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Echo Energy: The “Cornerstone Investor” leaving so soon – surely not?

Published 24 hours ago

My second piece on insiders cashing in and odd TR-1’s is, very predictably, looking at Echo Energy and, in particular, the two late RNS’s on Friday afternoon which show that the “Cornerstone Investor”, Greenberry plc, is offloading shares and warrants all over the shop and appears to be almost giving them away too – what a charitable sort! Let’s take a look.

Red Leopard Holdings: Congrats to Mr Akers – he could be an AIM millionaire (again)!

Published 1 day ago

A couple of pieces this weekend on similar themes, namely insiders cashing in and unusual, or complete lack of, TR-1s. This first article looks at the astonishing amount of money seemingly made in no time at all by Chris Akers at Red Leopard Holdings (RLH).

Highlands Natural Resources: Results out - fun over - bubble bursting - get out

Published 3 days ago

I’m no longer surprised how stocks that, in my view, are inherently worthless or at least worth a fraction of their current share price can stay at such a high price or so long but I think the bubble is bursting, and gravity is taking hold, at Highlands Natural Resources (HNR) with a shocking set of results released yesterday. Let’s have a look at the “highlights”!

Xtract Resources: Plus ca change - more delays, more ramping and more dilution (plus a Royal Ascot tip)

Published 5 days ago

I thought I would pause before commenting on yesterday’s RNS from Xtract Resources (XTR) relating to the Manica alluvials as I felt it was odds-on that more dilution would come from one source or another following the ramping off the back of it. Surprise, surprise, Yorkville cashed in and announced a loan note conversion today, but let’s take a closer look at the announcements in any event.

Toople – Let’s hear it for Epsilon Investments, a modern-day St Jude

Published 5 days ago

A blast from the past yesterday as I note that the Singapore-based investor, Epsilon Investments, has acquired 10 million shares in Toople (TOOP). As Epsilon’s history shows, it really is the modern day patron saint of lost causes, AIM’s very own St Jude; although I wonder if it recently had a very narrow escape.

Tesla Motors – Is it a FANTA stock or is Elon Musk just David Lenigas on steroids?

Published 7 days ago

I was going to have my usual weekend dig at one of the many over-promoted pieces of crap on the lower reaches of AIM but thought instead I should lift up my head and look further afield and take a pop at most over-promoted stock in the global markets with a proper superhero at the helm, namely Tesla Motors (NSDQ: TSLA) and the irrepressible Elon Musk.

Entu – from bad (en)tu worse, issues “more complex and extend further” than expected

Published 11 days ago

October 2014, 100p per share, IPO, Entu (ENTU) has issued a trading update commencing that its strengthened executive team is progressing with the implementation of a detailed action plan, as set out in the full-year results statement, to reduce costs, improve operational efficiency, leverage its supply chain, improve cash collection and strengthen controls. Good, good. But what? The shares currently more than 30% lower on the day at well below 20p. Uh oh…

Monchhichi – hilarious stuff, it’s the old Highlands Natural manoeuvre

Published 11 days ago

I last wrote about Monchhichi (MCC) in February HERE when it completed its underwhelming placing of £2.1 million at the incredible price of 35p and I wondered what it was going to do next. Well, rather than actually invest its funds and generate shareholder value it is has just announced some more financial spoofery last seen at the disastrous Highlands Natural Resources (HNR), It is worth taking a closer look.

Monitise – from 80p in 2014 and “well placed” at approaching 6p in 2015 to a recommended offer… at 2.9p!

Published 12 days ago

Having previously attracted some adverse comment for bearishness on Monitise (MONI) – including at 50p+, I note the shares currently trade approaching 22% higher today, at 2.80p, on the back of a recommended cash offer for the company…

Red Leopard Holdings: The Spreadex and Aberdeenman combo – can they repeat their CloudTag magic?

Published 15 days ago

I see things are beginning to stir at Red Leopard Holdings (RLH) but one of Friday’s RNS’s relating to a significant stake being acquired by Spreadex left me in a bit of a cold sweat. History isn’t going to repeat itself so soon is it?

BOS Global: Fair play – some answers provided and the Call Design spoof clarified

Published 15 days ago

I wrote last week (HERE) about the disappointing opaque nature of some of the recent announcements emanating from BOS Global (BOS) and raised a number of questions that were bothering me. To give the company some credit, it has issued two RNS’s since then clarifying certain aspects and particularly pleased with the clarity on the Call Design deal.

Nektan: CEO quits – Daily Mail readers have had a bad week!

Published 15 days ago

No great surprise that Nektan’s (NKTN) CEO, Leigh Nissim, has announced his resignation this week as it must be a challenging and dispiriting role, although one I do wonder when he actually started looking as he’s been in the role for less than a year. It leaves me though with me with a sinking feeling about the PR machines at play at this end of AIM and must also leave Daily Mail readers fuming.

HaloSource – Chinese investor approval “not been granted”, currently c. 21 days to insolvency for another of Woodford’s dogs

Published 16 days ago

Writing on HaloSource (HALO) last week, I noted funding delay from China now leaves no margin for error. There is now a “Further Update on Fundraising” announcement, which includes “the Chinese governmental approval has not been granted”. Uh oh…

AO World – AO, Oh no! (again)… full-year results see CEO argue “great progress”, but detail suggests otherwise

Published 18 days ago

Results for its year ended 31st March 2017 from UK and Europe online electrical retailer AO World (AO.) see its CEO Steve Caunce emphasising “it's been another year of great progress for AO”. Hmmm, why a significant share price decline then, Steve?...

BOS Global: Something smells wrong here - a few questions for Mr Travia

Published 19 days ago

A number of things have been bugging me about BOS Global (BOS) for a couple of weeks as certain acts and omissions have had me scratching my head, so I thought I would raise some of these questions here and perhaps Michael Travia, CEO, can provide some answers.

Dillistone – profit warning, dividend cut, fundraising needed, but reckons a-ok due to unidentified new product!

Published 20 days ago

“Trading & New Product Update” announcement from recruitment industry software group Dillistone (DSG) commences that, having previously noted some market softness, “as we have moved further into the year, we have seen some improvement in terms of the volume of new business wins and are pleased to have taken a number of clients from our direct competitors”. Sounds encouraging, but what? The shares currently down 15% (at sub 72p)! Better read on…

FastForward Innovations – What’s going on with Nuuvera? More like New Tricks!

Published 22 days ago

There’s a few short-term challenges ahead for Jim Mellon's FastForward Innovations (FFWD) but for this piece I wanted to focus on the one I find most amusing, namely its most recent investment in the marijuana space, Nuuvera Corp, which reminds me of an episode of Dennis Waterman’s finest work – New Tricks.

HaloSource – funding delay from China now leaves no margin for error

Published 25 days ago

Last month I looked at a conditional fundraising announcement from HaloSource (HALO) – conditional bailout fundraising, kicks the can down the road (not very far!). It may be not very far at all…

Echo Energy – Insane valuation; James Parsons is not worth £100m, he’s not a magician: SELL

Published 32 days ago

My last piece rather naively thought that Echo Energy’s (ECHO) new institutional equity investor, Spartan Fund, or Pegasus Fund as it became, would want to put its funds in at a fair valuation and thought the share price would go down. I was wrong and must assume that it is all part of the connected group of institutions and individuals here that have led to an insane valuation that appears to indicate that the mere mention of James Parsons is worth £100 million. That is nonsense and this is a massive sell.

It's hard to see how BOS GLOBAL can justify its current market valuation!

Published 32 days ago

There are plenty of companies on AIM where it is hard to see where the value is and why private investors are so keen to chuck their savings into the shares, and BOS GLOBAL Holdings (BOS) would certainly seem to fit the bill!

Challenger Acquisitions: Shameful rampathon – the FCA should investigate

Published 33 days ago

Any reader of my pieces will know I hold Challenger Acquisitions (CHAL) in pretty low regard but the outrageous ramping that has now gone on for the last four trading days is an absolute disgrace and the FCA should take a look. I’ll explain.

Boxhill Technologies: Happy anniversary, M’Lud – shocking performance, mind

Published 33 days ago

Doesn’t time fly when you’re having fun? It’s now been a year since Boxhill Technologies’ (BOX) CEO stepped down and Lord Razzall stepped into the role of Executive Chairman while looking for a replacement. Worth having a look how the boss has done – not good is the short answer, so doubt shareholders have been having too much fun. Read on for the longer answer.

Zytronic – strong interims - lets bank our profits

Published 36 days ago

Zytronic (ZYT) has announced results for its half year ended 31st March 2017 and that “the second half of the year has started well and is in line with expectations and on this basis we expect to make further progress in creating value for shareholders”.

MySQUAR: it’s all kicking off, let’s take a proper look

Published 37 days ago

I feel partly to blame for the ongoing war between the bears and bulls on MySQUAR (MYSQ) as I started covering the company at the start of the year on this site with a piece that was largely a writing exercise to see if I could write 400 words without using the letter ‘e’ (HERE). So I thought I’d better give it a more considered view now as I do have a bit of relevant expertise.

‘Kin ‘ell, Steve, you missed a trick or two, what are you playing at? Where’s the warm welcome back for L1 Capital?

Published 37 days ago

I’ve been away for a few days so just catching up on matters and first things first, I need to pick up my normally excellent colleague, Steve Moore, on a couple of glaring ommissions in his piece on Kin Group (KIN) and its funding announcement earlier this week. It was rather rude after all to not give a warm welcome to an old friend.

Frontera - Why an AGM BEFORE FY numbers are released? Is the balance sheet really THAT bad?

Published 38 days ago

AIM-listed Frontera (FRR) has rather slipped since I last wrote about it last month HERE and HERE, concluding that it had a gaping black hole in its balance sheet. The shares were then trading at around 0.4p. This afternoon the shares are 0.31p in the middle (last seen) and it has announced its AGM. Just one thing: where are the full year results? The company is trying to raise c. £40 million in cash and loan settlements, and won’t show us the balance sheet? How big a RED FLAG do you want?

Safestyle UK – AGM update, bank profits recommendation justified?

Published 38 days ago

PVCu replacement windows and doors company, Safestyle UK (SFE) was a January 2016, 245p offer price recommendation on the Nifty Fifty – on which we suggesting banking profits at approaching 300p in March. The shares reached a more than 320p close yesterday, but are currently heading back towards 290p on the back of an AGM trading update…

K3 Business Technology – another profit warning, faith lost. Sell.

Published 38 days ago

K3 Business Technology (KBT) has updated that it “now believes that the results for the year to 30 June 2017 will be significantly below current market expectations” as “certain large Enterprise contracts have not been secured as expected”...

Advanced Oncotherapy – yet another director ponies up, EGM seemingly avoided and Bracknor converts. Most bizarre

Published 39 days ago

Well this is most bizarre! Lobster-potted Bracknor has converted another lump of its death-spiral loan notes. That, of course, is not a great surprise until you study the detail of yesterday morning’s announcement from AIM-listed Advanced Oncotherapy (AVO), where we discover that the conversion shares have been issued not at the lowest daily volume-weighted average price of the past 15 days (21.35p) as per previously announced conversion terms, but at 25p (par price of the shares). Why has Bracknor elected to pay a 17% premium?

Advanced Oncotherapy – a last-ditch effort to avoid an EGM?

Published 41 days ago

Well it looks as though D-day is today after all for the triggering of an EGM to drop the nominal (par) price of AIM-listed Advanced Oncotherapy (AVO) stock so as to allow Bracknor to resume its convert-and-dump operations. With the shares edging a little higher this morning, one is tempted to wonder whether some heavy boardroom buying might be enough to lift the shares back over the 27.5p mark just in the nick of time. But there is a fair way to go, with the stock still 2.25p short of salvation. 

