Results

China FRAUD Aquatic Foods Q4 update: drowning in a sea of Red Flags

Published 9 days ago

ShareProphets AIM-China Filthy Forty purveyor of all things fishy, Aquatic Foods (AFG), has updated on 2016 Q4 trading this morning. In a statement plastered with Red Flags it would appear that the company is nearing the final chapter of the China Norfolk playbook as we are warned that there has been a spot of bother getting cash out of China. Is it bye-bye to the dividend? 

Filthy Forty China New Energy – fundraising, contracts, trading update.....BARGEPOLE!

Published 13 days ago

ShareProphets AIM-China Filthy Forty play China New Energy (CNEL) updated the market on trading for FY2016. The company reported a profit at the interim stage and continued to perform well in the second half of 2016 with revenue (subject to audit) expected to be up to about RMB 72 million. There are also contracts announced totalling about RMB 80 million expected to see project completion in Q3 of this year. So all is going swimmingly – except that the company has raised more money. Clearly the profits are not turning into cash. Why?

Andalas - will it shortly have to kiss goodbye to its Tuba Obi East Farm In contract?

Published 30 days ago

Dog Andalas Energy (ADL) was readmitted to the AIM Casino based on the back of the Tuba Obi East Farm In as described in its AIM admission document of 27 April 2016:

SCANDAL? Filthy Forty Taihua – Tender Offer at 3.28p sees Chairman dump the lot - at 200p?

Published 35 days ago

Shares in ShareProphets AIM-China Filthy Forty play Taihua (TAIH) are unchanged this morning on news of the result of its Tender Offer at 3.28p - paid for from the Open Offer last summer and conducted through the good offices of former Casino poster-boy and former Nomad Daniel Stewart (DAN). But we also see that company chairman Nicholas Lyth has dumped his entire holding. That’s already a bit of a concern, but then so is the statement that his disposal was not at the 3.28p everybody else got, but at 200p per share. What????

OneView Group – following December bailout loan… another bailout loan!

Published 43 days ago

Having in December announced “an additional loan facility of $1 million on similar terms to that of the existing $3m facility, which is fully drawn… to cover short term working capital needs around the company's new business contracts”, OneView Group (ONEV) has now announced an additional $300,000 loan “to cover short term working capital needs”. Hmmm…

Rurelec – good news sees shares leap as Board cheats the Grim Reaper again

Published 47 days ago

Shares in AIM-listed Rurelec (RUR) sprang into life late yesterday after the company released news of a three-way deal which looks to have relieved at least some of the balance sheet pressure the company has been under of late. It is not out of the woods by any means, but shareholders have had two positive RNSs which suggest that all may not be lost.

AIM-China Grand Group: a bargepole investment from the province of Norfolk, or just misunderstood?

Published 47 days ago

By pure accident of timing AIM-listed China play Grand Group (GIPO) missed the cut-off for inclusion in  the ShareProphets AIM-China Filthy Forty. But it is littered with Red Flags and with the shares having collapsed from just shy of 60p a pop after a lack-of-accounts-induced suspension was lifted at the end of December to yesterday’s close at just 14.75p those Red Flags are fluttering brightly in the wind on the world’s most successful growth market. 

Torotrak – from “significant increase in interest” to a now ‘materially reduced’ opportunity…

Published 58 days ago

Previously writing on Torotrak (TRK), I concluded that the shares were a sell at 5p on the back of “Trading Statement” announcement which was actually a ‘commercialisation delay’. I now write with the shares, on the back of a “Strategic Update, Group Refocus” announcement, currently circa 45% lower today, at around 1p!...

Filthy Forty Taihua – rum’n’coke RNS re AIM Rule 26: Bargepole

Published 75 days ago

And so after its website disappeared at least as early as late November last year and two failed efforts at getting a replacement available so as to comply with AIM Rule 26, ShareProphets AIM-China Filthy Forty play Taihua (TAIH) has finally issued some Jackanory of a statement saying it now won’t be complying until Monday next week. The explanation may seem reasonable, but in context they’re ‘avin’ a bubble.

HaloSource – trading update, still desperate times?

Published 79 days ago

Having from November 2015 onwards been warning on the shares of water technology company HaloSource (HALO), I note an update on trading and its strategic review...

ShareProphets Share Tips of the year 2017 Number 8 Steve Moore says Sell Sabien Technology

Published 93 days ago

With prodigious cash burn the focus of my other sell tip of the year, the focus on this one is the balance sheet in conjunction with current trading…

Tungsten Corp – interims, claims “very encouraged by the emerging momentum”. Hmmm…

Published 105 days ago

Tungsten Corp (TUNG) has announced results for its half-year ended 31st October 2016, with CEO Richard Hurwitz statedly “very encouraged by the emerging momentum across our business”. Hmmm…

Milestone – Christmas Panto RNS: finally gets October Placing away.…Oh no it doesn’t!

Published 106 days ago

It seems the pantomime season has started early: AIM-listed lifestyler Milestone Group (MSG) has announced that it has raised a keep-the-lights-on placing at just 0.3p, and that of the original October placing which was announced to have brought in £1.385 million, only £60,000 has made it to the coffers. If Nomad Cairn Financial thought that its (currently suspended) client CloudTag (CTAG) was just a rogue case, Milestone begins to make it look more like carelessness.

Milestone – shambles upon shambles, is it insolvent yet?

Published 112 days ago

AIM-listed lifestyle company Milestone Group (MSG) has updated on the placing that didn’t raise the £1.385 million announced on 20 October. Having previously announced that £1.25 million of the proceeds hadn’t arrived, it now turns out that the little bit of meter-money which did arrive has now been paid back and the company is trying to do a replacement placing. Shambles upon shambles.

Filthy 40 Aquatic Foods – Q3 trading update

Published 136 days ago

Shares in ShareProphets AIM-China Filthy Forty play Aquatic Foods (AFG) put on 35% on Friday, following release of a third quarter trading update. Drilling through some of the numbers they seem to be impressive, begging the question of why an apparently profitable and cash-generative company which is drowning in cash worth about three times its market capitalisation would be considering its dividend policy, having chopped the half-year payment by 71%.

Blenheim Natural Resources – trouble at t’mill

Published 153 days ago

Oh dear, oh dear, oh dear. There’s trouble brewing at AIM-listed Blenheim Natural Resources (BNR) in the wake of a total disaster at the company’s AGM. In an RNS released yesterday at 3.19pm (HERE) the company announced that every single one of the resolutions put to the AGM were rejected. Thus, following the departure of Chris Cleverly of African Potash (AFPO) infamy, two further directors have been ousted as their retirement by rotation became permanent as shareholders voted down their re-election.

Filthy Forty Taihua – where, oh where, is that share buy-back?

Published 154 days ago

At risk of sounding like a broken clock, ShareProphets AIM-China Filthy Forty play Taihua (TAIH) announced a comical open offer which, apart from a bit of working capital, was to fund a share buy-back. That was back on 25 August – more than two months ago. So where is it?

Zac "the Knife" Phillips accuses Pantheon Resources of over-egging the pudding - damning note

Published 155 days ago

I have long held the view that Pantheon Resources (PANR) over-egged the pudding with regard to its US asset base in order to get away its major equity issue of March. It seems that I am not alone and the City's top oil analyst Zac "the knife" Phillips agrees and has gone on the attack in a very hostile note out this morning. I would not touch this stock with a bargepole pro tem but over to the king for his attack...

New World Oil and Gas: Nomad walks, execution scheduled for 10 Nov

Published 156 days ago

In a corporate update released at 4.03pm this afternoon, AIM-listed (pro tem) New World Oil and Gas has announced the bad news that its Nomad, the disgraced Roland “Fatty” Cornish at Beaumont Cornish is to walk as at the close of play today. It also announced that its scheduled AIM execution under AIM Rule 41 is on 10 Nov, not 9 Nov as previously advised. One last hurrah for checking and verifying RNS announcements for the now ex-Nomad to the company. How fitting.

LightwaveRF – “pleased to announce”… an uber-expensive loan (& trading warning)…

Published 165 days ago

LightwaveRF (LWRF), “enabling domestic and commercial users to remotely monitor and control light, heat, power and security by smartphone, tablet or PC… is pleased to announce that it has entered into an agreement with its principal shareholder, Committed Capital Financial Services Limited for a loan of £150,000”. Uh oh – sounds like ‘keep the lights on’ stuff…

Vislink – announces “strong growth” from Pebble Beach Systems, but what about financial situation?

Published 168 days ago

Having slumped to sub 8p, shares in Vislink (VLK) are currently approaching 8% higher, at 8.625p, on the back of a “Pebble Beach Systems Announces Strong Growth” announcement. What’s the detail?

WANdisco – talks (in meaningless platitudes), as the CEO walks...

Published 181 days ago

Following an announcement of the appointment of a new CFO earlier this week, yesterday saw provider of cash-burning solutions, sorry, of “enterprise-ready, non-stop software solutions that enable globally distributed organizations to meet today's data challenges of secure storage, scalability and continuous availability”, WANdisco (WAND) make a further “Directorate Change” announcement…

21st Century Technology – half-year results admit “liquidity issues”! …

Published 182 days ago

Technology provider to the transport industry, 21st Century (C21) has announced results for the first half of 2016 including that “there are a number of positive initiatives happening within the group”. The following updates with the shares currently remaining slumped at 1.625p…

Nature Group – “pleased to announce” results as shares slide on another ludicrous statement…

Published 182 days ago

Following an absolutely ludicrous results statement previously, Nature Group (NGR) is “pleased to announce the unaudited interim results for the six months to 30 June 2016”. The shares are currently approaching 8% lower, at 4.375p, in response. Is the company at it again? …

MediaZest – “New business update” announcement sees shares soar. Hmmm…

Published 183 days ago

At 3:48pm (why?) yesterday it was announced that “MediaZest (MDZ), the creative digital audio visual company, is pleased to update shareholders with more detail on recent business wins”. The shares responded more than 18% higher to 0.1625p. Hmmm…

Filthy Forty Haike Chemical – first out of the traps this week with interims. Red Flags for breakfast?

Published 183 days ago

Well done to ShareProphets AIM-China Filthy Forty play Haike Chemical (HAIK) for being first to stick its head above the parapet this week with the release of its interims to June. One down, nine to go. The PR reads well enough: profitable for the half, lots of cash in the bank. That’s the spin – but what about the Red Flags – such as negative net current assets?

Draganfly – a pointless AIM POS raises a few more coppers for the meter

Published 188 days ago

At almost no-one-is-watching o’clock yesterday (4pm) a complete waste of space POS on AIM called Draganfly Investments Limited (DRG) announced that it had raised a poxy £145,000 before expenses through the good offices of its Broker Beaufort Securities at 0.8p a share – a discount to the prevailing share price of 27% - representing 35% of the existing equity. Ouch and double ouch. But the whole thing is a complete joke of an enterprise.

Fitbug – half-year results claim “encouraging progress” & “confident”. Really?

Published 189 days ago

Fitbug (FITB) has announced results for the first half of 2016, including claiming that its “strategy has seen encouraging progress… with our additional working capital and reduced levels of debt following our successful fundraise in July, the board is confident as to the company's future prospects”. The shares have lapped it up by approaching 12%, to 0.28p, but is there really “encouraging progress” and ‘confidence’ here? ...

Filthy 40 Taihua – Open Offer (to fund share buy-back) result: it’s a rum’n’coke

Published 192 days ago

In the curious world of ShareProphets AIM-China Filthy Forty play Taihua (TAIH) we have now had the result of the Open Offer which was announced in order to raise funds to pay for a share buy-back. I’ve got a great idea to get Jeremy Corbyn elected into Downing Street: let’s raise the basic rate of income tax in order to fund a cut in the basic rate of tax. I digress….This is, of course, all from a company which saw its Auditor issue a going concern emphasis of matter and a qualified opinion on its FY15 accounts in relation to trade receivables.

Filthy 40 Origo Partners – still a bargepole ahead of EGM

Published 193 days ago

A week on Monday sees ShareProphets AIM-China Filthy Forty play Origo Partners (OPP) put a series of proposals to its shareholders which it hopes will finally draw to an end the ongoing dispute with Brooks Macdonald in relation to the non-redemption of a tranche of its zeros dividend convertible preference shares. The last effort at this ended up with shareholders defeating proposals aimed at a resolution, but perhaps this time – with the threat of an orderly wind-up under the watchful eye of the Isle of Man Court in mind – perhaps it will be different this time. But the shares remain a bargepole in my view.

Tungsten Corp – claims “a positive start to its new financial year”, but how positive really?

Published 194 days ago

Tungsten Corp (TUNG) has announced at its AGM “a positive start to its new financial year ending 30 April 2017”, though the shares have responded approaching 4% lower to 61.25p. Hmmm, let’s take a closer look...

Vipera – if at first they aren’t as receptive as you’d hoped, announce the news again! ...

