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Specialist resource stocks broker VSA has initiated its coverage of oilfield services group Kentz (KENZ) at 423p arguing that the shares are worth 590p. The broker states that:
I take my hat off to Ryanair (RYA). I would not fly with it because its service is shite but it hates cretinous regulators and its press releases can be a hoot and today’s is a classic as it has another go at the morons who run the UK Competition Commission (CC).
This company is only two months old. It was formed out of an old AIM listed vehicle 3D Resources (3DR) and is now an investing company. But unlike most investing companies on AIM AfriAg ( AFRI) does seem to have a plan other than fees all round for the advisors and directors.
Reach4Entertainment (R4E) the company formerly known as Pivot and before that First Artist has served up two great pieces of news today. The best is the departure of the grossly overpaid finance director Shirley Stapleton, but it gets better.
AIM-listed gold producer from Tanzania, Shanta Gold (SHG) has announced second quarter of calendar 2013 gold production of 14,448 ounces, up from 11,888 ounces in the prior quarter, and that “phase two of the planned plant improvements has been successfully completed with the commissioning of the upgraded crushing circuit carried out in early July”. However, “as a result of the uncertainty of increasing the volume through the incinerator without further upgrades, the company expects to achieve the lower end of its previous guidance of 63,000 - 70,000 ounces for the full year”...
The chaps behind Fastnet Oil & Gas (FAST) were behind Cove Energy (COV) – one of the few AIM listed oil juniors to deliver mega gains for shareholders. Commissioned researcher Edison today suggests that Fastnet will follow the same path. It has initiated its coverage of the stock at 18.75p and set a target price of 41p.
AIM Listed Gulf Keystone (GKP) picked a fight with its instititutional investors over corporate governance and has lost. In light of its earlier statements a climbdown today by the board is, for them, an abject humiliation.
I flagged last week that even before it starts building its proposed mine, Sirius Minerals (SXX) is going to have to raise fresh equity just to keep going. Given the material uncertainties that now exist one wonders at what price the cash call will be. The shares are now 18.5p but the longer it waits the harder this is going to be. What price a cash call now? 15p? 12p?
You can read my piece of last week here
But things seem to be getting worse.
Filmed in Greece, Tom Winnifrith discusses the charitable and uncharitable reasons why shares fall ahead of share placings on the AIM Cesspit and on the Main market.
Cupid (CUP) has announced that it has sold its casual dating (i.e. casual sex) sites for £43.1 million. Paid for researchers Edison have published a note giving this the full spin. But watch out. All is not as it seems.
Demographics will be the economic death of Europe but for countries such as Greece – where I am now – the maths are just horrific. You think that poor Hellas has problems now? Wait twenty years.
This article came out the other day from the team of Eric Sprott, the legendary precious metals fund manager. There is a clear disconnect between physical and paper gold markets and that is why, I find, this piece so interesting....
Following my previous update in May, AIM-listed, Kyrgyz Republic-focused, gold exploration and development company Chaarat Gold (CGH) has made a results announcement and notified of a £26,520 purchase of shares in the company at 9.75p each by Finance Director Linda Naylor. However, the shares have subsequently fallen further to currently trade down at 8.5p, capitalising the company at £21.3 million...
AIM-listed, predominately UK and Europe printing company, Printing.com (PDC) has updated that “post the last market update, trading across the group continues to be broadly in line with expectations”. I last updated that the apparent value here looked highly speculative, does this now still remain the case? ...
Ellerton vs Dillabaugh is a fascinating case. Jim Ellerton borrowed $400,000 from Gary Dillabaugh, a Colorado dentist who also seems to have been Company Secretary for Sefton Resources (SER). Ellerton refused to repay the loan. I described the other day how this went to Court and what the state of play is today.
There are delays and more delays in North Yorkshire for AIM Cesspit listed Sirius Minerals (SXX). The company says that it has £10 million cash left but if there is no planning approval until 2014 it is only a matter of time before the hat is passed around again and at what price will that be?
Back in April I closed a bear trade at a loss in Tanfield (TAN). I figured in March that it had run out of money and that it was unlikely to raise funds at anything other than a massive discount to the share price of around 20p.
To my surprise brokers WH Ireland found some institutions dumb enough to pay 20p to raise £2.1 million for the company and the shares went well north of that on a relief rally.
They have now crashed below the placing price, never a good sign in my experience and I have reopened a short position at 18p.
AIM-listed specialist foundry and engineering group, Chamberlin plc (CMH) has announced the first half of its year to end March 2014 has to date “been tough” and that it expects to “deliver pre-tax profits materially below current market forecasts for the full year”...
AIM-listed customer engagement software provider Netcall (NET) – whose customers include more than 65% of the NHS Acute Health Trusts, major telecoms operators such as BT and Cable & Wireless and the likes of Lloyds TSB, Odeon, Orange, Prudential and Thames Water – has announced it performed well in the second half of its year ended 30th June “and the board anticipates full year results will show a significant increase in both revenue and adjusted EBITDA, with the latter being comfortably in line with market expectations”. However, is the share price now up with events? ...
