Tom Winnifrith Bearcast: 10 crimes folks are getting away with in a top of the market blow-out but they will face a massive backlash
Video Special with the PR genius Steffi & the Sith Lord Zak Mir - undeclared Commercial Interests Special
Published 13 days ago
Having previously concluded with shares in Rex Bionics (RXB) at circa 70p HERE, 43.5p HERE and 32.5p HERE, that, although a type of business you want to succeed, some way from being able to prove its commerciality and cash burn concerns until it gets there, the shares don’t look to appeal as an investment, I note they currently at 13p and an update including that “the company estimates that it will likely need external funding by the end of April 2017 in order to remain as a going concern”. Uh oh…
Published 25 days ago
There was no great surprise from AIM-listed Servision (SEV) in relation to the arrival of the first lump of cash from (nothing to do with Bill Gates) Cascade as announced this morning. But there were a few interesting clarifications in relation to the personal guarantee of Servision head honcho Mr Gidon Tahan which are worthy of comment. As for the subscription at a (still) incredible premium, it still all looks too good to be true.
Published 47 days ago
Yesterday, the lying fraudsters at African Potash (AFPO) announced that the now NEX Markets listed company had managed to raise £125,000 gross - this is an admission that it is bust. I refer you back to the annual report that it snuck out at no-one is watching O'clock around Christmas. As a bonus the RNS of yesterday afternoon contained one slam dunk lie from CEO lyin' Chris Cleverley and his pal the senior NED Lord Peter Hain of sleaze. But I guess no-one cares any more. Lets revert to the notes to the last audited accounts which came out at Christmas. RSM Tenon states:
Published 55 days ago
A profit warning out yesterday afternoon had Tom Winnifrith in yesterday’s Bearcast saying that his cat, Oakley, was seeing through the recent histoire of ShareProphets AIM-China Filthy Forty Taihua play (TAIH) and coming to awkward conclusions. Is Oakley a genius, I wonder?
Published 69 days ago
Formerly AIM-listed Teathers Financial (TEA) has released numbers for the year to 31 October 2016. They are truly shocking. In its year to October 2015 the group balance sheet sported a net assets value of about £800,000 having raised just over £1 million in the year. That is pretty bad. But as at 31 October 2016 (having raised no further cash) net assets came in at about just under £70,000 with just £658 in the bank. Where did it all go?
Published 70 days ago
A couple of interesting filings on Companies House leave me wondering whether former AIM-cesspit posterboy Daniel Stewart Securities plc (DAN) is being prepared for a quiet execution. It was clear from the (stunningly) late-filed 2015 Accounts that is was in serious trouble, and last year a debenture over the parent seemed to have morphed into a debenture over its subsidiary, Daniel Stewart & Co plc. Now the previously wholly-owned subsidiary, which contains the trading business, seems to have been raising money on its own account.
Published 79 days ago
Oh joy upon joy, the accounts of ex-AIM Cesspit posterboy Daniel Stewart Securities plc and its subsidiary Daniel Stewart & Co plc have been published. As plcs they should have filed accounts to Companies House for the year to 31 March 2015 by the end of September that year, so the date stamp of Companies House of 22 December 2016 means that they were filed almost a year and three months late. But what joys there are to be had!
Published 85 days ago
The prize for the first promise to be broken in 2017 has already been won. That really does take devotion to duty and so one simply has to step back and admire the pure dedication involved. Step forward AIM-listed (pro tem) and ISDX lobster-potted African Potash (AFPO), which promised to have its 2016 Annual Report available on its company website by 31 Dec 2016.
Published 93 days ago
Friday 23rd December, “Final Results & Notice of AGM”. Uh-oh, what has this worryingly-timed announcement from Guscio (GUSC) got in store? ...