Published 195 days ago

After an announcement last week claiming an “exciting development” in the French market helped shares in the company higher to 5.25p, we’ve this week had another announcement from Vipera (VIP); “Broadened Customer Engagement Solutions Offering”. Hmmm…

Infrastructure India plc – Oink oink, corporate piggery writ large on AIM

Published 195 days ago

Well this looks too good to be true and, as with the China Frauds, I fear that it probably is. AIM-listed Infrastructure India (IIP) announced a new asset manager agreement yesterday morning under which Franklin Park Management LLC will be paid a cash fee of £5.52 million a year, plus 605,716 free shares under a deal which appears to be for a minimum period of about four years. That seems quite steep for a company with a market capitalisation of just £82.5 million (source: ADVFN).

Sepura – less than 2 months after bail-out fundraising, a profit warning extraordinaire!

Published 196 days ago

After 4th April 2016, “adjusted EBITDA lower than expectations… possibility of covenant breaches”27th April; “short term cash constraints… ongoing discussions with stakeholders regarding liquidity and capital structure” and 27th June “management actions taken to revise business model - impacting FY17 financial performance”, a now 12pm “Trading update” announcement from Sepura (SEPU). Uh-oh…

HaloSource – half-year results claim ‘optimism for the future’, but is there?

Published 198 days ago

HaloSource, Inc. (HALO) has announced results for the first half of 2016 emphasising that a “new technology platform, coupled with our focus on penetrating the fast-growing Reverse Osmosis markets in China and India continues to reinforce the optimism we feel for the future performance of the business”. In response, the shares are approaching 14% lower, at 3.125p. Hmmm…

Filthy 40 Haike Chemical – yet more Red Flags as it admits 50% overstatement in trading update

Published 204 days ago

ShareProphets AIM-China Filthy Forty play Haike Chemical (HAIK) took the biscuit this morning with an update that its last trading statement was just sheer hogwash. If it was uninvestable before, finding out that an “administrative oversight” led to a 50% overstatement of revenue which has taken almost seven weeks to come to light ought to have investors shying away from their bargepoles even if wearing asbestos gloves.

Mobile Streams - “a significant initial milestone in India”, Really? …

Published 204 days ago

Shares in mobile media company, Mobile Streams (MOS) are currently more than 170% higher, at above 11p, on the back of an announcement that the company has reached 50,000 ‘active subscribers’ in India. Hmmm…

Vipera – “pleased to announce” half-year results, shares respond more than 10% lower...

Published 205 days ago

“Vipera (VIP), the specialist provider of mobile financial services, is pleased to announce its unaudited interim results for the six months ended 30 June 2016”. The shares are though currently 10.5% lower, at 4.25p, on the back of the announcement. Hmmm…

Etaireia – Hooray, it’s the Baron Bloom and Oli Fattal magic show and a crack(l)ing Porkie?

Published 209 days ago

Last night at no-one-is-watching o’clock ISDX-listed Etaireia Investments released its annual numbers to 31 March 2016. The balance sheet held a few horrors, such as net current liabilities of £130,586 which in interesting in the wake of the RNS released on 17 August 2016 which told us that the company had ponied up £50,000 (deferred for a year) in addition to 203,076,923 new shares at 0.065p (although it took two goes for the company to get that bit right) in order to acquire a commercial property.

Filthy 40 Asian Citrus moves into property. How much cash is left?

Published 210 days ago

My thanks go to Cynical Bear for spotting the latest missive from the ShareProphets AIM-China Filthy Forty purveyor of biblical plagues, Asian Citrus (ACHL). Having seen a pretty complete disaster unfold over the last few years, the company has decided to make a move into the property game in order to broaden the sources of income and to boost the business performance of the group. Call me a cynic: given the history of natural disasters, plague, locusts and invasions by Martians, how long will it be before the buildings in question are found to be suffering from concrete cancer?

Filthy Forty – Univision prepares for court where there is only ever one winner

Published 214 days ago

The last time we covered ShareProphets AIM-China Filthy Forty play Univision Engineering (UVEL) is was in the wake of a profit warning regarding the trading performance of a unit it owned 52.25% of and was trying to sell. But there was also the threat of m’learned friends taking a slice as the jilted bride involved in the sale of a tranche of the company rattled the sabre. On Wednesday came this:

Molins – “Half-year Report” announcement = Profit Warning…

Published 217 days ago

Half year results from Molins (MLIN) – the company's first stated “Key point”“Results in line with management expectations”. Good, good. Final such point: “the board is taking a more cautious view of the short-term trading outlook and has revised downwards its trading expectations for the current year”. Uh-oh...

21st Century Technology – you were warned & it’s now profit warning ahoy

Published 222 days ago

Unlike its previous “Trading Update” announcement, it’s not ‘no one watching o’clock’ this time - but it is the same end result for shares in 21st Century Technology (C21); they're crashing...

eg solutions – “landmark contract win” with a leading “technology disruptor”. Hmmm…

Published 223 days ago

Shares in eg solutions (EGS) are currently recovering more than 10%, to 48.5p, on the back of an announcement of what the company reckons is a “landmark contract win” by its US channel partner Aspect Software “with one of the world's top ten technology disruptors... a leading social networking corporation”. This strikes me as extremely evocative language, so let’s take a closer look…

Imaginatik – FY results, claims “pleased” with the growth & progress. Hmmm, really?…

Published 224 days ago

Provider of innovation software and related professional services to large and medium-sized enterprises, Imaginatik (IMTK) has announced results for its year ended 31st March 2016 and states it is “pleased with the growth achieved in the year and the underlying progress within the business”. The shares are though currently a further more than 6.5% lower, at 1.75p. Hmmm…

Filthy 40 China fraud Aquatic Foods: “Technical administrative delay” sees dividend postponed.

Published 225 days ago

Oh dear, oh dear. This does not look good. ShareProphets AIM-China Filthy Forty China fraud Aquatic Foods Group (AFG) has announced that it hasn’t paid its full-year dividend of 0.7p per share due to a “technical administrative delay”. Is that because there isn’t any cash?

Rockrose Energy – interims add to pressure for inclusion in Cynical Bear’s Sub-Standard XI

Published 225 days ago

(Sub-) standard-listed Rockrose Energy (RRE) has posted half-year numbers to June 2016 which show a loss of £303,344. The company came to market on 13 Jan with a business strategy of targeting acquisitions to deliver shareholder value – in other words it is (pro tem) an investing company with much to commend its inclusion in Cynical Bear’s Sub-Standard XI. Since listing it has yet to announce a deal and having raised £4.4 million (before expenses) it finished the period with net assets of £3.9 million, and just £3.1 million of cash.

Ten Alps – restructuring of London publishing business fails, is to be closed down…

Published 226 days ago

Having slumped from 2p following a profit warning in May, shares in Ten Alps (TAL) are currently recovering slightly on the back of a “Closure of Ten Alps Media Limited” announcement...

Galasys – yet another corporate departure: what of corporate governance?

Published 226 days ago

Oh dear, just when things were going so well for AIM-listed Galasys (GLS)! Here we have a boardroom at war with itself, the provider of company secretarial services and registered office resigning (date now extended to this Friday) and joke accounts. Now, having seen its token Westerner walk from the board as independent NED last December, Mr Vincent Lai Tuck Yuen was announced to have stepped down as NED on Friday last week, effective immediately – apparently “due to personal reasons”.

Pennant – follows share price pump, with a dump extraordinaire...

Published 226 days ago

Shares in Pennant (PEN) closed May at 34.25p before... 1st June: “New Contract Awards worth in excess of £13 million”, 16th June: “New Contract Award and Trading Update”, 19th July: “Record Order Book drives expansion of premises” - and now there is a dump extraordinaire...

blur Group – “is pleased to present” its half year results, it shouldn’t be…

Published 228 days ago

Prodigious cash-burning machine (sorry, services platform and marketplace group), blur (BLUR) “is pleased to present its unaudited interim results for the six months ended 30 June 2016”. Hmmm – this with the shares down from a start of the year 17p (and much, much higher when we first started warning) to a current little more than 7p…

MediaZest - “pleased to provide shareholders with final results for the year ended 31 March 2016”. Hmmm…

Published 229 days ago

“MediaZest (MDZ), the creative audio-visual company, is pleased to provide shareholders with final results for the year ended 31 March 2016… Best ever financial results with turnover of £3,144,000 and EBITDA profit of £58,000”. Hmmm, let’s take a closer look…

St Ives – shares soar on results “expected to be in line with current market expectations”. Hmmm…

Published 230 days ago

Marketing services group, St Ives (SIV) has made a “Trading Statement” announcement including that results for its year ended 29th July 2016 “are expected to be in line with current market expectations” - and the shares are currently approaching 24.5% higher, at 122.25p, in response. Hmmm…

John Lewis of Hungerford – Showroom closures, but can investors now be more optimistic?

Published 230 days ago

I previously concluded on John Lewis of Hungerford plc (JLH) that it was not a surprise, considering the track record and earnings performance and balance sheet position the latest results show, that the shares were further lower at 0.95p. The following updates with them now at 0.92p on the back of a “Showroom closures” announcement, but can investors now be more optimistic here?

APC Technology - “is pleased to announce”… another private investor screwing

Published 239 days ago

APC Technology (APC) “is pleased to announce that it has conditionally raised £1.1 million (before expenses) by way of a placing of 13,750,000 ordinary shares… together with two warrants for every five placing shares issued”. The market is not as pleased – the following updates with the shares currently more than 16% lower, at 8.375p, on the day…

Fitbug – having shunned equity-risk, it’s instead vast risk-free exposure for the directors

Published 240 days ago

A couple of weeks ago I commented on directors at Fitbug Holdings (FITB) not taking the chance to demonstrate their confidence in the June results statement pronouncement that “the building blocks of a successful business are now in place” - see HERE. Now they've granted themselves significant share options! Unlike those who invested meaningfully in the fundraising, it’s vast risk-free exposure for management here...

Elektron Technology – current trading lower, lashings of jam tomorrow…

Published 244 days ago

Elektron Technology (EKT) CEO John Wilson emphasises that “the group continues to make progress in the delivery of new product development programmes in our growth brands, which the board believes will significantly enhance shareholder value”, though current revenues (six months ending 31st July 2016) “are expected to be lower than those for the same period last year”. Hmmm…

Frontera Resources – Red Flags for breakfast, anyone? SELL!

Published 245 days ago

DIRECTOR PURCHASES SHARES screams the headline – in capitals - of an RNS from AIM-listed Frontera Resources (FRR) - not to be confused with Frontier Resources - this morning. Ooooh quick, let’s all pile in – follow the money, as they say, because the insiders know what’s really going on. Er, hang on a moment….

HaloSource - another (lack of) revenue warning, seemingly remains on path to cash crunch ahoy!

Published 246 days ago

In May I questioned whether the HaloSource, Inc. (HAL) sale of its Recreational Water business was all as it initially seems – and the company now updates that “total revenue from continuing operations for the period ended 30 June 2016 was $1.4 million (H1 2015: $2.7 million)” and “a cash balance of $4.1 million”. Hmmm…

Tungsten – claims “special operating assets”, but currently just another ’specially bad financial performance

Published 247 days ago

Tungsten (TUNG) has announced results for its year ended 30th April 2016 and that “the board is confident the company is well positioned for further sustainable growth”. The shares are further lower, at a current 43p, in response. Hmmm…

NetDimensions – is “pleased to provide” a first half trading update, shares down 25%. Hmmm…

Published 247 days ago

“NetDimensions (NETD), a global provider of performance, knowledge and learning management systems, is pleased to provide a trading update for the six months ended June 30, 2016”. The shares are currently more than 25% lower, at 43.5p, on the back of it. Hmmm…

LSL – initial acceleration of activity attributed to changes to Stamp Duty, but Profit Warning now to Brexit. Hmmm…

Published 250 days ago

“Trading Update” announcement from residential property services company, incorporating both estate agency and surveying businesses, LSL Property Services (LSL) commences that the company “expects to report strong interim results on 2nd August… delivering growth across all major revenue lines” and that “the group performed strongly in quarter one”. Good, goo… what’s that? “full year group operating profit will be significantly lower than previously anticipated”

Fitbug – snubbed open offer gives directors chance to demonstrate their confidence, BUT…

Published 251 days ago

“Further to the Result of Open Offer announcement of 20 July 2016, the directors… of (Fitbug, FITB)… have indicated their intention to subscribe, at a price of 0.25p per share, for certain open offer shares that have not been subscribed for by qualifying shareholders”. Good, good – a chance for them to demonstrate confidence in the June results statement pronouncement that “the building blocks of a successful business are now in place” then? Erm…

FastForward and its Yooya metrics this now becomes utterly laughable, beyond parody

Published 251 days ago

Even the Quindell fraudster Rob Terry would have been ashamed of this nonsense. Yesterday I flagged up how the latest ramptastic RNS from FastForward (FFWD) was sheer bollocks in the made up numbers department. Today the company has responded with an explanation which will have you pissing yourself. It is so utterly mad that the company's Nomad must surely be considering its position (or have no shame). This is sheer comedy.

