Sunday 19 February 2017 The one stop source for free breaking news, expert analysis, and videos on AIM and LSE listed shares


Photo Article: Golden Saint talks bollocks as it serves up another bailout placing

By Tom Winnifrith, The Sheriff of AIM | Thursday 17 November 2016


Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. 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.


Christ I am naive. There was I thinking that all the twitter and Bulletin Board ramping during the past two weeks was there to allow disgraced PR genius Steffi to dump her few remaining shares in this worthless piece of Turkish. Oh no. Silly me. It was a pump before a different sort of dump. A bail-out placing dump. The release is a hoot. It can only have been written by a compulsive liar. Remind me: who does the PR again?

Golden Saint Resources (GSR), aka the worst company on AIM, has raised another £400,000 before expenses - call that £360,000 net - at just 0.03p. This company, you will remember, floated a couple of years ago at 10p a share.

Who took up the stock? Spiv buck shops and flippers natch. The shares were 0.0425p before the placing. Cry discount shouted the spivs of war as they prepared to flip.

So where is the cash going? This is a hoot. Surely even Steffi cannot expect us to believe this hogwash:

"The Company intends to use the net proceeds of the Placing to further develop its exploration programs by providing general working capital for its bulk sampling operations and for the purchase of plant and equipment."

Er... well up to a point. There is also the matter of funding the ongoing losses which, given the lack of any meaningful revenues, are always material. And then of course there is the football team to consider. What team you ask? Golden Saint United of course. 

Suffice to say the shares are a sell. The next placing will be when the money runs out again in about February or maybe, if Steffi needs a pay rise because no one else is dumb enough to employ her, a bit earlier.
 
Stop Press: The latest score is in from the AIM casino & Financial Fraud Cup final as we go into the last few minutes and it is a nail biter

Banstead Athletic 5 (og d'Silva 35, 67, 79, og PR genius Steffi 2, 44) Golden Saint United 4 (og Whyte 13, og Earley 56, og Ware 65, og Biggar 76)


Filed under:


Never miss a story.




This area of the ShareProphets.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ShareProphets.com. ShareProphets.com does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ShareProphets.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ShareProphets.com and is not intended to be relied upon by users in making (or refraining from making) any investment decisions.


More on GSR


Comments

Comments are turned off for this article.




Site by Everywhen