Results

Advanced Oncotherapy – another Bracknor Conversion, but look at the terms: how’s the Going Concern statement coming along?

Published 11 days ago

Well, well. How do you issue shares at a discount to par? Simple: pay a whopping fee to the subscriber. AIM-listed Advanced Oncotherapy (AVO) has announced another loan note conversion under its death-spiral funding package with Bracknor and a new fee seems to have appeared which might just derail discussions between the company and its auditor as they work on the going concern statement for the forthcoming FY16 results due out by the end of next month. Oh dear, oh dear.

Inspirit Energy – half-year results claim “adequate resources”. Really?...

Published 49 days ago

Having featured in the ‘New Year bury bad news stakes’ and with questions having been raised about CFO Nilesh Jagatia, I note shares in Inspirit Energy (INSP) remain in the doldrums following half-year results announced on 31st March. I also note the announcement was made at 9.49am. An attempt to miss the usual 7am RNS scrutiny?...

Xtract Resources: More dilution – it’s a damn addiction!

Published 52 days ago

Just catching up with an after-hours RNS from Xtract Resources (XTR) on Wednesday and although I was hoping for an update on how it is going to finance Manica, it was in fact just more dilution taking the total number of shares to over 34 billion…..with more to come...

CyanConnode – ANOTHER funding!, just how frequently does it require support on ‘journey to commercialisation’?

Published 73 days ago

CyanConnode (CYAN) is “pleased to announce” a successful equity raise of 1,906,912,392 new shares at 0.17p each. Hang on, haven’t I already heard similar since previously reviewing in August?...

Flowtech Fluidpower – review as argues “successful fundraise of £10 million”

Published 80 days ago

Writing in January on fluid power products supplier Flowtech (FLO) with the shares just below 130p, I noted that there looked potentially interesting value, but also “c.£13 million” of net debt and a downward forecast trend which deterred. The company has now announced a “successful fundraise of £10 million at 120p per share”

United Cacao….and now for the calamitous shareholder shafting

Published 97 days ago

Former AIM Casino disaster story United Cacao (CHOC) has updated the market this morning with regard to proposed changes to the terms of its bonds. If you are a shareholder and didn’t take Tom Winnifrith’s advice to get out, I suggest you look away now for as he predicted HERE it is indeed to be a near wipe-out even if the company survives.

DiamondCorp – light at the end of a very long, dark tunnel?

Published 127 days ago

It looked for all the world as though it was curtains for AIM-and JSE AltX- listed DiamondCorp (DCP), but an announcement on Friday sees the company having managed somehow to get a placing away to raise £1 million. Amazingly, with the shares suspended at about 2p pending clarification of financial position in November last year, the placing appears to have been concluded at 4p per share but the issue of warrants on a 1:1 basis, exercisable at just 1p rather takes the shine off that. Even so, the package looks set to raise (assuming full warrant conversion) much-needed cash at an average of 2.5p a share – a premium to the suspension price.

Xtract Resources – Massive dilution ahead….but will it actually help?

Published 164 days ago

Earlier this week, Xtract Resources (XTR) announced an upcoming EGM to authorise the issuance of a further 9 billion shares, a mere 50% of the current share capital! Sounds like a lot but one needs to have a look again at the last heavily dilutive funding round in November to ascertain whether this is actually going to help.

VAST after-hours comedy warrants ShareProphets RNS Translation Service

Published 190 days ago

At 6.15pm on Friday – truly no-one-is-watching o’clock – AIM-listed Vast Resources (VAST) released an RNS detailing the exercise of warrants and consequent issue of equity. It is comedy central. Perhaps readers can explain the 10% commission part…..

Tern – yet more confetti, this time at just 7p – 36% discount

Published 234 days ago

Anyone who was buying shares over the last few days in AIM-listed jam-tomorrow investment company Tern plc (TERN) has just been spanked in pretty spectacular style this morning. With the shares having traded as high as 14p just last week, this morning saw a placing to raise £2.55 million (gross) at a whopping 36% discount to yesterday’s closing bid price – and a 50% discount to the peak of last week. Tern seems to be in a bit of a downward spiral with regard to its confetti issues – the previous two placings were at 8p and then 12p. 