Monitise – MONI, MONI, MONI, another “Trading Update” that’s not funny for shareholders

Published 251 days ago

Long-time specialist in draining shareholder money (sorry, “specialist in financial services technology focused on accelerating the digital transformation of banks and financial institutions”), Monitise (MONI) commences the first two bullet points of a trading update with “in line with previous guidance”, though the last includes that it “expects FY 2017 revenue to be lower than FY 2016 as a result of the continuing transition for the business”. Uh oh…

FastForward - ramptastic update ahead of placing: but the numbers do not add up

Published 252 days ago

In this , the 29th week of 2016, over-ramped bubble stock FastForward Innovations (FFWD) has just issued its 43rd RNS of the year. Pump, pump, pump...the dump is on its way. As a bonus the numbers in today's statement simply do not add up at all. It is pure shite but maybe the morons will buy it because another placing is on the way. Today's update concerns a Chinese Company called Yooya in which FastForward has invested.

China fraud: Haike Chemical loses CFO. Uh Oh…..are we on a familiar path to oblivion?

Published 253 days ago

Oh dear. One of the traits of the China Frauds is that so often the precursor to the wheels coming off the subterfuge is the resignation of the finance director. And so this morning’s announcement from ShareProphets AIM-China Filthy Forty play Haike Chemical (HAIK) that its Chief Financial Officer stepped down on Monday with immediate effect “for personal reasons” is a stand-out Red Flag. So is the tardy announcement.

Golden Saint – Licence Renewal….in two weeks

Published 253 days ago

AIM-listed POS Golden Saint Resources (GSR) has announced that it I to renew its three exploration licences in Sierra Leone and that it will be making arrangements to pay the fees over the course of the next two weeks. But the detail of the RNS reveals just how desperate the company was for cash at the back end of 2015, and seems to suggest also that there wasn’t exactly a queue around the block outside the Sierra Leone National Minerals Agency to compete for these obviously highly prospective plots.

Rurelec – FY15 report published; finger of blame pointed

Published 256 days ago

Blow me down! Having been suspended for failing to get its accounts out on time AIM-listed Rurelec has finally got its calendar FY15 numbers out. Fair play to the two-man board: with an ongoing cash-crisis as they try to rescue the company from its dire situation the workload must be extreme. With the numbers now out (after-hours, of course!) the shares are expected to resume trading on Monday. As to the report, it is dreadful – and the finger of blame is firmly pointing in the direction of the old guard under Peter Earl. It is a shocking read.

WANdisco – where now following confetti issue approval?

Published 258 days ago

Having recovered back above 150p at the start of this month, shares in unique cash-burning machine (sorry, “unique… provider of enterprise-ready, non-stop software solutions that enable globally distributed organizations to meet today's data challenges of secure storage, scalability and continuous availability”) WANdisco plc (WAND) have slipped back with the company having received General Meeting approval for a confetti (sorry again, equity) issue…

Digital Globe Services – CEO reckons “pleased with the overall growth of the business”, but for investors it’s over to Beyoncé & Jay-Z…

Published 258 days ago

Provider of customer, lead, and inquiry acquisition and digital media services, Digital Globe (DGS) commences a “Trading Update” noting that it “expects to deliver revenue for the year of approximately $48.0m (FY15: $40.3m), marginally ahead of market expectations”. Good, good … “gross margins experienced compression in the second half of the year due primarily to increased marketing spend”. Uh oh…

RhythmOne (née blinkx) – under “Financials” states is “to exceed management expectations”, BUT... Cue Ronan again…

Published 260 days ago

“First Quarter Trading Update” announcement from RhythmOne (RTHM, née blinkx). First section: “Financials… Q1 2017 performance is expected to exceed management expectations”. Ok, let’s take a look at the numbers then. Oh!…

Lombard Risk Management – the spin has been devious & is now ridiculous…

Published 261 days ago

Having pissed on private investors (followed a results statement noting “a position of strength” and “great confidence and the announcement of a “Significant Contract Win” with a discounted fundraising), Lombard Risk Management (LRM) has further updated...

Ilika – full-year results beg the question when’s it attempted discounted fundraising ahoy?

Published 264 days ago

Commenting on today-announced results for the company’s year ended 30th April 2016, Ilika (IKA) Chairman, Mike Inglis, notes “since my appointment as Non-Executive Chairman at the AGM last September, I have been very encouraged to see the technical progress and increased commercial focus at Ilika. The definition of a clear solid state battery roadmap and the launch of the Stereax M250 have been important milestones on the road to commercial success”. The following reviews with the shares currently more than 14% lower, at 45p…

Strat Aero – announcement of “Board Change” after Hulsey Smith bombshell letter, but...

Published 265 days ago

Strat Aero (AERO) has announced that “Greg Kuenzel, non-executive director of the company, is stepping down from the board with immediate effect”. This follows just a day after W. Hulsey Smith released a third open shareholder letter to the board. But...

Persimmon – reckons “too soon to judge” Brexit result impact, but is it?

Published 267 days ago

UK housebuilder Persimmon (PSN) has emphasised that “trading through the first half of the year has been strong” and that “we believe… the UK housing market will continue to provide good opportunities”. Hmmm...

Filthy 40 MoneySwap refinancing proposals as equity faces big dilution

Published 269 days ago

Friday after-hours saw a no-one-is-watching o’clock proposal released by ShareProphets AIM-China Filthy Forty play Moneyswap (SWAP). IF all goes according to plan then existing shareholders will be diluted very heavily as the bailout money gets most of the equity (at quite a discount to Friday’s closing price). If not then the company goes bust. But you can’t say you were not warned.

Ten Alps - “Directorate Change” announcement = CEO walking the plank

Published 271 days ago

Having recently noted that TV and multimedia content producer Ten Alps (TAL) faced an unenviable combination of issues, the company has now announced that “Mark Wood, Chief Executive Officer, has notified the board of his decision to step down as CEO and as a company director with immediate effect, which was accepted… The company has no immediate intentions to appoint a new CEO”. Hmmm…

Strat Aero – 2015 results at the last minute & after AGM, I wonder why? …

Published 272 days ago

Drone company Strat Aero (AERO) has announced results for the 2015 calendar year ridiculously late and after its AGM earlier on 30th June. I wonder why? …

Fitbug Holdings – rescue fundraising & debt-for-equity swap

Published 273 days ago

Long-time cash burning machine (sorry, “technology developer and digital wellness pioneer”), Fitbug Holdings (FITB) “is pleased to announce a proposed equity fundraising… and loan capitalisation”. Hmmm…

Brammer – swiftly from second half “increased weighting” to profit & debt warning

Published 273 days ago

At its 13th May AGM industrial maintenance, repair and overhaul products distributor Brammer (BRAM) announced that “whilst there will be an increased weighting of the group's financial results towards the second half, our expectations for the full year, assuming our key plans for improvement in the UK and Nordics are achieved, remain unchanged”. We are now though told of a “reduced level of profitability”, seeing that “the group will be close to its net debt/EBITDA bank covenant at the period end”

Imaginatik – having talked of gross proceeds “expected to be approximately £2.11 million”, fundraising falls well short…

Published 278 days ago

Having on 25th May announced a placing and open offer at 2.5p per share to raise expected gross proceeds of “approximately £2.11 million” and earlier this month the as-expected completion of the placing (for a gross £1.58 million), Imaginatik (IMTK) has now announced the result of the open offer…

Filthy Forty Fraud, China New Energy – so much for the institutional placing!

Published 280 days ago

On 9 June 2016 ShareProphets AIM-China Filthy Forty play China New energy (CNEL) announced that it had raised £750,000 from a subscription by funds managed by an institutional fund manager at a price of 2p (a 25% discount to the prevailing price). Ah, so the big boys had invested? Er….

EU Supply – CEO buys & shares on the rise, but concerns remain…

Published 281 days ago

Having previously remained at around the levels of my previous update, shares in e-procurement software provider, EU Supply (EUSP) have spiked in the last few days – from just above 4p to a current 6.5p. The following reviews…

WANdisco – CFO departure time confirmed, as my discounted confetti ahoy call has also been…

Published 281 days ago

It has been announced that CFO of unique cash-burning machine (sorry, “unique… provider of enterprise-ready, non-stop software solutions that enable globally distributed organizations to meet today's data challenges of secure storage, scalability and continuous availability”) WANdisco plc (WAND), Paul Harrison, is to join JUST EAT plc with effect from 26th September. He is stated to be “looking forward to joining”. I bet…

Superglass Holdings – shares slumping as cash position has done likewise. Hmmm…

Published 282 days ago

I previously wrote on Superglass Holdings (SPGH) towards the end of last year HERE and now update with the shares currently fast-falling back to the levels of then…

RhythmOne – as blinkx changes its name, shareholders not as enthusiastic as the management guff

Published 282 days ago

blinkx has announced a change of name to RhythmOne (RTHM), with the first announcement under the new name a replacement “Result of AGM” as “the titles in the final two columns were incorrect as were some of the numbers”. Oops. This following the management guff of ‘RhythmOne’ “encompassing the go-forward product strategy and commercial proposition for the company”

eg solutions – replenishing the boardroom, but for how long?

Published 285 days ago

Following a 13th June announcement which included “that Jonathan Kay, Chief Financial Officer, Duncan McIntyre, Non-Executive Chairman, Mark Brady, Non-Executive Director and John Brougham, Non-Executive Director, have tendered their resignations” ‘back-office’ optimisation software company, eg solutions (EGS) is now gradually replenishing the boardroom…

CloudTag – the equity issues go on and on…. And on and on…

Published 286 days ago

“CloudTag (CTAG), the company that brings personal monitoring to the health, wellbeing and fitness markets, is pleased to announce an operational update and to announce it has raised £470,000 by way of a subscription for new ordinary shares”. At 6.05p, this now means a market cap here of more than £19.5 million. Hmmm…

Servelec Group – from “outlook is positive” to “significantly lower than market expectations” in 3½ months

Published 287 days ago

Provider of technology predominantly to the UK healthcare, oil & gas, nuclear, utilities and broadcast industries, Servelec Group (SERV) has made a “Trading Statement” - and the shares are currently more than 33% lower, at 225p, on the day. Uh-oh…

Imaginatik – placing complete, but sufficient to net cash generation?

Published 288 days ago

Innovation-focused consultancy and software company, Imaginatik (IMTK) has announced completion of a placing it believes, together with an accompanying open offer, “will be sufficient to take the company to the stage where it is generating net positive cashflow”. Hmmm...

eg solutions – “Board Changes” announcement adds to an extraordinary track record

Published 289 days ago

“eg solutions plc (EGS), the back office optimisation software company, announces that Jonathan Kay, Chief Financial Officer, Duncan McIntyre, Non-Executive Chairman, Mark Brady, Non-Executive Director and John Brougham, Non-Executive Director, have tendered their resignations”. Uh-oh…

Ten Alps – announced “Loan Agreement” just kicks the can down the road

Published 292 days ago

Having recently gone in just over two months from being “on track to generate a full year profit for the first time in a number of years and to continue momentum into the medium term” to having “continued to sustain losses in certain parts of its publishing operations… these continued losses are likely to result in the group not being profitable for the year as a whole”, Ten Alps (TAL) has now announced a “Loan Agreement”

Getech – another profit warning, how’s the “strong financial position” looking now?

Published 292 days ago

Having emphasised caution on shares in provider of data, studies and services to the oil, gas and mining exploration sectors, Getech (GTC) at 37.5p HERE, the following updates with them currently a further couple of percent lower, at 26p, on the back of a “Trading Update” with regard to the company’s year to end July 2016…

Filthy 40 China New Energy – placing and rampfest, BARGEPOLE!!

Published 294 days ago

ShareProphets AIM-China Filthy Forty play China New Energy (CNEL) has seen its shares heading higher in the last few sessions on the back of expectations of contract developments in Zambia. It is all still yet to be confirmed, of course, and in any case the mooted deal seems a tad incestuous to me. Oh, and it involves an Investment and Protection Agreement (IPPA) – whatever that may be (but I fancy that an IPPA is a different thing to a contract!) Well blow me down with a feather: this morning we had a placing announced – at a very healthy 25% discount to yesterday’s close.

EU Supply – AGM trading update, can a discounted fundraising be avoided?

Published 295 days ago

Having cautioned on shares in e-procurement software provider, EU Supply (EUSP) at 4.5p in January, I now update on the back of an “AGM Statement” announcement which sees them currently at 4.125p…

Hardide – half-year results dire, cash crunch & thus (explicitly) fundraising ahoy!

Published 296 days ago

Half-year results (to 31st March 2016) from Hardide plc (HDD), a company which “develops, manufactures and applies advanced technology tungsten-carbide coatings to a wide range of engineering components… Customers include leading companies operating in oil…” Uh oh...

DCD Media – follows no-one watching o'clock "business update", with no-one watching o'clock results

Published 300 days ago

Following a true 'no-one watching o'clock’ “Business Update” from DCD Media (DCD), it has followed suit with the results announcement – with a 4:10pm release. I wonder why...

