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Latest News

EDGH

What An Underperformance - Edge: The End Of An Error (Or, Rather, Several)

Wednesday at 1.20pm – lunchtime, and thus no-one-is watching o’clock – the Edge Performance VCT (EDGH) announced proposals for its solvent liquidation. I have been a harsh critic of this VCT since December 2014 when I concluded that its alphabet soup of classes of shares, some of which I had invested in, were a total bargepole. How right I was! Thus this latest news marks the end of an era. Or the end of an error. But almost inevitably, there are a few things which might stick in the craw for its poor (and getting poorer) remaining shareholders.
Crime-Scene
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SEC Charges Eight Social Media Influencers in $100 Million Stock Manipulation Scheme Promoted on Discord and Twitter – why is the FCA so useless?

We all know the sort of wretched individuals who pump and manipulate small cap UK stock prices on twitter by telling knowing falsehoods but the FCA, despite being provided with evidence does SFA. In the US it is different. A release from the SEC shows how to do what the FCA refuses to do because it is too busy monitoring how many lesbians or BAME folk sit on the Climate Change committees at UK PLC.
GETB

GetBusy – ‘ahead of expectations’…but how demanding is that?

Describing itself as “a leading provider of productivity software for professional and financial services”, GetBusy plc (GETB) has issued a trading update including “revenue for 2022 is expected to grow by 24% to at least £19.1m (2021: £15.5m), around 4% ahead of the previously upgraded market expectations… Net cash at 30 November 2022 was £2.2m and the group's £2m debt facility remains entirely undrawn… tailwinds of digital transformation, cyber security, privacy legislation and hybrid working”. So what of a current share price response up 4.2% to 62p?
Bearcast
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Tom Winnifrith Bearcast: Why Mirriad is a zero and another reason why the cheerleading by Andrew Monk for Aquis is wrong: Love Hemp

Andrew Monk of VSA, who no longer speaks to me but only to deadwood press journalists who blow smoke up his arse, keeps on saying how wonderful Aquis is and how it will replace AIM. But it cannot unless it addresses the long tail of garbage listed there. I mention a few names but focus in on today’s statement from Love Hemp (LIFE). It is possibly the worst trading statement I have ever seen from a listed company. I then discuss why Mirriad (MIRI) may say it has £11m cash but why it is a zero.
LOOP

LoopUp – “successful transition of PGi Connect Meetings business”, so why another bottom-line warning?

LoopUp Group (LOOP) has issued a trading update including that “following the successful transition of PGi Connect Meetings business and the commercial progress achieved in Cloud Telephony, the group now expects FY 2022 revenue to be marginally above market expectations at no less than £15.5 million”. So what of a current share price response down by more than 8% towards 4p?
MIRI
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Could you run a business that manages to burn £8.13 of cash for every £1 it makes in sales?

I am not sure that I could. Morally I’d feel bad about it and actually to be quite so useless not just in the year gone by but over five years as a listed company would be really hard work. Welcome to the world of Mirriad Advertising (MIRI) about which Steve and I have been bearish for half a decade. Today came another piss poor trading update.
EDEN
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Eden Research – the TerpeneTech accounts debacle continues, cash crisis by St Valentine's Day

After 27 years of making losses, lying to investors and engaging in the odd fraud, the laughs continue at Eden Research’s (EDEN). Its 29.9% owned associate TerpeneTech Limited - with which it did a stunning Panama Pump fraud on more than one occasion - still hasn’t managed to file its statutory accounts for the year ended 31 December 2021 which were due on 30 September 2022. As an associate of Eden, Eden is presumed to exercise some degree of influence over TerpeneTech.
TWD
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Trackwise Designs – “pleased to announce” (or not?) a more than 92% discount equity raise bailout (and not for very long)!

Previously writing on printed circuit technology products company Trackwise Designs (TWD) as the shares more than doubled to above 17p and a £6.5 million market cap I concluded that ‘I retain concern on the additional funding options in the current admitted massively challenging macro business environment. As such, I currently continue to avoid’. The company though today commences an announcement with that it “is pleased to announce a proposed conditional placing to raise gross proceeds of £3.65 million”. Admittedly, the shares last closed at 12.65p…but at least a ‘pleasing’ price in relation to that then?