Science in Sport: Cashed up and ready to go

Published 249 days ago

I tipped Science in Sport (SIS) last month following the announcement of an exciting tie-up with Liverpool FC. This morning sees the release of the company’s interim results, confirming excellent progress made and with good omens for future profitability.

Filthy Forty MoneySwap – share price falls below proposed bailout

Published 250 days ago

I wondered HERE whether the proposed rescue refinancing of stricken ShareProphets AIM-China Filthy Forty play MoneySwap (SWAP) could get into a spot of bother as the shares were sliding. Now they have slipped below the mooted bail-out price of 0.2c per share.

Fastjet interim results provide little evidence that the dilution death spiral is over

Published 251 days ago

Fastjet’s (FJET) interims for the first half of 2016, released this morning, are another set of results from the company which are about as bad as they could conceivably have been.

Is the appointment of a new broker a sign of more dilution to come at Alexander Mining?

Published 269 days ago

When it comes to small AIM companies the appointment of a new broker can often be an indication that dilution is on the way, and I have to wonder if that is the case with Alexander Mining (AXM).

Fastjet - Private investors refuse to take part in overpriced offer, trading likely remains grim

Published 294 days ago

Fastjet has this afternoon announced the result of its general meeting and capital raising. Not surprisingly, given the support of the institutions involved, all resolutions were passed.

Filthy 40 MoneySwap – heads you lose, tails er….

Published 302 days ago

ShareProphets AIM-China Filthy Forty play MoneySwap (SWAP) has made no secret lately of its dire financial predicament. The investment case appears to be that it either gets a refinancing (with a new board) and survives – but with the new money coming in at a significant discount, or it does not in which case it is bust.

Ferrum Crescent continues to dilute investors at an alarming rate - avoid!

Published 307 days ago

There would appear to be an increasingly common correlation between CEOs who freely indulge in podcasts, interviews and courting private investors, and those same PIs getting screwed a short while later!

Xtract Resources– Wow, could Jan have written a worse RNS??

Published 313 days ago

Just when the long-suffering shareholders of Xtract Resources (XTR) thought things couldn’t get any worse, they’ve been absolutely stunned by this morning’s RNS. Well, they say it’s good to get all the bad news out at once, right? Let’s take a look at it in detail.

An unfortunate hiccup at Metals Exploration

Published 317 days ago

You can never discount the possibility of a slip twixt cup and lip when dealing with bankers, particularly in these troubled times. Hence the extraordinary announcement from Metals Exploration (MTL) about an emergency requirement for cash just 48 hours after reporting progress at the mine head in bringing gold on stream.

Cyan Holdings - Share issuance for salaries and bonuses an ominous sign

Published 318 days ago

Cyan Holdings (CYAN) has issued an unusual RNS this morning, outlining the shares received by directors and some other employees in lieu of salary and bonuses. As this type of situation is not sustainable in the long-term, one can only conclude that the company’s financial position puts it at high risk.

ValiRx – EGM today as turkeys are given a second chance to vote for Christmas

Published 321 days ago

AIM-listed cancer-buster ValiRx (VAL) has its EGM today at 11.30am at the offices of DAC Beachcroft LLP, 100 Fetter Lane, London EC4AS 1BN. After shareholders voted to reject a resolution to disapply pre-emption rights at the AGM a couple of weeks back, the company has called a new gathering at which shareholders are being asked to vote on it again with management hoping that this time the shareholders get the answer right. Heck, it works for the EU, so why not here? Update - motion passed, shares down.

Frontera Resources shareholders will be diluted into oblivion!

Published 321 days ago

In a market filled with companies that have wasted a small fortune and haven’t got a lot to show for it, Frontera Resources still manages to stand out from the rest as having taken both to a new level!

Churchill China - The shares are warm, but this could be a great buy at the right price

Published 325 days ago

I’ve said before that there are plenty of good statistical and theoretical reasons to buy into old companies. Churchill China (CHH) may be a record-breaker for longevity: it traces its origins back to 1795, as it proudly includes in its URL, churchill1795.com. But investors are kept well up-to-date, and today receive a trading update for the six months to the end of June.

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

Published 325 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...