Sabien Technology – more problems (& some pure comedy) in the boiler room

Published 300 days ago

“The board of Sabien Technology Group plc (AIM: SNT), the manufacturer and supplier of M2G, an energy efficiency technology, announces that the company now expects to report revenues of c. £0.9m and a loss of up to c. £1.7 m in the financial period to 30 June 2016”. Hmmm, let’s read on... ‘UK pilot programme’, ‘Sales pipeline’, ‘Overseas pilot programme’ and finally ‘UK trading’… “results for the current financial year stem from the withdrawal of a number of large prospects from the opening pipeline at 1 July 2015 and a reduction in contract value of a number of sales”. Uh oh…

It’s the way you tell ‘em! ISDX China-play Miloc FY15 results

Published 302 days ago

The ShareProphets AIM-China Filthy Forty has seen some tragedies worthy of Shakespeare – see PCG Entertainment yesterday, for example. So now it is time for the light relief, and in that vein we bring you, courtesy of a cracking spot by our very good friend Graham Chester, FY15 results from ISDX-listed Miloc Group Limited (ML.P). It is pure comedy….

Filthy 40 MoneySwap – loan drawdown and a nasty read-across from PCG Entertainment which needs a full Steward’s

Published 302 days ago

Oh dear, oh dear. I have the utmost respect for Richard Poulden who had the grim task of overseeing today’s awful trading update from AIM-China play PCG Entertainment (PCGE) and like Tom Winnifrith I had hoped that his outfit might prove to be a rare winner on the Filthy Forty. My experience of him has been one of immense integrity a very sharp mind so it is with considerable sadness that I am writing this. But a bit more digging later, it looks just awful – although, I must stress, not on Mr Poulden - and there is a worrying implication on fellow Filthy Forty play MoneySwap which is already is considerable trouble. Sadly, I fear that AIM Regulation needs to do a full steward’s here.

Filthy 40 Univision – profit warning

Published 302 days ago

Shares in ShareProphets AIM-China Filthy Forty play Univision Engineering (UVEL) are currently trading 17% lower after the company announced a profit warning in relation to the poor trading performance of its 52%-owned Taiwanese subsidiary T-Com Technology Co. Ltd. This is not the only issue facing the company, however.

Monitise – content business disposal off due to strong performance and prospects & to minimise uncertainty. Really?

Published 302 days ago

With its shares rising fast from sub 2p at the start of March, Monitise (MONI), noting the movement, updated that it was “in very early stage discussions regarding a possible disposal of the Content business”. Now, these discussions have “ceased” - with the shares currently sliding back below 3p in response…

eServGlobal – trading & research update, “on track”... or not?

Published 308 days ago

Shares in mobile financial services company eServGlobal (ESG) have recently moved higher on the back of a trading update particularly emphasising that “the company confirms it remains on track to achieve a small EBITDA* surplus for the core business”. However, researcher Edison has now updated including “we have revised our forecasts to reflect H116 performance, reducing our revenue and EBITDA forecasts”. Hmmm…

Judges Scientific – “AGM Statement” = half-year profit warning

Published 308 days ago

Having first noted caution on this site on shares in scientific instruments company Judges Scientific (JDG) in early 2014 HERE, I see the shares currently 17.5% lower today, at 1500p, and an “AGM Statement”. Hmmm…

Tungsten – Full-year trading update, the board reckons ‘unwavering belief’. Hmmm…

Published 309 days ago

Tungsten Corp (TUNG) has updated on a cash balance “£1.1 million in excess of the board's expectations” and revenues for its year ended 30th April “representing an increase of at least 12.5% on the prior year”. The shares are though currently lower, at around 58p, in response. Hmmm, better continue reading…

Is newly Casino-listed SDX Energy already a Bargepole?

Published 313 days ago

This morning it was announced that SDX Energy Inc (SDX) had joined the AIM Casino, to add to its TSX-V listing in Canada. Welcome to the mad-house. But reading through the admission and first day of dealings RNS a few things jump out at me. I wonder if it is already one to be avoided like the plague.

Goldenport – last chance for the bag of Walkers, it is shipwreck ahoy!

Published 314 days ago

On 22 April 2016 fully listed Goldenport Holdings (GPRT) announced its intention to delist from the London Stock Exchange, stating that the last day of dealings was expected to be 23 May 2016 – Monday of next week. But, as discussed previously, following the disposal of its shipping fleet (in a series of related party deals, all approved by shareholders) it seems clear that there will be nothing left for shareholders at all. 

Ubisense – it’s so long, farewell, Auf Weidersehen, goodbye... to CEO Richard Green & his “performance payments”

Published 315 days ago

Previously on Ubisense Group (UBI), I reviewed a November profit warning and noted an idea where the “further cost actions” can start – see HERE. That was with the shares then at 66p. With them now at 29p, an announcement from the company begins with “that it is to expand the remit of its chairman, Peter Harverson, to become executive chairman with immediate effect”. Hmmm, why’s that then?

Ten Alps – from “on track to generate a full year profit for the first time in a number of years”, to…

Published 316 days ago

8th March 2016: Ten Alps plc (TAL) “remains on track to generate a full year profit for the first time in a number of years and to continue momentum into the medium term”17th May 2016: “The group has continued to sustain losses in certain parts of its publishing operations, the turnaround of which has taken longer than expected. These continued losses are likely to result in the group not being profitable for the year as a whole”. Uh oh…

blinkx – massive FY2016 loss, but now reckons set “to fuel high quality organic growth”. Hmmm…

Published 316 days ago

Internet media company blinkx (BLNX) headlines its results for its year ended 31st March 2016; “Company records 68% growth in Core programmatic revenues while simultaneously reducing annualized operating expenses by $40M, during a year of rapid Industry evolution and reaffirms its expectation to return to full year profitability1 in Financial Year 2017”. All good then? Er, not quite…

Brady plc – AGM trading update sounds reassuring, BUT…

Published 317 days ago

Having previously updated on Brady plc (BRY) to not be fooled by the 2015 ‘trading in line’ - it’s disingenuous spin, the following updates post the company's results announcement for the 2015 calendar year and, more recently, an AGM update...

Westminster Group – “Financing & Trading Update” = discounted fundraising ahoy!

Published 321 days ago

An RNS announcement from Westminster Group (WSG) entitled “Financing & Trading Update”, the shares currently down approaching 17%, at 8p, in response. Uh oh, I think I can guess what’s happening here…

MediaZest - ‘keep the lights on’ placing, is ‘transformation’ really ahoy?

Published 322 days ago

“MediaZest (MDZ), the creative audio-visual company, is pleased to announce that it has raised £250,000 (before expenses)… The net funds raised will be used to help deliver current and future projects for existing clients including Hyundai, Adidas, HMV, Diesel and Kuoni. The funds will also provide MediaZest with additional working capital and will help the company to develop new business opportunities and expand the client base”. Hmmm – the amount sounds much more like a ‘keep the lights on’ placing to me. Let’s take a look...

Hotel Chocolate: a house of cards?

Published 322 days ago

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....

John Lewis of Hungerford – half year results are another profit warning

Published 327 days ago

Shares in kitchens and furniture designer, manufacturer and retailer, John Lewis of Hungerford (JLH) are amongst the major fallers today on the back of a half year results statement noting “lower than our anticipated sales growth” and “continued deflationary pricing pressure”. Hmmm…

Kenmare – FY15 Annual Report, refinancing, boardroom troughing

Published 331 days ago

Ireland and London listed Kenmare (KMR) finally got around to releasing its 2015 annual report last week, in the wake of (yet another) proposed rescue refinancing. It strikes me that the company has been something of a disaster machine ever since it got its Moma titanium operation up and running in Mozambique.

WANdisco – indebted cash-burning machine announces purportedly “significant milestone” news. How long till discounted confetti ahoy?

Published 335 days ago

Shares in unique cash-burning machine (sorry, “unique… provider of enterprise-ready, non-stop software solutions that enable globally distributed organizations to meet today's data challenges of secure storage, scalability and continuous availability”), WANdisco plc (WAND) currently trade 25% higher today, at 225p, on the back of an announcement that it “has entered into a non-exclusive OEM sales agreement with IBM under which IBM intends to sell WANdisco's Fusion data replication product”. Hmmm…

Sepura – you were warned & highly suspicious share price movement ahead of mega dilution ahoy!

Published 336 days ago

Following a 4th April profit warning and with the shares at around 140p, I warned that the lack of order visibility together with the possibility of debt covenant breaches must make shares in Sepura plc (SEPU) a sell/bargepole, concluding that the warning signs are loud & clear – see HERE. With the shares currently down a further more than 30% today, at 65p, on the back of a “Trading Update and Financial Position” announcement, you were warned…

Hornby – after more than two months, meet the new management; same as the old?

Published 337 days ago

Following the February news that Chief Executive Richard Ames had walked as ‘Trading and Transformation Plan’ uncertainty seemingly talked, Hornby (HRN) is today “pleased to announce” the appointment of a replacement. After more than two months, this is… “current Group Finance Director Steve Cooke”! ...

St Ives – “Trading Update” + shares down 45% = you guessed it…

Published 338 days ago

“Trading Update” from marketing group St Ives (SIV) commences that “trading overall in the eight months ended 1 April 2016 has continued to be broadly in line with management expectations, with group revenue running approximately 5% ahead of the equivalent period last year”. Hmmm, ok. “However, the outlook for the final quarter, and for the following financial year, has deteriorated”. Uh oh…

WANdisco – share price rise despite funding crunch ahoy; there’s not a bargepole long enough

Published 341 days ago

March-announced results for 2015 from WANdisco (WAND, the self-described provider of whatever “enterprise-ready, non-stop software solutions that enable globally distributed organizations to meet today's data challenges of secure storage, scalability and continuous availability” are) included that the company had required to make the first drawings on a $10 million revolving credit facility after a $26.1 million net cash outflow before new financing saw year-end cash at $2.6 million. This saw the shares on the retreat back towards 100p, but they have since recovered to a current 175p. Hmmm…

eServGlobal – claims “significant contract”, but guidance only maintained; PLACING AHOY!

Published 341 days ago

eServGlobal (ESG) has announced what it immediately claims as “a significant contract to supply its PayMobile software”. However, despite approximately €2.5 million of the €6 million contract value to be recognised in the company’s current year to 31st October, it only “maintains” financial guidance. Hmmm…

Goldenport – delisting leaves shareholders dead in the water

Published 341 days ago

It will come as no surprise to readers of ShareProphets that main market listed Goldenport Holdings (GPRT) is to leave the LSE, as announced this morning. Shareholders are set to lose everything just as predicted (see HERE, HERE, HERE and HERE) but amazingly the shares are still trading pro tem. You can still get your bad of crisps….or perhaps just a couple of penny chews, for the shares have collapsed (so far) by 70% today, to 1.5p mid. So there is another 1.5p to go….

Torotrak – “Trading Statement” announcement is actually ‘commercialisation delay’

Published 342 days ago

Emissions reduction and fuel efficiency technology company Torotrak (TRK) has released a “Trading Statement” commencing that “the group has made good progress in executing the three year strategy to commercialise its technologies… During the last 12 months there has been a significant increase in interest from potential licensees and OEM customers in gaining access to the group's KERS technology in off-highway and V-Charge in passenger cars”. The shares are though currently more than 6.5% lower, at 5p, in response. Hmmm…

Revisited: Seven Stocks to get suspended where shareholders could lose 100%

Published 346 days ago

For the November issue of the UK Investor magazine (latest issue HERE) I was asked to name seven stocks which could get suspended and where shareholders could lose everything. I thought I’d take a look back over the seven: Jiasen (JSI), JQW (JQW), Auhua (ACE), MoneySwap (SWAP), Rurelec (RUR), Golden Saint (GSR) - all on AIM - and main market listed Kenmare (KMR).

21st Century Technology plc – another attempted ‘no one watching o’clock’ failure

Published 348 days ago

Friday (15th April) at 2:24pm: “The board of 21st Century (C21) today provides the following trading update”. Hmmm. My guess is it ain’t gonna be good…

AIM-China Red Flags at Night: Grand Group boardroom departures

Published 349 days ago

Hmmm, a Chinese company domiciled in the Cayman Islands lists on the Casino and less than sixteen months on there appears to be a bit of a procession going on, with two directors walking the plank with immediate effect in consecutive days. Sound familiar? 

Nighthawk – April Fool backfires

Published 358 days ago

On April Fool’s day last week, AIM-listed Nighthawk Energy (HAWK) provided the market with a 7am RNS. There was good news and bad news. Or, rather, not-quite-as-bad-as-it-might-have-been news, and very bad news indeed. Unfortunately the better bit was corrected yesterday afternoon. An extended April Fool, then.

Intelligent Energy – shares soar, but is funding & restructuring announcement all it seems?