Eden Research boasts that the taxpayer is funding promotion of its fraud

Published 45 days ago

AIM Cesspit listed FRAUD Eden Research (EDEN) has two massive problems. One is that with pitiful sales it is rapidly running out of cash and so must get yet another bailout placing away. The second is that it has now been fully exposed as committing a massive panama pump securities fraud HERE. Its response....

Nyota Minerals – mega ramp & joke valuation following discounted, ‘keep the lights on’, placing?!?

Published 47 days ago

Last week Nyota Minerals (NYO) was “pleased to announce” a placing to raise up to approximately £93,880 (approximately Australian$120,000) at 0.02p per share. Despite this thus looking very much a ‘keep the lights on’ raise, the shares have currently reached 0.07p. Hmmm…

Advanced Oncotherapy – the 25p dam bursts. What now for Bracknor as shares resume slide towards the abyss

Published 51 days ago

You can’t say you have not been warned. This morning shares in AIM-listed Advanced Oncotherapy (AVO) have fallen firmly below the nominal 25p price of the confetti. Companies are not allowed to issue shares below their nominal price and that, in turn, means that for the time being Bracknor is lobster-potted with something like £2.5 million of convertible (death-spiral) loans which it cannot convert. My heart bleeds….

Advanced Oncotherapy – Uh-oh: Aviva bailing as 25p nominal dam buckles under the strain

Published 53 days ago

Oh dear. Oh dearie me. AIM-listed Advanced Oncotherapy (AVO) has released a TR-1 from institutional investor Aviva showing that it has been dumping shares and went below the disclosable threshold to 2.44% last Friday in terms of its directly held interests. It had a further 0.66% interest via loaned out shares. Meanwhile Advanced Onco shares today fell below the 25p nominal price of its confetti, leaving death-spiral funder Bracknor in a bit of a pickle just five days after ponying up tranche 2 of convertible loans which it can’t convert for less than 25p. Ouch.

Rosslyn Data – why are you hiding the related-party nature of this dog of a deal?

Published 54 days ago

Tom Winnifrith has already covered the hidden bailout placing aspects of the Integritie deal announced by Rosslyn Data (RDT) last week (HERE) but I thought it worth elaborating on the deal (which looks like a real dog) and asking the simple question: why haven’t you told your shareholders about the related-party aspects?

Nektan – Why I despise the Daily Mail: Reason no. 423

Published 57 days ago

I know I shouldn’t have too much sympathy for the retired bigots that read the Daily Mail but its recent tipping of Nektan (NKTN), which will no doubt cost its loyal readers a few quid, is yet another reason to boycott the rag.

Advanced Oncotherapy draws second tranche of Bracknor funds but who is paying for what at Harley Street?

Published 58 days ago

AIM-listed Advanced Oncotherapy (AVO) has announced this morning the drawdown of the second tranche of £1.3 million (nominal - £1.235 million after the 5% discount) on its convertible loan note (aka death spiral) package with Bracknor. Good news – the lights will stay on for a few weeks extra. But the second half of the statement is a bit of a puzzle, raising more questions than it seemingly tries to answer.

Advanced Oncotherapy – more spoofery as NED buys yet more shares

Published 61 days ago

AIM-listed Advanced Oncotherapy (AVO) – teetering on the brink of having to call an EGM to reduce its nominal share capital under the terms of its death-spiral funding package with Bracknor – has announced yet another director share purchase, the fourth just this month (if we ignore the botched 7am RNS of 4 April). As ever, this is just a spoof in order to encourage more buying in the market so as to allow Bracknor to offload more of its death-spiral conversion shares as Advanced hopes and prays for the next £1.235 million tranche of funding before the coffers run dry.

Blancco Technology – “Q3 Trading Update, Cash Flow Review and Funding”. Uh oh…

Published 61 days ago

An announcement from Blancco Technology Group (BLTG) entitled “Q3 Trading Update, Cash Flow Review and Funding”. Hmmm, I’d guess it ain’t gonna be positive…

HaloSource – conditional bailout fundraising, kicks the can down the road (not very far!)

Published 65 days ago

HaloSource (HALO) has announced “Board Changes” and that it “is pleased to confirm that the company has conditionally raised approximately £1.9 million ($2.3 million)”. I bet it is…

Echo Energy – Bizarre funding arrangement, share price must drop, mustn’t it?

Published 65 days ago

I’ve been scratching my head over the funding plans announced by the newly re-named Echo Energy (ECHO) earlier this week as there is an unusual aspect to it and can’t believe that the share price won’t drop in the short term as a result. Let me explain.

Advanced Oncotherapy – Bracknor ups the ante, converts £200,000, tick tock to EGM o'clock

Published 68 days ago

This morning AIM-listed Advanced Oncotherapy (AVO) announced another conversion by Bracknor. Having previously converted three lumps of £100,000 of death spiral loans, Bracknor has gone for £200,000 worth this time – but at the lowest price yet, just 26.74p. That leaves things looking decidedly sticky for the company, which got authority to issue Bracknor with enough loan conversion shares based on the assumption of an average loan conversion price of 44p and the associated warrants at 57p.

ASA Resource – from “completely mischievous” allegations to “strong evidence” of fraud in 2 weeks, calling Babylon Zoo…

Published 68 days ago

Early this month ASA Resource Group (ASA) announced its directors had “received certain anonymous allegations relating to… certain aspects of the financial management at Freda Rebecca” (gold mine in Zimbabwe in which it has an 85% interest). However, it sought to reassure that “the company's directors believe these allegations to be completely mischievous”. Now though “the board is extremely disappointed to report”… Uh oh…

Falcon Media House – A welcome return? Part 2 – Where has all the cash gone?

Published 69 days ago

Apologies for the delay in this mini-series (Part 1 of which can be accessed HERE) but I thought I’d do the decent thing and ask Falcon Media House (FAL) some questions directly first. As it has ignored me, I thought I should just crack on instead and now turn to the worrying matter of the fast vanishing cash balance, both historically and forecast.

Frontera – ShareProphets RNS Translation Service as the shares are ramped

Published 74 days ago

Readers will know that I'm far from convinced at the buy case for AIM-listed Frontera (FRR), shares in which have again been on the rampage after what looks like a rampety-ramp RNS yesterday. The ShareProphets RNS Translation Service thought it should chip in...

Advanced Oncotherapy – Bracknor converts again, shares crumbling: when will the EGM be forced? SELL!!!!

Published 75 days ago

AIM-listed Advanced Oncotherapy (AVO) has this morning announced another loan conversion by its white knight death spiral funding provider Bracknor. The lack of liquidity of late makes it hard to imagine that Bracknor is having an easy time offloading. Meanwhile the shares have again slipped and now sit below the threshold at which an EGM to reduce the nominal price of the shares is triggered. Oh dear….

MySQUAR: A classic Pump and Dump

Published 75 days ago

I looked at MySQUAR (MYSQ) recently commenting on the apparent conflict between the broker, Beaufort Securities, and its lender, Sandabel Capital (HERE). The good news is that the Sandabel deal has now come to an end. The less good news is that the average PI here has just been played like a fiddle with a classic pump and dump and it is worth taking a closer look.

The Standard List – Home of the Comeback Kid: Part 1: Dukemount Capital

Published 76 days ago

As a kid, I used to watch the first three Rocky films pretty much on loop as I love a feel-good comeback story and I note that the Standard Segment of the Official List is fast becoming the home for such stocks. Unfortunately, I doubt the ones I’ll cover today are going to have the beating of Apollo Creed or Clubber Lang. First up is Dukemount Capital (DKE).

Tip of the year update – Taihua collapseroonie

Published 77 days ago

I think I should rename Deputy Sheriff Towers as Smug Towers. Having offered two sells in the ShareProphets Tipfest for this year, Igas Energy (IGAS) duly crashed to bottom out at 4.5p (I’d been saying sell from 18.5p - last year’s Christmas tipfest, and then 11.625p this year). Last week came the turn of Filthy Forty play Taihua (TAIH) to do the decent thing and collapse in the wake of an entirely squeaky clean suggestion that it delist from the Casino. There’s nothing wrong here at all – move along please, nothing to see……

Advanced Oncotherapy – Bracknor converts again but is it selling?, can it sell?

Published 79 days ago

AIM-listed Advanced Oncotherapy (AVO) has announced a second conversion of death-spiral loan by Bracknor. As per the first conversion, it is £100,000 (nominal) but this time the conversion price was just 27.89p. Given that the recent EGM gave approval for the company to convert the full package at an average 44p per share that might mean a bit of a headache.

HaloSource – 2016 results, cash crunch AHOY!

Published 79 days ago

I most recently cautioned on water technology company HaloSource (HALO) in February HERE. It has now announced results for the 2016 calendar year…

blur Group – another contender for most ridiculous announcement of the year?

Published 80 days ago

Previously commenting on blur Group (BLUR) I noted CEO Letts & co excelling themselves with a leading contender for ‘Ramparoonie RNS of the Year’. We today have a “blur engaged with UK County Council” announcement. Surely not again…

FastForward Innovations – Got any spare change as the Moet is running low?

Published 82 days ago

When reading this morning’s RNS from FastForward Innovation (FFWD), I just had this image of Lorne Abony and Jim Mellon scrabbling around behind the back of the sofas in FastForward Towers looking for some spare change as the cash crunch (detailed HERE) becomes ever more pressing. The announcement related to a change in the lock-in arrangements relating to the sale of the SatoshiPay investment to Blue Star Capital (BLU).

Strat Aero – “Trading Update”, what’s the real balance sheet picture though?

Published 83 days ago

Strat Aero (AERO) “announces a trading update ahead of its full year results for the year ended 31 December 2016”. Hmmm – it’s already April 2017 though. I’d suggest this doesn’t bode well…

MySQUAR: Isn’t there a massive conflict of interest, Beaufort?

Published 86 days ago

I wrote about MySQUAR (MYSQ) at the start of the year (HERE) in part because I thought the share price was only going one way and nothing in the many announcements since including yesterday’s result have changed my stance; however, I did want to raise what I believe to be a massive conflict of interest involving its joint-broker, Beaufort Securities, and its lender, Sandabel Capital.

Nektan – Some progress but balance sheet restructuring now critical

Published 86 days ago

Interims are out this morning for Nektan (NKTN), one of my Sell Picks of 2017, and despite a few green shoots continuing to develop, one wonders how shareholders will fare from the forthcoming funding round and essential balance sheet restructuring.

Challenger Acquisitions: Good news – it’s not going bust yet, cue outrageous rampfest

Published 88 days ago

I’ve been badgering Challenger Acquisitions (CHAL) for three weeks now to tell the market what was happening with the debt it owed and today it finally made the announcement and it was marginally good news. What happened next though was just wrong, a rampathon across LSE, ADVFN and Twitter (and Challenger should take some of the blame), with one sole aim, to mug off the average punter. This behaviour must be stopped – my campaign starts here.

Short RPC Group: I tip my hat to Aviate

Published 89 days ago

When I announced my return from retirement, I mentioned a couple of other companies that I might be short. One of which was RPC Group (RPC). Since then Aviate has released a very good and very bearish note on the company. Unusually for the sell side this is actually a really good note. This is what sell side research should be.

Digital Barriers – trading warning (you were warned). Timberrrrrr…

Published 93 days ago

Shares in surveillance technology company Digital Barriers (DGB) are currently more than 17.5% lower, at 25.5p, on the back of a “Trading Update” announcement. Trading warning ahoy! You were warned

Frontera – well ahead of itself, sell

Published 94 days ago

One has to marvel at how oily serial disappointment AIM-listed Frontera (FRR) has doubled its share price since yesterday. Has it has a takeover? Nope. Has it announced a gusher? Nope. So what has sparked the rise? It seems  that it is in talks over a possible transaction involving a farm-out or joint operation arrangement within the area of its Block 12 holding in Georgia. But is this just a monster spoof?

Toople – Business plan failed and new funds needed: anyone surprised?

