At 4.12 PM yesterday it was announced that my old friend Jim Mellon and his associate Gerard Holden had resigned with immediate effect from West African Minerals (WAFM). Old Jim founded the company and was its chairman. It is now almost game over for West African and the scores on the doors are shocking.
I have also covered my extreme annoyance with Concepta (CPT) in Bearcast HERE. Last week it had a profit warning thanks to a new order for £600,000 having been received but not being able to be booked until Q1 2018. Hence there was a 2017 miss. That saw the shares go down. There is now a placing and at the same time we were told that this order would now be booked in Q4 2017. Surely that unwinds the profits warning.
ShareProphets AIM-China Filthy Forty play Walcom (WALG) hasn’t provided as much entertainment as some of its fraudulent brethren, but yesterday’s trading statement – issued at 10.36am, so bad news – is a bit of a gift.
From the FCA's spreadsheet of short positions required to be disclosed to it, we previously updated the top shorted London-listed shares HERE. The following is our Autumn update...
Hello Share Sloggers. Fancy investing in another AIM-listed company that is pioneering new medical treatments? Yes, I thought you might be a bit wary. But some of these ventures will come up roses, eventually.
A previous announcement from Kin Group (KIN) included “the proposals are in effect now conditional upon the consolidation being approved at the General Meeting to be held on 13 November 2017”. There’s now a “Result of General Meeting” announcement…
I am hard at work preparing for my annual treat of lecturing the snowflake sociology students of the Mrs, as a break from the normal Guardian reader behind the lectern they have me tomorrow. Game on. I cover utterly worthless shite that is roofing it, notably Mayan Energy (MYN) and Cogenpower (CGP). I point out that in the end gravity reasserts itself - see Servision (SEV). I lament what went wrong and how it could have been avoided at Fishing Republic (FISH) and BOS Global (BOS). I suggest what useless Mrs May should do on Brexit and then look at the Concepta (CPT) placing. The shares - which we own - are now dirt cheap. But I am still well fucked off with various aspects of today's £2 million placing as I explain.
Van Elle Holdings (VANL) listed on AIM at 100p per share little more than a year ago, with at the time Chairman Michael Ellis “absolutely delighted to have successfully brought Van Elle to the AIM market… there is significant opportunity ahead and admission to trading on AIM will help us to accelerate the growth of the business” and Chief Executive Jon Fenton; “I look forward to reporting on our progress as we embark on the next stage of our exciting journey”. Less than two months later it was announced that Ellis was to retire… but he is now seeking to return...
When Fishing Republic (FISH) joined the AIM Casino at 15p in June 2015 it published an admission document bulging with red flags which I pointed out in numerous articles HERE. But brokers Northland pumped the stock shamelessly up to well over 40p to get away more placings. But today the shit hit the fan with a shock (lack of) profits warning but the maggots are only now starting to emerge. At 22.5p this is a zero in waiting.
Forgive me for being cynical, but when a load of private investors who are known for taking part in placings suddenly start raving about how great a tiny AIM company is, then flipping the recent equity raise immediately springs to mind!
ShareProphets AIM-China Filthy Forty play Asian Growth Properties (AGP) has announced that is it throwing in the towel on its AIM listing, and is to dispose of its assets and return the cash to shareholders. This is expected to amount to about 48p per share – to add to the huge dividends paid out over the last couple of years. It is, in many way, a startling result although the reasons behind the delisting cast a pall of shame on the AIM Casino and thus the London Stock Exchange.
Shares in interactive broadcast and gaming services company Cellcast (CLTV) are currently among the top fallers today on the back of an “Update re Lexinta Fund and trading update” announcement…
The announcement of a change of strategy today from Canadian Overseas (COPL) has not been welcomed by the City's No 1 oil analyst Zac "the Knife" Phillips of SP Angel who slams what is proposed as "financing folly". The great man opines:
Governments will not warn investors or consumers. They never do. Banks won’t warn consumers because they need consumers to spend and take up loans and invest money in markets. Institutions won’t warn people for precisely the same reason. And certainly central banks won’t warn consumers. They are all in the confidence game.
Hello Share Swallowers. The wiser investor pays attention to consumer trends. And to buy shares in a company which is at the mercy of food fashions can be a risky undertaking. We all found this out as the price war among supermarkets began. But here are a few other companies I think might be ‘sells’ because of changes in the most basic type of food we eat.
The scariest graphic you will see this year is on Zero Hedge below and shows just how each country in Europe is ageing. I discuss what it says about the scorched earth policies the EU has imposed on the Southern Europeans, about Germany and about the UK and Eire. This is the old world. It is dying. We in the UK need to focus elsewhere as we approach Brexit. Then it is onto IQE (IQE) and its £95 million placing: buy, sell or hold.
Early this year we showed the ten top shorted London-listed shares at the start of 2017. Previously updating it was the slight, er, 'issues' at Telit edition. How's the performance now?...
Hurricane Energy (HUR) remains a favourite of mine amongst the AIM listed companies which have appraised assets and booked reserves, and I think it is one of the few which will make it into production in the near future, and has the potential to grow much larger.
Apparently broker Cantor Fitzgerald has strict instructions that this note is just for institutional investors and not for the great unwashed, filthy private investors. So I may get a pompous letter oiirdering me to take it down. But since we are loyal shareholders, pro tem.
An AGM statement from Swallowfield (SWL) includes that “trading in the first four months of the year is in line with expectations” and that “we expect to maintain our positive progress.”