Published 359 days ago

Having reviewed “energy technology” (AKA ‘green shite’) company, Intelligent Energy (IEH) last month on the back of funding calamity - see HERE, I now update with the shares currently more than 70% higher, at around 17p, today on the back of an announcement entitled “Funding Update and Proposed Business Restructuring”. Hmmm...

Sepura – “Trading Update”, EBITDA (bullshit earnings) to be lower than expectations & it gets worse…

Published 359 days ago

Sepura plc (SEPU), which describes itself as “a global leader in the design, manufacture and supply of digital radios, infrastructure and applications… providing specialist solutions for the public safety, transportation, oil and gas, mining, utilities, industrial and other commercial sectors”, has announced a “Trading Update” for its year ended 1st April 2016. The shares are currently down approaching 30%, at around 140p, in response. It’s profit warning (and worse) ahoy! …

Conroy targets 5m oz Gold, I target Cheryl Cole's "virtue" - the only cert is its placing ahoy!

Published 364 days ago

Conroy Gold (CGNR) has today put out a laughable release claiming that it is "targetting" 5 million ounces of gold at its deposits on the Irish/Ulster border. I, as you know, am still targeting getting up close and personal with Britain's most talented chanteuse but I've been on my quest a lot less long than Conroy has been, unlike the AIM tiddler I'm pursuing my quest with my own money and there is almost as much evidence to support my dreams as that of the AIM listed money cruncher. That is to say sweet FA.

Audioboom – CEO shares purchase a vote of confidence… or not?

Published 365 days ago

Shares in spoken‐word audio platform company Audioboom (BOOM) currently trade more than 20% higher at 3.5p on the back of an announcement that its Chief Executive Rob Proctor has purchased 650,000 shares in the company at 2.98p each. Hmmm…

CDialogues – CDOG a complete dog? Another unhappy Greece-originating AIM story

Published 365 days ago

Provider of mobile marketing to mobile network operators, CDialogues (CDOG) has announced that “following the announcement made by the company on the 25th January 2016, the company now expects that EBITDA for the year ended 31 December 2015 will be less than €1.6 million” and that its “existing contracts have generated revenues in the first quarter of 2016 less than the board anticipated”. And it possibly gets still worse…

Rurelec – is this anything to worry about?

Published 366 days ago

Two weeks ago AIM-listed IPSA (IPSA) – a Peter Earle trainwreck – released its annual results to March 2015. The report contained an Adverse Opinion on Financial Statements issued by Auditor Grant Thornton which detailed two issues, one of which was the recoverability of £1.8 million from another Peter Earle trainwreck (although he has since departed that particular scene), AIM-listed Rurelec (RUR).

Intelligent Energy – shares short-circuit on funding calamity

Published 370 days ago

Shares in energy technology company, Intelligent Energy (IEH) currently trade approaching 80% lower today, at below 10p, on the back of an “Update on funding position” announcement which includes that “in light of recent and unexpected developments in the discussions with various parties, the company will not be able to complete a funding process, in sufficient quanta, by the end of Q1 2016”. And it gets worse…

eServGlobal – working capital “tight”?, you betcha!

Published 371 days ago

Having previously noted that working capital is “tight”, I now note an announcement from mobile money company eServGlobal (ESG) that it has repaid an Australian$3 million (currently £1.6 million) loan due to National Australia Bank, but has needed to draw down £0.5 million of a new loan facility of up to £1 million with major shareholder Henderson “to meet general working capital requirements”. Hmmm...

Fitbug Holdings – customer rollout update, is “pioneer” an automatic sell/bargepole?

Published 372 days ago

After Earthport (half year net cash outflow £6.04 million on revenue of £10.61 million) yesterday described itself as “a pioneering technology success story”, we now have a customer rollout update from “Fitbug Holdings (FITB), the AIM quoted technology developer and digital wellness pioneer”

Earthport – interim results, it reckons “pioneering technology success story”, I reckon pioneering cash-burning machine

Published 372 days ago

Post a share slump on a potential foreign exchange business fraud, Earthport (EPO) has announced results for the six months ended 31st December 2015. The results statement modestly describes the company as “a pioneering technology success story”. Er…

No Gold to be found in this Port – just a stench

Published 374 days ago

I covered proposals by the board of fully-listed Goldenport Holdings (GPRT) to dispose of its remaining fleet of container ships last weekend with an unequivocal “sell” stance, having previously given the company a wide berth (by more than the length of your average bargepole). The shares duly collapsed by more than 50% last week but I  think that they are worthless and so still a sell at any price. But I have grave misgivings about how this whole thing has been handled by the company.

Goldenport – down 53% today but shareholders still facing a zero. Will Tom W offer a bag of crisps?

Published 380 days ago

On Saturday we showed why we think that main market listed Goldenport Holdings (GPRT) is a zero following its after-hours burial of bad news on Friday. With the shares (last seen) down 52.6% today, on a spread of 8p – 9p it is red faces all round at Panmure Gordon which rated the stock a buy with a price target of 125p as recently as November 2015 (down from its previous buy recommendation with a target of 200p - itself reduced from 450p - back in April of last year). 

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

Published 382 days ago

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.

Starcom – 2015 results, another loss & fundraising (explicitly) ahoy!

Published 383 days ago

I commented on shares in remote tracking and monitoring company Starcom (STAR) on the back of an April 2015 profit warning which saw them then trade approaching 15% lower at 7.125p. My caution of then has proved justified as I now update with the shares further lower, at just 1.5p, on the back of the company’s announcement of results for the 2015 calendar year…

Imaginatik – “Trading Update” ramptastic, again don’t be fooled…

Published 384 days ago

Imaginatik plc (IMTK), the ‘innovation software and consultancy provider’, “is pleased to announce trading in the third quarter of the year was positive”, with Chairman Matt Cooper emphasising “this is another strong quarter of trading, marking a clear turning point in our revitalisation of Imaginatik… leading to a more secure financial footing and exciting prospects for the future”. Hmmm…

Messaging International – 1:43pm "Trading Update"; Uh oh…

Published 386 days ago

A 1:43pm “Trading Update”. Uh oh. And yep… “Messaging International Plc (AIM:MES), a provider of converged messaging products and services announces that one of its large mobile customers has informed the company that it will terminate the Text to Landline Service provided by TeleMessage, the wholly owned subsidiary of the company, effective 22 March 2016”. The following reviews…

F40 Origo - last chance for the Walkers?

Published 388 days ago

Tomorrow is an important deadline for ShareProphets AIM-China Filthy Forty play Origo Partners (OPP). It has a $12 million bill to pay and the company has already warned that it hasn't got the cash. The payment was due to be made to satisfy a planned partial redemption of Zeros. Suspension pending financial clarification, anyone?

F40 Asian Growth Properties – proposed disposal triggers big re-rating but Red Flags are too big to ignore

Published 391 days ago

Some good news from the ShareProphets AIM-China Filthy Forty in the form of a proposed disposal by Asian Growth Properties (AGP) was detailed on Tuesday. At its last set of numbers interims to June 2015 the company stated NAV per share at 125p and until recently the shares had been trading at a fraction of that (sub-20p). The news saw the shares race away to close at 46.5p mid, although they gave some back on Thursday. 

LiteBulb Group – Go Entertainment gone, though is it mega dilution or obliteration ahoy?

Published 392 days ago

Branded product developer, LiteBulb Group (LBB) has announced it has completed the sale of its ‘Go Entertainment’ business to members of Go’s senior management team for the princely sum of £1 and reiterated that “the company's current cash position remains tight”. Is it therefore mega dilution or obliteration ahoy here? …

Earthport – shares slump on potential foreign exchange business fraud

Published 398 days ago

Joining shares in Solid State plc (see HERE) in being trashed today are those in provider of cross-border payments services to banks and other financial companies, Earthport (EPO). This follows an announcement that the company is exposed to a potential loss of £5 million as a result of a customer of its foreign exchange business, Baydonhill, failing to honour pre-confirmed bank payment instructions, on the basis of which payments were made on the client's behalf. Hmmm…

HaloSource, Inc – disposal announcement is also another (lack of) revenue warning

Published 400 days ago

Having last month announced that an undertaken restructuring of its Environmental Water division “is expected to continue to improve gross margins and reduce expenses in the business going forward”, HaloSource, Inc. (HAL) has now announced an agreement to sell this business. This has been announced together with an ‘update on trading’ (AKA a revenue warning), hmmm…

Synety Group – new loan facility, announcement though substitutes the useful for the obvious & guff

Published 405 days ago

Having first warned with the shares at 92.5p, I most recently updated on Synety Group (SNTY) with the shares at around 80p last month, questioning a cash crunch ahoy? (see HERE). The company has now made an announcement entitled “New loan facility”

F40 Origo Partners: The Noose Tightens

Published 407 days ago

I previously commented (HERE) in the wake of ShareProphets AIM-China Filthy Forty play Origo Partners (OPP) seeing shareholders reject proposals aimed at settling a dispute with the majority holder of its Zeros, Brooks Macdonald, that the company seemed to have a bit of a problem. In particular, one might note that the company had already ‘fessed up that it would not be able to meet scheduled redemptions next month. Now Brooks has made a move as the noose tightens.

eServGlobal – new forecasts (lower, natch), working capital “tight”, where are the shareholders’ bonuses?

Published 407 days ago

Following recent news flow from eServGlobal (ESG), revised forecasts are now following, with working capital described as “tight”

Hornby – ‘Trading and Transformation Plan’ uncertainty talks as Chief Exec (made to?) walk

Published 408 days ago

Following an “Update on Trading and Transformation Plan” (AKA dire profit warning) announcement last week, Hornby plc (HRN) has now announced that “Richard Ames is stepping down as Chief Executive and is leaving the business with immediate effect. Roger Canham the current Chairman will move to take over as Executive Chairman and will lead the Group for the foreseeable future. –ends”. Hmmm...

AIM China Fraud Aquatic Foods: Chinese water torture

Published 408 days ago

Tom Winnifrith has already done an open-top bus ride around all the Red Flags flapping away at ShareProphets AIM-China Filthy Forty play Aquatic Foods Group (AFG). But if the Red Flags are enough to drive you towards the sell button there is another problem: the spread is now so wide that it is equal to the bid price. Talk about being lobster-potted.

WANdisco– new forecasts (lower, natch), even deeper in the merde

Published 411 days ago

Following a “2015 year-end update” from WANdisco plc (WAND) earlier this week, forecast changes are now following. They ain’t exactly promising!...

Monitise – interim results, the numbers don’t look good!

Published 411 days ago

Monitise plc (MONI) has announced results for its half year ended 31st December 2015. The numbers don’t look good!…

eServGlobal – still a funding crunch possibly ahoy despite received loan

Published 412 days ago

I previously updated on eServGlobal (ESG) warning of a funding crunch ahoy! HERE. The following updates with the shares now trading down at around 2p…

Hornby: profits warning is dire, and it does not know the causes!

Published 413 days ago

An announcement today from Hornby plc (HRN) is harmlessly enough sounding entitled “Update on Trading and Transformation Plan” and opens with “Hornby Plc, the international hobby products group, is updating shareholders on progress made so far in its turnaround strategy. The group has made significant progress in implementing changes to its business model to modernise”. Good, good. But what’s that? The shares have halved to around 40p. Better read on…

Imagination Technologies – Dreadful profits alert, CEO walks - Bargepole stock

Published 415 days ago

Last commenting on processor and communications technology group Imagination (IMG), I noted vindication in the face of some bulletin board derision but that the shares were now on the watchlist as a buy - see HERE. Does an announcement today of “CEO change, trading update and restructuring” change this?

Fitbug Holdings – “Litigation Settlement”, but terms “confidential” & why it’s still bargepole ahoy!

Published 415 days ago

Fitness technology company Fitbug (FITB) has announced that it has entered into a settlement agreement with Fitbit, Inc. to resolve all of the litigation and claims between them and that “whilst the terms of the agreement are confidential, the immediate positive result of the agreement is that it removes the burden of any ongoing legal costs of this litigation from the company”. The following reviews with the shares in Fitbug initially up, but now falling back…

F40 Origo Partners – is it bag of crisps time? 0p ahoy?

Published 419 days ago

This surely is terrible news for shareholders in ShareProphets AIM-China Filthy Forty play Origo Partners (OPP): an RNS shortly before close of play yesterday saw the announcement of the results of a series of meetings which had been called to consider the restructuring of a series of debts (or, rather, convertible zero dividend preference shares). The holders of the zeros voted it through but, oh dear, those pesky ordinary shareholders did not. The result: Origo could be toast.

Galasys – trading update warns of possible material profit miss whilst it sorts out who its directors are

Published 420 days ago

The farce continues apace with AIM-listed Malaysia and China play Galasys (GLS). This morning we were served up with a rum’n’coke for breakfast in the form of a trading statement. On the one hand there was plenty of blather about numerous and significant new contracts being won, but on the other there are ongoing legal actions in the UK, Jersey and Malaysia to sort out who actually runs the company and we are warned that the costs could put a big dent in the bottom line.