Published 94 days ago

I last commented on Sub-Standard Shocker XI member, Toople (TOOP), at the start of February (HERE) following its final results on 31 January, in which I was sceptical of its going concern claims and thought funds would be needed shortly. Funnily enough, it has now announced that the business is struggling and it needs new funds. No great surprise.

Ilika – CEO argues “growing confidence in our licensing model”, but in reality it’s forecasts slashed

Published 100 days ago

Self-described “pioneer in materials innovation and solid-state battery technology”, Ilika (IKA) has followed recent “Toyota Funds Collaboration with Ilika” and “Collaboration with Galvani Bioelectronics” announcements with a “Trading update” commencing with that such deals “are resulting in a strong ramp-up of revenue relative to 2015/16”. Good, good… You what? The shares currently down circa 15%, approaching 40p?!?...

Kalibrate Technologies – interim results show how ‘bullshit earnings’ were the previously announced EBITDA

Published 102 days ago

After a profit warning in January, CEO of Kalibrate Technologies (KLBT), Bob Stein, is “pleased to report our results for the six months ended 31 December 2016. Hmmm. The shares have responded lower, back below 60p…

Rex Bionics – “Funding and strategic review update” – heading for a de-listing?... or worse?

Published 104 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…

Challenger Acquisitions: Come on Mark, spill the beans - is the game up?

Published 109 days ago

I had given Mark Gustafson, CEO of Challenge Acquisitions (CHAL), a few days grace to see if he would do the decent thing and tell his shareholders what the hell is going on at the moment, but seems like he needs a bit of persuasion to come out with the six word RNS: “Um…sorry, it’s gone tits up!”

blur Group – CEO Letts & co excel themselves with a leading contender for ‘Ramparoonie RNS of the Year’

Published 110 days ago

Having last month failed to ignite the share price with a ramptastic “blur engaged with Top 100 UK law firm” announcement, blur Group (BLUR) has had much more success today – on the back of a “blur engaged with Global Electronics Group” announcement, the shares currently 200%+ higher at above 20p…

DX Group – from trading despair to planning, er, despair…

Published 111 days ago

Having noted previously justified caution on parcels, mail and logistics group DX (DX.), the shares had edged up to 9.5p before a “Re: Proposed West Midlands Hub” announcement last week…

Intercede – following a bullish January announcement, now blames ‘The Donald’ for another profit warning ahoy!

Published 114 days ago

Having previously gone from “well positioned for future growth” to trading “below expectations” in just over 3 months, cybersecurity group Intercede (IGP) has now followed a January announcement of a record $3 million order (“demonstrates that Intercede continues to win orders for its MyID technology platform in spite of the continuing budget constraints within the US Government”) with that “the order book as of 2 March 2017 indicates that, unless further orders are received that can be recognised as revenue in the current period, the revenue outturn for the financial year ending 31 March 2017 will be approximately £8 million”. Uh oh…

Craven House Capital – Interims out but impossible to fathom: should be slung off AIM

Published 117 days ago

I’ve left Craven House Capital (CRV) well alone since the finals came out at the end of November last year but, just like a year ago, this morning’s interims have got my hackles right up so I need to get a few things off my chest. I’ll start with the simple question – WHERE IS ALL THE CASH?

Milestone Group – Shocking year-end results, surely this lifestyle farce must come to an end soon

Published 117 days ago

I wrote about Milestone Group (MSG) back in November (HERE) highlighting it as one of the best examples of a lifestyle company on AIM. That combined with the lack of disclosure around the (lack of) funding in October suggests one should stay well clear. Today’s results for the full year to 30 September 2016 only emphasise that fact.

The broker that raised £10m for Advanced Oncotherapy downgrades its stance on the dog to hold - damning note

Published 118 days ago

If you had raised £10 million for the AIM dog Advanced Oncotherapy (AVO) less than 5 months ago at 100p then your stance on the stock - at 54p-58p- would be some sort of buy. Oh no. broker Beaufort who did indeed raise that cash has today downgraded its stance to, what may be termed a corporate "hold" (i.e. sell) and makes it clear that the shares will fall allowing lower entry points. I should cocoa. Beaufort today opines after the Bracknor death spiral announcement of Friday - the underlines are mine:

Challenger Acquisitions: Share price cratering – will it survive the week?

Published 119 days ago

Another week and yet more all-time lows for the share price of Challenger Acquisitions (CHAL); however, with a critical convertible loan note deadline looming, it could get much worse very quickly and I wonder whether it will actually make it through the week.

Buy, Sell or Hold? Here's How to Make Those Awful Decisions.

Published 120 days ago

Hello Share Swingers. The most arduous element of share-shifting is having to make big decisions, knowing that the wrong choice can cost you thousands of pounds. But which is the correct way to make a choice? As the markets are not open at the weekend, this is a good time to examine the ensible way to make a your decisions in future.

Audioboom – progress towards 100% acquisition in murky related-party transaction

Published 121 days ago

Audioboom (BOOM) has updated that it “has received a further acceptance of its offer to purchase the entire issued share capital of SONR” and “is in the process of exercising the squeeze-out rights… to acquire, on a compulsory basis, the remaining balance”. It looks like the 100% acquisition in a murky related-party transaction is thus nearing completion…

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

Published 123 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????

Spot the Difference No 1: Mark Gustafson v Arsene Wenger

Published 126 days ago

I used to love scouring my mum’s monthly ‘Puzzler’ magazine for the Spot the Difference puzzles trying to find the extra seagull in the beach scene or the additional letter poking out of the postman’s bag on the high street. So I thought I’d offer up a bit of Sunday fun with a couple of my own, although admittedly, this one is a tad easier than the second one.

Brave Bison – more ‘wrongster’ from the previous Rightster Group, disastrous profit warning…

Published 128 days ago

A 10am “Trading Update” announcement from Brave Bison Group (BBSN), a company which has previously proven a wrongster. Uh oh…

CloudTag – L1 finishes loan conversion. Now for death-spiral-on-steroids warrants. Sell!

Published 129 days ago

AIM-listed CloudTag (CTAG) has announced the conversion of the final little bit of loan notes held by death spiral provider L1, at 4.5p. The shares have raced ahead, even though this only marks the half-way point in the share price carnage caused by the package. Indeed, it may not even be half, for the warrant exercise terms are far more favourable than the loan conversion terms (from L1’s perspective).

Filthy Forty Jiasen – EGM passes delisting motion, no NEX application filed, might go for HK instead (or not….)

Published 130 days ago

That’s it then, ShareProphets AIM-China Filthy Forty play Jiasen (JSI) is to leave the Casino, with the last day of dealings on the 27th of this month. If you still hold, you know the deadline for claiming your bag of Tesco value crisps. But the statement is a hoot. A listing on the Hong Kong exchange? You’re ‘avin’ a bubble.

Frontera – another “speeding ticket” RNS on the way? Sell.

Published 130 days ago

I think Tom Winnifrith missed a cracking entry for his Dirty Dozen AIM-listed resource stocks whose share prices might head north for no good reason. Certainly, the history of Frontera (FRR) suggests so from its share price performance over the years. Plenty of Red Flags to look at here! This morning the shares are indeed on the rampage (up 168% last seen) in the wake of a board appointment RNS. As we shall see, there seems to be little reason to celebrate that, and with one “know of no reason” RNS already issued this week, I fancy another is on the way.

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

Published 130 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…

Toople – Surprise, surprise, the Breith comeback has been a flop…..and it’s still a sell

Published 133 days ago

In May 2016, I commented on the forthcoming IPO of a David Breith-connected business, Toople, which joined the Sub-Standard List raising £2 million at 8p (see HERE). It currently trades at 3.25p, a disappointing 60% drop in a mere eight months, but I thought I’d take a closer look at its recent maiden full year results to assess where it goes from here.

Boxhill Technologies: A profits warning and yet another odd-looking deal – no great surprise!

Published 135 days ago

The thing about dodgy companies is that eventually the chickens come home to roost and this morning’s RNS from Boxhill Technologies (BOX) is testament to that fact. Nevertheless, I almost admire the chutzpah of the guys as it’s not holding them back from issuing more confetti in unknown directions in a further attempt to squeeze a few quid out of the mug punter!

Corero – new contract & partnership + utter bullshit, cash crunch AHOY!

Published 136 days ago

Corero Network Security (CNS) has announced it “ended the year strongly… a material order for its ‘SmartWall’ Threat Defense System from a leading Cloud computing company and Juniper Networks technology alliance partnership”. Why are the shares thus currently unchanged at the 6.375p they have slumped to?...

blur Group – says “progresses on its path to profitability”, but it looks cash crunch ahoy first!

Published 137 days ago

blur Group (BLUR) has announced “key metrics for Q4 2016”, in the same opening paragraph noting “FY 2016 EBITDA is expected to be ahead of expectations”. EBITDA is of course not a ‘key metric’, but bullshit earnings. What about the real key metrics – cash generation and the balance sheet position?...

Igas – shares in freefall: statement required, still a sell

Published 137 days ago

Shares in over-indebted AIM-listed Igas Energy (IGAS) have not been strong of late but this morning they are down by 13% to just 8.7p (last seen) on no news. The silence from the company is deafening, especially as it faces having to redeem some of its bonds after a FY16 underspend on its conventional assets as well as having to deal with a bit of an issue with its net leverage covenants. Then there is an interest payment due on its secured bonds which the company has already indicated will cause a liquidity covenant problem. A statement is needed.

DX Group – another profit warning, from 100p IPO to sub 10p in less than 3 years…

Published 138 days ago

I previously cautioned on parcels, mail and logistics group DX (DX.) with the shares at 30p HERE and 16p HERE. Hopefully the warnings were heeded as a “Trading update” announcement currently sees the shares 60% lower, heading towards 7p…

Eagle Eye Solutions – having questioned whether it was cash crunch ahoy... “Extension of credit facility”

Published 139 days ago

While an update last week from digital promotions technology company, Eagle Eye Solutions (EYE) claimed “confidence in the group's prospects”I questioned whether it was cash crunch ahoy. There is now an “Extension of credit facility” announcement...

Challenger Acquisitions: Two bits of “good news” but I’m starting to despair

Published 139 days ago

This morning’s RNS from Challenger Acquisitions (CHAL) is actually good news for the business, but some of the goings-on in the last week have made me more cynical than ever and I despair at the state of the lower end of the market.

Eagle Eye Solutions – claims ‘confidence in prospects’, but cash crunch ahoy?

Published 144 days ago

Digital promotions technology company, Eagle Eye Solutions (EYE) has updated that during its half year ended 31st December 2016 it “has continued to trade well delivering revenue… ahead of market expectations”. But what’s that? A swing into a net debt position. Uh oh…

Igas – mandatory bond buy-back after investment falls short

Published 146 days ago

AIM-listed and over-indebted Igas Energy (IGAS) this morning announced that it is to conduct a mandatory redemption of $2.3 million of its secured bonds after investment in its conventional hydrocarbon assets fell short of the required $15 million last year by the aforesaid $2.3 million. It may seem that this is good news in that the company is being prudent, but I suspect that this is bad news on two fronts.

PhotonStar LED – loss warning, product modifications needed & cash crunch ahoy as CEO claims “good progress”!?!

Published 146 days ago

“James McKenzie, Chief Executive of PhotonStar (PSL), said: ‘In 2016, we made good progress in transitioning the group into becoming a retrofit connected lighting and building management business’”. Good, good. You what? The shares currently more than 15% lower, at sub 1p, in response to the announcement…

Challenger Acquisitions: Surprise, surprise, Chiel Smits has had enough and takes his ball home

Published 146 days ago

Another slow step towards the grisly end for Challenger Acquisitions (CHAL) this morning as, unable to pay its debts due to the Starneth guys, it “sold” the business back to them, leaving Challenger holding nothing but a few promises and hopes, although clearly it hasn’t been spun that way.

