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Of course Cantor Fitzgerald is so large that it could afford to compensate all of the 70 or more investors working with Peter Petyt and this website to try to recover losses from the African Potash (AFPO) fraud. But the publicity of a case would be hugely embarrassing so sordid would be the revelations. Anyhow just 10 days more sweating for Cantor...there is an update from Petyt.
The planning committee of North Lincolnshire County Council met on Monday to - again - discuss the Wressle application. Officials had recommended approval as it fitted in with all the authority's guidelines. All was set fair. Then came the first sign of trouble.
Earlier in the week the disappointment was that the Italian Badile gas play had flopped. But at least the Moroccan excitement could allow James Parsons, the aggressive stock promoter who runs Sound Energy (SOU), to keep the plates spinning. er...now we have news from Morocco. And it is more bollockese and not great news.
Nektan (NKTN) has been surviving on fumes recently but its short-term survival is ensured by an announcement this morning with a loan from its major shareholders and although the future still looks tricky, such support is to be applauded as it keeps hopes alive for the wider shareholder base.
Late last night at no-one-is-watching o’clock and then some (6.37 pm) Lakehouse released a statement which was signed off by PR firm Camarco. Perhaps it would have been better to insist on this occasion not to. I just hope that what follows will be addressed and corrected, for if it is not then woe betide the company.
It was a case of the good, the bad and the ugly but on balance there were a lot more goods than bads. Let's start with the ugly from the Fox Marble (FOX) AGM..
We all have nicknames for companies and they usually imply something about how we feel about them. So for me Quindell (QPP) will always be Quenron for reasons that should be obvious. So how does Nomad Strand Hanson feel about its client Nostra Terra Oil & Gas (NTOG)? The hint is perhaps in the image below taken from Strand's latest corporate brochure boasting of recent deals that it has completed....
Redcentric (RCN) CEO Fraser Fisher is still in place despite his company having admitted to having grossly overstated its 2016 accounts, something that pushed up the shares allowing him to make a killing dumping stock a year ago. The FCA is investigating this matter as are other agencies which almost certainly means the Serious Fraud Office. So far the fall guy has been the ex FD. But I can now demonstrate that Fraser must have been persoinally aware of at least one major fraud, a type of con the King of the fraudsters, Mr Rob Terry, also pulled off at Quindell and The Innovation Group.
Hello Share Swiggers. I had a lot of money invested in BP (BP.) shares and was happy as a pig in muck with a galloping share price and juicy dividends. But that was before the big leak in the Gulf of Mexico, followed by a crash in the oil price.
Thanks to a last minute sponsorship from China, where the financial director of Aquatic Foods (AFG) has walked out, we're pleased to open another round of AIM's favourite game show: Who is the Bulletin Board Moron of the Week!? Maybe we could start by naming the brokers who usrged folk to buy this stock? Did the Investor Chronicle tip the shares or is this the 1 China fraud it did not promote?
The June edition of the UK Investor Show Magazine is live featuring three resource shares to buy, two more share tips, a voting guide for investors, and where to emigrate if the wrong party wins a special offer expiring on June 14 and much more.
Another one off - this time recorded with my three legged cat Oakley. I am so angry. I touch on MySquar (MYSQ) and what it says about the AIM Casino as a follow up to today's pieces HERE and HERE. But the main focus is on events at Magnolia Petroleum. I give chapter and verse on why CEO Rita should have been fired and what it says about the AIM cesspit that she was not. I discuss today's deal which saves her and expaian why it will not save Magnolia (MAGP). I give your hard data on its impact on cashflows and on the balance sheet. This POS is toast but Rita and her Nomad make me want to barf.
AIM listed Tern (TERN) has announced couple of bits of news this morning. The heads of terms for the acquisition of Wyld Research for its flexiOps investee company may or may not be of interest, but for £75,000 (vs £9.8m market cap for Tern) it will be a while before we can judge. In any case, the last share issue Wyld was at £35.97 per share, capitalising it at over £400,000, so £75,000 looks a bit thin. Who knows, maybe it was a bargain – or maybe it was in trouble. Of greater interest is the other announcement, which details a patent valuation for Device Authority.
