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ShareProphets AIM-China Filthy Forty play MoneySwap (SWAP) has been taking up a cell in the Casino’s Death Row since its shares were suspended pending accounts on 21 September 2016. Under AIM Rule 41 it has just days to release numbers or become the 25^th departure from the Filthy Forty. Whatever happened to the links to Unionpay? The e-wallet? The software? And is Interim CEO Craig Niven again about to preside over the collapse and disappearance into the ether of a Lin brothers fiasco? 

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Yesterday ShareProphets AIM-China Filthy Forty play MoneySwap (SWAP) updated on its parlous financial position and the long-promised recapitalisation rescue. It has borrowed a bit more urgent financing, but warned investors that it’s suspension from trading on AIM (since 21 September last year) now has less than two months to run before the company is led to the AIM execution chamber.

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Well I guess it is not dead yet, but ShareProphets AIM-China Filthy Forty poster-boy MoneySwap (SWAP) sure is pushing the line. Having bundled through shareholder authorities to get enough headroom available for a rescue bail-out at its last AGM even without a firm proposal on the table last June, apparently due to the urgency of the situation, here we are six months on and still there is no deal – and the company is running on the fumes of a series of emergency loans. What’s the point?!

NEWSFLOW

NEWSFLOW

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Shares in Moneyswap (SWAP) are suspended on the AIM Casino as the company can't get its accounts for the year to March 31 out (still) and because there are clear financial issues. But Nomad Allenby is clearly desperate for retains as it won't quit this obvious fraud. Well perhaps when it reads the expose that follows it will at last do the decent thing....

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Well that didn’t take long: at 9.53 up goes our piece (HERE) pointing to the possibility that ShareProphets AIM-China Filthy Forty play MoneySwap (SWAP) could find itself suspended out of the blue with no warning (apart from HERE) and lo and behold the shares are suspended 37 minutes later (see HERE) because the company can’t get its accounts to March out on time. In view of this and in honour of the disappearance of QE Mr Stewart Dickson (formerly Dick) from Nomad Cantor Fitzgerald in the wake of the African Potash (AFPO) scandal (see HERE) I have changed my name to Mystic Meg.

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I wondered HERE whether the proposed rescue refinancing of stricken ShareProphets AIM-China Filthy Forty play MoneySwap (SWAP) could get into a spot of bother as the shares were sliding. Now they have slipped below the mooted bail-out price of 0.2c per share.

NEWSFLOW

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It was announced on Monday afternoon that stricken ShareProphets AIM-China Filthy Forty play MoneySwap (SWAP) has drawn down another additional £147,000 under a keep-the-lights-on bridging facility whilst it tries to get a refinancing together. It has now borrowed $395,000 of a $200,000 facility, plus three extensions. Oh, and its CEO walked last week, with (apparently) non-Exec Chairman Craig Niven stepping in as interim CEO. Except on Monday he was still being noted as non-Exec in the RNS.