Alexander Mining has more dilution to come

Published 330 days ago

Alexander Mining (AXM) seems to be popular amongst PIs at the moment, but I wonder how much of that actually relates to the performance of the company rather than being linked to the recent placing and warrants!

Filthy 40 MoneySwap refinancing proposals as equity faces big dilution

Published 330 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.

Fastjet - Bailout Fundraising underway, now reliant on new investors

Published 335 days ago

Fastjet (FJET) has its AGM and general meeting later this morning, at which the EasyGroup special resolution to oust the Chairman will be put to shareholders. Ahead of that, we have a trading update which confirms the bearish stance held on this website for the past several months.

SEC - Italian PR comes to AIM

Published 343 days ago

This morning sees one of the more curious notices of intention to float on AIM. SEC SpA, “the largest independent advocacy, public relations and integrated communications agency in the Italian market”, is seeking to raise €4-6 million.

Vast Resources – a litany of excuses and extraordinary dilution ahead – the perfect RNS

Published 346 days ago

I first commented on the shocking funding deal between Vast Resources (VAST) and Crede HERE in March with the share price around 0.3p and although Vast managed to get out of the second tranche of funding (and got into bed with Darwin instead), yesterday’s RNS gave a disastrous update on all funding and operational matters – what a doozy!

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

Published 347 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…

The biggest Lenigas blizzard of confetti ever - have you read the LGO EGM notes?

Published 409 days ago

It rather seems to have passed folks by but having failed to raise £6 million in a placing he masterminded a month ago (as leaked emails show HERE), Jabba The Hutt is still determined to see dilution on an unprecedented scale - even by his standards - at LGO Energy (LGO). There is an EGM on Monday 18 April.

ValiRx – have we been told the truth, the whole truth?

Published 422 days ago

On 21 March this year, AIM-listed ValiRx (VAL) announced a convertible loan facility with Bracknor Fund Ltd. It was announced that the company could draw down up to £4 million in tranches of £500,000. But it seems that some of the information given was either wrong or just missing, not to mention a small problem of share issuance authorities which look to be insufficient to seal the deal. Having had no reply to two emails sent to the company, I am assuming that the conclusions I have come to are correct. It is not pretty.

SeaEnergy ‘fesses up to self-inflicted dire financial position. Blow me down with a feather….

Published 451 days ago

I’ve been classing AIM-listed SeaEnergy (SEA) as an outright sell since last September (see HERE) at 5.5p bid, but was bearish as long ago as last June at over 12p (see HERE). This has been an accident waiting to happen for months and this morning came the grim news.

LiteBulb Group – shares suspended; it’s obliteration rather than mega-dilution ahoy

Published 452 days ago

You were warned – and following firstly a BearCast by Tom Winnifrith last year and, as recently as yesterday, a warning from myself HERE, hopefully no readers have been caught out by the announcement now from, and suspension from trading of shares in, LiteBulb Group (LBB)…

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

Published 453 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? …

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

Published 506 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.

Landsdowne Oil & Gas; despite its best efforts, more dilution seems inevitable

Published 613 days ago

This morning Lansdowne Oil & Gas (LOGP) was “pleased to announce its interim results”. Looking through the numbers and it is unclear quite what the company is pleased about. With its balance sheet in poor health and cash position a little on the precarious side, Lansdowne looks like it is going to need to raise money and soon. Not that the market seems to care, however. Lansdowne shares were up 6.25%, last seen, to 2.13p. So what might be behind this seemingly misplaced optimism?

Is Afren trying to dupe its shareholders?

Published 704 days ago

There is just so much to say about the restructuring it is hard to know where to start. A good place would be Waseem Shakoor’s piece HERE, but there are concerns that Afren is being, shall we say, less than helpful to its beleaguered shareholders as they decide upon whether to take part in the open Offer as part of the proposed restructuring.  Let us take a look at a few statements in the RNS and Prospectus from last Friday.

Afren Defaults, Directors Now Working For Creditors

Published 817 days ago

Afren (AFR) has defaulted as expected, and huge dilution is on its way for shareholders. I'm sorry for all genuine, non-abusive shareholders who are going to lose money in the company . I've been there, and anyone who has been in the market for a long time and claims differently is a liar. The Board of Directors are now duty bound to seek maximum recovery values for its creditors. Bonds currently trade at about 45c. 

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