EVR Holdings – That’s enough of the larks, I’m calling the top - SELL

Published 150 days ago

This morning’s RNS from EVR Holdings (EVRH) made me look again at this AIM darling and I have reassessed. I ended my last piece on 6 January on the topic with the sentence: “For the avoidance of doubt, I’m not calling the top…….yet. Just keep on moving that stop loss up and enjoy the ride!” Well, I’m calling it now, it’s time to get off the ride!

Time Out Group – 2016 trading update, revenue is vanity…

Published 150 days ago

Time Out Group (TMO) “is pleased to announce” that “revenue for the full year is anticipated to be ahead of the board's expectations” and “closing net cash expected to be better than previously anticipated”. So why are the shares barely ahead, at 137p?...

Audioboom – related-party bailout & acquisition with marked uplift from “nominal consideration” in sub 6 months

Published 151 days ago

Having last month noted on spoken-word audio platform company Audioboom (BOOM) that nearly all the money’s gone AGAIN, I note an announcement today of an agreement to acquire SONR News Ltd for an all-share £1.42 million and the issue of a £1 million, 10% interest, convertible loan note...

CloudTag – when does the L1 funding package fall apart?

Published 152 days ago

Tom Winnifrith and Waseem Shakoor were commenting yesterday on where shares in AIM-listed CloudTag were heading. Obviously the end target for a company with still no working product available to sell, revenues of zero and stonking cash-burn is nil. But the focus of attention is the L1 funding package and when it could fall apart.

GAME Digital – claims “pleased” with performance over peak weeks, BUT…

Published 158 days ago

Previously writing on GAME Digital (GMD) with the shares at 67p, I concluded bearishly HERE. The following updates with the shares currently down further, at sub 60p, on the back of an “AGM Statement and Trading Update” announcement…

Challenger Acquisitions: Well? Have you paid your debts or are you insolvent?

Published 158 days ago

I understand that Mark Gustafson, CEO, of Challenger Acquisitions (CHAL) is more than happy to treat its shareholders with disrespect and utter contempt but, come on, surely you can’t just sit on price-sensitive information about whether you are bust or not?

Hotel Chocolat – argues ‘performed well’, but what about on a like-for-like basis?

Published 159 days ago

Chocolatier and retailer Hotel Chocolat (HOTC) has updated that it ‘performed well’ in a trading statement for the 13 weeks ended 25th December 2016, with adjusted revenue 14.6% ahead. What about like-for-like performance though?...

Countrywide – full-year trading statement, a “pleasing” performance?

Published 163 days ago

Following Foxtons earlier this week, Countrywide (CWD) has now updated for the 2016 calendar year with CEO Alison Platt claiming “it is pleasing to report modest full year revenue growth”. Hmmm…

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

Published 163 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.

Parallel Media – Harwood says thanks very much for the spoof

Published 164 days ago

On Wednesday I called shares in AIM-listed Parallel Media (PAA) as a sell at 30.75p in the face of what appeared to be a BB pump and dump spoof on Tuesday which puffed the shares from 16p up to a peak of 46.5p in the middle, with a “speeding ticket” RNS released later that day. The shares have since come back to 24p mid (last seen), having put in a floor earlier today of 20.5p. Now we have had a NED walking with immediate effect after Harwood Capital had dumped the last of its holding.

AO World – argues “Continued Growth and Strategic Progress”, BUT…

Published 164 days ago

UK and Europe online electrical retailer, AO World (AO.) headlines a trading update for the quarter to 31st December “Continued Growth and Strategic Progress”, though the shares are currently approaching 8% lower, at 170p, in response. Hmmm…

FARCE!! Filthy Forty Taihua – second new website blocked, another missive to AIM Regulation

Published 164 days ago

This is descending into farce: almost seven weeks ago we noted that the company website of ShareProphets AIM-China Filthy Forty play Taihua (TAIH) had disappeared. Following two missives to AIM Regulation, finally a new website was notified by RNS on Wednesday but it lasted less than 24 hours before being blocked – one assumes by the Chinese authorities, since the notification was in Chinese. Not to worry, yesterday the company notified another web address for its website but this morning that too has been blocked.

UPDATE: Filthy Forty Taihua - Company Website news at long last

Published 165 days ago

Well there you go: two letters to AIM Regulation and half an hour after the second one is published ShareProphets AIM-China Filthy Forty Taihua (TAIH) releases an RNS saying it has a new website: www.taihplc.cn. Amen to that - and a rare well done to the oxymorons. A dot.com becomes a dot.cn - was that really so hard to explain to the market in an RNS, that it has taken over six weeks to update investors since the demise of the company's previous pages?

HaloSource – trading update, still desperate times?

Published 166 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...

Sell Picks of 2017 Review Part 2: Nektan – is that a light at the end of the tunnel?

Published 167 days ago

Anyone who read my sell article HERE and took the brave option of selling pre-final results would have made an instant profit but, to be fair, you wouldn’t have had long as the year-end results came out on 29 December, about an hour after my piece was published. An additional trading update came out this morning though - is that a light at the end of the tunnel I see?

Boxhill Technologies: Um, M’Lord, just wondered, if you don’t mind….WHERE’S THE CEO?

Published 170 days ago

I surprised myself to note that I haven’t commented on the quality outfit, Boxhill Technologies (BOX), in over two months so thought I should start the New Year by asking the question that must be on every investor’s lips: when is the new CEO going to start and who the hell is it? Surely the company's not struggling to find a suitable mug / candidate?

MySQUAR: A cash-burning, “jam tomorrow stock” – AVOID!

Published 171 days ago

A tad surprisingly, I got into cryptography at Christmas so, taking inspiration from a mighty opus in that domain, I thought I would look at a shockingly, disappointing stock, MySQUAR (MYSQ), using a particularly odd approach. No trophy for working out my antics as you may actually find it a risky topic to Disqus, but can I actually do 400 words on this stock in a fitting way with my customary virtuosity?

Corero - “pleased to announce” minor contract wins, what about the cash burn?

Published 172 days ago

“Corero Network Security plc (CNS), the AIM listed network security company, is pleased to announce that it has won five ‘as-a-service’ subscription-based contracts for its DDoS protection products and technology in the final quarter of 2016”. Sounds promising. Oh, but wait… “with an aggregate annualised contract value of $0.3 million”. Hmmm…

CloudTag – drawdown of final tranche L1 funding, and yet another clarification needed by Nomad Cairn?

Published 173 days ago

Two RNS announcements this morning from AIM-listed CloudTag (CTAG) this morning tell us that the company has drawn down the final amount of cash under its death spiral funding deal with L1. The problem is that the dates don’t quite work. Perhaps Nomad Cairn would care to clarify (yet again)?

CloudTag – A review of the year: let’s evaluate progress….or rather the lack of it!

Published 175 days ago

With CES in Las Vegas starting next week, there must be a strong feeling of déjà vu for CloudTag (CTAG) shareholders; however, with the company valuation shooting through the roof during the year, it felt appropriate to assess progress from the 2016 CES show through to the 2017 event to ascertain whether such a valuation was warranted.

ShareProphets share tips of the year Number 19: Sell Taihua says Nigel Somerville

Published 176 days ago

ShareProphets AIM-China Filthy Forty play Taihua (TAIH) is, in my view, a screaming sell in view of the Red Flags highlighted on this site for months. I doubt very much whether a short position is possible with this stock, but if I were a holder I’d be running for the hills.

ShareProphets share tips of the year Number 16: Sell IGAS says Nigel Somerville

Published 178 days ago

A year ago I made AIM-listed Igas Energy (IGAS) my one suggestion – as a sell - as part of the ShareProphets tipfest for 2016. Without wishing to sound like a broken record, it is still a sell – and the clock is really ticking now especially in the light of this morning’s RNS.

ShareProphets share tip of the year Number 14: Cynical Bear says sell Nektan

Published 178 days ago

I wasn’t writing for Shareprophets a year ago but I called Nektan (NKTN) as my bear pick of the year on 14 January and it has played out as I envisaged with the share price dropping from its 31 December 2015 price of 130p to 32p today – a drop of 75%; but I think there’s still some way to go as I sense matters are coming to a head.

Shareprophets Share tips of the year Number 11 - Cynical Bear says sell Challenger Acquisitions

Published 179 days ago

Challenger Acquisitions (CHAL) has a been a common target for me this year and it doesn’t surprise me that its share price has collapsed from 37.5p when I first wrote on the subject back in January to 11.875p today – a drop of 68%. However, I think there’s plenty more to go and would actually be surprised if it still existed by this time next year.

CloudTag – “Fiske”ing yesterday’s “clarification” RNS: was it more an “obfuscation” RNS? Answers required from Cairn.

Published 184 days ago

The ‘fessing-up RNS of yesterday leaves a few unanswered questions – so many that I just can’t help but wonder whether what we think we are being told is not actually the same as what we are being told. Let me explain as we “Fiske” the text and wonder whether there had, in fact, been a retrospective alteration to the terms of the loan conversion and associated warrant terms.

CloudTag – L1 converts, company takes the piss. Will Nomad Cairn now finally walk?

Published 185 days ago

Well surprise, surprise. AIM-listed CloudTag (CTAG) gets its shares unsuspended and a few days later L1 converts another batch of loan notes, as announced in last night's no-one-is-watching o’clock RNS. OK, no great surprises so far – especially in view of the price action since the suspension was lifted. But look at the terms: has there been a a material and previously unannounced change, and if so, when?

Arria NLG - little more than 3 years after listing on AIM… proposed de-listing…

Published 188 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)…

Audioboom – claims “reached a crucial tipping point”. Er, yep… nearly all the money’s gone AGAIN!

Published 193 days ago

Previously writing on spoken-word audio platform company, Audioboom (BOOM) I noted “agreement for investment from China ‘not yet been reached’, surely not to be cash crunch ahoy AGAIN!”. The company is now “pleased to provide an update on its Q4 KPIs and trading for the year ended 30 November 2016” and, well, er…

Microsaic Systems – reckons “clear opportunities exist”, but it's a profit warning…

Published 194 days ago

“Trading Statement” announcement from Microsaic Systems (MSYS) starts with that “it is expected that EBITDA and pre-tax profit for 2016 will be broadly in line with market expectations… The company has reshaped its business strategy to focus on the Pharma market where clear opportunities exist for the company's products”. Hmmm, “broadly in line” is of course ‘slightly behind’, though at least there’s “clear opportunities” ahead. Though, wait. What’s that? The shares currently down approaching 20%, towards 3p?!? …

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

Published 194 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.

Filthy 40 All Asia Asset Capital – keeps the lights on with a new contender for most expensive loan in AIM history

Published 199 days ago

At the new no-one-is-watching o’clock of lunch-time yesterday, ShareProphets AIM-China Filthy Forty play All Asia Asset Capital (AAA) announced that it had received £100,000 in the form of a convertible keep-the-lights-on loan from an entity controlled by an un-named shareholder. One assumes that it must be a very small shareholder as there was no Related Party Transaction statement, but the terms suggest that the company is in a spot of bother. Er, actually a serious spot of bother.

Milestone – shambles upon shambles, is it insolvent yet?

Published 200 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.

OneView Group – half-year results show reason for additional loan facility

Published 201 days ago

Having most recently warned on OneView Group (ONEV) last month HERE, the company has now announced an additional loan facility and results for its half year ended 30th September 2016 showing why…

James Halstead – AGM statement notes FX benefits & ‘confidence in prospects’, so why are the shares down?…

Published 205 days ago

Writing on commercial flooring company James Halstead (JHD) in August I concluded that the circa 426p per share valuation deterred me. The shares have recently risen towards 500p but despite now updating that “the fall in the value of Sterling following the referendum vote of June has contributed to increased margins on our overseas sales, increased competitiveness and positive growth” and noting confidence “in the prospects of the company going forward”, the shares are currently approaching 6% lower today, back towards 450p...

Digital Barriers – contract wins, able to focus on converting pipeline & generating follow-on sales... or not?

