By Tom Winnifrith, The Sheriff of AIM | Friday 23 December 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.
The fraud African Potash (AFPO) now sees its shares trade on the ISDX lobster pot as it is still yet to find a replacement Nomad to act for it on the AIM Casino following the resignation of Cantor Fitzgerald. Not even Cairn Financial - which pro tem acts for the serial liars at Cloudtag (CTAG) - will act for lyin' Chris Cleverley. So on January 7 the relegation to ISDX will become permanent. The pledges of CEO Cleverley that he was optimistic of finding a new Nomad will be shown to be...er... lies. Quelle surprise. But it gets worse and will get even more worse on Christmas Eve.
The trading volumes on ISDX are dire. Yesterday just £330 of stock was traded and that was a god day. As such it is now impossible for lyin Chris to raise fresh equity at whatever price he offers it because no-one could ever sell. that is why the bid on Potash is now just 0.05p. Given that the company is burning cash, is out of cash, owes the FD's wife, the fragrant Katrina Clayton, £750,000, insolvency is imminent.
At that brings us to the AGM held on the 20th in the Channel Islands. Motions to re-elect lyin' Chris and to allow the issue of stacks of confetti were both passed but for some strange reason the company has neglected to say what the actual votes were. I wonder why? Could it be that a good few folks actually made the effort to vote against lyin' Chris and so Potash would rather not reveal his poor margin of victory. I'm sure lyin' Chris did win but I'd like to know the votes.
That, is not the end of the bad news for Potash. I shall have more for it on Christmas Eve. That is the sort of present Saint Nick reserves for naughty little boys who have told porkies over the past year.
But is not life bleak enough already as the company prepares for administration in early 2017?
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