WOSG
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Apologies if I am always a bit grumpy about the shares of Watches of Switzerland Group

Four months ago I observed that “as the shareholders of Watches of Switzerland (WOSG) will cite, opportunities have remained pretty good for ‘curated selections of luxury Swiss watches contain some of the world’s finest timepieces from maisons including OMEGA, Cartier, TAG Heuer, Breitling and Patek Philippe’”. However, I was still grumpy about the shares and carried on Avoiding them. The stock was about 900p when I wrote that and - after today’s first half results - it remains at about the same price. But it does remain pretty volatile, with a last quarter share price range of c. 700p-1000p.

SOS
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Sosandar Interims: Profit (Just) But Negative Cashflow

AIM-listed online ladies fashionwear purveyor Sosandar (SOS) released its interim results to September 2022 yesterday morning. The announcement was laced with good news: revenue growth of 72% and a profit being two, but the cashflow statement tells a different story and revenue growth has slowed substantially – the last not a surprise, given the poor economic outlook of UK plc.
BIRD

Blackbird Flies Further Forward in World TV's Great Race

Hello Share Collectors. When I worked in TV we had to put our film on trains to be collected by motorcyclists and rushed to the studio labs to be developed. Of course, this meant news was late reaching the viewer. How things have changed. And leading the charge is a British company called Blackbird (BIRD).
TRD
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Triad Group – interims, second half “strong upturn”?

UK technology consultancy group Triad (TRD) has announced admitted “disappointing” results for its half-year ended 30th September 2022 but is “delighted to say that the beginning of our second half year has seen a strong upturn in levels of new business wins and bidding activity”.
Bearcast
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Tom Winnifrith Bearcast: after the funding time to close the Shield Therapeutics short?

he Greek Hovel olive harvest is done and I am soon off to the press. Phew. In today's podcast I discuss Shield Therapeutics (STX), FinnCap (FCAP) and Argo Blockchain (ARB) 
FCAP
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Forget wanting to get some how’s your father the reason Sam Smith walked from FinnCap – atrocious results!

On 21 June smug and conceited Sam Smith announced that she was stepping down as CEO of FinnCrap (FCAP) the business she had founded and floated at 27p just three years ago. She left the business on September 28 and, according to one of the sycophantic journalists who have blown smoke up Smith’s arse for being a wonderwoman in a man’s world, yadda, yadda, yadda, this was so she could find time for a bit of How’s Your Father. Whatever. The real reason Smith walked was that she must have been aware just how dire trading was. Today we have results for the6 months to 30 September and they are catastrophic.
VCP
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Victoria plc – The Signs are There!

I have just finished reading Tim Steer’s excellent book, The Signs Were There (The clues for investors that a company is heading for a fall), which I thoroughly recommend. It contains chapters on many old favourites such as Connaught, Quindell/Slater & Gordon, Autonomy, Carillion and the Woodford Equity Income Fund. I hope that the book will be updated in the near future, and when it is I fully expect a chapter on Victoria plc (VCP).
NFX

Nuformix – interims, how’s the prior chaos now?

Previously writing on pharmaceutical development company Nuformix (NFX), in May with the shares falling below 0.50p I noted management chaos follows operational chaos, hopefully warnings heeded!. Co-founder and now again Executive Director Dan Gooding today though argues in half-year results, “I expect our on-going penultimate pre-clinical studies to conclude that our data and IP support the progression of the programme towards patients for whom I believe NXP002 can address both the side effect and efficacy limitations of existing IPF treatment options. We hope to announce results for both NXP002 and NX004 in the near-term”. So what of a 0.375p share price now?

ACC

Access Intelligence – argues “ahead of consensus expectations”… but only previously massively reduced such and what of the outlook?

Describing itself as a “technology innovator delivering Software-as-a-Service solutions for the global marketing and communications industries”, Access Intelligence (ACC) has issued a trading update commencing noting “excellent revenue growth of 97% and Adjusted EBITDA ahead of consensus expectations” and concluding that “pipeline remains strong… remains very positive about the opportunity for the company to deliver profitable growth”. So what of a current 63.5p share price…down 27.4%?!
ARB
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Argo Blockchain back from suspension, shares crash, statement is dire

So the rapidly deleted web pages from the Argo Blockchain (ARB) website, which you can see HERE, were real – it ‘fessed last night, Chapter 11 is a very real possibility. The statement will bring no comfort to the bulls bit at least it means the shares can trade again and they have duly slumped by 48% to 3.5p. That is 3.5p too high.
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