Published 205 days ago

Reviewing results for the six months ended 30th September 2016 from Digital Barriers (DGB), I noted a £7.4 million reduction in net cash to £3.4 million and that the company has established a £10 million revolving credit facility. It has now made a “Contract wins across APAC and EMEA” announcement. Hmmm…

DP Poland – sale and sub-franchising of Krakow stores, shares further higher…

Published 206 days ago

The company with the exclusive right to develop, operate and sub-franchise Domino's Pizza stores in Poland, DP Poland (DPP) has announced the sale and sub-franchising of 4 stores in Krakow – and the shares have reacted further higher…

Sabien Technology – yet more delays. Cash crunch ahoy (again)?

Published 207 days ago

Previously writing on boiler technology company Sabien (SNT) last month, I noted a considerable improvement in sales performance needed otherwise its funds will continue being used just to keep the lights on. The following updates with the shares currently more than 6% lower, at 3.75p, on the back of an “AGM Statement”.

Digital Barriers – H1 results, claims a clear, strong organic growth engine. But is there?

Published 208 days ago

Provider of surveillance technologies, Digital Barriers (DGB) has announced results for the six months ended 30th September 2016 including “it is clear that we have now established a strong organic growth engine”, though later also stating “organic revenues… were broadly flat at £6.9m”. Hmmm…

CloudTag – L1 Death Spiral financing update: Shareprophets Translation Service

Published 209 days ago

This morning, CloudTag (CTAG) has announced an update to its funding arrangements with death spiral funder, L1 Capital. Here at Shareprophets, we are conscious that these funding agreements can be rather convoluted and obtuse so are happy to provide a free of charge translation service.

China fraud Taihua: where, oh where, oh where, oh where is the share buy-back (and what has happened to the company website)?

Published 211 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? 

CloudTag – EGM circular published, my plan for great riches hits a snag but there is a get-out

Published 212 days ago

Oh dear. They say that no news is good news and so conversely it was beginning to seem that every time AIM-listed CloudTag (CTAG) opened its mouth via the RNS system these days it was bad news. What a come-down from the good old days when it could announce anything it liked and the market loved it. Perhaps the company’s fortunes will change with this morning’s ramptastic RNS, although the reaction seems a tad muted already. Watching this unfold I wonder if my plan for instant wealth as a death spiral financier might hit a snag.

AO World – half-year results argue “a great start to the year”, market response sceptical…

Published 214 days ago

UK and Europe online electrical retailer, AO World (AO.) has announced results for the six months ended 30th September 2016 emphasising “a great start to the year, with group revenue and profits growing well as we continue to deliver on our long-term strategy”. The shares are though little changed at 168.5p…

Eagle Eye Solutions – seeks to emphasise ‘accelerated growth’, but looks to be cash crunch ahoy!

Published 219 days ago

An AGM update from Eagle Eye Solutions (EYE) commences “the year ended 30 June 2016 saw continued progress against the group's strategic and operational objectives. The significant contracts won and the developments to our software platform mean that we entered FY17 with strong momentum”. Sounds promising, but…

Igas unsecured bonds plunge again: now just 20.94c in the $

Published 220 days ago

AIM-listed and over-indebted Igas Energy (IGAS) equity may still be valued by the equity markets at £36 million but the read-across from the bond market tells a very different story. I'm sure readers don't need reminding that when the equity and bond markets disagree, it is generally the latter which wins out. With the unsecured bonds in Igas now trading all the way down at just 20.94c in the $, the implication on the equity is clear: it is toast.

Igas – planning permission changes nothing: sell

Published 221 days ago

Yesterday AIM-listed and over-indebted Igas Energy (IGAS) was pleased to announced that Notts County Council had approved a planning application for the development of a hydrocarbon wellsite and the drilling of two wells. This, of course, is with a view to developing a fracking project.

LightwaveRF – recent puff news helping share price rise = take a guess…

Published 221 days ago

I warned on shares in LightwaveRF (LWRF) last month following it being “pleased to announce” an uber-expensive loan (& trading warning). There have since been recent announcements of “Additional order from Megaman” and “Launch of Amazon Echo Alexa voice control” and the shares rising from little more than 13p to 21p. Thus, on cue, it’s discounted fundraising time…

M. P. Evans - Kuala Lumpur Kepong Berhad returns with a “final cash offer”...

Published 222 days ago

With the M. P. Evans (MPE) board and shareholders of a majority of its share capital having rejected a 640p per share takeover offer, Malaysian company Kuala Lumpur Kepong Berhad has now returned with a 740p per share “final cash offer”

Igas – bond market signals another warning to equity holders as unsecured debt plunges

Published 225 days ago

That AIM-listed Igas Energy (IGAS) is in trouble is in little doubt as the company battles with the over-indebtedness legacy of the Andrew “piggy” Austin days. KKR-backed Trans European Oil & Gas is in possession of a blocking holding of the secured bonds and the cash is draining away. But the latest warning sign comes not via the secured bonds, but via the unsecured bonds. The price has crashed from around 54c in the $ to just 28.6c in the $. The implication for the equity is clear.

Challenger Acquisitions – Is this wheel still moving?

Published 225 days ago

Having listened to Tom’s Bearcast on the topic yesterday, I thought I’d add my tuppence-worth on Challenger Acquisitions (CHAL), which like one of the Giant Observation Wheels that it designs, appears to be moving so slowly that one wonders whether it is actually moving at all.

SIG – profit warning & ‘mutually agreed’ that CEO walks the plank…

Published 226 days ago

On the back of “Trading Update” and “Directorate Change” announcements, shares in building products distributor, SIG plc (SHI) are currently more than 20% lower, heading towards 90p. Uh-oh…

OneView – following swift about-turn profit warning, now attempted bailout fundraising ahoy!

Published 226 days ago

I warned shares in OneView (ONEV) were for the bargepole list as they slumped last month after the company went from “remains confident” to “likely to be below market expectations” in 6 weeks. They had subsequently recovered somewhat, but that before a Thursday 10:32am “Trading Update and Notice of Results” announcement…

Devro – Trading Update includes 2016 expectations “unchanged”, so why 20%+ share price decline?

Published 227 days ago

Devro (DVO) has made a “Trading Update” announcement, including “the board's full year expectations for underlying operating profit remain unchanged”. However, the shares are currently more than 20% lower, at sub 180p…

Igas kicks the can, but not very far

Published 233 days ago

Yesterday afternoon AIM-listed and over indebted Igas Energy (IGAS) announced that it had sold some of the secured bonds hitherto held in treasury and that this has now shored up its finances such that it now no longer expects a breach of its daily liquidity covenant in 2016. Good news? Er, no – this simply kicks the can down the road (and not very far at that).

Dialight – despite update that trading “remains in line”, shares down…

Published 233 days ago

Previously writing on LED lighting technology company Dialight (DIA), I was bearish on the back of its half-year results in August. The shares have since risen, but are currently 5% lower, at 675p, on the back of a “Trading Statement” announcement…

HaloSource – “Trading Update” = Loss & Cash Warning, desperate strategic review ahoy…

Published 234 days ago

Having consistently over the last year warned on shares in HaloSource (HALO) – most recently HERE – I note they currently more than halved today, heading towards 1p, on the back of “an update on trading ahead of the year ending 31 December 2016”

Igas – Barbarians at the gate, shareholders will lose their shirts

Published 237 days ago

Yesterday saw Sky News unmask the mystery buyer of AIM-listed and over-indebted Igas Energy (IGAS) Oslo-traded secured bonds via the recent Dutch Auction conducted at 75c in the dollar – see HERE. We already knew that the previously un-named buyer had acquired a 34% stake in the bonds – enough to block any proposed debt restructuring that it didn’t like.

Entu – further disappointment as “important step forward” March 2015 acquisition to be sold for net £1

Published 240 days ago

Shares in home improvement group entu (ENTU) are currently further lower, at sub 20p, on the back of an agreement for the disposal of Astley Facades Ltd – for a net £1…

Blenheim Natural Resources – trouble at t’mill

Published 240 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.

M. P. Evans – details why it considers offer “highly opportunistic and wholly inadequate” & shareholder support…

Published 241 days ago

Following its announcement earlier this week that the board had unanimously rejected a 640p per share takeover offer from Malaysian company Kuala Lumpur Kepong Berhad, M. P. Evans (MPE) has detailed that shareholders of a majority of its share capital have also stated their intention to reject the offer and why it considers the offer “highly opportunistic and wholly inadequate”...

Igas – bondholder meeting update: secured debt says no

Published 242 days ago

AIM-listed and over-indebted Igas Energy (IGAS) has just announced the result of its bondholder meeting. The unsecured debt voted the proposals through, but the secured debt voted it down. The company says it has not yet breached its bond covenants, but that this is now expected next week. 

Igas – high noon in Oslo

Published 242 days ago

At time of writing bondholders in AIM-listed over-indebted Igas Energy (IGAS) are meeting in Oslo, having been summoned by the company to consider proposals to waive certain bond covenants while a restructuring of the company’s capital is negotiated. Igas previously indicated that a bond covenant breach was anticipated to occur this very week. Will the bondholders play ball?

Earthport – “is pleased to announce”… dire full-year results…

Published 242 days ago

“Earthport (EPO), the leading payment network for cross-border payments, is pleased to announce its final results for the year ended 30 June 2016”. The shares are currently down 4%, to sub 16p, in response. Hmmm…

M. P. Evans – rejects takeover offer, faces hostile move. What to do?

Published 242 days ago

Shares in palm oil producer M. P. Evans (MPE) have soared more than 43% to 610p on the back of a takeover offer from Malaysian company Kuala Lumpur Kepong Berhad – though the offer has been unanimously rejected by the M. P. Evans board...

Digital Globe Services – another AIM success story; seller returns for 62% discounted takeover just 44 months after IPO! ...

Published 246 days ago

14 February 2013: “Digital Globe Services, Ltd (DGS), a leading provider of outsourced online customer acquisition solutions for large, consumer-facing corporations, is pleased to announce at 0800 today the admission to trading on AIM… at the placing price of 159 pence per common share… The Resource Group International (TRGI), the selling shareholder”21 October 2016: “The independent directors and TRGI are pleased to announce that they have reached agreement on the terms of a recommended cash offer for DGS… shareholders will be offered for each DGS Share: 60 pence”. You what?!?…

Digital Barriers – credit facility ahead of interim results?

Published 250 days ago

Having warned on shares in Digital Barriers (DGB) last year, I note an announcement of a £10 million credit facility – with this following a trading update announcement last week…

Starcom – legal woes follow half-year results concern…

Published 251 days ago

Having previously questioned whether it has sufficient working capital, I note a “Litigation update” announcement from Starcom (STAR) and the shares currently 12.5% lower, at 2.625p, in response. Uh-oh...

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

Published 253 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…

GAME Digital – full-year results, is this a sustainable proposition?

Published 255 days ago

Following an August pre-close trading update which saw its shares lower to sub 70p, I now update on GAME Digital (GMD) with the shares falling to 67p on the back of its full-year results announcement…

Time Out – claims “incredible milestone” in it to bring “highly successful” market format to London. Hmmm…

Published 256 days ago

Having recently been “very excited” to announce a second ‘Time Out Market’, Time Out Group (TMO) is now “absolutely delighted to announce that we will be bringing our unique Time Out Market format to London”. The following reviews with the stock market not particularly delighted – the shares currently 1.4% higher at 141p, still comfortably below the 150p June IPO price…

Igas – proposes bond covenant waivers as breach expected w/c 24 Oct. SELL!

Published 256 days ago

The denouement has started – you can’t say you were not warned over and over again here in ShareProphets. AIM-listed and over indebted Igas Energy (IGAS) has gone cap-in-hand to its bondholders to seek a series of waivers and a standstill agreement on its bond covenants while a capital restructuring is negotiated. Shareholders face a bloodbath this side of Christmas, but already the stock is down 11% on the day.

