Tom Winnifrith: The Top short sellers, bears and fraudbusters all together on April 1 - don't miss out
Published 32 days ago
Given that Device Authority Limited represents almost 100% of Tern’s (TERN) investment portfolio and thus is very material to investment performance and its share price why is there so little financial disclosure about the performance of Device Authority in accounts of Tern Plc? In terms of potential excuses that Tern might offer;
Published 45 days ago
A “Trading Update” announcement from Entu (ENTU) opens with that adjusted EBITDA “is expected to be within the range previously announced” and that exceptional costs relating to planned cost-saving processes are also expected to be “in line with management's previous expectations”. So why are the shares currently approaching 9% lower, towards 23p?...
Published 48 days ago
Having dished up a ghastly profit warning on the last trading day before Christmas, China company and NEX- (the lobster-pot formerly known as ISDX) listed Miloc Group (ML.P) has announced the termination of the appointment of its Corporate Adviser, Grant Thornton, with effect from 6 March 2017. We’ve covered this one before (see HERE if you fancy a good giggle) as its FY15 accounts were pure comedy and the history of its listing on London’s sub-junior market has been a festival of Red Flags for this purveyor of Traditional Chinese Medicines. Sadly, it looks as though the joke may soon be over.
Published 64 days ago
Having inherited a train wreck from Peter Earl and his former colleagues in the AIM-listed Rurelec (RUR) boardroom, the current directors of the company have been living something of a hand-to-mouth existence surviving on scraps of short term finance while they try to rescue what has long appeared to be a basket case. But not satisfied with his fine work at the company (before departing in 2015), it seems Mr Earl has one last hurrah for his former shareholders. This morning the company announced receipt of Statutory Demands from AIM-executed IPSA (IPSA) and from Independent Power Corporation plc. Uh-oh.
Published 72 days ago
With shares in the AIM listed fraud Cloudtag (CTAG) having slumped from a peak of 25p to c7p there are already many investors who have lost money. Over the next few months as the share price dwindles towards zero there will be legions more. But help may be at hand from Grant Thornton's fraud insolvency and recovery team.
Published 147 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 188 days ago
Yesterday morning the Peter Earl trainwreck IPSA (IPSA) was booted off the AIM Casino having served its maximum time suspended pending financial clarification. In fact it had been suspended since September last year, once again making a mockery of AIM Rule 41. It has repeatedly warned shareholders that it could face a one-way trip to the corporate knackers’ yard and now, with no listing, one wonders whether administration now beckons – and whether this could be the beginning of the final chapter for fellow cash-strapped (and ex- of Peter Earl) Rurelec (RUR), itself recently restored to trading on AIM, for at the last count Rurelec owed IPSA £1.8 million.
Published 243 days ago
One swallow does not a summer make, according to Aristotle. I guess he would baulk at two as well but it does seem that a few swallows are getting the idea. I refer, of course, to the growing number of AIM companies facing shareholder activism. It is a good thing.
Published 282 days ago
Thor Mining (THR) has just issued a release saying that its CEO has recorded an interview with Zak Mir for the lamentable t1psTV. Jesus wept: like it thinks we care? But there is something that CEO Mick Billing is not telling anyone tempted to buy into this rampfest.
Published 297 days ago
Shares in Teathers Financial (TEA) were set to be booted off the AIM Casino as of Monday for failing to implement its investment policy. The crowd thought it was all over...it is now! With a spectacular hat-trick of own goals Jason "Geoff Hurst in reverse" Drummond has handed victory to his, many, critics.
Published 307 days ago
A couple of months on since our last update and more ShareProphets China AIM 'Filthy Forty' companies have followed Geong International and co in 'Geong, Geong' and then gone...
Published 329 days ago
Tomorrow at UK Investor Show the Teathers shareholder action group will be manning a stand all day wanting to make contact with anyone owning any shares in Teathers Financial (TEA). Make sure you go and make contact as this company's board must be sacked NOW after another disgraceful RNS.
Published 364 days ago
Another month, more ShareProphets China AIM 'Filthy Forty' companies set to follow Geong International and co in 'Geong, Geong' and then gone...
Published 388 days ago
The following updates our China AIM 'Filthy Forty' table as at the end of February. Despite the utterings of the London Stock Exchange and George Osborne, more of the companies Geong, Geong, Gone? You bet…
Published 392 days ago
Shares in ShareProphets AIM-China Filthy Forty stock Auhua "Clean is my middle name" Energy (ACE) are down another 28% this morning after the company confirmed that it has not yet been able to sign up a new Nomad to replace Grant Thornton which steps down with effect from Monday morning. As such Auhua will become the twenty-first company of our Filthy Forty to have left the Casino or be suspended.
Published 392 days ago
Oh dear it looks as if another China fraud is set to be marched off to the AIM casino death row this weeked ahead of a formal execution in one month. Auhua Clean Energy (ACE) has until Sunday night to find a new Nomad following the resignation of Grant Thornton a month ago. And quelle surprise....
Published 401 days ago
Time is running out for ShareProphets AIM-China Filthy Forty poster-boy Auhua Clean Energy (ACE) to find a new Nomad. It was announced on 29 Jan 2016 that the current incumbent, Grant Thornton, had given notice that it was to quit the post with effect from 29 Feb 2016 (a week on Monday). Barring a miracle (and we know that AIM Regulation has been keen to discourage Nomads from taking on China plays where the previous Nomad has resigned) then shareholders have until Friday of next week to get out or face being lobster-potted.
