madness at Planet Fitness, Crest Nicholson (CRST) and the housebuilders, Ben's Creek (BEN), 10p to 100p next stop 0p, Scirocco Energy (SCIR) , Argo Blockchain (ARB) and Manolete (MANO)
SCIR
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Scirocco Energy – Rebel EGM Succeeds

AIM-listed Scirocco Energy (SCIR) has announced that a rebel EGM has succeeded in forcing the company to return whatever remaining value there is to shareholders. This, in the wake of a scheme to move from gas exploration into renewables failed in spectacular fashion, a scheme I was less than convinced about all along.
GFIN
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Gfinity – shares soar on interims announcement, but is it really now “well positioned”?

Previously writing on Gfinity (GFIN), with the shares down to 0.06p in November I questioned how ‘significantly’ a disposal improved its financial position. The shares had since fallen further, to most recently 0.0325p, but what about them currently back above 0.05p on results for the company’s half-year ended 31st December 2023?

DEC
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Diversified Energy what an ongoing £410m mess, ouzo for we perma bears, stay short as this could go all the way to zero

On 15 February Diversified Energy (DEC) announced that shareholders could enjoy a tender offer as an alternative to a dividend. Today, citing regulatory differences in the US and UK, that scheme has been scrapped. It is almost as if, faced with bear dossiers and a tanking share price, it is making it up as it goes along.
Black-Swan

Video: An Empty Planet – The Shock of Global Fertility Decline

The threat to humanity is not the world having too many folks but too few. Darrell Bricker, the CEO of Ipsos Public Affairs and co-author of “Empty Planet: The Shock of Global Population Decline,” says that fertility rates are dropping, leading to accelerated population declines since 2016-2017, even earlier than anticipated in China. This trend has significant consequences for economies that rely on people for growth and labour.
SHG
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Shanta Gold – increased “final offer”, still looks too low but currently seems likely to be enough to succeed

Previously on Shanta Gold (SHG), at the end of last month I wrote late “adjournment” of Meetings to approve offer, why not providing what the shareholders “feedback” was? – suggesting that the “feedback” was opposition to, and votes against, the offer agreement. So what about today a “RECOMMENDED INCREASED AND FINAL OFFER”-titled announcement?
MANO
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Four Questions for Manolete: Let’s start in the High Court

Manolete (MANO) shares were 515p when I first published a red flag dossier. Today shares in the Pound Shop version of Burford are just 120p and falling. I have three questions but let’s start in the High Court.
ARB
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Argo Blockchain: is it placing ahoy O’Clock?

As the bitcoin price surges, it is now $63,719, shares in bitcoin miners should also be surging. But shares in Argo Blockchain (ARB), 34p before the last placing in January, fall remorselessly each day and are now just 11.75p.The word on the street…
BEN
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Ben’s Creek just how rapidly is it spaffing cash? Yet more borrowed and not much left!

On February 9 Ben’s Creek (BEN) warned that as a result of lower coal prices it has been forced to takedown an additional $5 million facility from 29.9% shareholder Avani. That would have taken total borrowings to a mouth watering $36 million with c$8million of trade payables on top. But it gets worse as that $5 million has clearly already been pissed away.
BST
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Note to taxman: Big Sofa is now officially bust.

You can now write off 100% of your investment. A kind reader points out that Big Sofa Technologies Group (BST) will not be needing the Adam Reynolds keyboard any more. At least it seems, the most recent filed statement of affairs, that it does not owe its directors any money. Well that is good news. Irony. But as you can see HERE as of 29 February, for the rest of us it is now officially one you can use to offset capital gains and a big fat zero. I drink my own poison on this website, my losses are, I calculate, c£35,000. Just think how many goats I could have bought for that.
Bearcast
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Tom Winnifrith Bearcast: Zombie companies where death postponed with your money

I start on those Zombie companies and on the scandal of scamdemic loans created by our, now, Prime Minister. Then it is onto Skinbiotherapeutics (SBTX) and Optibiotix (OPTI). Then Hummingbird (HUM), Technology Minerals (TM1) and, in some detail, La Willingham's Nightcap (NGHT), itself almost a zombie.
SEE
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Seeing Machines – interims argue “remains well-placed”. Er, not at the reported cash burn rate!

Previously writing on ‘computer vision’ technology business Seeing Machines (SEE), in October with the shares falling to below 5.25p I cautioned still avoid/sell including with automotive programs taking longer to be awarded. What now with the shares having commenced today at 5.145p and results for the company’s half-year ended 31st December 2023?

BYIT
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Well done the FCA for exposing the Bytes Technology share dealing scandal

I do not say this very often as, by and large, the FCA is utterly useless but in relation to the share dealing scandal at Bytes Technology (BYIT) which has already claimed the scalp of ex CEO Neill Murphy it emerges with credit for its proactive efforts.
MSLH
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Marshalls – emphasises “medium-term” and “long-term” potential, so guess what that means for the near-term…

Previously writing on landscape, building and roofing products manufacturer and distributor Marshalls (MSLH), in October I noted its ‘in line with expectations’ trading statement followed then as recently as July the company having gone from assuming a progressive end markets improvement to “believes that the result in the second half will be markedly weaker than the first half”. The shares most recently closed at a higher 290.6p, but what of now a results announcement?
BEN
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Ben’s Creek: unless Trump wins it has to go bust and even the Donald probably cannot save it

I am sure that drowning in debt/liabilities cash guzzling Ben’s Creek (BEN) will go bust whatever happens but if Donald Trump wins in November, as I think probable, it might just have a chance. Ben’s has not updated folks here in the UK on what creepy Joe Biden plans for coal but it is grim.
TUNE
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Focusrite – “Trading Update” not right for investors, and outlook still wrong?

Music and audio products company Focusrite (TUNE) has issued a “Trading Update” announcement commencing, “The challenging market conditions highlighted in January's AGM statement have continued throughout February and into March”. But that, surely, was to be expected? Er, the shares are currently at 270p, down approaching 30%?!
SAR
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Sareum: how soon does it go tits up? Is there a discounted placing underway?

Sareum (SAR) is in a very bad place. For starters it is almost out of cash but has declined to say just how close it is to a gig with the Fat Lady. Its silence suggests that it is very close indeed and, if AIM was a properly regulated market, no sniggering at the back please, the company would be forced to come clean.
SBTX
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Skinbiotherapeutics: a management change but here is another one needed

From Skinbiotherapeutics (SBTX) today comes news of a management change. Sadly it is not one of the three that I had been hoping for.
BLVN
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Bowleven – A Rescue Open Offer To Ignore

Having been a fan of AIM-listed Bowleven (BLVN) and having tipped it, it may come as a surprise to those who haven’t followed what is going on to see that I reckon the bailout open offer at just 0.1p is to be ignored. But I fear, on balance, that is the sensible view to take.
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