Igas – tick tock, tick tock, as bonds slip it’s almost covenant breach o’clock

Published 257 days ago

For all the positive news of late regarding permits for the fracking industry (even if its own application for planning permission from Notts County Council saw the decision deferred to next month), AIM-listed drowning-in-debt Igas (IGAS) still has the pressing problem of staying within its bond covenants. The company stated in its interims to June 2016, released on deadline day of 30 Sept,  that it was expecting to breach its daily liquidity covenant in the second half of October – that could be as early as next Monday.

Nanoco – full-year results; claims “excellent position”, but actually en-route to cash crunch ahoy (again)?

Published 257 days ago

Nanoco Group (NANO) Chairman Dr Christopher Richards considers it “a pleasure to be introducing Nanoco's results for the year to 31 July 2016”. The shares are currently more than 6% further lower, at 55p, in response…

Nanoco – “update on the timing of revenue recognition” just days before scheduled results announcement. Uh-oh…

Published 261 days ago

Having in August announced, for its year ended 31st July 2016, “unaudited revenues in the year were £1.9 million (FY 2015: £2.0 million)”, Nanoco Group (NANO) has now made an “Update re Unaudited Revenues” announcement just days before its scheduled results announcement. Hmmm…

Eagle Eye Solutions – a management either trying to fool you or fooling themselves, whilst at the trough. Oink, oink…

Published 261 days ago

Shares in “SaaS technology company that validates and redeems digital promotions in real-time for the grocery, retail and hospitality industries”, Eagle Eye Solutions (EYE) have recently been on the rise – with recent announcements including a share purchase by CEO Tim Mason and results for the company’s year ended 30th June 2016 including “overall the board is pleased with the significant progress made”. Sounds interesting…

Time Out Group – “pleased to announce” a new 'Time Out Market' in Portugal, still a gold-plated sell?

Published 263 days ago

“Time Out Group (TMO), the global multi-platform media and e-commerce business with food & cultural markets, is pleased to announce that it has signed a lease for a new Time Out Market in the iconic São Bento train station in Porto, Portugal. This will be the second Time Out Market, following the success of the group's flagship market in Lisbon which opened in May 2014”. Hmmm…

DP Poland – reckons business model “proven”, to accelerate roll-out. It’s placing time

Published 263 days ago

Arguing “the strong financial and KPI performance from the stores reported in the company's 2016 interim results gives the board comfort that the business model is proven and the confidence to accelerate the roll-out of new stores”, the company with the exclusive right to develop, operate and sub-franchise Domino's Pizza stores in Poland, DP Poland (DPP) has announced it’s placing ahoy! Hmmm…

Igas – dire interims, bondholders take box seat as covenant breach looms

Published 268 days ago

Rarely does one find good news in results which are released at the last minute, and in the case of Igas the recent record of fairly prompt reporting suggested that leaving the interims to deadline day would be a bad omen. This morning’s numbers and, more to the point, update on the bond situation reads badly – for all the positive spin applied. The numbers aren’t good, a bond covenant breach is expected in the second half of next month and then there is the question of how long it may be before the cash simply runs out.

Vislink – half-year results, TIMBERRR!

Published 268 days ago

July profit warning meant results for the first half of 2016 from Vislink (VLK) were not going to be good but, on revenue 15% lower than in the corresponding 2015 period, at £22.6 million, a loss of £32.8 million!?! And there’s worse…

SpaceandPeople – half-year results suggest it’ll be profit warning ahoy!

Published 272 days ago

Shares in shopping centre and other high footfall venue promotional and retail company SpaceandPeople (SAL) currently trade approaching 30% lower, at well below 30p, on the back of its results for the first half of 2016. Let’s take a look…

Igas – New Year tip update: crunch time this week?

Published 273 days ago

When I penned my one and only suggestion in the 2015 ShareProphets Christmas tipfest, AIM-listed Igas Energy (IGAS) shares sat at 18.5p on a market capitalisation of £55.3 million. They have been all over the place since then – up as high as 21p twice and down as low as 10p. They are currently 12p as the last bubble nonsense deflates gently but has anything really changed? Er, no. The company is still drowning in debt which it can’t repay and the lit fuse is now almost ten months shorter. Igas remains a stonking sell.

Filthy 40 Origo Partners: "Notice of Results" = profit warning

Published 275 days ago

ShareProphets AIM-China Filthy Forty play Origo Partners (OPP) issued a notice of results RNS on Wednesday, telling us that its interims to June 2016 will be released on reporting deadline day of Sept 30th. But the statement also had a massaging down of expectations slipped into it. Oh, alright, let’s call it a profit warning – but how bad?

Majestic Wine – review of a far from majestic “Trading Update”

Published 277 days ago

Specialist wine seller Majestic (WINE) has announced, despite its retail operations “trading on track”, Naked Wines UK and Australia performing “on plan” and “a return to growth for Lay & Wheeler”, that “EBIT for the current financial year ending 3 April 2017 is expected to fall below current market expectations”. Uh-oh…

Filthy Forty MoneySwap – share price falls below proposed bailout

Published 277 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.

DP Poland – half-year results; seeks to emphasise “EBITDA loss reduced”, but…

Published 278 days ago

The company with the exclusive right to develop, operate and sub-franchise Domino's Pizza stores in Poland, DP Poland (DPP) has announced results for the first half of 2016 and the shares have responded back above 50p. Let’s take a look…

Sabien Technology – “£750,000 placing to continue growth strategy”, AKA to keep the lights on…

Published 282 days ago

Previously writing on Sabien Technology (SNT) in July, I noted its seeking to reduce the nominal value of its shares “in order to allow the company to issue new ordinary shares should it decide to do so”, concluding that somehow, I’d guess it would decide to do so! - see HERE. Today we have an announcement of “£750,000 Placing To Continue Growth Strategy”...

Intercede – from “well positioned for future growth” to trading “below expectations” in just over 3 months…

Published 282 days ago

Intercede (IGP), a software and service company specialising in jargon to describe what it does (sorry, specialising in “identity, credential management and secure mobility”) has announced it “has had a slow start to the current financial year and is continuing to experience delays in the receipt of anticipated MyID license orders from both new and existing customers”. Uh-oh…

Starcom – half-year results, “sufficient working capital”?

Published 291 days ago

“Starcom (STAR), which specialises in the development of wireless solutions for the remote tracking, monitoring and protection of a variety of assets and people… (is) pleased to report the unaudited results for the six months period ended 30 June 2016”. The shares are currently more than 15% lower, at 3.375p, in response. Hmmm…

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

Published 292 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…

CloudTag – Just one more question, Amit, who is Massimo Ventimiglia; not worried about insolvency are you??

Published 293 days ago

Amit, as you were so kind to answer my last question relating to CloudTag (CTAG) as to when the revenue warning was finally going to come......by issuing a revenue warning on Friday, I thought I’d follow-up with a simple one. Why has Massimo Ventimiglia, who appears to be a hired-help, grim reaper of the corporate world been appointed the sole director of your main operating subsidiary, Cloudtag Active Limited. Surely can’t be because you’re worried about going bust, can it?

HSS Hire – half-year results, appalling balance sheet, also of interest to Speedy Hire shareholders…

Published 297 days ago

UK and Ireland tool, equipment and related services group, HSS Hire (HSS) has announced results for the 27 weeks to 2nd July 2016 – and the shares are currently circa 8% lower, to below 80p, in response. With the results also coming as 19% shareholder in the group, Toscafund, prepares for a General Meeting dust-up with the board of fellow hire group Speedy (SDY) - which it has urged to consider merging with HSS - the following reviews…

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

Published 297 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?

Challenger Acquisitions – Interims out…..suggest shareholders follow suit!

Published 299 days ago

In last week’s piece on Challenger Acquisitions (CHAL) HERE, I said I would comment further once the interims came out. Well, they were released this morning and, unfortunately for shareholders, there were no surprises.

ACEEEEEED!! Filthy 40 Taihua – on drugs as it announces Open Offer to pay for share buy-back.

Published 304 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?

Challenger Acquisitions – Great news, more debt deferred - only a month late!

Published 306 days ago

Having asked the question five weeks ago (HERE), I was pleased to see Challenger Acquisitions (CHAL) finally announce this morning what had happened with the €1.25 million debt that it owed the three ex-Starneth shareholders. Guess what – it didn’t pay it. Big surprise!

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

Published 310 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...

Kellan Group – Half-Year results. “A market leading recruitment business”, Really? …

Published 310 days ago

Self-described “market leading recruitment business” Kellan (KLN) has announced results for the first six months of 2016. The shares are currently down 24%, to 0.95p, in response...

Earthport – “is pleased to provide” a trading statement for a year of “challenges” & a “material… fraud incident”. Hmmm…

Published 312 days ago

A leading burner of cash (Oops, sorry, “leading payment network for cross-border payments”), Earthport (EPO) “is pleased to provide an unaudited trading update for the fiscal year ended 30 June 2016”. Hmmm…

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

Published 313 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?

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

Published 316 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…

Forte Energy – For the love of God, can we drop this Fintech nonsense!

Published 317 days ago

As the share price of Forte Energy (FTE) keeps dropping as the BOS Global RTO approaches, as even long-suffering shareholders think some cash today is worth more than nothing tomorrow, I’ll have one last dig (for now) at something really riling me with this stock and that is the total misuse of the term “Fintech”.

Forte Energy – mea culpa, my valuation was wrong..…it was far too high!

Published 320 days ago

Two weeks ago, following the release of its admission document I wrote about the valuation of Forte Energy (FTE) HERE. It was at 0.006p at the time and I thought 0.002p was a better reflection of the value. Well the share price has dropped to 0.0035p in the meantime but the bad news for those that have stuck it out so far is that my valuation should have been lower.

IGAS - irrational exhuberance, just fracking nonsense

Published 321 days ago

Shares in overindebted AIM-listed Igas Energy (IGAS) have shot out of the traps this morning on news that Theresa May is in favour of fracking and wants to bribe the locals into letting it happen. There is also a technical matter announced last week that Igas underwent a capital reduction which apparently strengthens the balance sheet......if only. The share price reaction has seen the shares race ahead by as much at 47% (30% last seen) but has anything changed? Er....

Golden Saint – Er, about those licence renewals?

Published 323 days ago

On 19 July AIM-listed POS Golden Saint Resources (GSR) released an RNS entitled Licence Renewal and Operational Update. What we learned was that in fact it had not renewed its licences at all (in Sierra Leone) but that it would be making arrangements to pay for the…licences in the course of the next two weeks. That was two and a half weeks ago: has it paid? Has it been granted the permits?

Dialight – half-year results, board “confident” but will FY expectations really be met?

Published 326 days ago

LED lighting for industrial and hazardous applications-focused, Dialight plc (DIA) has announced half year results emphasising “underlying operating profit” up from £1.7 million to £4.2 million, though showing a statutory loss before tax of £7.1 million, from breakeven. Hmmm, let’s take a look…

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

Published 327 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…

Rurelec – another short-term loan, this time for just 90 days, death merely postponed

Published 328 days ago

The noose does appear to be tightening around AIM-listed Rurelec (RUR). It had appeared for a while that the board had managed to buy itself a little time with an extension to a previous short-term loan out to the summer of next year. But all the while the company has been clear that funding is tight. It comes as little surprise, then, that a bit of extra cash was needed but the terms (90-day maturity, 18% annualised interest) suggests that the company is more than a little distressed.

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

Published 329 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.

Filthy 40 China Africa down 36% today: how long until it is bust?

Published 332 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.

Blur Trading Statement - Show Me The Lack of Money: Letts Must Go

Published 332 days ago

The hapless Phil Letts, founder and CEO of disaster story Blur (BLUR) must surely know that his time - and that of his grossly overpaid Mrs - is almost up. After another dire trading statement today, There's No Other Way, as Blur used to say:

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

Published 333 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….