Sadly illness is still rife in this house so for this Thursday it is no coffee for me with the fit young mums. At least I shall be in Greece in five days time and that must be restorative to my health. In this podcast I start by looking back on UK Oil & Gas (UKOG) and its death spiral. I explain exactly how it works. Then a few further thoughts on Falanx (FLX) and why I am not selling our shares at this price. Then I look at Alexander Mining (AXM), another mega spoof from Clem Chambers, this time at ADVFN (AFN), at "Nomates" disaster RM2 (RM2)Fishing Republic (FISH) - a good zero bet - and at Regal Petroleum (RPT) which seems to be in a spot of bother in Ukraine.
In this bonus podcast prompted by recent events at African Potash (AFPO) and ADVFN (AFN) I look back on other bouts of market insanity. There was the radio boom of the 1920s and the dot com boom of 1999-2001 but is the blockchain bubble at 1999, 2000 or 2001? Among the companies also mentioned are On Line (ONL), Vela (VELA), Milestone Group (MSG) and Coinsilium (COIN), where we have a small holding. Madness, my friends, is in the air.
The video is self explanatory and the UKOG ramper in chief does not mince his words. Enjoy.
Shares in Angus Energy (ANGS) have plunged by 36% to 17.125p today after news from the Lidsey Field which cannot be described as anything other than disappointing. Hope meets reality. At some stage the same process will see shares in UK Oil & Gas (UKOG) crash. Let's start with Angus.
Last month the Jupiter Merlin group which, at one point, had £942 million invested in funds managed by Neil "nomates" Woodford announced that it was pulling out its last monies. Now another big investment group has given up on Britain's most self important fund manager. Aviva, one of the largest savings providers in Britain, has had enough.
You do not have to be active in the stock markets for long to realise that FTSE-100 companies have the propensity to deliver incompetence and intrigue just like their smaller cap brethren. Today's shocker is centred on automotive and aerospace sector giant GKN (GKN) which has made a bit of a habit over the last few months in bogging things up.
The RNS from Mkango Resources (MKA) reads well. It has done a deal which sees Noble Group farm in to earn a 49% stake in the company's rare earth's project at Songwe by spending £12 million on the ground. But there is a bit of a caveat that bulls opt to ignore.
Ramptastic - if not entirely transparent RNS releases, Bulletin Board and twitter ramping by all the usual suspects with ludicrous price targets, no cash. What on earth did you expect was going to happen next at perennial uber dog Mayan Energy (MYN)? As those who were paying up to 0.9p at peak ramp just a few days ago contemplate how they were used to get away a £2 million placing at 0.6p they should have very serious questions for London's worst Nomad Roland Fatty Cornish who has signed off in recent ramptastic releases. Enter the fray Zac "The Knife" Phillips of SP Angel, the City's top oil analyst who has 14 questions that a Nomad with a shred of integrity and competence would have asked before allowing the releases. Over to The Knife who writes:
Whilst many private investors go chasing rainbows and hoping for one of their oil and gas exploration plays to hit black gold, there are actually a number of AIM listed outfits which are already producing, yet don’t seem to be as popular as they are unlikely to generate large share price rises overnight.
I start this podcast with a look at Carillion (CLLN) where I wonder if Steve's damning verdict HERE is just a bit too generous. The boy is too much of a nice guy for his own good. Then it is onto the FRC which will be writing to 40 AIM and Small Cap companies ahead of them publishing FY numbers. I have a few ideas who and on what areas. The FRC are of course the UK's best regulator if only for recognising the work of the UK's top investigative financial journalist. Then I look at Angus Energy (ANGS) and finally there is a detailed discussion on MySquar (FRAUD)
This is the time of year when I ask you to consider making a small donation to ensure that folks far less fortunate than we all are enjoy some real joy this Christmas. Woodlarks is a charity with whom I have worked for years. It provides a one-off service: full holiday acccomodation for those so severely disabled that they would otherwise not get such a break.
Even supporters of BCA Marketplace (BCA) concede that it is massively operationally and financially geared to sales volumes in the second hand car market. And thus yesterday came the data that bulls such as Neil "Nomates" Woodford must have been dreading.
Carillion (CLLN) topped the top shorted London-listed shares at the start of 2017 (recent performance update HERE) and remained so in our Autumn update HERE. Having commenced the year above 235p, the shares had slid below 200p before a July profit warning, business review and Chief Executive “stepped down” announcement. They are currently down from above 40p to below 30p today on the back of an “Update” announcement…
Drowning in debt and red flags POS Green Dragon (GDG) admitted on 30 October that it was in talks with bondholders to push out repayment terms and it promised that those talks - which had been undserway for a while - would be concluded by 20 November. Well maybe not.
The ongoing farce at BOS Global (BOS) continued with an out-of-hours Company Update yesterday which may not be good news for shareholders but it is certainly providing a bit of light relief for the neutral as a high stakes game of chicken seems to be ongoing where the “winner” gets to run a loss-making, close to insolvent, horror show of a business.
I know sweet FA about GCM Resources (GCM) so you are on your own on this one. It has just announced an Underwritten Fundraise, to raise up to £2 million at a subscription price of 34.4p per Ordinary Share - via Primary Bid. This represents a discount of 20% to the closing mid price on Friday, 17 November, 2017. You can sign up and take part, if you wish, HERE
Nanoco Group (NANO) “is pleased to announce its preliminary results for the year ended 31 July 2017” and Chairman Dr Christopher Richards states “it is a pleasure to introduce Nanoco's results for the year to 31 July 2017”. Should be encouraging then…
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