I explain why the FD and CEO of FootAsylum (FOOT) must be fired at once after today's profits warning. I forgot to say that any company holding and announcing an "analyst teach in" - as Rob Terry used to do - is almost an automatic sell in my book and FootAsylum is an offender in this respect. I also look at FastForward (FFWD) and explain why I think Jim Mellon has sinned, albeit legally. I cover UK Oil & Gas (UKOG), Andalas (ADL) and McCarthy & Stone (MCS). In terms of the walk we are now well over £9,000 with gift aid and ahead of a training walk in the rain tonight I ask again. Most bearcast listeners are enjoying my suffering but are yet to help Woodlarks with a donation. Please, I am sure you can spare a tenner HERE
Flip Flop Ben Turney, formerly of this Parish, insists that this email to shareholders in Teathers Financial is private and confidential. I can see why, as it is bollocks he would not want subjected to outside scrutiny. Naturally it has found its way to Winnileaks so I publish it in full.
Another day, another drop to Winnileaks, this time from someone who Julie "Lingerie on expenses" Meyer groomed but who refused to hand over cash. However in this lie packed attempted fraud from January 2018 some were fleeced.
If anyone thought anything else other that FastForward Innovations was merely the personal investment vehicle for Jim Mellon and Lorne Abony to dip into at will, today’s massive related party deal with Mellon’s Juvenescence Limited puts it beyond any doubt.
I know sweet FA about Thor Mining (THR) other than its CEO knows a lot about snakes from his time in the field. And that is it, so I make no comment about what follows other than to say that in this private email sent to the chosen few the broker has not held back and has used very un-broker-esque language. He opines:
Maybe folks are getting immune about Optibiotix (OPTI) announcing yet another manufacturing and supply agreement. But even if, like this one, it is relatively small it all adds to the bottom line improvement. The latest one is with John Morley Foods, a 75 year old company operating in Cheshire with annual sales (2016) of £31 million, making six figure profits and with a growing cash pile.
Footasylum (FOOT) is “pleased to report a strong performance for the financial year, our first as a quoted company following our successful IPO last November… The board was delighted with the support we received for the IPO”. I doubt shareholders are pleased or delighted though – shares in this 164p per share IPO, currently trading well below 100p following a dramatic slump on the “pleased to report” results!...
Okay despite all the harsh ( but arguably fair) things I have said about him, thirsty Paul Scott has just donated £50 to the Woodlarks sponsored walk charity appeal so I am going to be nice about him for a while unless he has a twitter meltdown. Chaka Khan. Chaka Khan. Cheeese. Anyhow surely you can follow Paul, watch this video HERE to see the great works Woodlarks does then donate a few quid HERE. In the podcast I take MySquar (MYSQ) apart, John Meyer at SP Angel needs to wake up, listen and get off his arse. I also look at Frontera (FRR) - bailout placing at 0.3p? - IDOX (IDOX) and Herencia (GER)
I was just reminding myself via the interweb of the chat around McCarthy & Stone (MCS)’s return to the stock market back in November 2015. This was from a press article at the time of the IPO: 'Britain’s biggest builder of homes for retired people, said its London debut had been priced at 180 pence per share, valuing the business at 967 million pounds. Shares in the company rose 13.5 percent to 204.21 pence in conditional trading on Friday as investors bet on further gains in the UK’s strong residential property market'. Well...how could it have gone so wrong, with the shares down 15% as I write at around 110p?
Before you consider the latest news from Bluebird Merchant Ventures (BMV) just consider that, at 2.8p-3p, the market cap is a paltry £5.36 million. Bluebird has more than one asset but focus on just one for now: Kochang, where it has now formalised a 50/50 JV with Aussie based Southern Gold.
Not too much in today's larger cap corporate earnings to get excited about. Suffice to say comments from the housebuilder Berkeley Group (BKG) were suitably patchy, with chat from the company that profits would be down a third next year. I stick with my recent cautious views towards the sector. My thoughts therefore turn towards other areas of the market.
With its shares down from above 300p less than a year ago to below 56p, Safestyle UK (SFE) “announces the granting of awards under the Safestyle UK plc 2017 Performance Share Plan, to certain executive directors of the company”!...
Development and exploration company with projects in Ethiopia and Saudi Arabia, KEFI Minerals (KEFI) has announced results for the 2017 calendar year and emphasised “the company's projections and those of the research analysts that follow us closely show significant value generating upside to shareholders from Tulu Kapi alone, let alone from the pipeline of less mature projects which we expect will yield more value-adding opportunities”…
In a terse statement today, IDOX (IDOX) has fessed up to the reason why auditors Grant Thornton quit the gig. Deloitte has now taken on this poisoned chalice, heck anything for a fee boys but they should be warned. Grant Thornton says it handed in its notices because of “challenges during the conduct of the statutory audit of the financial statements for the year ended 31 October 2017 strained the working relationship with the Board.”
AIM-listed Haydale (HAYD) has offered the market an RNS this morning describing “Strong Commercial Progress”. Bearing in mind the profit warning of last week, and the inevitability of another bailout placing one wonders if this marks the appearance of pastures new in the distance, or whether it is just a pre-placing ramp.
Bathroom and kitchen products company Norcros (NXR) has announced results for its year ended 31st March 2018, emphasising “excellent progress towards our strategic objectives” and that “the board remains confident that the group should continue to make further progress for the year ending 31 March 2019”…
I know nothing about Zenith ( ZEN) other than it is listed in Canada as well as on the main market here in London and it is an oil and gas company operating the largest onshore oilfield in Azerbaijan. So I make no recommendation.
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