Kenmare – rescue refinancing sees just 7.45% support of Open Offer

Published 336 days ago

Ireland- and London-listed Kenmare Resources (KMR) announced (after-hours, natch) on Friday that the open Offer element of its rescue refinancing package had met with just 7.45% support: hardly a ringing endorsement. Of course, since the Open Offer cash was headed straight into the hands of creditors rather than providing the business with much-needed working capital it was hardly an attractive proposition, not to mention the abject record of the board.

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

Published 338 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”

AO World – shares ahead on Q1 trading statement. Hmmm…

Published 339 days ago

Having long been bearish, I note shares in online electrical retailer AO World (AO.) are currently more than 10% higher today, at 148p, on the back of an AGM (and first quarter) trading statement. Let’s take a look…

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

Published 340 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.

CloudTag – A disappointing “jam tomorrow” stock since 2013

Published 341 days ago

Being one of the few writers on ShareProphets yet to comment on the stock du jour of rampers everywhere (see HERE for the full coverage), I thought I’d take a visit down memory lane and see what lessons one can learn from CloudTag’s (CTAG) history. Guess what, it’s been promising jam tomorrow from the beginning.

Sabien Technology – GM to reduce nominal value of shares + “three month's cash to cover working capital”. Hmmm…

Published 347 days ago

Sabien Technology (SNT) has released the update provided at a General Meeting held today. Why the General Meeting? … “to effect a reorganisation of the company's share capital… the nominal value of the company's ordinary share capital needs to be reduced in order to allow the company to issue new ordinary shares should it decide to do so”. Hmmm...

Shock, Horror! Beaufort issues a "sell" note (re Hotel Chocolat)

Published 347 days ago

Well this doesn't happen very often. In fact, I can't remember the last time I had a morning note drop into my inbox only to find that something was being rated as an outright sell. The usual guff is a series of "speculative buy" ratings (often on things I wouldn't go near). But this morning Beaufort Securities has broken the city's unwritten code of conduct, plunging the knife into recent AIM IPO candidate Hotel Chocolat (HOTC).

Igas – Sunday press PR puffery tells you all you need to know: sell

Published 349 days ago

Tom Winnifrith has already quite correctly berated the Sunday Telegraph for its piece yesterday on the ongoing travails of AIM-listed Igas Energy (IGAS) and its little debt problem. The sense of desperation which saw this piece of abject puffery in a national newspaper is apparent to anyone who looks at the balance sheet, or read the comments from the company about its expected bond covenant default in the second half of this year (ie any time now). But the article reads like a dodgy RNS aimed at getting the bulletin board morons to pile in while the crony capitalists get out.

Igas - shares sliding, is the penny starting to drop?

Published 353 days ago

Shares in AIM-listed and debt-ridden Igas Energy (IGAS) hit a new low point today of just 11.5p per share. They have since recovered to 12.25p (last seen) which is still below anything registered during the slide from the heady days when previous head honcho Andrew "piggy" Austin did his sale-and-repurchase deal with Equities First Holdings LLC. Is the penny starting to drop about how big the debt problems are?

Vislink – strangely timed “Trading Update” = ‘material’ profit warning & worse still…

Published 354 days ago

A strangely timed (8:01am) “Trading Update” from technology group “specialising in solutions for the capture, management and delivery of high quality video for the broadcast and surveillance and public safety markets”, Vislink (VLK). Hmmm…

Igas - result of bond "Dutch Auction", shares still a sell

Published 355 days ago

We previously flagged that the "Dutch Auction" tender offer by an un-named client of Pareto Securities for the senior secured bonds of AIM-listed Igas Energy (IGAS) might present a bit of a threat to shareholders. We've now had the result of the tender offer...

Filthy 40 – China New Energy FY15 results: a stinking POS festooned in Red Flags

Published 358 days ago

ShareProphets AIM-China Filthy Forty play China New Energy (CNEL) has seen us hoist the Red Flag on several occasions before (see HERE) but its FT15 results, released on deadline day (Thursday) take the biscuit. The company is, quite simply, a disgrace and its advisers (Nomad Cairn and disgraced Broker Daniel Stewart) should be ashamed.

China fraud 40 Jiasen – drowning is cash, generating cash, profitable, PE<1, cancels dividend. Why might that be?

Published 359 days ago

Having traded as high as 6.25p just six weeks ago, shares in ShareProphets AIM-China Filthy Forty Jiasen International (JSI) have collapsed down to just 3p after it scraped over the line to release its calendar FY15 numbers on deadline day yesterday. The numbers are, of course, wonderful…which is why the company which is drowning in Red Flags (oops) cash has cancelled the full year dividend.

Igas – bondholder Dutch Auction lights up neon warning signs for equity holders

Published 367 days ago

I’ve been a bear of Igas Energy (IGAS) ever since previous CEO Andrew “piggy” Austin’s shady dealings with Equities First Holdings LLC (EFH) when he walked away with millions in cash whilst still being able to claim that his interests in the shares were unchanged by the transaction. It ran rings around the disclosure rules. Ever since he walked (or, more likely, was pushed) it has been clear that he left the company drowning in debt and sitting on a ticking time-bomb. Yesterday came a surprise move, but one which could, perhaps, spell the end of the road for equity holders. Quite why the shares spiked (albeit temporarily) on the news is a mystery.

CAP-XX – “secured new orders for automotive applications”. Hmmm…

Published 368 days ago

Having previously written in March in a sceptical vein, I note shares in the company which modestly describes itself as “a world leader in the design and manufacture of thin, flat supercapacitors and energy management systems”, CAP-XX (CPX) currently trade higher, at around 5p, on the back of an announcement which begins with that the company “is pleased to announce that it has secured new orders for its supercapacitor solutions for both passenger vehicle and heavy vehicle automotive applications”.

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

Published 374 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…

Christie Group – AGM statement, relying on second half year recovery. Hmmm…

Published 375 days ago

Shares in provider of professional business services and stock & inventory systems and services, Christie Group (CTG) are currently trading lower on the back of an “AGM Statement” announcement. Let’s take a look…

Time Out Group – IPO, an absolute rum n’ coke

Published 376 days ago

Time Out (TMO), founded in 1968 as a London culture and entertainment magazine, has listed on AIM at 150p per share, to capitalise the group at £195 million. Founder Tony Elliott sold a controlling share to private equity firm Oakley Capital in November 2010 with the “strategy to transform what was a traditional print brand into a leading digital platform”. Apparently Oakley “invests in and supports the continued growth and development of some of Europe’s leading companies”. Financially, this ain’t one of them…

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

Published 376 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…

Eagle Eye Solutions – CEO reckons “encouraging progress”, the market reckons not…

Published 380 days ago

In February, with its shares at over 200p, I noted scepticism on Eagle Eye Solutions (EYE) after a heavily spun trading update - see HERE. We now have another trading update and CEO Phill Blundell emphasising “encouraging progress”, though the shares currently down a further more than 10%, to 164p, in response. Hmmm…

AO World – full-year results, do the numbers reflect “deliver(ing) huge benefits to the business”?

Published 381 days ago

Online electrical retailer AO World (AO.) has announced results including that “the consistent focus we place on delivering amazing customer service along with the investment we have been making in our brand continues to deliver huge benefits to the business” and that “trading in the current financial year has started well”. The shares though are now down 6%, to 157p, on the back of the announcement. Hmmm, let’s take a look...

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

Published 384 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 387 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 388 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…

Igas – new Nomad and Broker appointed: bail-out imminent?

Published 390 days ago

Shares in AIM-listed and over-indebted Igas Energy (IGAS)  had a good week last week, rising by about a third in value before slipping back again. But its balance sheet problems (well documented on ShareProphets, see HERE) continue to mount and this morning it was announced that Investec has been appointed Nomad and joint Broker, replacing the previous incumbent Jefferies International. Whilst one might wonder if Jefferies jumped or was pushed, the bigger question is when the bail-out re-financing will come and how big the shafting for existing shareholders will be.

DCD Media – Friday 4:07pm “Business Update”, true 'no-one watching o'clock’ stuff?

Published 393 days ago

No announcements since 13th November last year from DCD Media (DCD), that is until now… a Friday before a bank holiday weekend 4:07pm “Business Update & Notification of Results”. I’m guessing this ain’t going to be good…

CDialogues – “Update on new Business Opportunities” = from bad to worse…

Published 394 days ago

A 10:58 am “Update on new Business Opportunities” announcement from mobile marketing services company CDialogues (CDOG). Hmmm, with last month-announced results including that “given that net contributions from some mature projects are expected to decrease during 2016, the company is now focused on building the new business pipeline”, this really needs to be positive…

Lombard Risk – full-year results it is “pleased to report”, it shouldn’t be…

Published 394 days ago

Chairman Philip Crawford is “pleased to report on a year of considerable development and growth for Lombard Risk” (LRM). The results suggest he shouldn’t be…

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

Published 395 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…

Shanta Gold - Director buy SPOOF!!

Published 395 days ago

As much as it pains me to highlight this, as I hold a (very) small handful of shares here, I note with interest an announcement at 4.17pm yesterday afternoon (almost no-one-is-watching o'clock) from AIM-listed Shanta Gold (SHG) which simply strikes me as a spoof. It is a director buy, but I fear that it is a sell signal. Here is why.

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

Published 397 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…

IGAS – a fracking good shorting opportunity?

Published 397 days ago

This morning came an announcement (see HERE) that North Yorkshire County Council has voted to allow the use of hydraulic fracturing to extract shale gas from a site in northern England. It is the first fracking permit in the UK since 2011 and all of a sudden over-indebted Igas Energy (IGAS) shares have leapt 25% on the news. Of course it does nothing to relieve the balance sheet issues facing Igas and as such this seems to be a cracking (or fracking) good shorting opportunity.

Mobile Streams – a 2:21pm “Trading Update”, Uh oh…

Published 401 days ago

A Thursday 2:21pm “Trading Update”. Hmmm. “Mobile Streams plc (MOS) updates the market on its expectations for the current financial year ending 30 June 2016”. Uh oh…

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

Published 401 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. 

Imaginatik – shares on the rise despite admitted discounted fundraising discussions. Hmmm…

Published 402 days ago

Having fallen back towards 3p following a couple of RNS announcements earlier this week, shares in Imaginatik (IMTK) are currently on the rise again. With this coming after the shares had slumped to sub 2p by the start of April before soaring beyond 5p by the commencement of May, the following reviews the goings-on here…

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

Published 402 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?

Earthport – follows recent bad news with… £650k+ of nil-cost share awards to management!

Published 409 days ago

Having in February seen its shares slump further on potential foreign exchange business fraud and in March announced an increased net cash outflow, pioneering cash-burning machine (sorry, “pioneering technology success story… revolutionising global payments”) Earthport (EPO) has announced… “nil-cost share awards under 2016 Long Term Incentive and Retention Plan to the members of the executive management team”!?! …

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

Published 410 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...

HaloSource, Inc. – agreement for sale of Recreational Water business, is all as it initially seems?

Published 412 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?

eServGlobal – Contract announcement, Rampity, ramp. How long till private investor screwing ahoy?

Published 416 days ago

Mobile money company eServGlobal (ESG) has followed a claimed “significant contract” which saw guidance only maintained, with a contract win in West Africa which purportedly “is further confirmation that a recovery in the sales engine of our company is now underway”. Hmmm…

blur Group – ‘Contract win’ seemingly sparks further delusion

Published 418 days ago

Perennial cash-burning machine, sorry “Enterprise Services Platform & Marketplace”, blur (BLUR) “is pleased to announce the signing of a two year contract with a FTSE 250 multi-channel retail group”. Apparently, this contract win “demonstrates that business leaders and large corporates are increasingly acknowledging the need to prioritize their unmanaged, indirect business services spend and recognize that blur's platform offers an efficient and agile solution to drive new efficiencies within indirect spend”. Hmmm…

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

Published 424 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…

Goldenport – Institutional dash for the exit

Published 425 days ago

Soon-to-be delisted from the main market and surely worthless (see HERE) Goldenport Holdings (GPRT) released a TR-1 yesterday which showed that Artemis Investment Management LLP dumped most of its holding last Friday, 22 April – the day that the company announced that it was to delist.

