Disclosure: The author has a short position in one or more of the shares mentioned. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Tom Winnifrith and I have covered Highlands Natural Resources (HNR) in some detail as the list of disgraceful shenanigans gets longer by the day - the latest revelations at the weekend were a killer and anyone holding after reading THIS is now demonstrably insane.
Like others, I made the mistake of citing this company as yet another example of the sort of toxic rubbish that makes up AIM, at great cost to the reputation of the London Stock Exchange.
Alarmingly, Highlands, is not on AIM: it has a full listing as does Opera Investments (OPRA) the joke non-company allegedly willing to pay 40 times the price paid by Highlands this month for some sham helium assets in the USA.
The intended sale of 30 million warrants to an unnamed institution “selected for its size and reputation” at 5p, ooops no make that 1p as the shares collapse, gives the false impression that there is an entity out there stupid enough to invest in Highlands at 26p per share rather than an unscrupulous bandit out to make a quick buck from the over-enthusiastic retail investor by selling the shares as it exercises warrants.
I challenge CEO Robert Price and his broker Neil Macdonald at Cenkos (also brokers to Opera) to publicly name this phantom institution, after all what does it have to hide? Come on fellows do not be bashful, give us the name.
The shares meanwhile remain a sell.
This article first appeared on the Nifty Fifty website which Lucian Miers runs with Tom Winnifrith & Steve Moore - sorry, it is paying customers first. To access the website ahead of the next share tip from Tom & Steve and a new shorting idea from Lucian shortly GO HERE
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