When shamed AIM casino posterboy Mercantile Ports & Logistics (MPL) moves from being a member of the minus 98% club in which it currently sits to being a member of the minus 100% club, I want it known that Nomad Cenkos has been fully aware of massive issues all along and has done nothing other than bank obscene fees. As such we have run a series of letters from a big shareholder to Amber Wood, head of Corporate Governance at Lagos Securities, HERE and HERE and HERE. Now for letter four which puts fragrant Amber and Lagos, Nomad to the Quindell (QPP) fraud as well, on notice for when the final wipeout occurs that they will be held accountable.
I am grateful to the great Waseem Shakoor who has made me realise just how much of a darling of the Bulletin Boards MySquar (MYSQ) has become. The posts are legion, the idiotic hatred of myself ( he always gets it wrong) of Waseem, the casual homophobia is all there. That makes me more convinced that ever that with its crackers valuation and misleading statements this is set to crater. Earlier I addressed that matter of insane valuations and casual use of language to hide the truth but there is a secondary, and more devastating issue.
Beaufort Securities acts as house broker to Solo Oil (SOLO) so it is paid to write research on the company. Think of the relationship as being like that as between a hooker and a punter. The punter pays the bills. The hooker assures him that he is hung like a donkey. With that minor caveat I bring you a fairly detailed note from research analyst Charles Long at Beaufort out today. Apparently the shares, now 0.24p are worth 0.91p. But Hang on Henry...
My contention, questioned by certain other well known share bloggers, is that TrakM8 (TRAK) is what Warren Buffett would define as a "bad company." That is not saying that it is a fraud. It is not, although it has told untruth's in RNS's and raised cash to buy some strange old businesses. It is bad because it just does not generate free cashflow. Paul Scott, PR crony capitalist Reg Hoare or the paid corporate shrills can bang on abourt earnings per share till the cows come home but earnings are a matter of opinion, cash is a matter of fact. Trakm8 yesterday published its, piss poor, results for the year ended 31 March 2017.
We cannot pretend that we are not a bit angry with Obtala (OBT) for the PR own goal it scored on Friday. The shares closed down 3.5% at 17.5-17.75p and are a buy at up to 20.5p but - as shareholders - we are pissed! The own goal is two fold:
AIM ramp de jour MySquar (MYSQ) has today boasted that in the last days of June as daily sales reached $8500 "the business has reached a very significant milestone of achieving run rate operating breakeven". Er..can you smell the red herrings - they are hidden underneath the red flags.
"When's the Big Sofa (BST) placing?" said one of our contributors after results last week. Well "there isn't one" said the company. Over at Value the Markets they claimed that the company had guided that it would do calendar 2016 sales of £1.5-£2 million when it listed (sales came in at £757,000). Given that miss VTM said "take profits" and Leon Boros of the discredited abusers and rampers nest that is ShareSoc tweeted this aggressively. But there was no official guidance from the company- that was not true. The company listed on 19 December 2016 - is anyone really claiming it guided to £1.5-£2 million 6 days before Christmas and 12 days before the year end when it would have know that its sales just ahead of the Christmas break were going to be c £757,000 ( the eventual FY number) . What total bollocks.
It has now emerged that Brokerman Dan attacked what he thought I said about Angus Energy (ANGS) without actually listening to what I actually said despite us giving him a 24 hour pass for bearcast access. He spouts an awful lot of piffle in his latest article but declines to print corrections. Poor Dan. Oddly on one major point he is almost correct. Moving on, I also look at Cenkos (CNKS), Frontera (FRR), Rosenblatt (RBGP), i3 Energy (I3E), MySquar (FRAUD), Online Blockchain (OBC) and Kellan (KLN).
I have had one of those days which happen all too often when I think I want to retire. Blame Laurence Smith. All is explained in this podcast. I look at today's news from Premaitha (NIPT) which is certainly a bolt from the blue, comment on the nature of corporate lying, ref Frontera (FRR), cover RM2 (RM2), Optibiotix (OPTI), Sosandar (SOS) and Online Blockchain (DOG).