Published 97 days ago
5th December 2013: “Arria (NLG) is joining AIM (at 100p per share) in order to raise the company's profile and support the development of the Arria NLG brand internationally, give access to equity capital as needed, facilitate the recruitment of high calibre employees and provide liquidity in the company's shares”. 19th December 2016: “Proposed cancellation of trading on AIM” (with the shares at 13.25p)…
Published 104 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.
Published 120 days ago
ShareProphets AIM-China Filthy Forty play Taihua (TAIH) has been promising a share buy-back since the launch of an Open Offer back in August which was apparently being conducted to pay for it. The last update from the company - on 30 September (interims, released on deadline day) - told shareholders that the company expected to announce the mechanics of this Godot-esque buy-back “shortly”. That was more than eight weeks ago. We are now heading towards the very end of November. While we are at it, what has happened to the company website?
Published 136 days ago
Talk about a good day to bury bad news: every media commentator is trying to come to terms with the election of Donald Trump (with the notable exception of our own Tom Winnifrith, who is off to get his new Poll Sheriff’s badge) and so at 3.41pm yesterday AIM-listed Milestone Group (MSG) slipped out a “miscellaneous” RNS. It may have won two big contracts recently but in terms of this RNS, there was nothing miscellaneous about it: this company is in serious trouble.
Published 144 days ago
I rather like the ADVFN service, and having met its CEO briefly a few times I rather liked him too. And as a house matter, there was much to commend about the staunch resistance to pressure being applied on ADVFN to put clear water between it and ShareProphets was over the way in which, for example, the Quindell fraud was being systematically unpicked in these parts. That was not just an issue of free speech, it was a matter of exposing bad people and trying to save the shirts of our readers. So I have an awful lot of time for Clem Chambers, the CEO of ADVFN.
Published 147 days ago
I first commented on SyQic (SYQ) back in June (HERE) following a strange trading update and the emergence of a takeover bid from the CEO. It subsequently went into suspension having failed to get its results out and, following yet another extension to the takeover process on Friday, it warrants further comment.
Published 150 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.
Published 161 days ago
Yesterday saw a shocking litany of scandal regarding Iraeli tech play TrendIT (TRIT) of the LSE’s Standard List on the main market. We saw how it managed to gain admission claiming to be raising £4m which didn’t arrive, how its accounts suggest that it was not solvent either before or after the IPO, lost its Broker (Peterhouse) which is yet to be replaced, confusion over which firm was acting for it in its IPO and admission placing, a boardroom merry-go-round, a going concern warning from its auditor and suspension from trading “pending an announcement” we’ve all been awaiting for almost three months – and it only listed in January! Today we bring you, courtesy of the Global Shorting Conspiracy, a translation of an article published by Israeli newspaper Calcalist.
Published 162 days ago
If you thought that AIM was badly regulated then the Standard List seems to be making great strides to demonstrate how much worse it could all get. We already have Cynical Bear’s Sub-Standard Shockers XI but in the form of Trendit (TRIT) an extraordinary set of events suggests a real scandal is brewing. Will anyone step up to the plate and take action?
Published 189 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.
Published 206 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.
Published 214 days ago
Well this is a most bizarre situation. ShareProphets AIM-China Filthy Forty play Taihua (TAIH) has announced an underwritten one-for-three Open Offer at a 134% premium so that it can fund a share buy-back (and keep back a few quid for working capital). Has the company been taking too many doses of its own medicine?
Published 222 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?
Published 223 days ago
Following on from the release of its FY15 numbers two days ahead of the reporting deadline, AIM-listed e-commerce technology operator Cloudbuy has put out its interims to June in rather more expeditious fashion. Having previously noted the jam-tomorrow qualities to be had, is there any sign of the lorry-load of conserve on the horizon?
Published 227 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…
Published 242 days ago
Leading the losers board today currently is ShareProphets AIM-China Filthy Forty play China Africa Resources (CAF) with (last seen) a stonking drop of 36%. There is no news today, but yesterday’s interims, released at lunchtime, might provide the clue: it’s not pretty – the company needs to raise cash.
Published 243 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….