Red Flags at Night – DQ Entertainment to lose Nomad

Published 420 days ago

Update: the company re-issued the RNS of last night at 7am this morning, with the correction in the title that it's Nomad was resigning. Now it could be that someone at the company thought it a bit of an oversight, or perhaps the Nomad (Allenby) insisted on the correction. Either way it would appear that any attempt to bury the bad news has backfired in spectacular fashion: the shares are off by 45% last seen. 

RockRose Energy – more on the Employee Benefit Trust, implications for NAV – and another error

Published 422 days ago

We still don’t have an answer to the question posed regarding a share issue of 700,000 shares at 50p a pop in November 2015 (ignored in the Admission Document). Nor do we have an answer to the question over how share with a nominal value of 0.5p were consolidated 4:1 into share of 20p. I would argue that the Companies House filings of LSE Main Market (Standard) Listed RockRose Energy (RRE) has serious questions to answer. Who benefits from the Employee Benefit Trust is (at least for now) in no longer a question – but there another error.

EU Supply plc - trading update, material 2016 cash burn reduction needed or again fundraising ahoy!

Published 426 days ago

Shares in e-procurement software provider, EU Supply (EUSP) currently trade approaching 30% lower today, at 4.5p, on the back of a “trading update”. Hmmm, I wonder what that has in store? 

Red Flags at Night: Arian Silver (nearly) 50% discounted placing, 25% share price drop in advance

Published 427 days ago

Tom Winnifrith has made no secret of his contempt for AIM (and TSX) listed POS Arian Silver (AGQ), having quite correctly called it a sell many times. But the latest RNS – a no-one-is-watching o’clock placing announcement really takes the biscuit. Yesterday the shares closed at 1.9p, having dropped 25% over the day and lo-and-behold we have an after-hours placing at just 1p. 

HaloSource: As I predicted - further trading disappointment, placing ahoy!

Published 428 days ago

Following my review in November of clean water technology company HaloSource Inc. (HAL) HERE, it updated the following month that it has resumed full production at its drinking water facility in China but that, as a result of the shutdown, “we expect total consolidated revenues for the year ending 31 December 2015 to be materially lower than current market expectations and in the range of $18 million to $19 million”. However, with “the majority, if not all” of delayed orders expected to be shipped in Q1 2016 and as “market demand for our class leading HaloPure Drinking Water technology continues to increase… we expect a strong 2016”. Hmmm…

Galasys – court update on farcical boardroom bust-up

Published 430 days ago

We have previously reported (HERE) on the farce that is AIM-listed Galasys (GLS), the company where two directors were announced to have stepped down only for those directors to resort to law. There are three sets of legal proceedings – in the UK, Jersey and Malaysia and the company updated the market on Friday morning: it looks set to drag on for some time. Just who is in charge in the meantime? Anyone?

Red Flags at Night: Tethys Petroleum looks doomed

Published 431 days ago

Oh dear, yet another oiler having trouble with its cash. Dual listed on the TSX and the Main Market of the LSE Tethys Petroleum (TPL) lobbed out a bit of a bombshell at no-one-is-watching o’clock last night (at 12 minutes past 6pm on a Friday). Nice one, chaps.

Red Flags at Night: Goldenport Holdings Inc suspends debt service payments

Published 432 days ago

Main market listed shipping company Goldenport Holdings (GPRT) has featured before in the Red Flags at Night column (see HERE) for slipping out bad news at no-one-is-watching o’clock, but yesterday’s offering, at 5pm on a Friday, looks grim. We have a trading update and the announcement that it can’t service its debts. Uh-oh.

Pinnacle Technology – royally screws private investors

Published 432 days ago

Having on 7th December enthused about the appointment of Gavin Lyons as Executive Chairman - “his experience of buy and builds and track record of achieving transformational growth will be a powerful asset to the company” - and seen its shares subsequently soar (closing yesterday at 12.5p), announcements from Pinnacle Technology Group (PINN) today include a proposed placing increasing the number of shares by more than 183%… at 4.2p each!?!

Monitise trading update, EBITDA (bullshit earnings) now positive… or not?

Published 433 days ago

Monitise plc (MONI) has announced a half-year trading update – the second bullet point of which is “Existing businesses generating positive EBITDA going forward”. Hmmm. As per Charlie Munger, EBITDA is ‘bullshit earnings’ but at least this now seems to be “positive” here I suppose… or is it?...

RockRose Energy – more filings from the pig-sty on Companies House. How can we possibly believe the Admission Document?

Published 433 days ago

We have already flagged up a bit of a mis-match of data between the Admission Document and the Companies House filings of the newly floated RockRose Energy (RRE) on a Standard Listing of the Main Market of the London Stock Exchange – see HERE. But on the day of that first article, Companies House later showed that a correction had been filed (on 7 Jan 2016, as it turns out). A further filing appeared the next day (filed on Christmas Eve). What it seems to show is that the Admission Document was just plain wrong. Or the filings are wrong – even after the correction. This is turning into a farce from Andrew “Piggy” Austin, formerly of IGAS.

Motive Television ‘Further re. Convertible Loan Notes’ announcement = just farce upon farce...

Published 433 days ago

A 12:08pm 20th January 2016 announcement from Motive Television (MTV) opens with that “On 5 January 2016, Motive Television Plc announced that it had reached agreement with the largest CLN holder to acquire its £1,393,795 of CLN's for £100,000 in cash plus a 5-year warrant to acquire 5% of the company. Completion of that acquisition was scheduled to be completed today”. The 5th January announcement stated that “completion of the acquisition is scheduled no later than 15 January 2016”. Got your dates wrong chaps? And more farce follows…

Synety Group – 2015 trading update confident but is there a cash crunch ahoy?

Published 434 days ago

Having originally warned with the shares at 92.5p following the company admitting that progress was not as quick as originally estimated (see HERE) and most recently at 89p following results for the first half of 2015 (see HERE), I now update with shares in Synety Group (SNTY) hovering around 80p on the back of a 2015 full-year trading statement.

F40 China New Energy on the slide as the Red Flags pile up

Published 436 days ago

Just three weeks ago, during the no-one-is-watching fortnight of Christmas and New Year, ShareProphets AIM-China Filthy Forty play China New Energy (CNEL) completed a keep-the-lights-on placing in what I wondered was the fastest pump and dump in history. It was, in my view, a disgraceful affair: announce what appears to be a significant contract to send the shares rocketing higher (it did) and then 39 minutes later announce a massively discounted placing into the rise. The grateful company brought in some meter money (just £200,000 before expenses) but the new shares issued represented 3.28% of the enlarged capital. Surely that is a notifiable holding?

Brady plc – don’t be fooled by the 2015 ‘trading in line’, it’s disingenuous spin

Published 436 days ago

Provider of trading and risk management software to the commodity and energy markets, Brady plc (BRY) has updated “that it has secured four new contracts”, that “cost cutting initiatives that were notified in the 30 November trading update have now been completed” and on “trading in line with market expectations”, with “cash ahead”. Let’s now check that 30th November “trading update” then. Oh!?!...

blinkx plc – trading update talks of ‘profitability ahead of expectations’, but then suggests no profit at all…

Published 440 days ago

Internet media company blinkx plc (BLNX) has updated that “profitability in Q3 2016 was ahead of management expectations”. Good, good… “achieving break-even on an adjusted EBITDA basis during the period”. Oh, so not making a profit at all then! Hmmm…

Challenger Acquisitions - this will be a slow motion car crash

Published 444 days ago

Challenger Acquisitions (CHAL) was always going to be a car-crash in slow motion. The IPO on 19 February 2015 raised £1.1 million with significant support from Yorkville Advisors so Challenger started life as a public company with a 30% overhang. It then funded its first acquisition, the investment in the New York Wheel, via £3 million of relatively short-term convertible debt – there was clearly potential for death spiral funding to come.

Red Flags at Night: Reabold Resources 0.5p after-hours placing (closing share price 1.25p)

Published 445 days ago

AIM-listed Reabold Resources (RBD), with just £294,000 of net assets as at June 2015 is another of those sub-scale investment companies which would have to be run by Warrne Buffett on steroids in order for it to generate enough money just to keep the lights on. Yesterday at 5.45pm on a Friday, with the shares having closed for the day at 1.25p (valuing this fine enterprise at £3.5 million, according to ADVFN), a no-one-is-watching o'clock RNS announced a placing of 40 million shares at just 0.5p to raise £200,000 - a bit of electricity meter money. Something for the weekend, sir? Yes please - I'll have a nice spot of dilution at a whopping 60% discount.

Inspirit - still more on that auditor change.

Published 447 days ago

Having posed a few questions over the change of auditor already, another one crosses my mind. It concerns dates. We have already seen that AIM-listed Inspirit Energy Holdings (INSP) mis-stated in its results RNS of New Year's Eve that both the 2014 and 2015 acounts had been audited by Welbeck. Yet we know that the 2014 accounts were audited by PKF Littlejohn LLP - and elsewhere in the results RNS we are told that PKF resigned during the year. Something is wrong somewhere! One could explain this away perfectly reasonably, of course, by postulating that it was just a cut-and-paste error with regard to the statement about Welbeck. But there are a few more details....

Inspirit – more Companies House issues, more on that change of Auditor, more Red Flags.

Published 448 days ago

AIM-listed Inspirit Energy Holdings plc (INSP) has confirmed that its change of auditor was due to the resignation of PKF Littlejohn. There is a statement in FY15 accounts that the auditor was appointed during the year following the resignation of PKF Littlejohn LLP. But that means that PKF resigned during the year to way back in June 2015. When an auditor resigns there is supposed to be a filing to Companies House to that effect, with an accompanying letter from the retiring auditor giving the circumstances relating to the resignation, or a statement that there is nothing to be brought to the attention of the members or creditors of the company. Those are supposed to be filed to Companies House within fourteen days. Here we are more than six months later: where are they? 

Imaginatik plc – loan repayment announced, don’t be fooled…

Published 449 days ago

Imaginatik plc (IMTK) has made a “Director Loan” announcement – including that a remaining $60,000 of a $110,000 loan “has been repaid by the company in full together with all accrued interest”. However, there is more…

Inspirit - about that change of auditor: why no Companies House filing? And More

Published 449 days ago

I have already flagged up enough Red Flags with regard to the ex-Lenigas play, AIM-listed Inspirit Energy (INSP) - see HERE and HERE - to consider it a share to keep well clear of even Desperate Dan's bargepole. But a change of Auditor is also a Red Flag, and there appears to be no statutory filing showing on the Companies House website to explain why PKF Littlejohn LLP is no longer in post.

Motive Television – ludicrous (ostensibly loan notes) update; who is management trying to kid?

Published 449 days ago

After failing to update yesterday despite having externally-owned and outstanding convertible loan notes with a face value of £2,978,396 which matured at the end of 2015, Motive Television (MTV) has made an announcement today which I consider includes management either fooling themselves or trying to fool the rest of us…

LED International Holdings – yet another Filthy Forty suspension

Published 453 days ago

Our apologies are due for overlooking one of the ShareProphets AIM-China Filthy Forty companies. The RNS released by LED International (LED) three days before Christmas (HERE) almost passed us by: the company announced early in the no-one-is-watching o’clock holiday period that its shares were being suspended because it had become apparent that the Company [would] not be in a position to publish its audited report and accounts for the year ended 30 June 2015 by the deadline of 31 December.

Galasys – curiouser and curiouser, cried Alice

Published 454 days ago

AIM-listed China and Malaysia hybrid Galasys (GLS) is turning into a fascinating soap-opera and the entertainment was turned up another notch yesterday. Entertainment for onlookers that is, but not for shareholders who might be more than a little concerned at the ongoing difficulty in establishing quite who is in charge – or, at least, who should be in charge – of the company.

China New Energy - the fastest pump and dump in history?

Published 456 days ago

This morning at 8.47am F40 AIM-listed China New Energy (CNEL) announced a contract worth CAD$3 million. The shares rocketed on the news, from an open at about 2p to peak at over 2.5p. Thirty-nine minutes later came the dump, in the form of a placing at just 1.5p in a keep-the-lights-on issue which raised just £200,000. Nice work, fellas - I'll bet anyone who piled in on the contract news at up to 2.5p is delighted with their purchase, with the shares now languishing at just 1.725p last seen. This is a disgrace.

Lenigas Cuba – strange dealings on Companies House

Published 462 days ago

In its Admission Document to ISDX, Lenigas Cuba (CUBA) states that it has acquired 40 shares in TravelWelcome Limited which represents 40% of the issued share capital of that UK incorporated entity. Being a Companies House anorak, any excuse to poke around is taken with both hands and what we find is very odd, for it appears that CUBA has been rather more active than that statement gives credit for. Here is what I found – perhaps Big Dave Lenigas would care to explain what has been going on?

Galasys – handbags farce in the Boardroom

Published 466 days ago

There’s trouble at t’mill. AIM-listed Galasys (GLS) is turning into something of a soap-opera as boardroom infighting has spilled into the public arena. Quite what happens next remains to be seen, but as things stand shareholders cannot be certain who is actually running the company. According to AIM, Galasys’ country of operation is China. It is a holding company registered in Jersey, with its main assets rolled up into a BVI vehicle.