Having demanded we bring back this contest, once again, Juicin Drumroll failed to win last week but he came second and tried very hard as you can see HERE. So he is clearly desperate to win a semi naked photo of Britain's leading share blogger before lunchtime, Thirsty Paul Scott. So we will give him a fifth and final chance. Can anyone stop Juicin from winning this week? Okay here is the challenge for you all:
Yesterday Frontera Resources (FRR) received a second lawyers letter from convertible loan note provider Yorkville in regard to the $2.65 million outstanding debt on which it is now in default. The letter accused Frontera of lying to investors. Frontera has not disclosed that letter, or its contents nor has it repaid the sums due to Yorkville Instead it has issued another RNS which is simply misleading. It is doubling down on lying and apparently Nomad cairn is fine with that?
Mrs Stacey says that I have been spending too much time in the Punter’s Return reading dull articles about shares and that we need a break. She says that I need inspiration for my next novel and so has suggested that we head off on one of those holidays advertised during Midsomer Murders for a more mature and sophisticated audience.
One of my few vices in life is sugar. I have parlayed this into stock selection via a recommendation on Tate & Lyle (TATE), which I last wrote up HERE. The company held a capital markets day late last week and the one presentation slide that stood out was one which talked about 'sugar replacement is a key market opportunity globally'. Well of course it is. Gluttons like me want to both have our cake and eat it and one way to do this - without becoming significantly obese - is to focus on non conventional sugar options, a market which Tate & Lyle has been active in with its Sucralose product.
“Specialist full service supplier of technical fluid power products and services”, Flowtech Fluidpower (FLO) updated on trading in July – but the half-year results announcement today is currently accompanied by an approaching 30% share price fall, towards 120p. Hmmm…
I see that ShareSoc is praising Tern (TERN) for holding a conference call to which anyone can dial into and at which Al Sisto will answer pre-submitted questions. I wonder..
Shares in Neil Woodford uber dog RM2 (RM2) are up by 59% at 0.875p. That means that the market cap has jumped by £14.4 million to £38.8 million on the back of a contract win termed “significant” but which clearly is not and does not change the fact that this company is five minutes away from midnight, that is to say bankruptcy. It’s got to be placing ahoy.
On tipping shares in redT Energy (RED) at a 7.4p offer price in July we noted we looked for German project funding and other orders to drive a re-rate. The shares are currently higher, above 9p, on the back of an “Update on German Grid Project Funding”…
CyanConnode (CYAN) “is pleased to announce” both “the receipt of a $11.6 million purchase order relating to a smart metering deployment by an Indian state-owned utility” and “the consolidation of its European operations”. Hmmm…
Writing on results from MediaZest (MDZ) last month I concluded sell / bargepole, though note the shares currently ahead today on the back of a “Trading update”…
Shares in AIM-listed graphene play Haydale (HAYD) are off again to 44p (mid, last seen) following full year results to June this morning. Following a profit warning in June, when I said this was a bargepole stock at 78p and suggested that we were in for a £6 million loss before tax, cash would be down to around £5 million at year-end and another big cash-call was on the way, let’s see how my Mystic Meg powers are holding up……
“Drunken Sailor” commented to me a few days ago; “I would find it useful if you could do occasional reflective pieces on ones that go wrong and any lessons to learn from them.” OK Drunken. Here goes…
As you may have gathered yesterday, Malcolm’s long-suffering wife reckons that he has been spending too much time in The Punter’s Return and so has organised a holiday in Denmark, Sweden and Russia where Mr Stacey hopes to discover the magic money tree and a theme for his next novel. We left him at Heathrow, but our senior reporter has now updated us on his progress…
We all know UK retail is in a tough spot but problems for Kingfisher (KGF) are ironically not in the UK, where today's half-year numbers were correctly discussed as a 'solid performance' benefiting from continued growth at Screwfix and the self-inflicting wounds at peers that aided B&Q. The trouble is a 15% fall in underlying pre-tax profit mainly due to a 30% fall in profitability in the group's second-largest market France…
Previously writing on LightwaveRF (LWRF) in June it was from “real energy and excitement” to CEO ‘stepping down’ in less than two weeks!, with I concluding even if there is “real energy and excitement within the company”, it’s, as usual, the ability to generate cash which should prove key. On these bases, it’s currently bargepole ahoy / sell. The shares have though just risen on the back of an announcement; “Lightwave rated the best UK HomeKit solution”…
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