Published 244 days ago
Serial AIM dog PhotonStar (PSL) has announced the issue of 230,857 shares at a price of 2.625p to former NED Mr Philip Marshall in settlement of outstanding remuneration, worth a total of £6,060. That the company didn’t just pony up the relatively small amount in cash raises the question as to why.
Published 254 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.
Published 255 days ago
The clock is ticking for ShareProphets AIM-China Filthy Forty play LED International Holdings (LED). Actually, the clock ran down to zero last month but still AIM Rule 41 has not been invoked. AIM Regulation is well aware of the situation and has elected to do nothing: the chocolate teapots appear to be happy to flout their own rulebook in blatant fashion.
Published 268 days ago
ShareProphets AIM-China Filthy Forty play Taihua (TAIH) released its FY15 numbers on Thursday – deadline day to avoid suspension under AIM Rules. But they were released after-hours at 4.52pm: talk about last-minute. The numbers are a horror, but then so is the Auditor’s Qualified opinion, and the material uncertainty warning in the Going Concern Statement.
Published 274 days ago
AIM dog with fleas Servision (SEV) waits until the wire to report its calendar results, ie until June 30. That is partly because it is a shoddily run company and partly because it always need a placing to get its accounts signed off without a horrible emphasis of matter statement. No new cash = not a going concern. But this year it looks rather different and the wire day is Thursday. This looks grim.
Published 277 days ago
ShareProphets AIM-China Filthy Forty play LED Holdings (LED) has finally got around to releasing its full year results to June of last year. They are audited numbers, but the Red Flags in the audit report are so shocking that surely the Nomad to this company, Allenby, has to resign on the spot. Is it really good enough for an AIM-listed company to produce numbers against which the auditor issues a disclaimer of opinion?
Published 299 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….
Published 305 days ago
This morning AIM-listed and over-indebted Igas Energy (IGAS) released a trading update ahead of its AGM to be held this morning. The elephant in the room is, of course, its outstanding debt in the form of bonds - £103 million worth as at the last accounts – which mature in March 2018, less than two years away.
Published 320 days ago
Yesterday we had a funding update from cash-strapped ShareProphets AIM-China Filthy Forty play MoneySwap (SWAP). It seems that there are negotiations going on, with hopes that a funding deal worth $4.5 million (call that £3.125 million) can be closed. Meanwhile we are told that some keep-the-lights-on short term funding has been arranged.
Published 321 days ago
HaloSource, Inc. (HAL) has announced “a conditional asset sale agreement to sell its Recreational Water business… for an initial cash consideration of up to $7.5 million and further deferred cash consideration of up to $0.5 million”. The announcement though later states “an initial cash payment of $4.0 million”. Hmmm, what’s going on?
Published 325 days ago
AIM-listed Proxama (PROX) yesterday released an RNS Reach which described the launch of advertising campaigns on London buses. It all sounds terribly high-tech and exciting: it involves 500 buses using the company’s beacon technology and there is plenty of stuff about high click-through rates, a potential market of 2.3 billion passenger journeys a year to go for and how consumer targeting will mean adverts of quality and relevance. But…..
Published 331 days ago
It’s always interesting digging in to the Final Results and the Annual Report in detail to see what is hiding in the back of both and what is omitted from the results altogether. No surprises that Challenger Acquisitions (CHAL) hide the “good” bits away, namely the auditor’s concerns and the trough snuffling.
Published 357 days ago
Yesterday I had a few comments to offer with regard to AIM-listed ValiRx (VAL) and its £4 million (or is it £8.6 million, or is it £8.6 million plus proceeds from exercise of 5 million warrants at 9p?) CUL deal with Bracknor. My fear is that details of that deal offered up in the RNS of 21 March 2015 look (from Friday’s RNS) to have been incredibly lacking. But wandering over to the Companies House website leaves me wondering if the company can’t get simple Companies House filings right, what hope is there for the mechanics of a complex CUL deal to be fully understood and conveyed to shareholders?