ShareProphets RNS Translation Service: Asian Citrus “Winter Orange Crop” update

Published 466 days ago

ShareProphets AIM-China Filthy Forty play Asian Citrus (ACHL) has had a history of suffering biblical-style plague and misfortune. Maybe insurance is difficult to get, but yesterday saw the latest in the line of disaster updates from this bargepole stock. The RNS was masterful, so we have wheeled out the ShareProphets RNS Translation Service to assist our understanding of this latest catastrophic release. Original is in bold italics.

eServGlobal – “Notice of EGM” = funding crunch ahoy! You were warned…

Published 467 days ago

Having warned since more than a year ago now on shares in ‘mobile money’ technology company eServGlobal (ESG), I note a further more than 16% fall, to 3.875p, currently today on the back of a “Notice of EGM” announcement…

Inspirit Energy - more woes for David Lenigas as compulsory strike-off looms

Published 469 days ago

Oh dear, as if David Lenigas hasn't got enough on his plate already it appears that AIM-listed Inspirit Energy (INSP) has a pressing issue to deal with. For it seems that it has received a notice for compulsory strike-off - see HERE.

China Sports Development – a joke company threatening to make ISDX a Bargepole market

Published 472 days ago

Salvador Dali would have struggled to come up with anything more surreal than the ISDX farce that is China Sports Development (CSDP). On Tuesday 8 Dec (at no-one-is-watching o’clock, natch) it was announced that in had come Mr Pui Lan Patrick Tsang as a director with immediate effect. Companies listed on ISDX have to have a Corporate Adviser (the equivalent of a Nomad on AIM). But this RNS was not signed off by one, yet there has been no announcement of the resignation of our very good friends at Beaumont Cornish. 

Vislink plc – "trading statement" attempts to follow management cowardice and greed with PR spin

Published 474 days ago

Vislink plc (VLK) announced a new management “incentive policy” in July, with shares in the company having exceeded 60p in the prior month. We railed against the policy – see, for example, HERE and HERE and interim results in September saw a swift share price decline to around 45p. A trading update this month - which begins by noting that “the introduction of IP based technologies into our target markets continues to give Vislink Communication Systems and Pebble Beach Systems significant opportunities” - has seen the shares further lower to comfortably sub 30p. Hmmm…

Imaginatik – interim results from this Rob Terry fave, yet more cash needed (natch)

Published 475 days ago

Shares in Imaginatik plc (IMTK) currently trade approaching 7% lower, at 5.25p, on the back of results for the company’s half year ended 30th September 2015. This is despite it being “pleased” to announce the results and “pleased with the progress Imaginatik is making”. Hmmm…

Rampers fave Fitbug Holdings – current share price action (down, natch) a signal?

Published 478 days ago

Last month Fitbug (FITB) announced a new version of its digital health and fitness training programme, Kiqplan, and I noted my immediate thought was when’s the next fundraising ahoy? – see HERE. Then 1.80p, the shares are currently big fallers today to below 1p. Hmmm…

A song for Wandisco shareholders from Iron Maiden

Published 481 days ago

Shares in Wandisco (WAND) are sharply lower again today. They now trade at 87.5p, off 6.5p on the session and down from 140p a month ago. But there is far worse to come - as Steve Moore and I have warned time and time again - see HERE. And so with a few comments here is some sage advice from Iron Maiden. 

Motive Television – loan notes update, directors floundering to keep their rewards for failure rolling

Published 481 days ago

Warning again on shares in Motive Television (MTV) earlier this week, I reiterated that the most recent results statement had highlighted a desperate financial position – see HERE. The shares are currently a further 25% down today as an announcement from the company has again brought this to the fore…

Motive Television – Now guess what’s happened?…

Published 483 days ago

On 20th November Motive Television (MTV) announced a further confetti issue to Bergen Global Opportunity Fund, LP, though including that “Bergen has agreed to certain, substantial, limitations on its ability to dispose of the shares”. My review included that this looked a case of attempting to close the barn door after the horse has already bolted – see HERE. However, anyone reassured by the ‘substantial share disposal limitations’ would have had something of a shock today…

Fitbug Holdings – Kiqplan new app announcement, when’s the next fundraising ahoy?

Published 491 days ago

Fitbug Holdings (FITB) has announced a new version of its digital health and fitness training programme, Kiqplan. My immediate thought was when’s the next fundraising ahoy? - and the shares have responded by heading 6.5% lower at 1.80p. I guess you can fool some of the folks some of the time...

Paragon Diamonds Suspension Update: anyone got 50p for the meter?

Published 494 days ago

Oh dear. Oh dearie, dearie me. AIM-listed, but suspended pending clarification, Paragon Diamonds (PRG) has released an update on its financial position. It reads very badly, and rather suggests that a previous RNS was, ahem, not wholly aligned with the truth. But the financial position of the company looks terrible. Will Paragon soon be a goner?

HaloSource Inc – “Trading Update” + shares down more than 20% =?

Published 495 days ago

Headquartered in the US with operations in China and in India but listed on AIM (Hmmm), shares in clean water technology company HaloSource Inc. (HAL) currently trade more than 20% lower today. This is on the back of a “Trading Update” – which includes that “total consolidated revenues for the year ending 31 December 2015 will be materially lower than market expectations and, consequently, the net loss for the full year will be higher than market expectations”

InternetQ - it reckons “positive trading update”, I reckon not particularly & key information not provided…

Published 497 days ago

With its shares falling sharply in the Globo plc fallout having closed the prior week at 218.25p, Greece-originated technology company InternetQ (INTQ) sought to reassure on its credentials – though I highlighted balance sheet and cash flow concerns (see HERE and HERE). The company has now announced a self-declared “positive trading update” to 30th September…

Motive Television – “Support Contract Renewal”, the PR puffery continues…

Published 499 days ago

Having taken an ‘if at first they aren’t receptive, announce the news again’ approach last week, Motive Television (MTV) is today again back of the announcement trail as it seemingly again seeks to generate interest in its shares. I wonder why?…

Motive Television - if at first they aren’t receptive, announce the news again! ...

Published 503 days ago

On 9th November Motive Television (MTV), in an announcement entitled “TabletTV Plus to begin selling in United States” was pleased to announced that its joint venture “will begin taking pre-orders for TabletTV Plus at one minute past midnight EST on Thursday 12 November”. Today, an announcement entitled, er, “TabletTV Plus begins selling in United States”, is a news release from the joint venture leading with… “it will begin taking pre-orders at 00:01 AM ET, Thursday, November 12th for TabletTV Plus”!...

Oilex – this could be terminal

Published 503 days ago

It gets worse. Shares in AIM and ASX listed Oilex (OEX) have now been suspended on Oz as the full scale of its legal difficulties emerges. The stock has never really recovered from the dual kiss of death of being tipped by both Zak Mir (HERE) and by market abuser Chris Oil (HERE) and is today down another 31% at 0.375p – roughly 90% below the levels when tipped by the dynamic duo a few months ago. 

Ubisense Group – profit warning, I’ve an idea where the “further cost actions” can start…

Published 503 days ago

I looked at Ubisense Group (UBI) in August – noting "performance payments" to CEO Richard Green despite the company’s shocking track record and concluding that, even after the shares had declined from 275p reached last year to 103.5p, “even if the balance sheet was exceptionally strong (it’s not: net cash of £2.5 million), the track record suggests this a clear bargepole stock” (see Ubisense Group – interim results continue shocking track record, where are the shareholders’ “performance payments”?). The following updates with the shares currently down to 66p on the back of an, ahem, “trading update”

Rurelec – short term loan confirmed as the company mortgages itself to the hilt

Published 507 days ago

Crisis ridden AIM-listed Rurelec confirmed on Friday that it had closed the short-term loan facility announced on 30 October, and that it had already drawn down the full amount of £600,000. The statement released says that the directors are pleased to announce this news. For “pleased” read “relieved”. But at what price?

Atlas Development - massive bargepole stock, with dilution coming

Published 510 days ago

Atlas Development and Support Services (ADSS) has been heavily promoted on bulletin boards and Twitter this year, but current holders look like they’re going to get screwed.

InternetQ – part 2/2: cash flow concerns...

Published 517 days ago

I highlighted earlier HERE the balance sheet issues which saw Tom note in a recent Bearcast that shares in InternetQ (INTQ) looked not ones to be touched with a bargepole. The following details the cash flow performance behind this, highlighting areas of particular interest and reinforcing that much improved net cash generation looks needed to justify the valuation…

InternetQ – suffering in the Globo fallout, with good reason or not? …

Published 518 days ago

Shares in Greece-originated technology company InternetQ (INTQ) have fallen sharply having closed last week at 218.25p. This has prompted a statement from the company including that “the board would like to advise the market that it is not aware of any undisclosed reason for this decline”. Hmmm…

Kenmare – Q3 Trading Update gives no cause for optimism

Published 518 days ago

Yesterday saw ISX and LSE listed Kenmare Resources (KMR) issue a trading update for Q3. Plenty of numbers, detail on improved production and shipped tonnage. But the elephant in the room is, as it always is with Kenmare, the state of its finances and that we got absolutely nothing at all. In other words the update was about as much use at the FCA is at preventing fraud on the London Markets.

Holders Technology – shares down 20%, “trading update” = you’ve guessed it…

Published 523 days ago

Having in July announced a reduced loss of £81k for the first half of its year and that “we anticipate continued progress towards our goal of achieving acceptable returns in the second half of the current year”, shares in Holders Technology (HDT) are 20% lower at 30p on the back of an, ahem, “trading update”

More on that Filthy Forty Origo loan of US$2.5m. Or CAD$2.5m. Can it ever get repaid?

Published 523 days ago

I’ve already covered the Filthy Forty AIM-China Origo Partners (OPP) RNS yesterday regarding the rolling over of a loan to Kincora Copper Ltd and whether it is US$ or CAD$. But there is more to this. For a start, Kincora announced to the market that it intended to settle the loan (and interest thereon) in shares! Except that it then retracted that statement. The question is why Origo did not convert the loan into shares, and why it went for the roll-over option instead. Is it anything to do with the likelihood of it ever getting repayment?

Auhua you kidding?

Published 524 days ago

AIM-China Filthy Forty member Auhua (ACE) issued a statement re share price movement yesterday afternoon. Come off it chaps, this just isn’t good enough. The statement reads:

Rurelec – woe upon woe as 54% shareholder goes into administration

Published 526 days ago

I have been bearish on AIM-listed Rurelec (RUR) all the way down from 3.75p in May. With the shares now down 79% since then, at 0.775p, I sense a notch on the bed-post at Deputy Sheriff of AIM Towers. Rurelec’s 54% controlling shareholder, Sterling Trust, has gone into administration and so we now have (to add to the balance sheet issues) a monster of a stock overhang. Also in the fray is the already suspended AIM-listed IPSA (IPSA), which sees a 30% stock overhang created.

Tribal Group – following previous updates, it’s quelle surprise… the news is dire!

Published 527 days ago

Having announced in May that “Keith Evans has informed the board of his intention to retire and step down from his role as Chief Executive” and that “our profits in 2015 are expected to be strongly weighted towards the second half of the year” and updated in August that this was partially the result of “changing software customer buying cycles and software implementation programme profiles, which we believe are likely to become a long-term feature in our markets”, it was guessable somewhat what a “trading statement” today from Tribal Group (TRB) has delivered…

Tom Winnifrith Bearcast 18 October - blame Ireland - sticking it to David Lenigas & Lenigas Cuba

Published 528 days ago

The rugby as left me in a bad mood and it is David Lenigas who take the consequent hit. I start with a reposte to a very silly smear posted on ShareProphets HERE. Then it is onto Lenigas Cuba (CUBA) which is listing on the mickey mouse ISDX market. that is not what was promised and it is raising less than was promised at 5p. Do you know what price Big Dave paid for 28% of the company? That's a scandal. the valuation is a joke and the shares are straight onto the bargepole list.

Fishing Republic – now the maggots really start to emerge

Published 528 days ago

I have already demonstrated how AIM listed Fishing Republic (FISH) has inflated reported profits by ignoring related party property costs HERE and how the valuation is a rum and coke HERE but now the real maggots are starting to emerge.  With thanks to reader David, I conclude that this company is a shocker and simply not investment grade material.

Fitbug Holdings – interims reviewed as shares continue to sink

Published 531 days ago

I first warned on Fitbug Holdings (FITB) with the shares at 6.22p just under a year ago HERE. A ramparoonie would take them all the way to 20p, but I now update following results for the first half of 2015 with the shares at 1.70p…

Mobile Streams – amendments to full-year results announcement, but still ridiculously spun

Published 532 days ago

From 4.75p before a 12th October results announcement, shares in Mobile Streams (MOS) closed at 17.375p yesterday. Today the company has announced a number of amendments to the 12th October “Audited Final Results” announcement…

Image Scan Holdings – “Pre Close Trading Update” = ‘Increased Loss Warning’

Published 533 days ago

Having frequently warned on the stock, most recently HERE, shares in Image Scan Holdings (IGE) are currently more than 15% lower today, at 1.375p, on the back of a ‘Pre Close Trading Update’…

Rurelec – boardroom departures. Rats, sinking ship, writing on the wall?