Goldenport – delisting leaves shareholders dead in the water

Published 429 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 430 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…

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

Published 435 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…

Red Flags at Night: Rurelec trading/funding update - ShareProphets RNS Translation Serice

Published 437 days ago

We have known that the Peter Earl AIM-listed train-wreck Rurelec (RUR) has been in some financial difficulty for some time. Mr Earl departed the scene last June, but the fire-fighting for the new board has been on-going ever since. Last night at no-one-is-watching o’clock (4.55pm) the company gave an update on its funding arrangements and trading in what must be a classic case-study for all MBA students on how to deliver bad news. Over to the ShareProphets RNS Translation service for the low-down on last night’s announcement…..

SeaEnergy – grim read across from appeal judgement vs Lansdowne/Providence

Published 438 days ago

Oh dear, things have just got a whole lot worse for AIM-listed SeaEnergy (SEA) as fellow AIM company Lansdowne Oil and Gas (LOGP) – in which SeaEnergy has an 18.67% interest - has just announced that its shares are suspended pending financial clarification.

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

Published 447 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...

China Norfolk Asian Citrus profits warning – how long until the corporate undertakers are called?

Published 452 days ago

ShareProphets AIM-China Filthy Forty purveyor of Biblical plagues, Asian Citrus Holdings (ACHL) has updated the market on its latest calamity. Apparently it grows oranges too, but its main product these days does seem to be natural disasters that prompt ( lack of) profits warnings.

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

Published 453 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…

Intelligent Energy – shares short-circuit on funding calamity

Published 458 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…

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

Published 462 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.

IGAS – results to Dec 2015: company foresees non-compliance with bond covenants. Sell.

Published 466 days ago

AIM-listed Igas Energy (IGAS) is my share tip of the year – as a sell. This morning saw its results for the 9-month period to Dec 2015 which did nothing to make me change my stance. Indeed there was a clear warning that the company is on course to breach its bond covenants during H2. The shares remain a stonking sell.

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

Published 470 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.

Petroceltic – ShareProphets RNS translation service on “Response to Worldview Offer”

Published 479 days ago

Petroceltic International (PCI) has released a convoluted response to 29.6% shareholder Worldview Capital Management’s 3p per share offer for the company. A clear job for the ShareProphets RNS translation service...

AO World – A O, now it’s the Chairman to go...

Published 479 days ago

Domestic appliances online retailer, AO World (AO.) has announced that Chairman Richard "Quindell" Rose “has announced his intention to step down from the board once a successor has been appointed”, with Rose noting “the long-term strategy we set out at the time of our IPO is firmly on track and I feel now is the right time for me to move on”. Hmmm.

Avanti Communications - please explain your 100% rum & coke subsidiary accounts?

Published 483 days ago

If a company organanises itself with complex subsidiaries with opaque accounts that simply contradict themselves you know to run a mile. Think Quindell. Now welcome to the world of Avanti Communications (AVN) - target price 0p - and its wholly owned subsidiary Avanti Communications Infrastructure Limited. The numbers just do not make sense.

Volex: update on trading & meaningless director share purchase reaffirm bear view

Published 485 days ago

November-announced interim results from power and data cabling provider, Volex plc (VLX) noted “tough” trading conditions, but also that “several significant new projects expected in H1 FY2016 have been deferred into H2 FY2016 including the roll out of a new product from our largest customer. We are already beginning to see the benefits of these projects in the second half”. Today we have that “expected demand for both existing and new products from our largest customer was less than expected in the second half of the year”. Uh oh…

Earthport – shares slump on potential foreign exchange business fraud

Published 486 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…

Grafenia – hopefully my previous calls on this heeded; it’s another profit warning

Published 487 days ago

“Trading Update” announcement from Grafenia plc (GRA) commences “Post the last market update, trading has been more challenging in the company's domestic channels. Our markets have never been more competitive, with established players, aggressive pricing from new European entrants and domestic commercial printers diversifying into the trade print sector”. Uh oh…

Rurelec – breathing space following new secured loan

Published 493 days ago

This morning AIM-listed Rurelec (RUR) which is rather fighting for its life announced that it has bought itself a little more time in the form of a new short-term secured (over all the assets of the company) loan of £850,000, which has already been fully drawn down. This will be repayable at the end of June and will repay the last short term secured loan from Radix (of £600,000), associated accrued interest as well as provide working capital.

600 Group – industrial products company “Trading Update” suggests increasing macro woe

Published 494 days ago

Distributor, designer and manufacturer of industrial products, 600 Group (SIXH) has updated that continued weakness within Europe and the UK is now also being encountered in the USA market. Uh oh…

China AIM fraud Auhua Clean Energy – a last chance to escape as the fat lady warms up in the wings?

Published 494 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.

F40 Origo Partners: The Noose Tightens

Published 495 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.

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

Published 499 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!...

DQ Entertainment – the Red Flags pile up. Writing, wall.....this stinks!

Published 505 days ago

Following the appearance of AIM-listed DQ Entertainment (DQE) in our Red Flags at Night series regarding the resignation of its Nomad and other matters, slipped out at no-one-is-watching o’clock on 3 Feb, we had a Director Shareholding RNS yesterday afternoon. It is a complex announcement, but it stinks. Certainly it did not give any reason to question the wisdom of the Nomad, Allenby, to step down on 22 Feb. The shares remain a big sell even after the collapse of last week.

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

Published 510 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.

Reader Post of the Day: Bearfacts - who runs Blenheim & what is it worth?

Published 512 days ago

Blenheim Natural Resources (BNR) is another much hyped shitty little AIM investment company. It also smothered itself in merde with its recent shoddy dealings with African Potash (AFPO). One of our readers (Bearfacts) posts on this matter, a comment which merits a wider audience. Over to Mr Bearfacts before I add another kicking below: 

Igas – an interesting TR-1: is there an error here?

Published 513 days ago

Andrew “piggy” Austin, the former CEO of AIM-listed Igas (IGAS) and head honcho of newly listed RockRose Energy (RRE) has submitted an interesting TR-1 which was released by Igas yesterday afternoon. It raises a number of questions, not least of which is whether it was erroneous. Surely the Equities First Holdings LLP (EFH) saga is not taking yet another twist, is it? 

SolGold continues to burn through cash - sell

Published 516 days ago

There seem to be so many mining companies on AIM that burn through cash without looking any closer to actually producing anything! Some of them catch my eye as they’ve been around for a few years and often were previous ‘darlings of AIM’ amongst private investors, and SolGold (SOLG) definitely falls into that category.

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

Published 521 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.

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

Published 536 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? 

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

Published 537 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.

Inspirit Energy - a festival of Red Flags on New Year's Eve: Sell

Published 538 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.

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

Published 544 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.

ZincOx – failed fundraising, delisting mooted. Cheese’n’Onion or Salt’n’Vinegar, anyone?

Published 544 days ago

This morning AIM-listed ZincOx Resources (ZOX) produced a calamitous RNS. A failed funding round (for $5 million) means that 90% of its erstwhile wholly-owned subsidiary ZincOx Korea Ltd is to be handed over to Korea Zinc or – at Korea Zinc’s request – a loan by Korea Zinc will be converted in an eye-watering debt-for-equity shareholder dilution to leave ZincOx shareholders with just 10% of the equity. And there could be more dilution as ZincOx Korea is loss-making: any further funding to keep the lights on at the plant will come from Korea Zinc which will increase its ownership in proportion. Even after this ZincOx looks to be in dire straits and is now considering delisting. In short, this is a trainwreck. Time for one of Tom Winnifrith’s bags of Walkers – or will it be just Tesco Value?

WANdisco – after-hours contract wins RNS: Why?

Published 549 days ago

It is pretty unusual for a company to slip out good news at no-one-is-watching o’clock, but that is what AIM-listed and rather short of cash WANdisco (WAND) pulled out of the hat yesterday at 5.26pm. Is the news really that good? And talking of hats…..…is this all just a precursor to passing the hat around to raise some much needed cash?

Igas - do you believe the shareholders or the bondholders? The bondholders say sell!

Published 550 days ago

We have noted already - in the wake of dire interims -  that AIM-listed Igas Energy (IGAS) has seen its bonds selling off to well below par value, and that Igas has warned on its bond covenants. The sell-off on its bonds has continued. With the shares having headed south before a bounce in the wake of favourable permitting news, shareholders might want to note the latest move in the bond price: it says sell.

SeaEnergy: profit warning, loans, new Nomad. Was that plain or cheese'n'onion?

Published 578 days ago

I suppose that a profit warning should actually involve profits but unfortunately for SeaEnergy's (SEA) beleaguered shareholders that seems to be a long way off. With the low oil price it goes without saying that companies with exposure to black gold in some form or other are going to be suffering in the current climate. But SeaEnergy – as discussed HERE - could and should have been almost bullet-proof. Having had cash and readily realisable assets worth millions, the company has spent the cash and stood by while the value of the holding in Lansdowne Oil and Gas (LOGP) has dwindled away. It now finds itself reliant on the bank and having to go round with a begging bowl in order to keep the lights on.

Xcite Energy – could it be toast by June?

Published 580 days ago

Third quarter numbers from Xcite Energy (XEL) make for grim reading indeed. At 18.5p the company is valued at £57.4 million but it could well be toast within nine months.

Gulf Keystone – Ben Turney needs to be locked away for his insanity – the shares are a sell

Published 586 days ago

Ben has produced yet another truly awful piece on Gulf Keystone GKP) today, Flip Flop is a stale long and wrong bull, I have called it spot on as a sell from 180p down to today’s 25.75p. But his offering today “facts about Gulf Keystone’s debt” is not based on fact and makes assertions that are ludicrous.

Rurelec – open offer a doomed last throw of the dice?

Published 590 days ago

AIM-listed and cash-strapped Rurelec (RUR) has proposed an Open Offer as the new management team fights to keep the lights on. But I fear that this potential fund-raising is already doomed to failure. The company admits that it faces a cash-crisis and the writing is on the wall. Here is why.

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

Published 614 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.

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

Published 621 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?

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

Published 647 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.  

Naibu – Comedy RNS, Tragedy awaits – sell at 51.5p – target price 1p

Published 1055 days ago

A Trading statement from China based AIM Cesspit POS Naibu (NBU) today is sheer comedy genius. The shares are off again at 51.5p and I am now minded to revisit my 1p target price as I am being generous.

Monitise plc – forecasts down, share price to fall again?

Published 1076 days ago

Shares in mobile banking, payment and commerce company Monitise plc (MONI) were hit earlier this month by a trading statement – as analysed HERE. Heck, let's not beat about the bush: trading statement equalled revenue warning. Forget about profits, they are years away (at best). With lower forecasts now in place and the shares having recovered a bit to a current 46p, should you buy?... No!

Sell Leni Gas & Oil, by Doc Holliday

Published 1109 days ago

I see my old sparring partner ''David'' Leni Gas & Oil (LGO) has released yet another RNS, which means not only are we at a baker’s dozen plus in little over a month now (!!!), but also that each one creates less and less impact. A lot of the news is surely already priced in and is even, arguably, overpriced into today’s share price. 

A Brokers BUY stance means sweet FA – a shocking table for you to consider

Published 1133 days ago

Some folks get terribly excited about broker research reports. Henry at JP Morgan upgrades his stance from overweight to buy, Goldman’s removes a stock from its Conviction List but still rates it as buy. You know it all means sweet FA. Sorry to market reporters who fill column inches with this stuff but it is meaningless.

VSA: Sell Kenmare Resources at 26.75p – target price 22.4p

Published 1525 days ago

Specialist resources broker VSA has initiated its coverage of fully listed Kenmare Resources (KMR) with a detailed note and a recommendation of sell.

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