By Nigel Somerville, the Deputy Sheriff of AIM | Wednesday 29 March 2017
With the demise of the twenty-fifth Filthy Forty listing, Asian Citrus (ACHL), as of this morning there are just 15 of our motley crew remaining listed on the Casino – and one of those, MoneySwap (SWAP), has now been suspended for more than six months, but it seems the Oxymorons have decided not to apply AIM Rule 41.
MoneySwap has finally got its accounts out but it turns out that its Depositary Interest facility was cancelled (non-payment of bills) and so the shares are not freely tradable electronically as AIM Rules require. We are told that this is being sorted out, along with a big refinancing. More on that to follow.
Just three of the original forty are sporting a share price higher than their respective IPO prices. For the rest, it is either a zero or a calamitous loss – with the notable exception of the investment company which doesn’t invest, Northwest Investment Group (NWIG) which is only 15% down on its IPO.
The average across all forty comes in at a less than impressive loss of 54.3%. Knock out the best and worst three and the average for the rest is a loss of a whopping 93.7%.
Still, at least all the Nomads, NEDs, brokers, PRs, lawyers and accountants all got paid. Oh, and so did the LSE. So that's alright, then.
Meanwhile, with Asian Citrus not only having been unable to get its accounts out due to allegations which its auditor hasn’t yet been able to get to the bottom of, and which seem to amount to allegations of fraud, the legacy of an orange producer which couldn’t produce much in the way of edible oranges just adds to the litany of Nomad resignations and executions for failure to publish accounts (totalling 18 out of the original 40 AIM-China plays). The record is there for all to see: who signed off on all these listings in the first place?
Truly, with Asian Citrus, a case of the unspeakable in pursuit of the inedible.
|List Date||Company||IPO Price (p)||Price (close 28/03/2017)||Change since IPO||Nomad & Broker|
|02-Jul-04||RCG HLDGS LTD (RCG)||cancelled - 08/07/2014 "best interests"||Smith & Williamson|
|17-Dec-04||ALPHA RETURNS GRP PLC (ARGP)||2,125||0.40p||-100%||ZAI & Peterhouse|
|03-Aug-05||ASIAN CITRUS HLDGS (ACHL)||cancelled - 29/03/2017 accounts not published||Cantor Fitzgerald|
|16-Dec-05||UNIVISION ENGINEERING (UVEL)||3||0.725p||-76%||ZAI|
|06-Feb-06||BODISEN BIOTECH INC (BODI)||cancelled - 29/12/2014 accounts not published||Charles Stanley|
|19-May-06||HUTCHISON CHINA MEDITECH (HCM)||275||3175p||1055%||Panmure Gordon|
|23-Jun-06||GEONG INTERNATIONAL (GNG)||cancelled - 02/11/2015 accounts not published & NOMAD resignation||finnCap|
|26-Jun-06||ARC CAPITAL HLDGS LTD (ARCH)||cancelled - 16/10/2015 NOMAD resignation||Grant Thornton & Edmond de Rothschild|
|31-Jul-06||TINCI HOLDINGS (TNCI)||cancelled - 23/01/2015 "best interests"||Stockdale|
