Tom Winnifrith Bearcast 12 Feb - Polemos the £1.4m David Lenigas scandal

Comments

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   DecoyDuck

   12 February 2016, 07:49

   Good work on Polemos, Tom. Interesting to see that the new PLMO registered office is the office of Jabba’s very own tame auditors and accountants, Chapman Davis, who, in turn, are located just a few feet from the office of one Richard Brooks, Jabba’s favourite nominee and company-formation man. What tales they could tell. Hopefully the new SE1 office will be a bit cheaper than the fancy Jermyn Street address.

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   Duck and Dive

   12 February 2016, 08:12

   Unless they have dumped them without telling anyone, Polemos still own the stocks they invested all their cash in (around £600k), ie Tullow, Ophir and Pura Vida Energy…and all of them have sunk like a stone of course. Memory getting a little hazy but I think they bought Tullow at around 1050p (now 157p), Ophir at around 400p (now 75p) and PVD (ASX) at around 0.38p (now 0.030p).

   So why anyone would want to buy shares in an investing company with such an inept performance is beyond me. I wonder, would PLMO win the new Shareprophets Worst AIM Investing Company Award? Why didn’t Dim Dave diversify a bit?

   And yet, some of the big shareholders from the PLUS Plc days are still there – Bruce Rowan (how come he’s still alive?) with 10.6% and Amari Dhari Investments with 7.5% (and a NED). I assume they would be out if they could get out but it’s a lobster pot given the unsurprising lack of liquidity.

   Au sujet de BNP Paribas, you might want to read their statement more carefully. Their policy change affects new business only, not existing loans.

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   Tom Winnifrith

   12 February 2016, 08:19

   D&D listen to bearcast again – I say new loans only for the froggies but a department in wind down will cause probs for existing borrowers if they cant repay. That was my point

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   Drunken Sailor

   12 February 2016, 08:53

   Re MTV they said on 1 Feb:

   “Motive announces that it was served notice of Sanlam Securities UK Limited’s (“Sanlam”) intention to cease its nominated adviser and small cap broking activities in late 2015. Consequently, Sanlam will cease to be the Company’s nominated adviser on 14 February 2016.”

   The list of companies they are Nomad for is here:

   http://www.londonstockexchange.com/exchange/companies-and-advisors/aim/for-companies/nomad-broker-profile.html?nomadBrokerId=277

   I have not checked all of them but the ones I have checked have made no similar announcement and Sanlam seem to be merrily signing off their RNSs still. Me thinks Sanlam resigning has nothing to do with Sanlam getting out of the Nomad business and everything to do with how shit MTV is. But why did Sanlam sign off on an RNS that contained an obvious lie that they absolutely knew without doing any checks was an obvious lie?

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   oh_dear

   12 February 2016, 10:26

   PLEASE PLEASE PLEASE look into Doriemus PLC… Another Don/Hammish value DESTRUCTION.

   1. 8.5 MILLION valuation!!! For a company(GGO) that has only 40k in the bank – never made a penny of revenue.
   2. Shares suspended to freeze current sp(almost 6months ago).
   3. Aside from copy and pasting correspondence on HH – NO real effort to reach out to investors about what the hell is going.
   3. 250k spent on buy just under 3% of this “company” as an initial start of an RTO deal to meet AIM regulations which they FORGOT to do due diligence on!

   What can we do – people are DESPERATE! Our deadline for a de-listing is 14 March.. still no word!

   Check it out… This is another Strang/Hammish BALLSUP!

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   Duck and Dive

   12 February 2016, 10:36

   @DS – Sanlam gave notice to MTV at the end of October – before their alleged withdrawal from small cap nomading. But they apparently reduced their notice period from a flexible 4-6 month period to a shorter term at the end of December when they allegedly announced their withdrawal from small caps.

   Either way, MTV broke the rules by announcing it late – presumably to allow Bergen more time to sell down at a higher SP (at PIs’ expense).

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   Simple Moving Avarice

   12 February 2016, 13:15

   @OH_DEAR – sounds like a case of Timeo Doriemus et dona ferentes.

   Or is doriemus 1st person plural subjunctive? Maybe it means something like “Let us be screwed”.

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   wildrides

   12 February 2016, 15:11

   That was the funniest cast in ages ………lots and lots of whining & frothing …….. building to a climax of apoplectic rage seldom or never bettered . I actually thought you were about to have a heart attack near the end . Calm down dear , even tho its not a commercial ……..your heart wont stand it .
   Could not quite see why Polemios was worthy of so much attention …… there was no fraud …..just very very crap investing over three years . It happens to the best . Over a similar period both BP and Shell lost half their value . “Let me tell you a story” :- Standard life used to have a really fantastic investment record for their funds in the 70 – 80’s ……….. I mean record breaking , year after year for ever practically . That was until I bought an investment with them in the start of the 90’s , designed to pay off a morgage after 25 years . They immediately started losing money on their funds hand over fist . After twenty five years I ended up with growth of 0.76% on average per year including compounding in the standard life fund my monies were in . I had to start investing myself to pay off my loan because of the massive short fall in the fund . Nothing in this life is certain apart from death , and yes I could have left my savings in the post office and made more money . Standard Life were a joke over that period . “Past performance is not a guide to future returns” I sucked on that , and I saw it first hand , eye ball to eye ball , and it was not pleasant . The worst part was I saved my investment gains in a bank in Iceland and lost that too ( if its too good a % return to be true, then it probably aint true ) eventually getting it all back in the form of compo from the Bank Of England . My point is “shite happens” to everyone , when you least expect it , especially in investments . Fraud I absolutely hate , piss poor performance is just “risk” of the territory . I am sure Polecat would have wished to pick a “bagger” or several , rather than lose 1.5 mill.
   Your Nifty Fifty has very good “long hold” returns for the market situation over the last few years @ circa 20% if true ( and no reason to doubt ) but try and keep it up past that “seven year itch” of the business cycle and then you really can gloat . Thats about as much praise as I ever give out and half of it must go to Steve ;-) No doubt with a continued cautious investment approach and your own very high levels of skill in doing due diligence ( on NF) you two as a team have more chance of continuing the record you have thus far than most investors ever would.

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   James

   13 February 2016, 12:31

   MTV – from an RNS timed at 17:03 yesterday, Bergen were down to a 3% holding, which is pretty close to zero. Goodness knows who was buying though!