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RockRose Energy – new issue is no silk purse, it’s a pig’s ear from Piggy Austin of IGAS shame

By Nigel Somerville

13 January 2016 07:12

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This morning saw the return of Andrew “piggy” Austin of IGAS infamy to the London Stock Exchange with the Standard Listing of his new vehicle, Rockrose Energy (RRE). Incoming punters paid 50p a share for (at best) about 41p of assets – nice work for the Broker, Macquarie Capital. But there are a few problems which arise when comparing the Admission Document (HERE) with the company’s Companies House filings. For starters, what is the nominal value of the shares? Is it 2p or 20p? And just how many shares have been issued? This looks to be a pig in a poke.

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Comments

Drunken Sailor

13 January 2016, 08:04

Next up we have an Annual Return as at 5 August which shows our two Directors still in office, and that Mr Austin still holds all of the 300,000 ordinary shares in the company, with a nominal value of £60,000 – and that all the shares in the company are noted as having an amount unpaid of nil. Thus, Mr Austin has still NOT paid in full for his shares.

Erroneous not in there Nigel otherwise great anoraking.
Duck and Dive

13 January 2016, 08:26

More excellent sleuthing, Nigel. It looks like you’ve found in Mr Austin a credible challenger for the recently vacated throne of King of the AIM Shysters.

Congrats on your new rugrat, btw – I hope you’re getting some sleep.
alcira16247

13 January 2016, 08:42

Nigel

Given the ‘previous’ of Piggy, who on earth would wish to invest in any enterprise were he is involved?

Amazed that the man has already launched a new scheme so soon after his disastrous calamitous stewardship of iGas, can only assume launching this new POS confirms the degree of arrogance he possesses.

Pass the bargepole, please!