Published 367 days ago
LeniGas Cuba (CUBA) fans will remember that they purchased a 15.8% interest in MEO Australia on 29 February as described below in its announcement. They will remember how Jabba The Hutt ramped this news via twitter to the morons who follow him and trust him with their hard earned cash. Hmmmmm.
Published 367 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…
Published 392 days ago
ShareProphets AIM-China Filthy Forty company Asian Citrus Holdings (ACHL) released its interims to Dec 2015 on Friday. They made grim reading as the effects of Huanglongbing disease, bad weather as well as frogs, locusts, Martians and any other plagues one might care to think of all took their toll. This must be the unluckiest company in orange growing history.
Published 433 days ago
I was overly rude about AIM-China play Univision Engineering (UVEL) the last time I wrote about it. With the Filthy Forty it has tended to prove a prudent policy of being uber-sceptical. I pointed to a big slide in earnings which was in fact due to the previous year seeing a large debt being forgiven. The shares are up on the 0.65p at the time, closing last week at 0.8p (mid) on the back of an 18.5% gain on Friday, triggered by news on Thursday (after-hours, natch) that the Chairman is selling 41.5% of the company for a total of about £3.69 million from his interests which previously totalled 72.9%.
Published 447 days ago
The ex-Lenigas stock that is AIM-listed Inspirit Energy (INSP) issued its full year results to 20 June 2015 on the day of its reporting deadline of New Year's Eve. Just the timing of the RNS during no-one-is-watching o'clock week is a Red Flag in itself. But quite how it has taken six months to collate its numbers when there are no sales is a mystery to me - that is another Red Flag, but there are plenty more. For a start, there is a change of auditor but a glaring error and a few other matters leave me reaching for the bargepole even before looking at the balance sheet.
Published 450 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.
Published 464 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.
Published 497 days ago
ShareProphets AIM-China Filthy Forty member MoneySwap (SWAP) has announced some boardroom musical chairs. In comes Ms. Yu Shu Fen as an executive director looking after business development. The (now ex-) CEO, Mr Richard Proksa has been replaced by the Chairman, Mr Kung Min Lin who appears to be doubling up as both Chairman and CEO - a busy chap, as he is also non-exec chairman at AIM-listed PCG Entertainment (PCGE). Mr Proksa will, however, continue as a director. But what about the (lack of) cash position?
Published 511 days ago
It is now a full calendar month since shares in AIM-Cesspit poster-boy Daniel Stewart (DAN) were suspended for the second year running for failing to publish its accounts on time. The suspension statement on 1 October said that the company expected to announce news of a fund-raising "shortly". Roll forward to 23 October and the company was now making progress, and expected to announce funding plans, ahem, "shortly". Mr Godot will definitely be here tomorrow. Or "shortly".
Published 681 days ago
When a company issues bad news after hours the reason is so as to try to slip it out with nobody noticing (futile these days, it simply draws attention and gives sad individuals like me an excuse to start digging – see yesterday’s piece on Rurelec HERE). Secondly, it is just a damned insult to the shareholders who the company management supposedly work for. Yesterday, after hours – at almost 6pm on a Friday when everyone really has gone home for the weekend, out came not one but two bad news announcements.
Published 851 days ago
It seems perfectly possible that by the time Quindell (QPP) gets to having its books audited in February/March it will have run out of cash (see mounting evidence of that from D&B and elsewhere in today’s Bearcast HERE) but let’s assume, generously, that it is solvent then – what happens next?
Published 1043 days ago
The last reported results from Independent Resources (IRG) were dire and the company admitted that it needed funding within twelve months to be viewed as a going concern. I should cocoa – the maths are dire.
Published 1433 days ago
AIM and TSX listed Galantas Gold (GAL) is, I am afraid to say, investment toast. At 1.375p it is capitalised at £3.54 million but calendar 2012 results out today make it clear as clear can be that a target price of 0.01p is generous.