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.
It’s annual appraisal time for the squad members with annual results for the year to 30 December 2016 due in for many of them by 30 April. It was always going to be the strong favourite that most would leave it to the last minute so thought I’d provide a quick summary of who announced and when and include some commentary on each.
Although it should be applauded for getting in its homework a day early, daVictus (DVT) shouldn’t get too much further credit. This is one of the Malaysian connected centre-backs, both of which are absolute lobster pots and have yet to do anything.
Anyway, I’m sure shareholders were pleased that the Chairman referred to them as “Valued Shareholders” although less pleased that although it reviewed a few potential acquisitions, none progressed and with admin expenses coming in at £215,000, the cash balance continues to dwindle and is now down at £632,000.
Moving on to Friday, first of the marks at 7am was from player-manager, Senterra Energy (SEN). Having listed in November 2015, it is yet to do a deal as its RTO with Oasis was terminated in November (covered HERE). With expenses in the year close to £500,000, its cash balance is fast dwindling too, down to £680,000.
At 11.42am, the other Malaysian disappointment, Vertu Capital (VCBC) joined the party. Came to the market in January 2015; announced a deal to acquire a financial services business in Malaysia for £350,000 and done nothing since. Only £553,000 in cash left!
At 2.38pm, Papillon Holdings (PPHP) announced that it couldn’t get its accounts out in time (covered HERE) – quality stuff.
At 4.19pm, my favourite, Challenger Acquisitions (CHAL), finally got its results out. No great surprises here as there is no real business here anymore as I have covered many times previously. However, it is worth commenting on the fact that it only had £71,000 in the bank at 31 December 2016 and a ton of debt, another chunk of which is due for repayment at the end of this week. I wonder when it will bother to update the market on how these particular convertible loan notes are restructured.
By mid-June perhaps?
I thought that was it but at 4.22pm, Boston International (BIH) posted its results.
Standard stuff – listed in November 2015 to make acquisitions in the FX space. No deals done yet in the subsequent 18 months, although to be fair, it still has the relatively huge amount of £1.2 million in the bank.
Boston International was not actually in my squad but with the line-up being decimated recently with CIC Gold (CICG) delisting, Worthington (WRN) in liquidation and Opera Investments (OPRA) due to leave to join AIM (probably), you’re in now!
If you've skipped through the detail above just to get to the key investment advice, suggest you just avoid all the shares in bold above.
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