|05-Oct-06||ASIAN GROWTH PROPERTIES (AGP)||36.75||83p||126%||Panmure Gordon|
|23-Oct-06||LED INTL HLDGS LTD (LED)||cancelled - 22/08/2016 accounts not published & NOMAD resignation||Allenby|
|14-Dec-06||TAIHUA PLC (TAIH)||10||2.675p||-73%||WH Ireland|
|21-Dec-06||WALCOM GROUP LTD (WALG)||35||1.25p||-96%||Allenby|
|14-Feb-07||HAIKE CHEMICAL GROUP LTD (HAIK)||79.8||19.25p||-76%||Stockdale|
|10-Dec-07||CHINA FOOD COMPANY PLC (CFC)||cancelled - 29/12/2014 accounts not published||finnCap & Numis|
|30-Sep-08||SORBIC INTL PLC (SORB)||cancelled - 17/07/2015 NOMAD resignation||finnCap & Hybridan|
|14-Dec-09||ORIGO PARTNERS PLC (OPP)||50||2.375p||-95%||Smith & Williamson|
|09-Jun-10||NORTHWEST INVESTMENT GROUP LTD (NWIG)||2.5||2.125p||-15%||ZAI|
|06-Sep-10||ASIA CERAMICS HLDGS PLC (ACHP)||cancelled - 29/03/2016 NOMAD resignation||WH Ireland|
|12-Oct-10||GLOBAL LOCK SAFETY(INTL)GRP CO LTD (GLOK)||cancelled - 19/05/2015 NOMAD resignation||Allenby|
|01-Apr-11||EASTBRIDGE INVESTMENTS PLC (EBIV)||cancelled - 12/07/2016 not fulfilled investing policy||Northland & Peterhouse|
|23-May-11||CHINA NEW ENERGY LTD (CNEL)||7||1.35p||-81%||Cairn & Daniel Stewart|
|01-Aug-11||CHINA AFRICA RESOURCES PLC (CAF)||40||2.25p||-94%||SPARK, SI Capital & Beaufort|
|31-Aug-11||MONEYSWAP PLC (SWAP)||suspended - 21/09/2016 depositary interest facility cancellation||Allenby|
|02-Apr-12||AUHUA CLEAN ENERGY PLC (ACE)||cancelled - 30/03/2016 NOMAD resignation||Grant Thornton & WH Ireland|
|05-Apr-12||NAIBU GLOBAL INTL CO LTD (NBU)||cancelled - 23/06/2015 NOMAD resignation||ZAI & Daniel Stewart|
|22-Jun-12||GLOBAL MARKET GROUP LTD (GMC)||cancelled - 24/09/2015 NOMAD resignation||Grant Thornton & Stockdale|
|20-Aug-12||CHINA CHAINTEK UNITED CO LTD (CTEK)||cancelled - 12/10/2015 NOMAD resignation||ZAI|
|09-Nov-12||VMOTO LTD (VMT)||cancelled - 19/11/2015 "best interests", now just on ASX||finnCap|
|19-Dec-12||GREEN CHINA HLDGS (GCH)||cancelled - 18/06/2014 "best interests"||Cairn|
|24-Dec-12||CAMKIDS GROUP PLC (CAMK)||cancelled - 30/10/2015 NOMAD resignation||Allenby|
|02-May-13||ALL ASIA ASSET CAP LTD (AAA)||3||7p||133%||Allenby|
|16-Oct-13||CHINA RERUN CHEMICAL GROUP LTD (CHRR)||cancelled - 09/11/2015 NOMAD resignation||Cairn & Beaufort|
|07-Nov-13||GOWIN NEW ENERGY GRP LTD (GWIN)||cancelled - 30/03/2015 NOMAD resignation, now on NEX Exchange||Cairn & Alexander David|
|09-Dec-13||JQW PLC (JQW)||cancelled - 05/01/2016 NOMAD resignation||Cairn|
|14-Jul-14||JIASEN INTL HLDGS LTD (JSI)||cancelled - 28/02/2017 "best interests"||Cairn & Beaufort|
|01-Aug-14||GTS CHEMICAL HLDGS PLC (GTS)||cancelled - 02/08/2016 "best interests"||SP Angel|
|04-Dec-14||PCG ENTERTAINMENT PLC (PCGE)||6||0.145p||-98%||Allenby & Beaufort|
|03-Feb-15||AQUATIC FOODS GROUP PLC (AFG)||70||12.5p||-82%||SP Angel|
|10-Mar-15||GATE VENTURES PLC (GATE)||cancelled - 23/07/2015 NOMAD resignation||Beaumont Cornish & Cornhill|
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