Published 417 days ago
On Friday, China fraud Auhua (ACE) announced that its nomad, Grant Thornton, was quitting as at 29 February but it said it was talking to other Nomads. Perhaps anyone happy to represent a China fraud might start its due diligence by asking where Auhua's Chinese website had gone?
Published 419 days ago
Eighteen Filthy Forty members have already gone and they are still queuing up. Jiasen (JSI) took the heat earlier in the week (and there is more to come on that one) and we already have LED Holdings suspended for failing to release its accounts. Then there is Asian Citrus (ACHL) which looks set to run out of cash – or orange trees – before long. But at the back end of the week came a late surge from Auhua (ACE) to claim pole position for the next expulsion of a China fraud from the AIM Casino.
Published 419 days ago
We have warned you often enough that China AIM Norfolk Auhua Clean Energy (ACE) was just not fit for purpose and today its Nomad Grant Thornton has give it one month's notice that it will quit... Auhua says it is talking to another Nomad, yeah right...
Published 502 days ago
EDIT: table reformatted so you can see it all now. Prepare for instant nausea. I've been taking a look at some of the winners from the Globo scandal - those who made money while the shareholders were scammed. Of course, Globo was a fine example of the best corporate governance to be found on AIM. That is what all those exec and non-exec directors (including two chairmen) as well as two principal audit firms were being paid for. Let us take a look at who made what since Globo joined the Casino at the back end of 2007.
Published 508 days ago
Needless to say, when a fraud scandal breaks one of the questions which gets asked is where were the auditors? In some cases the audit is shown to be hopeless - I would imagine that some will view KPMG's efforts with Quindell (QPP) in that category. Sometimes it is simply that the level of audit which would have been required to unearth the fraud (or, cough, errors) would simply have been too expensive to perform and not necessarily required by the regulators.
Published 514 days ago
The Globo (GBO) scandal brings up the issue once again of what an auditor is there to do. Yesterday’s admission that, essentially, Globo’s accounts could not be relied upon suggests that there has been a massive failure. Auditor there: Grant Thornton. But Globo is by no means the only case of investors being misled as to the true picture in a company’s accounts.
Published 525 days ago
ShareProphets AIM-China Filthy Forty member China New Energy (CNEL) has announced a Statement re Press Comment which appears to raise a number of corporate governance issues. I wonder how the Nomad, Cairn, will react. The shares are flying – up by a whopping 186% last seen. Mind you, at 1.35p there is an awfully long way to go before the shares get back to the IPO price of 7p. But what is really going on here?
Published 525 days ago
Hot on the heels of the announcement that Vmoto is to delist from AIM, ARC Capital (ARCH) has announced that it has failed to find a replacement Nomad and will be booted off the Casino as of 7am this morning. Execution number 13 (and Vmoto is number 14). There are still another three on death row following Nomad resignations to make a total of 17. Are you watching this Marcus Stuttard, the Sham Sheriff?
Published 528 days ago
ShareProphets AIM-China Filthy Forty member Auhua Clean Energy (ACE) reported this morning that its Non-Eec Chairman, Mr David Sumner, has walked. His replacement, Mr Raphael Tham seems to have already stepped into the role. Oh dear.
Published 549 days ago
Further to Tom Winnifrith's piece HERE which highlights that ShareProphets AIM-China Filthy Forty member Global Market Group (GMC) has now been without a Nomad for a month and a day, yet there has been no announcement that it has been formally booted off the Casino I have dropped a line to AIM Regulation. Is it the case that ShareProphets is now the regulator? The letter reads:
Published 549 days ago
The Nomad to China AIM casino POS Global Market Group (GMC) was Grant Thornton. It quit on August 21. S with no new Nomad having been announced you would expect confirmation today this its casino life was over. There is no RNS.
Published 550 days ago
Of the Filthy 40 China stocks listed on AIM on June 1 2014 or listed since, ten have already been booted off the Casino while shares in four are suspended. Of those three are suspended as the Nomad has quit. They sit on Death Row and the first execution, expulsion from AIM, is scheduled for tonight.
Published 575 days ago
AIM-China poster-boy Global Market Group (GMC) looks set to become the next member of the ShareProphets Filthy Forty to be given the order of the boot, unless it can find itself a new Nomad by 21 September 2015. This Cayman Islands registered company joined AIM in June 2012 at £1.30 a share, when it raised £9.7 million through a Placing, to join the Casino with a market capitalisation of around £127 million. The shares fell almost immediately to just over 80p. They are now suspended at 50p – following the payment of a deposit in connection with a land acquisition as announced on 10 Aug 2015 - as the lobster-potted shareholders wonder whether the company will ever resume trading.
Published 575 days ago
Forty AIM-China companies: ten down, three more in the queue to leave by the back door. This time we bring you Cayman Islands registered investment company, ARC Capital Holdings Limited (ARCH), which announced on 14 August that its Nomad, Grant Thornton, had given notice of its intention to step down on 15 September 2015. If no replacement is found by 15 October then shares in ARC will be booted off the Casino.