Published 533 days ago

This morning two boardroom departures have been announced at AIM-listed Rurelec (RUR). The chairman was announced to have gone first thing this morning, and now he has been followed by a NED who is departing as of the end of the month. Is this a sign of further woes to come?

Adgorithms – ‘material’ profit warning, shares down c.60% since June admission to AIM…

Published 537 days ago

11th June 2015: “First day of dealings on AIM following £27.0m placing… Market capitalisation at Placing Price of approximately £82.1m… Adgorithms (ADGO), a leading software company operating in the high growth online advertising market, is pleased to announce that admission and trading of its ordinary shares will commence at 8.00am today on AIM”9th October 2015: “Adgorithms expects its earnings for the full year to be materially below market expectations”. Welcome to another example of IPO life on AIM…

Motive Television - Come on guys, where’s even the ingenuity these days? It's laughable…

Published 559 days ago

Come on guys, where’s even the ingenuity these days? It's laughable. My thoughts respectively on the announcements from Motive Television (MTV) at 4:31pm yesterday and 10:11am today following my article on Monday HERE

Seaenergy – results: how much shareholder value has been pissed away? Sell.

Published 560 days ago

AIM-Listed Seaenergy (SEA) announced its interim results to 30 June yesterday morning. Having previously highlighted a few missed opportunities HERE (and that is being uber-polite) I see some pretty horrible numbers. I note that Tom Winnifrith called it a Bargepole stock in yesterday's Bearcast, but stopped short of calling it an outright sell. I hesitate to disagree. Er…..no I don’t. I say it is a sell, a bag of crisps job.  

Fitbug Holdings – update as boardroom change ahoy follows fundraising ahoy!

Published 565 days ago

Since I previously wrote on Fitbug Holdings (FITB) – ‘You were warned, and now it is fundraising ahoy!’ HERE, it has been boardroom change ahoy! …

Red Flags at Night – Univision Engineering Limited (awful) Final Results

Published 565 days ago

AIM-listed Univision Engineering Limited (UVEL) issued its full year results for the year to the end of Mar 2015 at no-one-is-watching o’clock, 5.33pm last night. That is enough of a Red Flag already, but given the recent focus of this website on AIM-China set-ups, I see that this company is registered in Hong Kong. Oh dear….

Daniel Stewart – Questions remain over accounts as subsidiary finally files FY14 numbers at Companies House

Published 575 days ago

Finally, dated 26 August 2015 – eight months late and four months after the parent, AIM-listed Daniel Stewart Securities plc (DAN) accounts were filed – we have the full year accounts for Daniel Stewart & Company plc to 31 March 2014. Two sets of numbers previously highlighted do not stack up. Perhaps there are more, but this will do for starters - along with an un-notified change of auditor.

Red Flags at Night: Goldenport Holdings Inc Interims and offer talks terminated

Published 578 days ago

A bank holiday weekend: what better time is there than 6.29pm on Friday night to slip out bad news?! And so we come to fully listed Goldenport Holdings Inc (GPRT) which did exactly that, in the form of its interims. But it was not just that this came at no-one-is-watching o’clock, there were a few other matters which anyone holding this stock might want to pay attention to – if they are not blinded by subterfuge.

ShareProphets Filthy Forty: Asia Ceramics and its bizarre lending arrangements with the boss

Published 580 days ago

ShareProphets AIM-China Filthy Forty member and Jersey-registered Asia Ceramics Holdings (ACHP) recently featured HERE in the wake of its after-hours (and Red Flag riddled) full year 2014 results. What emerged was a large market capitalisation relative to (almost) non-existent earnings. But there was also a long string of related party transactions, and a CEO who appeared to be running businesses in China doing the same thing as Asia Ceramics does…in China. But what catches the eye now is an RNS on Tuesday of this week which describes a very peculiar set of loan agreements between CEO Dr Pu and the company.

eServGlobal – recent developments enough to alter ‘bargepole’ stance?, Er…

Published 586 days ago

My bearish stance on shares in dual AIM and Aussie-listed software for mobile financial services company eServGlobal (ESG) has proven correct thus far – with the shares down from an initial 27p and then 21.5p to a current 14.75p. The following updates with earlier-this-year appointed Executive Chairman John Conoley talking of “more rapid deployment times resulting faster conversion of projects to cash and higher margin support revenue”

Red Flags at Night: China Chaintek – ShareProphets RNS Translation Service explains a trading Statement from a FRAUD

Published 595 days ago

Yesterday, bang on the button of market closing time, AIM-listed China Chaintek United Company Limited (CTEK) enhanced its credentials for member ship of the Norfolk province of AIM with a trading update. This was nothing to do with keeping investors updated as the numbers are sheer fiction. It was a panicked attempt to stem a share price collapse.

SELL!: WANdisco plc – what’s the exact nature of its HSBC credit facility?

Published 596 days ago

Steve Moore previously commented on AIM-listed WANdisco plc (WAND) HERE (‘after the 2015 Q2 sales update, it’s forecast reduction time yet again!’), including noting forecasts of net cash reducing to $6.2 million at the year-end and an $8.5 million net debt position at the end of next year, with there currently a $10 million revolving credit facility in place with HSBC to March 2017. If this balance sheet position was not too close for comfort already, we now have reason to question the exact nature of the HSBC facility…

The State knows how to pick winners - George Osborne and Monitise caption contest

Published 608 days ago

I have been a mega bear on Monitise (MONI) and with the shares now sub 5p feel rather vindicated. I still would not touch the shares with a baregepole.

Rob Terry Ramp Imaginatik – as predicted, fundraising ahoy!

Published 618 days ago

On results last week from Imaginatik plc (IMTK) I noted that the financial position in conjunction with the recent share price ramparoonie looked to mean conditions for another fundraising ahoy (see HERE). Today we have an announcement of a “Subscription and Director Dealings”

Rurelec – ANOTHER disastrous RNS! Can it get any worse?

Published 623 days ago

Yesterday morning, hot on the heels of a cataclysmic AGM (see HERE) which saw all resolutions (apart from the reappointment of the auditors) overwhelmingly defeated (with 90-odd % votes against), Rurelec (RUR) announced that a previously announced short-term loan of $12million has been suspended pending clarification with the lender on the security and repayment of the facility, if drawn. The company goes on to reassure that there are other alternative sources of finance on which a further announcement will be made in due course. In other words that deal is off.

Monitise plc – what is the impact of Visa Europe looking set to walk?

Published 628 days ago

Having this week announced that Visa Europe Ltd has notified that it will reduce its shareholding over time while continuing to work with the company throughout the duration of their current commercial agreement, though will only “assess on an ongoing basis opportunities to work together in future” (see HERE), what is the impact on forecasts for Monitise plc (MONI)?

Tom Winnifrith BearCast Special: fraudster Rob Terry and the Quob park NAV con

Published 630 days ago

Nigel Somerville penned an excellent piece yesterday on Quindell founder Rob Terry's new fraud Quob Park and its confetti issues as it claims to grow its NAV. In this podcast I explore that further and have a number of questions for the fraudster Terry about how he is managing this vehicle. Needless to say its shares should not be touched with a bargepole.

Red Flags at Night –Asia Ceramics Holdings plc

Published 637 days ago

Asia Ceramics Holdings plc (ACHP) – purveyor of ceramic tiles - popped up at 4.32pm on Monday night, conveniently just moments after the market close, with its FY14 results. Ho Ho Ho is not!

Exclusive: China AIM play Auhua share price 14p - WH Ireland trying to raise cash at 4p

Published 653 days ago

Chinese AIM play Auhua Clean Energy (ACE) shares now trade at 14p. The company promised in December that it would release its annual results for calendar 2014 in April. It is now June and still no results.

House of Britannia and Phil Tufnell's Brother - why not tell the whole truth?

Published 654 days ago

GXG listed joke company House of Britannia (HOBP) run by the liar Simon Petherick has today announced that Greg Tufnell - brother of cricketer Phil "the cat" Tufnell has joined its board but Petherick being Petherick the release is just downright misleading on so many counts. This truly is a bargepole stock.

Windar Photonics – a “trading update” extraordinary even by the standards of the bottom of AIM

Published 656 days ago

Having listed on AIM on 30th March this year, wind turbines technology company Windar Photonics (WPHO) announced results on 29th May including that “during the last financial year we have managed to meet our sales targets and are now well positioned in the current financial year, particularly in the Chinese market”. There is now however “a trading update based on the company’s performance during the first five months of 2015” which includes that “the directors anticipate that there will be a material revenue shortfall in this region (Asia) for 2015… this will have a consequentially material adverse effect on the group sales and losses for the current year ending 31 December 2015”. You what? …

A Detailed Look at Why Asian Citrus is Uninvestable

Published 660 days ago

I’ve been looking into Asian Citrus Holdings and it turns out that this company is exceptionally interesting and quite weird. Ultimately, I now believe that the company is uninvestable. In this post I will show you some things you may have overlooked and present a far more complex and confusing company than you may have expected (there is more to it than just oranges). There are a huge number of red flags here. Personally, I would not tip these shares at any price.

Tungsten Corp – another jumping from recent lows, but where concerns remain…

Published 673 days ago

Like those of fellow AIM-listed Plus500 Ltd, shares in Tungsten Corp (TUNG) are currently recovering from lows after a precipitous share price decline. However, again like with Plus500, doubts remain…

Plus500 - more omnishambles on the AIM Casino - a bargepole stock

Published 677 days ago

Having closed last week at 750p, shares in CFD trading provider, Plus500 (PLUS) were suspended earlier today at around 300p. They now trade again – currently at around 250p – with the company having issued a statement “to respond to recent speculation regarding the current status of Plus500UK's dialogue with the FCA”… 

Lombard Risk Management – full-year results & more boardroom chaos

Published 678 days ago

Two days after announcing the departure of John Wisbey as Chief Executive and a director “with immediate effect in order to pursue other opportunities”, Lombard Risk Management (LRM) has now announced his return as a non-executive director, though fellow non-exec John McCormick has now stated his intention to resign. The following updates with the company also having released results for its year ended 31st March 2015…

blur Group – the omnishambles continues

Published 684 days ago

Following another shambolic “trading update” from blur Group (BLUR) last month, the shambles has continued. You couldn’t make this stuff up…

Arria NLG – beware the ramparoonie!

Published 686 days ago

Arria NLG plc (NLG) has announced “a paid for Proof of Concept Pilot Agreement with the UK arm of a global financial services group” – and the shares have currently responded by falling a further 1p to 6p. The following explains why…

Image Scan Holdings – cash burn continues, ‘jam tomorrow’ now needing to be delivered today?

Published 716 days ago

Shares in Image Scan Holdings (IGE) currently trade more than 20% lower today, at 1.875p, on the back of an announcement which includes that for the six months ended 31st March “a pre-tax trading loss of around £380k is expected” and that “order intake so far this year has been slow”. Having previously warned HERE and HERE, the following updates…

blur Group – another shambolic “trading update”, any ‘distance left to run’?

Published 719 days ago

Shares in blur Group (BLUR) currently trade a further more than 30% lower today, at around 55p, on the back of more financial reporting woes. The following updates, though don’t say I didn’t warn you – see, for example, HEREHEREHERE and HERE

The Ukrproduct debacle – another damning indictment of ZAI Corporate Finance – when will it be shut down?

Published 726 days ago

The latest AIM casino debacle to show London’s worst Nomad ZAI Corporate Finance as not fit for purpose concerns casino listed Ukrainian dairy products group Ukrproduct (UKR) and it is a true shocker.

Digital Globe Services – it says "continuing success" as shares crash, I say bargepole

Published 740 days ago

Having joined AIM at 159p a share just over two years ago and closed yesterday at 130.5p (capitalising it at more than £39 million), shares in Digital Globe Services (DGS) have currently more than halved today on the back of results for the six months ended 31st December 2014. The following reviews…

Synety Group – shares slump and still pro tem a bargepole stock

Published 742 days ago

Shares in Synety Group (SNTY), which has developed software enabling integration of telephony systems with existing software, currently trade more than 30% lower today, at 92.5p, following the company announcing results for 2014 and a massively discounted fundraising. With it though insisting that it “is encouraged by current trading” and “optimistic” about longer-term growth prospects, the following reviews…

Glen Parsons of Mariana Resources – you are a prize shit & your company stinks

Published 765 days ago

Mariana Resources (MARL) has today announced that it has raised £1.8 million at 1.6p. Its CEO Glenn Parsons is a prize shit and this company now goes on the ShareProphets bargepole list – this is war. Let me explain why the Sheriff of AIM is now on the warpath.

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