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Latest News

Bearcast
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Tom Winnifrith Bearcast: the corruption of the deadwood press - Lucy Burton, the Sunday Telegraph and Saga

In today's podcast I look at Saga (SAGA), Dev Clever (DEV), Diversified Gas & Oil (DGOC), RM2 (RM2), Falanx (FLX), Yourgene (YGEN) and IQE (IQE).

PRSM
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Blue Prism – argues “a good first half” & “an important step” acquisition. Hmmm…

Results for its half year ended 30th April 2019 headlined “A good first half building the customer base” and an acquisition agreement stated to represent “an important step in targeting the mid-tier and developing our enterprise cloud approach” – and shares in Blue Prism Group (PRSM) currently at around 1550p; down more than 11%...

Clown
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Happy Birthday Neil Woodford, for today WEIF is five (and suspended)

It must be a pretty rare thing to get suspended before reaching the age of five – I wonder how many children have achieved that. But Neil Woodford is the great disruptor so perhaps he should indeed be the exception and today is the fifth birthday of his Equity Income Fund. Let us all celebrate!

BAGR

Bagir – after investment agreement extended to end May “to provide ample time for all parties”…

Shares in self-styled “designer, creator and provider of innovative tailoring”, Bagir Group (BAGR) slumped towards 1p at the end of 2018 as the company updated including “it is taking more time than first envisaged for Shandong Ruyi to receive Chinese Government approval for its proposed $16.5 million investment into the company… 30 May 2019… new completion date has been set to provide ample time for all parties” and “Udi Cohen, Chief Financial Officer, has decided to leave the company from March 10, 2019, to pursue his other business interests”. They recovered particularly during last month but are currently slumping again on an “Update on Strategic Partnership and Trading”

VRS
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Liar, and alleged fraudster, Patrick Abbott of Versarien - exposed with two new court documents

Last week I revealed that the man who was to take Versarien (VRS) forward in the USA, Patrick Abbott faced two new charges of fraud which could see him going to jail for 20 years and that his lawyer had quit. Abbott, a man whose skills will be "invaluable" to Versarien according to boss Neil Ricketts, responded on twitter saying this was fake news from TW. Oh dear. The indictments are below, Patrick you are a liar.

WTB
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Whitbread – still got a plan, still struggling with the backdrop

A bit of a 'same old, same old' feeling to today's crop of regulatory news statements and Whitbread (WTB) is indicative of this. I said back in February that the owner of Premier Inn had a plan – and I think that remains the case. Or as it put it…

JAY

Bluejay Mining – Show me the money!

News yesterday from BlueJay Mining (JAY) continues to underscore my view that the company needs to carry out an extensive capital raising exercise in order to progress on its Dundas field in Greenland. The word on the street is that it is sounding out mugs about a placing at 5p a pop.

Collapsing-Reactor
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Neil Woodford’s Income Focus fund: down again as redemptions bite once more & hard!

After a couple of days of relatively light redemptions, Neil Woodford is once again facing a wall of demands for cash out of his Income Focus Fund (WIFF). Data from Morningstar this morning shows that whilst the NAV per accumulation unit put on a measly 0.01%, the fund dropped heavily in magnitude yesterday: redemptions are back in spades.

TSCO

Tesco Barks Back, But It May Not Be Enough to Fight Off Rivals from Across the Sea

Hello, Share Fans. I don't know why I hang onto my Tesco (TSCO) shares. Maybe it’s because I dumped my Sainsbury (SBRY) stock and want to keep some kind of toehold in British supermarkets. And Tesco seems to be faring well among its British rivals when it comes to holding off the tough foreign competition.

Crime-Scene
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Breaking: Neil Woodford under formal FCA investigation, flagship fund was being monitored from April 2018

Maybe someone at the FCA has been reading our four years of groundbreaking Neil Woodford exposes after all. This afternoon its boss Andrew Bailey has written to Nicky Morgan MP with detailed information and the shock revelations that the FCA was monitoring toxic Neil from April 2018 (but did nothing) and that Woodford is now under a formal FCA investigation over the suspension of his flagship Equity Income Fund. The letter also reveals that the banks have now pulled the plug on EIF's "emergency overdraft" which has been utilised for 18 months as a "temporary measure."  The leter is in full below.

Bearcast
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Tom Winnifrith Bearcast: Bear Raid on Future PLC - shares could still halve from here

In today's podcast I look at Union Jack Oil (UJO), Sound Energy (SOU), Westminster Group (WSG), PCG Entertainment (PCGE), Bluejay (JAY), why Nigel Somerville is, today only, wrong about Neil Woodford, Future (FUTR) and Staffline (STAF).

TECH

TechFinancials – argues “considerable progress away from the historical business model to new products and technologies”, BUT…

Self-styled “fintech software provider of financial solutions including blockchain-based digital assets and traditional financial trading solutions for retail clients”, TechFinancials (TECH) has (eventually) announced 2018 calendar year results, noting “trading in second half adversely impacted by tightening regulation… but with considerable progress away from the historical business model to new products and technologies…We are confident about the long-term prospects of the group and will continue to invest for the future”

UJO
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Why haven't the share prices of the companies involved in West Newton, Union Jack and Reabold, rocketed?

As is so often the case with oil and gas drills amongst the smaller companies, private investors built expectations around West Newton up to such a level that the actual results were never likely to live up to that.

WSG
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Westminster Group – “significant developments that demonstrate the benefits of this strategy”. Really?

Managed services and technology-based security solutions group Westminster (WSG) has updated including “trading for 2019 has started on a strong note with both order intake and revenues ahead of budget… over the next few months and years we have an opportunity to achieve unprecedented growth from the prospects we are pursuing” – and the shares have currently responded to 8.5p, more than 40% higher…

IPO
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New Big Short Dossier - are Neil Woodford's pals at IP Group running out of money & its opaque accounts

In a bearcast last Thursday I discussed the complex relationships between IP Group (IPO) and disgraced Neil Woodford. They stink and IP, at 74p capitalised at £784 million, will be dragged into this scandal and that alone makes it a toxic investment. But there is a bigger reason why this company is a compelling short...

AHT
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Sell Ashtead unless you love the US of A

Another results statement from construction-related equipment hire company Ashtead (AHT), which I last wrote about back in December. To cut to the chase, my basic advice is the same; as I noted back then…

KBT

K3 Business Technology – “Trading Update” = Profit Warning Deferral?

Business software, cloud and managed services group K3 Business Technology (KBT) “is pleased to provide a trading update for the six months ended 31 May 2019” and it commences; “The group continues to progress well, with the benefits of transformation initiatives coming through across all key areas of activity, and the board believes that K3 remains on track to meet current market expectations for this year”… “although”. Uh oh…

Collapsing-Reactor
premium content

Neil Woodford Income Focus fund: redemptions continue – but where are the sales?

The numbers from Morningstar this morning show that Neil Woodford lesser hound, the Income Focus fund (WIFF), was once again suffering significant redemptions yesterday. Surely the end beckons.

SOU
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Sound Energy bailout $3m placing to keep lights on.. pro tem

Once upon a time, with its shares at 82p, Sound Energy (SOU) was valued at c£500 million. But no institutions were backing it, this was just a ruthless private investor ramp. It worked but you cannot keep plates spinning forever and drill failures in Italy and Morocco brought the shares crashing down. Today there was a final kick in the gonads for the mug punters suckered in by CEO James Parsons and others.

BATS

Choice Beckons for Tobacco Investors as Giant Pension Fund Plans to Jump Ship

Hello, Share Meshers. With respect to my brainy colleague Chris Bailey who seems to think that investing in tobacco companies is ok, I do not invest in anything which says on the packet that it might adversely affect health. But there is now a more pragmatic reason to consider for avoiding shares in tobacco companies...

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